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Graham & Doddsville Issue 36 Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XXXVI Spring 2019 Yen Liow, Aravt Global 2019 CSIMA Conference P. 3 Yen Liow is the Managing Partner at Aravt Global LLC. Mr. Yen Liow P. 5 Liow directs the firm´s research process and actively researches many of the investments in the portfolio. Mr. Students´ Liow was previously a Principal at Ziff Brothers Investments Investment Ideas P. 15 (ZBI) and a Managing Director at ZBI Equities, ZBI´s equity market-neutral fund in New York. Mr. Liow joined ZBI in Bill Stewart P. 24 2001 and ran a team that oversaw ZBI Equities´ investments in the media, telecom, energy, and agriculture sectors. John Hempton P. 33 Prior to ZBI, Mr. Liow was a Consultant at Bain & Company in its San Francisco, Sydney, Singapore, and Beijing offices. Yen Liow (Continued on page 5) Editors: Ryder Cleary Bill Stewart, Stewart Asset Management MBA 2019 William P. Stewart is the Executive Chairman and a Gregory Roberson, Esq. founder of Stewart Asset Management, LLC. He MBA 2019 began working on Wall Street in 1955 as an David Zheng employee on the floor of the New York Stock MBA 2019 Exchange. Subsequently he worked for Spingarn, Heine & Co. as an Investment Analyst, before going Frederic Dreyfuss on to Pyne, Kendall & Hollister, later known as Riter, MBA 2020 Pyne, Kendall & Hollister. He became a Research Sophie Song, CFA Director at the firm, then President of the MBA 2020 Bill Stewart investment banking subsidiary, and finally Chief Executive officer. Riter, Pyne grew to become the John Szramiak tenth largest NYSE member firm in the years he was MBA 2020 (Continued on page 24) John Hempton, Bronte Capital Visit us at: www.grahamanddodd.com Rolf Heitmeyer www.csima.info John Hempton is the Founder and Chief Investment Officer of Bronte Capital. Prior to founding Bronte in 2009, he was the youngest Partner at Platinum Asset Management and Head of the Financials group. He was also previously an Analyst and Executive Assistant to the Chief Executive Officer at ANZ Bank, Chief Analyst of Tax Policies in the New Zealand Treasury, and has also served in various positions at the Australian Treasury. Mr. Hempton earned a B.A. in Economics from Adelaide University. John Hempton (Continued on page 33) Page 24 Bill Stewart, Stewart Asset Management (Continued from page 1) there. The firm was sold have now more than hence I figured I ought to learn in 1973. He joined Ruane doubled their investment. something about this industry. Cunniff and Stires as Vice Chairman. Graham & Doddsville I started going to night school (G&D): Could you tell us in the city instead of attending In 1974 he founded W.P. about your background and the University of Maine. I went Stewart & Company as a how you got into investing? through various floor positions Bill Stewart broker dealer and at the Exchange, started investment advisor, which Bill Stewart (BS): I got into developing a business, and became a publicly traded investment management by became a broker on my 21st company on the New York accident. I initially took a birthday. I learned enough Stock Exchange in 2000. temporary job on the floor of about research to go out and At the time it went public, the New York Stock Exchange start seeing companies, visiting the firm had $12 billion in as a page boy in 1955 while I management, doing assets under management was waiting to start college at spreadsheets, and writing up in separate accounts, as the University of Maine. It reports on stocks I liked. I was well as US and European turned out that I liked what I selling these ideas to dentists, registered mutual funds. saw on the floor and I decided pharmacists and furniture From the firm´s founding that I should learn that dealers. in 1974 to 2013, the year in business. At the time, I was which the firm was planning to be a Forest Ranger The market environment was acquired by and had no interest in relatively quiet. IBM was the AllianceBernstein L.P., investing. But after watching stock of the decade, growing W.P. Stewart & Co. the money being made by at 14% a year and trading at 50 outperformed the S&P 500 smart investors, I decided that times earnings, the average Index by an average of 430 if I played it right, I could buy ratio for good quality growth basis points annually, net my own forest. In time, along at the time. Many companies of fees. with others, I was eventually were growing at 7% per annum able to buy several of them as and trading at around 25 times After the sale of W.P. well as a farm and turn them earnings, much higher than Stewart & Co. to over to conservation groups to today. IBM was at the top of AllianceBernstein in 2013, manage in perpetuity. the list of what we considered Bill formed WPS Advisors high-quality growth companies, Ltd., a Bermuda company. G&D: What was it about your along with National Cash A group of analysts was time as a page that made you Register, American Home assembled to pursue an realize this was the industry Products, Merck, Pfizer, investment philosophy you wanted to be in? Abbott and General Foods. similar to the one that earned Bill´s clients over BS: It was a time you probably This was around the time 16% a year after fees for can´t even imagine. There when Ben Graham said that he the 38-year history of W.P. were no phones on the open would only invest in high- Stewart and Co. The new floor, let alone cell phones, quality growth companies if he business was domesticated because no electronic could, but generally speaking to the US in 2017, as communication was permitted. they were too expensive, and Stewart Asset There were telephones around he´d have to amortize a lot of Management, LLC, an SEC the rim of the floor, but P/E ratio. He took a 7-year Registered Investment nothing in the middle, nothing look, and if he envisioned a Advisor. Over the four and at the posts. If you wanted to market multiple of 17 in the a half years since its do serious trading, you had to terminal year and was paying inception, the new firm has physically be on the floor to 50 times up front, amortizing continued to grow its see your counterparts and deal that was too big a headwind. clients´ portfolios at a rate with them directly. I saw some So, he concentrated on what slightly faster than its smart guys doing things I came to be called value stocks. predecessor did. Initial thought were interesting, while clients of the new firm making a lot of money at it; (Continued on page 25) Page 25 Bill Stewart, Stewart Asset Management Graham published a formula phase for a long period of growth per annum, net of fees, with his idea of fair P/E ratios time. since we started Stewart Asset relative to underlying growth Management four-and-a-half rates: 8.5 + twice the future Going back over 50 years, years ago. Our initial clients in growth rate. I began to look we´ve never had a sharp fall in the new firm have already just for companies that were earnings power behind our about doubled their capital. priced below his clients´ portfolios - what recommended levels and tried Buffett calls “look-through” G&D: Was there anything in to work out for myself what earnings. Our portfolio proved particular that convinced you constituted an appropriate P/E to be much less cyclical than that predictable earnings ratio. My Security Analysis the S&P 500, for which the growth was the way you course at the New York annual rate of earnings change, wanted to look at investing? Institute of Finance was taught up or down, can be very by one of Graham´s partners dramatic. The look-through BS: When I first started out, I at Graham-Newman, and he earning power growth behind took lots of courses on was basically teaching Graham our clients´ managed accounts analysis and accounting and & Dodd´s philosophy. I took has averaged about 15% a year thought I could find great his teachings to heart and for over 40 years now and has value. Some things worked but started building out a very never declined. That earnings other things didn´t – and I concentrated portfolio of growth drives performance in really disliked the ones that companies, only eight different the long run. didn´t work. Earnings shortfalls businesses, albeit in different were almost always the reason industries to provide some an investment didn´t work out. diversification. “At the time, I was Everything we do when investing people´s capital is G&D: Is that portfolio planning to be a based on compounding. The construction still what you´re whole reason for being in the Forest Ranger and trying to attain? investment world is to had no interest in compound money. We all BS: Roughly 5-10 years after know that 7% per annum that first portfolio, I realized I investing. But after doubles in about 10 years and needed to have a bigger 15% a year more than doubles investment universe. Having a watching the money in five years. I want that magic portfolio of eight companies is working for me all the time. maybe a little bit too being made by smart concentrated, so we increased The thing that screws up our portfolio size to 15-20 investors, I decided compounding is down years.
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