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Graham & Doddsville Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XIV Winter 2012 Interview: P.1 Sam Zell — William von Mueffling — William von Mueffling “Going for “Financial Productivity At a Greatness” Discount” Interview: P.1 Michael Karsch William von Mueffling ’95 Interview: P.1 is President of Cantillon William Strong Capital Management, an investment firm with Interview: P.1 more than $8 billion un- Sam Zell der management. He was previously a Managing Di- Interview: P.2 rector at Lazard Asset William C. Martin Management, where he was responsible for hedge Student Stock P.44 funds. Prior to joining Pitches Sam Zell Lazard, he was with Sam Zell is Chairman of Deutsche Bank in (Continued on page 3) William von Mueffling Editors Equity Group Investments Anna Baghdasaryan (EGI), the private, entre- Michael Karsch — “Be an Editorialist MBA 2012 preneurial investment firm he founded more than 40 Not a Journalist” Joseph Jaspan years ago. Mr. Zell holds a Michael A. Karsch is the Founder bachelor's degree and a MBA 2012 and Portfolio Manager of Karsch J.D. from the University of Capital Management, LP Mike DeBartolo, CFA Michigan. (―KCM‖), a global long/short eq- MBA 2013 uity investment manager located G&D: Could you tell us a little Jay Hedstrom, CFA in New York City. Mr. Karsch about your life growing up and founded KCM in July of 2000 and MBA 2013 what impact that may have had currently manages approxi- on your future career as an Jake Lubel mately $2.3 billion in assets investor and businessman? across several investment funds MBA 2013 and separately managed ac- SZ: I was born 90 days after Visit us at: counts. Prior to founding KCM, my parents moved to this (Continued on page 11) www.grahamanddodd.com (Continued on page 26) www0.gsb.columbia.edu/students/ Michael Karsch organizations/cima/ William Strong— “Outstanding Assets at Distressed Valuations” Mr. Strong and his partner Sean Fieler manage Equinox Partners, Kuroto Fund, and Mason Hill Partners. He began his investment career in 1970 with Ruane Cunniff & Co., manager of the Sequoia fund. In 1986 he started his own investment firm, Mason Hill, and in 1994 launched the global (Continued on page 19) William Strong Page 2 Welcome to Graham & Doddsville We are pleasedvery pleased to present to pre- you Michael Karsch, founder and reer. We found Mr. Zell‘s dis- withsent youIssue with XIV Issue of Graham XIV of & Portfolio Manager of Karsch cussion of adapting and investing Doddsville,Graham & ColumbiaDoddsville, BusinessColumbia Capital Management, described through different business cycles School‘sBusiness studentSchool‘s-led student invest--led his firm‘s intense focus on con- particularly interesting. We also mentinvestment newsletter, newsletter, co-sponsored co- ducting thorough diligence and enjoyed learning about his innate bysponsored the Heilbrunn by the CenterHeilbrunn for finding a point of differentia- and consistent ability to recog- Pictured: Bruce Greenwald at GrahamCenter for & DoddGraham Investing & Dodd and tion, while evaluating compa- nize, and then capitalize on, the Columbia Student Invest- theInvesting Columbia and theStudent Columbia Invest- nies in a lifecycle framework. supply and demand imbalances ment Management Conference Student Investment Manage- Mr. Karsch also provided valu- in different markets that other in February 2011. ment Management Association. ment Association. able advice on the skills critical investors had overlooked. The Heilbrunn Center sponsors to becoming one of the best in the Applied Value Investing pro- TOO ADD We have been privileged once the profession and discussed Finally, we are pleased to intro- gram, a rigorous academic cur- Pleaseagain to feel speak free with to contact some of us if the thesis behind his firm‘s duce you to William C. Martin, riculum for particularly commit- youthe world‘shave comments most renowned or ideas investment in Viacom. an entrepreneur-turned- ted students that is taught by aboutinvestors, the newsletter.and are excited We to investor, whose highly successful some of the industry‘s best prac- hopebring you enjoya piece reading of their Graham wis- William Strong of Equinox investing record and unique titioners. &dom. Doddsville as much as we Partners reflected on his early background caught our eye. Mr. enjoy putting it together! career at renowned value in- Martin outlined his strategy of Famed investor William von vesting firm Ruane Cunniff, and investing in companies with -Mueffling Editors, Graham ‘95, a proud & Doddsville graduate the subsequent founding of his compelling growth prospects in of Columbia Business School firm. Equinox Partners‘ strat- conjunction with shorting some and chairman of the advisory egy of investing in high quality of the most overvalued and board of the Heilbrunn Center assets at distressed valuations corrupt companies. for Graham & Dodd Investing, in emerging economies has led shared with us Cantillon Capi- to many years of strong re- We deeply thank these investors tal Management‘s strategy of turns. Mr. Strong discussed for sharing their time and in- investing in companies with some of his current invest- sights with our readers. As high sustainable financial pro- ments in HDFC and Bunas always, we welcome your feed- ductivity. We found his discus- Finance. back or ideas about the newslet- sion of the different business ter. We hope that you find it to Pictured: Heilbrunn Center ―moats‖ particularly insight- We were thrilled to get a be as useful a source of informa- Director Louisa Serene Schnei- ful. Mr. von Mueffling outlined chance to speak with legendary tion about these great investors der at the CSIMA conference in the thesis behind his firm‘s investor Sam Zell, who shared as we do! February 2011. investments in Bank Rakyat, his investing philosophy and Louisa skillfully leads the Heil- Royal Vopak, Oriflame Cos- reflected on the path of his - Editors, Graham & Doddsville brunn Center, cultivating strong metics, and others. phenomenally successful ca- relationships with some of the world‘s most experienced value investors and creating numerous learning opportunities for stu- William C. Martin — “Think Like An Entrepreneur” dents interested in value invest- ing. The classes sponsored by Capital Management, an has also served on the the Heilbrunn Center feature investment firm he boards of CallStreet guest lectures by legendary in- founded in 2006. Prior (acquired by Factset vestors, and are among the most heavily demanded and highly to Raging Capital, he co- Research (FDS)), rated classes at Columbia Busi- founded a number of ByteTaxi (dba Folder- ness School. financial information Share — acquired by and media companies, Microsoft (MSFT)), and including Raging Bull in Salary.com (SLRY— 1997, Indie Research in acquired by Kenexa 2002, and InsiderScore (KNXA)). Mr. Martin William C. Martin in 2004. He served four attended the terms on the board of University of Virginia. Mr. Martin is the Chair- Bankrate (RATE) until it man and Chief Invest- was acquired by Apax G&D: How did you first ment Officer of Raging Partners in 2009. He (Continued on page 37) IssueVolume XIV I, Issue 2 Page 3 William von Mueffling (Continued from page 1) stayed in the US. these investors were doing Germany and France. really resonated with me. He earned a BA from G&D: What led to your Columbia College and move from the sellside to The overriding theme of an MBA from Columbia the buyside? value investing is buying a Business School in 1995. dollar for fifty cents and Mr. von Mueffling is WvM: I realized I loved therefore investing with a chairman of the advisory researching and investing in margin of safety. This prin- board of the Heilbrunn companies, but felt that the ciple is one of the most im- Center for Graham & job of the sellside analyst portant things I took away Dodd Investing at Co- was constrained in the from Columbia. It wasn‘t so lumbia Business School. sense that you typically had much about a particular a sector or small group of style or strategy, as there G&D: Could you tell us a companies to follow. I are many different styles little about your background found this boring and under the value investing ―We believe that and how you first became wanted to broaden the umbrella. there are many interested in investing? number of companies I fol- lowed. I recognized that G&D: Can you talk about different types of WvM: I was very lucky the only way I was going to your specific style of invest- because between my junior make the jump from the ing at Cantillon? moats to be and senior years at Colum- sellside to the buyside was bia College I interned at to get my MBA. This is how WvM: One can broadly found, and that a Shearson Lehman Hutton in I ended up at Columbia divide value investing into investment banking. After Business School. two camps. The first camp moat around a doing that for the summer I is the Graham & Dodd style realized that there was G&D: What do you think which is buying assets at a business should nothing more miserable you got out of your time at discount or cash at a dis- than doing it for two years Columbia Business School count. The second camp is allow it to pro- as an analyst, so I thought that made a difference later the Buffett style, which I about other areas of finance in your career? characterize as buying finan- duce outsized that would be interesting, cial productivity at a dis- margins and won- and research jumped out at WvM: I got much more count. We fall into the sec- me. I didn‘t want to do it in out of business school than I ond camp. We believe that derful returns on New York City, so I ended ever thought I was going to there are many different up doing research with get.
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