We are pleased to bring you the 48th edition of Graham & Doddsville. This student-led invest-ment publication of Columbia Business School (CBS) is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA). In this issue, we were lucky to be joined by eight investors who have plied their craft across geographies, asset classes, and mar-ket cycles.
We first interviewed Michael Marone and John Rolfe, from Crescent Rock Capital. We discussed their path to investing and “go anywhere” investing philosophy and framework. We also dig into their long positions in KBR Inc. (KBR, Financial), Gerresheimer AG (XTER:GXI, Financial), Melrose Industries (LSE:MRO, Financial), and Sanken Electric (TSE:6707, Financial).
Next, we interviewed Ric Dillon, Jenny Hubbard and Brian Hilderbrand, from VELA Investment Management. We discussed how they are building out VELA, their valuation centric philosophy, and their long ideas on BWXT Technologies (BWXT, Financial), Casey's General Stores (CASY, Financial), and Kirby Corp. (KEX, Financial).
Then, we interviewed Yaron Naymark,founder of 1 Main Capital. We discussed his journey founding 1 Main Capital, the specifics of his investment process, and his long positions in dentalcorp (TSX:DNTL, Financial), IWG (TSXV:IWG, Financial), and Limbach (LMB, Financial).
Finally, we interviewed Kevin Fogarty and Kevin Nichols, ofValue Creators Capital. We discuss their investment philosophy rooted in Graham and Dodd value investing principles, and their long positions in AMETEK (AME, Financial) and Copart (CPRT, Financial).
We continue to bring you stock pitches from current CBS students.
In this issue, we feature the winners of the 2023 Pershing Square Challenge, Sam Hook (‘24), Thomas Schlabach (‘24), Nick Stern ('24), for their long thesis on Lithia Motors (LAD, Financial).
We also feature the winners of the 2023 Darden Investing Challenge, Mario Stefanidis (‘25), Jennifer Ma (‘25), and Takuro Fijuu (‘25) for their long thesis on Paypal Holdings, Inc (PYPYL).
Finally, we feature the winners of the 2023 CSIMA Stock Pitch Challenge, Bhakti Thacker (‘25), April Jiachen Li (‘25), and Julie Zhou (‘25), for their long thesis on Vertiv Holdings Co (VRT, Financial).
You can find more in-depth interviews on the Value Investing with Legends podcast,hosted by Tano Santos and Michael Mauboussin, Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management and adjunct faculty member at Columbia Business School. Recent interviewees include Tom Gaynor, Ray Dalio (Trades, Portfolio), Sheldon Stone, John Rodgers, and Nicolai Tengen.
We thank our interviewees for contributing their time and insights not only to us, but to the whole investing community.
G&D Editors
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