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Sydnee Gatewood
Sydnee Gatewood
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Graham & Doddsville Fall Newsletter From Columbia Business School

Interviews with professional investors and student ideas

November 24, 2020 | About:

We are pleased to bring you the 40th edition of Graham & Doddsville. This student-led investment 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).

We first interviewed Bill Nygren (Trades, Portfolio), portfolio manager of the Oakmark Funds at Harris Associates. Mr. Nygren discussed Oakmark's approach to value investing, which looks past traditional GAAP accounting to find businesses whose potential may be understated today. Bill shared with us a few sectors Oakmark finds attractive, as well as his general views on today's markets and how they compare to prior periods in his career.

We also chatted with Ray Kennedy of Hotchkis & Wiley. Ray has had an extensive career in the high yield bond markets. He shared with us his framework for credit investing in today's uncertain times, and how his thoughts on the macro environment impact his approach.

Next, we interviewed Sarah Ketterer (Trades, Portfolio) and Alessandro Valentini '06 from Causeway Capital. Sarah and Alessandro described Causeway's unique lens on value investing, which combines rigorous fundamental business analysis with a quantitative overlay that helps structure their portfolios. Sarah and Alessandro shared their views on some of the hardest-hit areas of the market during Covid-19 that may represent attractive opportunities moving forward.

Finally, we got the chance to speak with John Mullins and Dan Kaskawits '11. Dan and John are co-portfolio managers of the International Value fund at Lyrical Asset Management. They explained their concentrated approach to value investing, which focuses on finding high-quality businesses whose secular growth characteristics are underappreciated by the market, resulting in cheap valuations.

We continue to bring you stock pitches from current CBS students. In this issue, we feature two pitches from the 2020 Women in Investing Conference: April Yin '22, Maria Van Heeckeren '22, Joyce Zhang '22 and Sherry Zhang '22 share their long idea on Hanesbrand (NYSE:HBI), and then Cathy Yao '22, Flora Chai '22, Joanna Zhou '22 and Wenbo Zhao '22 share their long idea on The TJX Companies (NYSE:TJX). We also feature a pitch from Dickson Pau '22, presenting his long idea on Farfetch (NYSE:FTCH).

Lastly, you can find more interviews on the Value Investing with Legends podcast, hosted by Professor Tano Santos. Professor Santos has recently conducted interviews with guests including Henry Ellenbogen & Anouk Dey, Rishi Renjen, Richard Lawrence, Tom Russo (Trades, Portfolio) and Kim Shannon.

We thank our interviewees for contributing their time and insights not only to us, but to the whole investing community.

G&Dsville Editors

Continue reading the issue here.

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