We are pleased to bring you the 41th 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 Arthur Young, portfolio manager and co-founder of Tensile Capital Management. We discussed Mr. Young's investing principles and founding of Tensile, his approach to generalist value investing, idea generation, and Tensile's unique blend of public and private investing. Mr. Young also shares his views on the attractive aspects of investing in software businesses.
Next, we interviewed John Huber, Managing Partner and founder of Saber Capital Management. Mr. Huber shares his early experiences with investing, his decision to start Saber, and the evolution of his investment style. Mr. Huber is a very thoughtful investor whose firm is modeled after the original Buffett Partnership fee structure. His thoughts on business quality, portfolio construction, and developing as an investor are excellent.
Lastly, we interviewed Wilmot Kidd and John Hill of Central Securities. Central is a closed-end fund that's operated since October 1929. We discussed the evolution of markets during Mr. Kidd's long career, the importance of taking a longterm approach to investing, and management quality and capital allocation. Mr. Kidd discusses his early experiences with the semiconductor industry, which shaped his unique and successful long-term approach to investing.
We continue to bring you stock pitches from current CBS students. In this issue, we feature three contest-winning pitches. Amitaabh Sahai ('21) shares his long idea on DXC Technology (DXC, Financial). Will Husic ('22), Harrison Liftman ('22), and Cathy Yao ('22) share their buy thesis on Live Nation (LYV, Financial) as an attractive covid-19 recovery idea. Finally, Nathan Shapiro ('22), Levente Merczel ('22), Kyle Heck ('22), Kirk Mahoney ('22), and Vineet Ahuja ('21) share their long thesis on RealPage (RP, Financial).
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 Howard Marks (Trades, Portfolio), Jan Hummel, Mohnish Pabrai (Trades, Portfolio), Samantha Greenberg, and David Marcus.
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.
