Welcome to Graham & Doddsville
We are pleased to bring you the 45th 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). In this issue, we were lucky to be joined by three investors who have plied their craft across geographies, asset classes, and market cycles.
We first interviewed Christopher Lin, portfolio manager of Fidelity’s OTC fund. We discussed Mr. Lin’s path to investing, mentors, and what durable growth at a reasonable price means to him. We also discussed his lessons from covering biotech and how probabilistic thinking influences his investing.
Next, we interviewed Mark Cohen and Raphael Rabin-Havt, from Stone House Partners. We discussed mentors, deep due diligence, and how to determine what is knowable vs unknowable when researching a potential investment.
Lastly, we interviewed Fred Liu, founder of Hayden Capital. We talked through Fred’s lessons learned from starting a fund and the importance of relationships in all of business. We also discuss competitive advantage in research and the extent to which information can be truly differentiated in modern markets.
We continue to bring you stock pitches from current CBS students. In this issue, we feature the winner of the 2022 Artisan Investing Challenge, Dickson Pau (KKR, Financial).
You can find more in-depth interviews on the Value Investing with Legends podcast, hosted by Tano Santos and Michael Mabuoussin, Head of Consilient Research on Counterpoint Global at Morgan Stanley Investment Management and adjunct faculty member at Columbia Business School. Recent interviewees include Lauren Taylor Wolf, Mason Morfit, and Thomas Russo.
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 this issue here.
