We are pleased to bring you the 47th 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 Daniel Bakalarz and Alex Furmanski, founders of Unison Asset Management. We discussed their path to investing and the dangers of emotionally investing. We also dig into their long positions in CDW Corporation (CDW, Financial) and Elevance Health (ELV, Financial).
Next, we interviewed Chuck Bath, Austin Hawley, and Varun Gupta from DiamondHill Capital Management. We discussed the firm’s five-year investment outlook and their long ideas on Martin Marietta Materials (MLM, Financial) and SS&C (SSNC, Financial).
Finally, we interviewed Matthew Sweeney,founder and managing member of Laughing Water Capital. We discuss Mr. Sweeney’s small-cap value strategy and a potentially undervalued stock that he believes is being overlooked by quants.
We continue to bring you stock pitches from current CBS students.
In this issue, we feature the winner of the 2023 Artisan International Value Stock Pitch Challenge, Bryden Nugent (’23), for his long thesis on Simpson Manufacturing (SSD, Financial).
We also feature the winners of the 2022 Neuberger Berman ESG Investing Challenge, Jose Alvarez (‘24), Tanay Dixit (‘24), and Benjamin Hui (‘24) for their long thesis on Trex Company (TREX, 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 Scott Hendrickson, Bill Nygren (Trades, Portfolio), and Angela Aldrich.
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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