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Sydnee Gatewood
Sydnee Gatewood
Articles (2467) 

Graham & Doddsville Fall Newsletter From Columbia Business School

Interviews with professional investors and student ideas

We are pleased to bring you the 37th 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). Since our Spring 2019 issue, the Heilbrunn Center hosted the 2019 From Graham to Buffett and Beyond dinner in Omaha and the 2019 Pershing Square Challenge. The Heilbrunn Center also attended an alumni event hosted by Sheldon Stone ’78 in L.A.

Our first interview in this Fall Issue is with Paul Moroz, Chief Investment Officer of Mawer, a Canadian investment fund. He discussed the value of having business operation experience early on, the importance of performance measurement, and the process of making repeatable value-added decisions. He discussed the benefit of holding a seemingly “boring” company like Wolters Kluwer, the headwinds Alphabet may face, and their longstanding position in Constellation Software since its IPO in 2006.

We were also lucky to have a conversation with Mohnish Pabrai (Trades, Portfolio), founder of Pabrai Funds. He explained the difference between compounding a portfolio and investing in compounders, why he dislikes leverage and shorts, and his love-hate relationship with levered financial institutions stocks. He discussed his views on IPSCO and GrafTech, as well as investing in South Korea.

Next, we had an in-depth discussion on investing in high yield bonds with Ellen Carr, a portfolio manager at Weaver C. Barksdale and an adjunct professor at CBS. She discussed challenges specific to the high yield bond market, from the pitfalls of investing in fallen angel bonds due to structural differences between investment grade and high yield securities, to the evolving role of intangible assets as collateral.

Finally, we spoke with Matthew Peterson, managing partner of Peterson Capital Management. He discussed the three main criteria he uses to assess businesses, his unique approach to portfolio construction, and his recent investment in DJCO.

We continue to bring you stock pitches from current CBS students. In this issue, we feature finalist pitches from the 2019 Pershing Square Challenge. David Hao ’20, Eric Niu ’20, and Freda Zhuo ’20 recommended a long position on Aramark (NYSE:ARMK), James Shen ’20, Lauren Warsavsky ’19, and Mark Zager ’20 recommended buying Servicemaster Global, Inc. (NYSE:SERV), and Edgardo Guttierez ’20, Yuri Rettore ’20, and Rodolfo Zeidler ’20 recommended to invest in US Foods, Inc. (NYSE:USFD).

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.

About the author:

Sydnee Gatewood
I am the editorial director at GuruFocus. I have a BA in journalism and a MA in mass communications from Texas Tech University. I have lived in Texas most of my life, but also have roots in New Mexico and Colorado. Follow me on Twitter! @gurusydneerg

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Comments

Bruce Bohannon
Bruce Bohannon premium member - 7 months ago

Sydnee, I am a big fan of Matthew Peterson, managing partner of Peterson Capital Management. You write: "He discussed the three main criteria he uses to assess businesses, his unique approach to portfolio construction, and his recent investment in DJCO."

Do you have any discussion notes or content you can share from his talk?

Sydnee Gatewood
Sydnee Gatewood premium member - 7 months ago

Hi, Bruce,

This is redistributed content from the Graham & Doddsville Newsletter, so I did not speak to him directly. You will have to follow the link above to get more information.

Thanks for reading!

Bruce Bohannon
Bruce Bohannon premium member - 7 months ago

Sydnee, which link should I follow to read about Matt P?... (Thank YOU)..

Sydnee Gatewood
Sydnee Gatewood premium member - 7 months ago

Bruce, there is a link to continue reading the newsletter at the very end. It follows the bolded -G&Dsville Editors.

Bruce Bohannon
Bruce Bohannon premium member - 7 months ago

BULLSEYE.... Great Content and pictures. Thank you

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