Value Invest

Speakers - December 4 2018

Joel Greenblatt

Joel Greenblatt – Gotham Asset Management

If Value Investing isn’t Dead, Where Did it Go?

Joel Greenblatt serves as Managing Principal and Co-Chief Investment Officer of Gotham Asset Management, the successor to Gotham Capital, an investment firm he founded in 1985. Since 1996, he has been a professor on the adjunct faculty of Columbia Business School where he teaches “Value and Special Situation Investing.” Mr. Greenblatt is a director of Pzena Investment Management, Inc., a global investment management firm. He formerly served on the Investment Boards of the University of Pennsylvania and the UJA Federation. Mr. Greenblatt is the author of You Can Be A Stock Market Genius (Simon & Schuster, 1997), The Little Book that Beats the Market (Wiley, 2005), The Little Book that Still Beats the Market (Wiley, 2010), and The Big Secret for the Small Investor (Random House, 2011). He is the Former Chairman of the Board (1994-1995) of Alliant Techsystems, a NYSE-listed aerospace and defense contractor. He holds a BS (1979), summa cum laude, and an MBA (1980) from the Wharton School of the University of Pennsylvania.

 

Howard Marks

Howard Marks – Oaktree Capital
Mastering the Market Cycle: Fireside Chat and Audience Q&A Hosted by Scott Wapner of CNBC

Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm’s adherence to its core investment philosophy; communicating closely with clients concerning products and strategies; and contributing his experience to big-picture decisions relating to investments and corporate direction. From 1985 until 1995, Mr. Marks led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp’s Director of Research. Mr. Marks holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in finance and an M.B.A. in accounting and marketing from the Booth School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA® charterholder.

Rajiv Jain

Rajiv Jain – GQG Partners
The Outsider’s View: “Value” Investing Through the Eyes of a Quality Growth Investor

Rajiv is the Chairman and Chief Investment Officer of GQG Partners and also serves as the portfolio manager for all GQG Partners strategies. He commenced investment operations at GQG Partners in June 2016 with over 24 years of investment experience. Previously, Rajiv served as a Co-Chief Executive Officer (from July 2014) and Chief Investment Officer and Head of Equities (from February 2002) at Vontobel Asset Management. He was the sole portfolio manager of the International Equities strategy (since 2002) and Emerging Markets Equities strategy (since 1997), and the lead portfolio manager for the Global Equities strategy (since 2002). Rajiv built the business from less than US$400 million under management to just under US$50 billion in 2016. He joined Vontobel Asset Management as a co-portfolio manager of Emerging Markets Equities and International Equities in November 1994. Prior to that, he was an International Equity Analyst at Swiss Bank Corporation. Rajiv earned an MBA in Finance and International Business from the University of Miami. He also has a master’s degree from the University of Ajmer and undergraduate degree in accounting with honors.

Matthew McLennan

Matthew McLennan – First Eagle Investment Management
The Value of Scarcity and Resilience

Matt is head of First Eagle Investment Management’s Global Value team and a portfolio manager of the Global Value, International Value, US Value and Gold strategies. He joined First Eagle in September 2008 to lead the Global Value team. Previously, Matt worked for Goldman Sachs Asset Management (GSAM) in London, where he served as co-portfolio manager of Global Equity Partners, a group he co-founded in 2003 that ran a focused global equity portfolio for offshore private wealth clients. Earlier in his career, Matt was equity chief investment officer of the Investment Strategy Group for Goldman Sachs’ private client business. He joined Goldman Sachs in Sydney in 1994. Matt started his career in 1991 in Brisbane, Australia, with the Queensland Investment Corporation and was ultimately responsible for the firm’s international equity exposure. He was born in Rabaul, Papua New Guinea, and grew up in Queensland, Australia. He received his bachelor of commerce with first-class honors and master of international commercial law from the University of Queensland. Matt holds the Chartered Financial Analyst (CFA) designation. Matt is interested in the field of education, and he is a trustee (and former president of the Board of Trustees) of the Trinity School in New York City.

David Iben

David Iben – Kopernik Global Investors
The Value of Being Approximately Right In a Market that Appears to be Increasingly Precisely Wrong

Dave is the Chief Investment Officer, Lead Portfolio Manager, Managing Member of Kopernik Global Investors, which he founded in July 2013. From July 2012 through March 2013, Dave managed the $2.7 billion Global Value Long/Short Equity portfolio at Vinik Asset Management. Prior to this, Dave was co-founder, CIO, co-President and Lead Portfolio Manager of Tradewinds Global Investors, a $38 billion (at February 2012) firm. Dave directed Tradewinds’ investment activities, including portfolio management, research, and trading, and has been recognized by nationally known publications such as Bloomberg, Lipper, etc. Dave was previously CEO, Lead Portfolio Manager and Founding Member of Palladian Capital Management, and Senior Portfolio Manager at Cramblit & Carney. He began his career with Farmers Group in 1982, where at the time of his departure in 1996, he was acting as the CIO responsible for $16 billion of investable assets. Dave earned a B.A. from the University of California, Davis, his M.B.A. from the University of Southern California, and holds the CFA designation.

Ben Preston

Ben Preston – Orbis Investments
Vale: Blue Sky Mine

Ben is one of five key stock pickers for the Global Equity Fund at Orbis Investments, which he joined in the summer of 2000 just as the TMT bubble of the late 1990s was beginning to unwind. Orbis is a contrarian manager, using a disciplined research process to identify shares trading well below their long term intrinsic value, usually because of some temporary setback. Ben initially began researching stocks in the consumer sector but has gradually expanded his coverage and now leads the Global Sector team, in which industry specialists research stock market opportunities globally. Ben graduated with a First Class degree in Mathematical Sciences from the University of Oxford in 1998 and had a brief stint as an analyst at an M&A boutique before joining Orbis. He is a CFA charterholder.

Richard Chilton

Richard L. Chilton Jr. – Chilton Investment Company
A Private Equity Approach to Investing in High-Quality Stocks

Richard L. Chilton, Jr. is the founder, Chairman, CEO & CIO of Chilton Investment Company. Since founding Chilton Investment Company with his Flagship Strategy in 1992, Mr. Chilton has built a team of investment professionals focused on long term capital growth seeking to capture upside during favorable markets and preserve capital in declining markets. The Chilton Flagship Strategy has generated impressive and consistent returns with moderate volatility since inception. Prior to forming Chilton Investment Company, Mr. Chilton was a managing director at Allen & Company and a vice president and equity portfolio manager at Alliance Capital Management. Mr. Chilton began his career in the Mergers and Acquisitions group at Merrill Lynch and received his B.S. in Finance from Alfred University.

Andrew Wellington

Andrew Wellington – Lyrical Asset Management
Value Hidden in Plain Sight

Andrew Wellington co-founded Lyrical Asset Management and serves as the firm’s Chief Investment Officer and Managing Partner. Mr. Wellington has been involved with active portfolio management for over twenty years. He was a founding member of Pzena Investment Management, where he was the original equity research analyst, and later became a principal and portfolio manager. He then went on to Neuberger Berman where he became the sole portfolio manager for their institutional mid‐cap value product, growing that product from $1 billion to $3.3 billion in AUM, and earning a five-star Morningstar rating. He also was a managing director at New Mountain Capital, where he played a key role in establishing and managing the $1.2 billion New Mountain Vantage Fund, a value‐oriented, long‐only, activist hedge fund. Early in his career Mr. Wellington worked as a management consultant at Booz Allen & Hamilton and First Manhattan Consulting Group. Mr. Wellington graduated summa cum laude from the University of Pennsylvania’s Management & Technology Program, earning both a Bachelor of Science from the Wharton School and a Bachelor of Science from the School of Engineering.

Jonathan Mills

Jonathan Mills – Metropolis Capital

Finding a Golden Nugget in a Muddy River

Jonathan founded Metropolis Capital and has co-managed the Metropolis global equity strategy since its inception in 2008 and the MI Metropolis Valuefund since its launch in 2011. Prior to this Jonathan worked for Bain & Company as a Strategy Consultant and then for Schroders in their M & A team before setting up Metropolis International, a media and software group which was built through over 30 acquisitions of private businesses, applying a value investing approach to each transaction. Returns to seed investors in Metropolis International were 30%+ per annum under Jonathan’s tenure as CEO from 1994-2011. He graduated from Oxford University with a First Class Degree in Philosophy, Politics and Economics.

Bernard Horn

Bernard R. Horn Jr. – Polaris Capital
A Snapshot of Global Value Opportunities

Bernard R. Horn, Jr. is president and portfolio manager of Polaris Capital Management, LLC (www.polariscapital.com), a leading Boston-based global value equity manager serving the investment needs of institutions and individuals. Mr. Horn founded Polaris in 1995 to expand his existing client base from the 1980s. Polaris has one of the longest global and international equity track records of any firm presently in operation and continuously managed by the same individuals. The value-oriented strategy has been strictly applied by Mr. Horn over the past 30+ years, producing admirable risk-adjusted returns since inception. A forerunner in global and international investing, Mr. Horn has been profiled in national media outlets, a guest lecturer at conferences and his written works have been published throughout the investment industry.
Previously, Mr. Horn worked for MDT Advisers, Inc., Freedom Capital Management and Horn & Company. Mr. Horn is a graduate of Northeastern University and holds a master’s degree in management from the Alfred P. Sloan School of Management at M.I.T.

Ronald Chan

Ronald Chan – Chartwell Capital
Finding a Spark in Japan

Ronald W. Chan founded Chartwell Capital in 2007, and serves as Chief Investment Officer and joint Portfolio Manager. He has authored two books: Behind the Berkshire Hathaway Curtain: Lessons from Warren Buffett’s Top Business Leaders in 2010 and The Value Investors: Lessons from the World’s Top Fund Managers in 2012. Both books have been translated into several languages, including Chinese, Japanese, Thai, and Portuguese.

 

Since 2016, Ronald has been appointed by The Stock Exchange of Hong Kong Limited to serve as a member of the Listing Committee Panel. Since 2018, he has been appointed by the Hong Kong Trade Development Council to serve as a member of the Belt and Road Committee. He graduated with Bachelor of Science degrees in Finance and Accounting from the Stern School of Business at New York University.

 

Nigel Waller

Nigel Waller – Oldfield Partners
Value Investing in an Age of Disruption

Nigel is one of the founding partners of OP. He was previously at MLIM for 13 years. He was a director and portfolio manager on the global team. At MLIM he was also a member of the emerging markets and European teams in London and, from 1997 to 1999, the Asia team in Singapore. He graduated from City University. He is Chief Investment Officer. He co-manages the global equity portfolios and contributes to the overall investment selection.

Andrew Goodwin

Andrew Goodwin – Oldfield Partners
Value Investing in an Age of Disruption

Andrew joined OP in March 2013. He had previously been employed by SVG Capital in London for seven years managing mainly European equity portfolios. Before joining SVG, he held portfolio management positions at Sovereign Asset Management, American Express Asset Management and Phillips & Drew Fund Management. He graduated from Cambridge University. He co-manages the global equity portfolios and contributes to the overall investment selection.

Fernando Bernad Marasse

Fernando Bernad Marasse – azValor Asset Management
Buying Deeply Undervalued Real Assets

Fernando Bernad is a founding partner of azValor AM and is now also a portfolio manager for the Spanish investment boutique. His early career started with internships at Price Waterhouse (Madrid, 1994), BBVA (Madrid, 1996), and DG Bank (Frankfurt, 1997). The following year he joined Value Management in Frankfurt where he worked in the asset manager’s research unit alongside Álvaro Guzmán, gaining in-depth knowledge of the theory and strategy of Value nvesting, He developed his career in the Spanish private equity sector as an Associate at BNP Paribas Leveraged Finance and then joined the analysis team at Banesto as a cyclical analyst (steel and oil sectors). He went on to lead the Analysts team at Spanish broker Interdin. In 2005 he joined the private banking Vetusta Group as investment director, leading a team which achieved average annual returns of around 30% on equities. He joined Spain’s Bestinver in February 2007, only leaving the firm in 2014 at the same time as his colleague Alvaro Guzmán de Lázaro, to set up azValor Asset Management. Bernad has a Bachelor in Business Administration (Summa cum Laude), awarded jointly by ICADE, Madrid and Northeastern University, Boston, and is a CFA charter holder. He is fluent in English and reads French

Alvaro Guzmán de Lázaro

Alvaro Guzmán de Lázaro – azValor Asset Management
Buying Deeply Undervalued Real Assets

Alvaro Guzmán de Lázaro is Chief Investment Officer and Partner of Spanish boutique azValor AM, which he joined from Spain’s Bestinver in 2014. Guzmán, 42, began his career in 1994 as an auditor for Arthur Andersen (Madrid), and spent some time in Paris with Bankers Trust,.In 1997 he moved to Frankfurt to join Value Management, a ground-breaking investment firm founded by a former associate of the legendary US investor Peter Lynch. As a stock analyst, Guzmán studied and applied the investing style of Lynch and other Value proponents such as Ben Graham, Philip Fisher and Warren Buffett. In 2001, Guzmán led his highly-regarded team to Banesto Bolsa, where he became the lead analyst and head of the research department. In March 2003, he joined Bestinver, leaving the firm in 2014 to help establish azValor, Guzmán speaks Spanish, French, English and German. He has been Professor of fundamental analysis at the Spanish Institute of Financial Analysts (IEAF) and at the IEB (Stock Exchange Study Institute) since 1999, and became a Chartered Financial Analyst (CFA, AIMR) in 2001. He also has an MA in European Business Studies and a law degree from Spain’s National University of Distance Education (UNED).

Robert Hagstrom

Robert Hagstrom – EquityCompass Strategies

How To Become A Self-Transforming Investor:
Closing the Gap on an Increasingly Complex Financial World

Robert Hagstrom joined EquityCompass in April 2014. Prior to that, he was the Chief Investment Strategist of Legg Mason Investment Counsel, and before that, the Portfolio Manager of the Growth Equity Strategy at Legg Mason Capital Management for 14 years. He has also served as President and Chief Investment Officer of Legg Mason Focus Capital, General Partner of Focus Capital Advisory, and Principal at Lloyd, Leith & Sawin. Robert is the author of nine investment books, including The New York Times Best Seller, The Warren Buffett Way. He earned his Bachelor and Masters of Arts degrees from Villanova University and is a member of the CFA Institute and the CFA Society of Philadelphia.

Jonathan Boyar

Jonathan Boyar – Boyar Value Group

The Investment Case for Orphaned Equities

Jonathan Boyar is President of Boyar’s Intrinsic Value Research, an independent research boutique established in 1975 that counts some of the world’s largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of Boyar Asset Management, which has been managing money utilizing a value oriented strategy since 1983. Jonathan has been interviewed by Barron’s, Welling on Wall Street and GuruFocus. He spoke at the London Value Investor Conference in 2017 and 2018, the 2017 GuruFocus Value Conference and the 2017 International Value Investing Conference. He is also a contributor to the latest edition of Harriman’s Book of Investing Rules: The Do’s & Don’ts of the World’s Best Investors. He is also the host of the podcast The World According to Boyar and well as a contributor to Forbes.com.

David Shapiro

David Shapiro – Willis Towers Watson (Moderator)

David is the Portfolio Manager for the Global Equity Focus Fund at Willis Towers Watson and for Alliance Trust, a quoted Investment Trust listed on the London Stock Exchange. Alongside his portfolio management responsibilities David provides regular research input to a number of clients. David joined from Stamford Associates where he was Deputy CIO responsible for devising and implementing investment strategies for a range of its largest investment clients. Prior to Stamford Associates, David established Greentrees Partners LLP as a joint venture with Collins Stewart before which he gained broad investment experience as a UK equity portfolio manager with UBS Global Asset Management (formerly Phillips and Drew) from 1998 and then as a UK equity portfolio manager with Morley Fund Management from 2003. In total David has 30 years of portfolio management and investment analyst experience. David is a member of the Chartered Institute for Securities and Investment (CISI)

Scott Wapner

Scott Wapner – CNBC (Moderator)

Scott Wapner is host of the “Fast Money Halftime Report,” which airs weekdays on CNBC from 12PM to 1PM ET.

 

He is also the author of the new book, “When The Wolves Bite,” which chronicles the battle over Herbalife between activist investors Carl Icahn and Bill Ackman. Scott has extensive experience covering the global financial markets and has reported numerous documentaries for the network.