Value Invest

Speakers – December 3 2019

Richard Pzena

Richard S. Pzena – Pzena Investment Management
“The Evolution of Value Investing” – Fireside Chat and Audience Q&A with Joel Greenblatt

Richard S. Pzena is Founder, Managing Principal, Co-Chief Investment Officer, Portfolio Manager and member of the firm’s Executive Committee. Mr. Pzena is the architect of the firm’s investment strategy and conceived and developed our proprietary screening model. He serves as co-portfolio manager for the U.S. Large Cap and Mid Cap strategies, Focused Value, and U.S. Best Ideas. Mr. Pzena began the firm in 1995. Prior to forming Pzena Investment Management, Mr. Pzena was the Director of U.S. Equity Investments and Chief Research Officer for Sanford C. Bernstein & Company. He joined Bernstein as an oil industry analyst and was named to the Institutional Investor All America Research Team for three years running. Mr. Pzena also served as Chief Investment Officer, Small Cap Equities. Prior to joining Bernstein, Mr. Pzena worked for the Amoco Corporation in various financial and planning roles. He earned a B.S. summa cum laude and an M.B.A. from the Wharton School of the University of Pennsylvania.

Thomas Russo

Thomas Russo – Gardner Russo & Gardner
Lessons Learned from “Global Value” Equity Investing

Thomas A. Russo joined Gardner Russo & Gardner LLC as a partner in 1989 and has, since 2014, served as Managing Member of Gardner Russo & Gardner LLC and General Partner to Semper Vic’s “global value,” long-only equity investment partnerships. Mr. Russo oversees more than $11 billion through the Semper Vic partnerships and separate accounts. Mr. Russo favors globally based consumer products companies which possess the “capacity to reinvest” into developing and emerging markets. Mr. Russo frequently invests in family-controlled companies to reduce agency cost and to align shareholder interest for long-term, tax-deferred performance. Such control provides portfolio company managements the “capacity to suffer” Wall Street censure when investments intended to build long-term wealth burden near-term reported profits. Mr. Russo prefers companies which can endure “short-term pain for long-term gain.” Graduate of Stanford Business and Law Schools (MBA/JD, 1984) and Dartmouth College (BA, 1977). Charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. In May 2017, Mr. Russo was awarded Columbia University/Gabelli’s Graham & Dodd, Murray, Greenwald Prize for Value Investing. Mr. Russo serves as a board member of Storm King Art Center.

Joel Greenblatt

Joel Greenblatt – Gotham Asset Management
“The Evolution of Value Investing” – Fireside Chat and Audience Q&A with Richard Pzena

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.

 

C.T. Fitzpatrick

C.T. Fitzpatrick – Vulcan Value Partners
Value Investing in the Age of Low to Negative Interest Rates

C.T. Fitzpatrick serves as Chief Executive Officer and Chief Investment Officer of Vulcan Value Partners. C.T. founded Vulcan Value Partners in 2007 to manage his personal capital. Since inception, two strategies have peer rankings in the top 1% of value managers in their respective categories, two are in the top 3%, and the fifth is in the top 6%. Prior to founding Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management. During his 17 year tenure, the team at Southeastern Asset Management achieved double digit returns well ahead of inflation and was ranked in top 5% of money managers over five, ten, and twenty year periods according to Callan and Associates. C.T. earned his MBA in Finance from the Owen Graduate School of Management at Vanderbilt University. He also has a BS in Corporate Finance from the University of Alabama.

David Samra

David Samra – Artisan Partners
So What Is Wrong With European Banks?

N. David Samra is a managing director of Artisan Partners and founding partner of the Artisan Partners International Value Team. He is lead portfolio manager of the Artisan Non-U.S. Value Strategy, which he has managed since its inception in July 2002. Mr. Samra also was co-portfolio manager for the Global Value strategy from its inception in July 2007 through September 2018. Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP from August 1997 through May 2002. Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division. Under Mr. Samra’s leadership, the team was nominated six times (in 2008, consecutively from 2011-2014 and again in 2016) for Morningstar, Inc.’s International-Stock Fund Manager of the Year award in the US and won the award in 2008 and 2013. The team was also named EAFE Equity Investment Manager of the Year in 2015 and 2016 by Institutional Investor. Mr. Samra holds a bachelor’s degree in finance from Bentley College and a master’s degree in business administration from Columbia Business School.

Gary Channon

Gary Channon – Phoenix Asset Management Partners
Presentation Title TBC

Gary Channon co-founded Phoenix Asset Management Partners in 1998 and has managed the Phoenix UK Fund since its launch in May the same year. Since inception, the Fund has returned gross performance of 837% (versus the benchmark’s total return of 190%), an annualised return of 11% (versus the benchmark annualising at 5.1%)*. The investment philosophy at Phoenix is strongly inspired by Warren Buffett and Phil Fisher: long-term, value-based and focused. In terms of investment research, Phoenix considers its own primary fieldwork to be a major contributor to the effectiveness of the research effort. Typically, this includes assessing product quality via mystery shopping and undertaking competitor analysis in order to understand the purchasing decision of the marginal customer. Prior to Phoenix, Gary was co-Head of Equity and Equity Derivatives Trading at Nomura International, and before that he was at Goldman Sachs within Global Equity Derivative Products Training. *as at 31 August 2019

Anthony Campagna

Anthony Campagna – ISS EVA
Value Doesn’t Matter…

Anthony Campagna is currently the Global Head of Fundamental Research at ISS EVA. (ISS acquired EVA Dimensions in 2018) He leads a global research team across all portions of the investment decision process: macro insights and screening for idea generation, sector and industry reports to provide context, company specific reports for single stock ideas, and portfolio analysis to measure risk through the EVA lens. Prior to EVA, he was a Director at Valens Securities, Anthony also assisted in teaching and lecturing at HULT International Business School and at DePaul University’s Kellstadt Graduate School of Business. Alongside his duties at Valens Securities, Anthony served as the Executive Director of The Institute of Strategy & Valuation and helped develop the C.S.V. designation – Certified in Strategy & Value-Creation. Prior to Valens Securities, Anthony worked as an Analyst at Credit Suisse, in the HOLT division focusing in model development and custom client solutions. ISS EVA provides institutions with an established standard in measuring, analyzing, projecting, valuing, and discounting a firm’s underlying economic profit through the provision of Economic Value Added (EVA) metrics.

Django Davidson

Django Davidson – Hosking Partners
The End of the Beginning or the Beginning of the End? Investment Opportunities Late in the Technology Cycle

Django Davidson is a Founding Partner of Hosking Partners. Former Partner at TCI-backed financials-fund Algebris, he moved to help Jeremy Hosking set up Hosking Partners in 2013. Hosking Partners is a behavioural global equity manager, which now has assets under management in excess of $8bn.

Presentation overview: “Whilst technology may, or may not, be changing the world it is not changing human nature. Repeat patterns of human behaviour are observed in the speculative Unicorn ‘blow off’, creating opportunity away from the euphoria. Well-established companies – with increasing ‘tech-like’ characteristics –are harvesting the fruits of this technology cycle while reducing share counts at compelling valuations for long term owners. The spring is set to tighten further.”

Jennifer Wallace

Jennifer Wallace – Summit Street Capital Management
It Ain’t What You Don’t Know That Gets You Into Trouble

Jennifer Wallace is a founding partner of Summit Street Capital Management, LLC and serves as the firm’s Chief Investment Officer and Portfolio Manager. Jennifer has more than 23 years of investment experience. Prior to co-founding Summit Street, Jennifer worked with the Robert M. Bass investment groups where she was manager of Emerald Value Partners and co-manager of Alpine Capital. Before joining the Bass organization, Jennifer was a consultant with McKinsey & Company and an investment banker. Jennifer earned a BA from Columbia College and an MBA from the Columbia University Graduate School of Business where she received Beta Gamma Sigma honors as well as other awards and prizes. In addition, Jennifer serves on the Advisory Board of The Heilbrunn Center for Graham & Dodd Investing at the Columbia Business School and the Stewardship Committee of the Episcopal Church of the Heavenly Rest in New York.

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.

Michael Mauboussin

Michael Mauboussin – BlueMountain Capital
Fireside Chat and Audience Q&A with Robert Hagstrom

Michael J. Mauboussin is Director of Research at BlueMountain Capital Management in New York. Prior to joining BlueMountain in July of 2017, he was a Managing Director and Head of Global Financial Strategies at Credit Suisse. Before rejoining Credit Suisse, he was Chief Investment Strategist at Legg Mason Capital Management from 2004-2012. Mr. Mauboussin is the author of three books, including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns. Mr. Mauboussin has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He is also the chairman of the board of trustees at the Santa Fe Institute, a research center devoted to the study of complex systems. He earned an A.B. from Georgetown University.

 

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.

Rory Kutisker-Jacobson

Rory Kutisker-Jacobson – Orbis Allan Gray
Investing Where Others Fear to Tread

Rory is a portfolio manager at Orbis Allan Gray Limited. Orbis Allan Gray Limited is made up primarily of two asset management businesses: Orbis founded in 1989 and Allan Gray founded in 1973. They share the same founder and a common private ownership structure. Both firms employ a fundamental, long-term, and contrarian investment philosophy used to identify shares priced below their intrinsic value. Today, Allan Gray is the largest privately owned asset management firm in Africa, managing in excess of $35bn of assets. Since inception, Allan Gray has delivered approximately 8% per annum outperformance for its institutional clients. Orbis manages over $34bn in assets invested globally, and its flagship Global Equity Strategy has outperformed by more than 4% per annum since inception. Rory is based in Cape Town. While he researches stocks globally, he tends to find himself gravitating to South African and Frontier equities. He co-manages the Allan Gray Frontier Markets Equity Fund, a concentrated portfolio of companies with significant business interests in frontier markets. The Fund aims to outperform the MSCI Frontier Emerging Markets Index over the long term without taking on greater risk of loss. Rory holds a Bachelor of Business Science from the University of Cape Town and is a CFA charterholder. Prior to joining Allan Gray in 2008, Rory worked for Anglo Irish Bank in Dublin.

Alex Roepers

Alex Roepers – Atlantic Investment Management
Putting Things in Perspective – Uncommon Values in Public Equities

Alex Roepers is the Chief Investment Officer of Atlantic Investment Management, a global equity value-investing firm he founded in 1988. Mr. Roepers applies a differentiated constructive shareholder activist (CSA) investment approach to unlock incremental value in high-quality, undervalued companies in the consumer, industrials and businesses services sectors. Atlantic’s highly experienced investment team has successfully influenced change at many leading companies over the past 30 years in the U.S., Europe and Japan. Mr. Roepers began his investing career in the operations and corporate development departments at multi-billion-dollar conglomerates Thyssen-Bornemisza Group (1984-88) and Dover Corporation (1980-82). He has served on the Board of Dean’s Advisors at Harvard Business School since 2010; The Hotchkiss Investment Committee since 2014; as U.S. Chair for the Compagnie Fonds, Dutch Maritime Museum, since 2007; on Memorial Sloan Kettering’s Special Projects Committee since 1997; and as founder and board member for his charitable foundation, The Alexander J. Roepers Foundation, since 2002. Mr. Roepers has a Bachelor of Business Administration from Nijenrode University, which is the Netherlands School of Business (1980), and an MBA from Harvard Business School (1984).

Keith Ashworth-Lord

Keith Ashworth-Lord – Sanford DeLand Asset Management, CFP SDL UK Buffettology Fund
“Putting Buffettology into Practice” – A Stock Idea and a Discussion of the Principles of Buffettology with Mary Buffett

Keith Ashworth-Lord is Chief Investment Officer of Sanford DeLand Asset Management Ltd and Fund Manager of the CFP SDL UK Buffettology Fund. Keith has over 35 years of equity market experience as an investment analyst and fund manager. He is a seasoned practitioner of ‘Business Perspective Investing’ as championed by Ben Graham and Warren Buffett. Prior to founding Sanford DeLand Asset Management in 2010, Keith worked with a variety of stockbroking, fund management and private investor clients. Keith has a Bachelors Degree in Astrophysics and a Masters Degree in Management Studies from Imperial College, London and is a Chartered Fellow of the Chartered Institute of Securities & Investment. In 2017, Keith was conferred with Alpha Manager status by FE Trustnet. The Buffettology Fund that he manages is a multiple award winner over the years since its launch in March 2011. His book ‘Invest in the Best’ was published in 2016 by Harriman House.

Mary Buffett

Mary Buffett

For over twenty years, Mary Buffett has been considered the world’s leading authority on the subject of Warren Buffett’s investment methods. Her international bestselling investment books, co-authored with David Clark have been translated into twenty-four foreign languages and are considered “investment classics” the world over.  Ms. Buffett is an international speaker, entrepreneur, political and environmental activist and has appeared on television as one of the top finance experts Worldwide. She has been the principal speaker for prestigious organizations around the world.  Ms. Buffett has worked in a wide range of businesses including extensive work as a consultant to several Fortune 500 companies. She is an associate of the top ranked UK Buffettology Fund in the United Kingdom.

Mark Pearson

Mark Pearson – Arcus Investment
Unprecedented Opportunity: Lessons of 30 Years of Value Investing in Japan

Mark Pearson, ACA, CFA, co-founded Arcus Investment in 1998. Prior to founding Arcus, Mark was a director and portfolio manager responsible for Japanese equities at Buchanan Partners Limited in London from 1992 to 1998. From 1990 to 1992 Mark was General Manager of Japanese equity fund management in Kleinwort Benson Investment Management in Tokyo. From 1986 to 1989, Mark was an investment analyst at Kleinwort Benson Securities in Tokyo, and from 1981 to 1986, at Coopers & Lybrand, London as a Chartered Accountant. Mark graduated from Emmanuel College (University of Cambridge) with MA in Economics in 1981. Mark lives in Hong Kong.

John Heins

John Heins – Value Investor Insight, University of Alabama  (Moderator)

John Heins is the Publisher and Editor-in-Chief of the investment newsletter Value Investor Insight and also the Fitzpatrick Endowed Professor of Value Investing at the University of Alabama. Having started his career as a business journalist for Forbes magazine, John shifted gears to the business side of magazines, eventually serving for seven years as the President and CEO of Gruner + Jahr USA Publishing, which during his tenure grew its annual revenue four-fold, to $425 million, while operating profits more than quintupled. He co-founded Value Investor Media, Inc. in 2004 and in 2016 doubled down on value investing in joining the University of Alabama to create its value-investing program. John graduated magna cum laude with a bachelor’s degree in Economics from the University of Pennsylvania’s Wharton School and received an M.B.A. from Stanford University’s Graduate School of Business.

Robert Hagstrom

Robert Hagstrom – EquityCompass Strategies (Moderator)

Robert Hagstrom is Chief Investment Officer of Equity Compass Investment Management and Senior Portfolio Manager of the Global Leaders Portfolio. He joined Equity Compass in April 2014 and launched the Global Leaders Portfolio in July 2014. Robert was appointed Chief Investment Officer in March 2019. Robert has more than 30 years of investment experience. Prior to joining Equity Compass, he was 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 where he managed $7 billion assets. Robert was the recipient of the “Honorable Mention” as Morningstar’s U.S. Equity Manager of the Year in 2007. Robert is the author of nine investment books including the New York Times best seller, The Warren Buffett Way, widely considered to be the definitive book on the investment approach and strategies of Warren Buffett. The book has sold over 1 million copies worldwide and is translated into seventeen foreign languages. In addition, Robert wrote The Warren Buffett Portfolio a book on concentrated portfolio management and Investing: The Last Liberal Art a multidiscipline examination of markets and investing. Robert earned his Bachelor’s and Master’s of Arts degrees from Villanova University. He is a Chartered Financial Analyst, a member of the CFA Institute and the CFA Society of Philadelphia.

Jonathan Boyar

Jonathan Boyar – Boyar Value Group (Moderator)

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 – Sustainable Growth Advisers

David is a Client Portfolio Manager at Sustainable Growth Advisers and has been a Moderator of both the London and New York Conferences since they began in 2012 and 2018 respectively. Previously, he was 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 provided regular research input to a number of clients. Prior to Willis Towers Watson David was Deputy CIO at Stamford Associates where he was 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)