Value Investing with Legends podcast

Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti's Value Investing Journey

Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar public firms. He breaks down key investments, including Builders FirstSource and Tidewater, and explains why capital allocation, aligned incentives, and patience are critical to long-term success. He also addresses private equity, passive investing, and how AI might affect the future of both business operations and markets — and much more!

Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages

In this episode, host Tano Santos sits down with Richard Brekka, founder and managing partner of Second Alpha, to examine the lesser-known world of secondary investing in private technology companies. With decades of experience—from venture capital to secondary transactions—Richard shares his journey through private equity at Chase and CIBC, his role in building and reviving companies like Gomez Inc., and how that led him to identify a unique investment niche. He explains the mechanics of sourcing deals in illiquid markets, using data and AI to surface hidden gems, and the psychology of getting deals done. The discussion also explores valuations, exits, and policy implications of private market access for 401(k) investors, plus the impact of AI on business fundamentals and much more!

Amit Wadhwaney — From Montreal to Moerus: Amit Wadhwaney’s Deep Value Discipline

Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue’s international expansion, and what led him to start Moerus.

Bill Ackman - Evolving Investment Playbook, From MBIA to Moats

Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capital structure. He also unpacks his investment philosophy, the importance of durability and moats, and his team’s approach to risk, activism, and concentrated investing. Along the way, Bill offers thoughts on AI, higher education, and what excites—and concerns—him about the future — and much more!

Kristin Gilbertson - Risk, Resilience, and Returns

In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries, and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in economic development and her unique journey through the World Bank, Stanford Management Company, and into managing a major university endowment. She outlines how risk awareness and preparation helped her successfully lead through the 2008 financial crisis and gives detailed insights into asset allocation, manager selection, and the nuances of family office investing. Kristin also discusses career strategies for students interested in the endowment and wealth management space.

Seth Klarman - Contrarian Investing, Discipline, and Building Baupost

In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories — from arbitraging coins as a kid to launching Baupost in 1982 — and reflects on his decades-long investment philosophy. They explore timeless principles of market inefficiencies, the importance of temperament, specialization versus generalization, the role of patient capital, and the challenges and opportunities ahead for investors in today’s world. Seth also opens up about technology trends like AI, the evolving market structure, and the enduring lessons from Graham & Dodd.

Kent Daniel — From Physics to Finance: Exploring Market Inefficiencies

In this episode of Value Investing with Legends, Tano Santos and Michael Mauboussin sit down with Kent Daniel, Professor of Finance at Columbia Business School, to discuss his journey from physics at Caltech to leading research in behavioral finance and quantitative investing. Kent shares insights from his academic work and his years at Goldman Sachs, including his critiques of the Fama-French model, the role of intangible information in asset prices, and the implications of short selling constraints. The conversation spans decades of market evolution, empirical challenges, and behavioral patterns that continue to shape financial theory and practice.

Cliff Asness — Quant Origins, Value Crashes, and Market Inefficiencies

In this episode, Cliff Asness joins Tano Santos and Michael Mauboussin for a conversation that spans the evolution of quantitative investing, lessons from market crises, and the enduring tension between risk and behavioral explanations in finance. From his formative years at the University of Chicago under Gene Fama to building AQR into a quant powerhouse, Cliff reflects candidly on theory, performance, and how markets may have become less efficient in recent years.

Phil Ruvinsky - Sustainable Competitive Advantages in Technology

In this episode, Michael Mauboussin, adjunct professor at Columbia Business School, hosts Phil Ruvinsky, Managing Director and Head of the Fundamental U.S. Growth Team at BlackRock. With extensive experience in the investment industry, Phil shares his journey from law to finance, discusses his investment philosophy, and explains the importance of sustainable competitive advantages. The conversation explores the evaluation of management, the impact of AI on the competitive landscape, and the nuances of portfolio construction. Phil also highlights the role of macroeconomic factors and regulatory changes in investment decisions and shares his thoughts on the future of active management in an increasingly indexed market.

Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance

In this episode, hosts Tano Santos and Michael Mauboussin speak with Anu Bradford, the Henry L. Moses Professor of Law and International Organization at Columbia Law School, to discuss the intricate dynamics of global technology regulation. Anu is recognized for her deep expertise in international economic law. Her pivotal books "The Brussels Effect" and "Digital Empires" explore how significant regions like the US, EU, and China shape technological standards worldwide. The conversation probes the complexities of regulating big tech companies across different legal and political landscapes, highlighting the significant influence of European regulations on global markets. This episode offers a comprehensive look into the power struggles and cooperative efforts that define international technology regulation.

Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms

In today's discussion, Jonathan Knee, a distinguished advisor at Evercore Partners and Professor of Professional Practice of Media and Technology at Columbia Business School, explores the themes of his influential work, "The Platform Delusion." Jonathan's insights stem from a rich career in both the banking and academic sectors, bringing a nuanced perspective on digital versus analog platforms, competitive strategies, and the evolving landscape of technological advancements. The conversation uncovers the myths surrounding platform businesses and their impact on the economic principles that govern market dynamics. Jonathan also discusses the implications of regulatory frameworks and their intersection with business strategies in shaping industries.

James Bessen - Understanding the Tech Paradigm

The third episode of Season 10 hosts Tano Santos and Michael Mauboussin speak with James Bessen, Executive Director of the Technology and Policy Research Initiative at Boston University. Delving into the intricacies of technological advancement and market dynamics, Bessen shares his insights on the evolving landscape of competition and innovation. The discussion highlights the impact of proprietary software on industry disruption, exploring the significant shift from mass production to mass customization facilitated by technology. This episode not only provides a deep dive into the challenges and opportunities presented by the digital age but also prompts a reflection on the future of value investing in a tech-dominated world.

Jan Hummel - Deep Diligence at Paradigm Capital

In this episode, Tano Santos sits down with Jan Hummel, CIO of Paradigm Capital, revisiting his investment strategies and exploring the nuanced dimensions of risk management in the evolving European asset landscape. Jan discusses the foundational investment philosophy of Paradigm Capital, emphasizing risk minimization and the strategic deployment of assets across Europe. Key discussions pivot around the firm's selective investment criteria, focusing on companies in the small to mid-cap space and the significance of geographical and cultural nuances in their investment decisions. This conversation offers listeners insights into the subtleties of value investing, portfolio construction, and the implications of geopolitical and economic dynamics on market opportunities.

Todd Combs - Charlie Munger's Legacy

In this heartfelt episode, we pay tribute to Charlie Munger, the visionary vice chairman of Berkshire Hathaway who recently passed away. Joining us is Todd Combs, an investment officer at Berkshire Hathaway and a close acquaintance of Munger. Todd shares personal anecdotes and insights into Munger's profound influence on the investment world and his unique approach to life and business. From his early meetings with Munger to the invaluable lessons on value investing and rational thinking, Todd provides an intimate look into the wisdom of one of the greatest investors of our time.

Kim Lew - The Dynamics of Risk Management and Asset Allocation

Today's discussion with Kim Lew, President and CEO of the Columbia Investment Management Company, traverses her unique journey from her roots in the Bronx to managing a prominent Ivy League endowment. Kim shares her insights on navigating the intricate world of investment management, particularly in risk management and asset allocation. With a career marked by pivotal roles at entities like the Ford Foundation and Carnegie Corporation, her expertise brings a nuanced understanding of the interplay between market dynamics and organizational strategy. This episode explores how adaptability, intellectual curiosity, and understanding global trends shape successful investment approaches.

John Armitage - Navigating Macroeconomic Shifts

Chief strategist behind the success of Egerton Capital, John Armitage brings his profound insights into navigating the complexities of portfolio management and the subtle art of risk-taking in fluctuating markets. His expertise, honed through years of experience, sheds light on the critical impact of macroeconomic shifts and the pitfalls that stock pickers often encounter amidst outdated corporate data. This episode delves into passive investing, dissecting the crucial role of competitive dynamics in sectors like European aviation and examining the transformative impact of a growing talent pool on the traditional realms of asset management. 

Nicolai Tangen - Decision-Making and Intuition in Investing

Nicolai Tangen, the CEO of Norges Bank Investment Management, who joins hosts Michael Mauboussin and Tano Santos on Value Investing with Legends. A connoisseur of art history and asset management, Nicolai offers a rare blend of expertise, drawing parallels between the seemingly disparate worlds of art and investment. In this episode, Nicolai unfolds his journey from being an art student to leading one of the most prominent investment funds, highlighting how understanding historical context informs risk appetite. He brings to the forefront the role of AI in transforming investment strategies and the delicate balance of managing a substantial portfolio while maintaining a contrarian stance. 

John Rogers - The Power of Patience

John Rogers isn't just a successful investor; he's an industry titan. As the founder of a reputable investment firm, he's made a name for himself with his contrarian value investing strategies. But he's not just a practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. In today's episode, John joins us to discuss his formative experiences, the philosophical underpinning of his investment strategy, and the importance of thinking long-term. We also delve into his roles on various corporate boards, where he weighs in on 401k plans, corporate governance, and the pivotal role of diversity in creating equal opportunities for minority businesses.

Sheldon Stone - Liquidity, Covenants, and Capital Availability

Navigating the investment world is an enormous task, especially when looking at company numbers and the people running them. That's why we're thrilled to have Sheldon Stone on the show. In today's episode, hosts Michael Mauboussin and Tano Santos sit down with Sheldon to dig into the nuts and bolts of investing. Sheldon shares his path from studying government in college to becoming a seasoned Chief Investment Officer. We dive deep into critical considerations like balancing liquidity and safeguarding investments, understanding the growing high-yield market, and why intangible assets like brands and patents are making financial waves. 

Ray Dalio - Risk, Return, and Asset Allocation

Ray Dalio is a legendary investor and the founder of Bridgewater Associates, one of the largest hedge funds in the world. He has extensive experience with debt crises, having navigated them multiple times in his career. 

In this episode, Ray, Michael, and Tano discuss a range of topics from the evolution of wealth throughout history to the rise of populism in the modern world. They delve into the role of capital markets in wealth creation, the importance of understanding risk-return trade-offs, and much more. Ray also shares his unique perspectives on the challenges faced by countries like China and talks about the importance of deleveraging in today's economic climate.

Fireside Chat with Tom Gayner, Markel Corporation

Today’s conversation is a special one. I’m delighted to share my fireside chat with Markel Corporation’s Tom Gayner from our 26th Annual CSIMA Conference. Thomas “Tom” Gayner is the Co-Chief Executive Officer of Markel Corporation. He oversees investing activities for the company, as well as the Markel Ventures’ diverse industrial and service businesses. 

In this episode, Tom and I discuss how he went from analyzing Markel to joining the team after its IPO, Markel’s three-engine business model, how Markel Ventures originated, why it’s essential to create an environment that’s supportive of the way you'd like to operate.

Scott Hendrickson - An Unmasking of Quality

Scott Hendrickson is a Partner and the Co-Founder of Permian Investment Partners, a $1.2 billion management-focused global long/short investment fund. Before co-founding Permian, Scott worked as an Investment Analyst at Brahman Capital. Prior to Brahman, Scott worked as an Associate at Industrial Growth Partners, a middle-market-focused private equity fund. Scott started his career as an Analyst in Merrill Lynch’s Investment Banking Program.

In this episode, Scott, Tano, and I discuss Scott’s journey to a career in investing, why Permian has management as their core focus, the three main business quality metrics they employ, risk management for short interests, characteristics of transformational acquisitions, and how teaching has expanded Scott’s perspective.

Bill Nygren - Fundamental Investing From A Generalist’s Perspective

Bill is a true legend of value investing and an investor you can turn to whenever the market is uncertain.  Bill is the Chief Investment Officer for US equities at Harris Associates, which he joined in 1983, and a vice president of the Oakmark Funds. He has been a manager of the Oakmark Select Fund since 1996, Oakmark Fund since 2000, and the Oakmark Global Select Fund since 2006. 

In this episode, Bill, Michael, and I discuss why Bill was drawn to value investing, why generalist analysts transition more easily to portfolio manager than specialists, his approach to idea generation and portfolio construction, pivoting in times of crisis and great distress.

Angela Aldrich - Developing A Differentiated View

Angela is the co-founder of Bayberry Capital Partners, a hedge fund with a half-billion dollars in assets based in New York. Before starting Bayberry Capital Partners, she worked at John Griffin’s Blue Ridge Capital.

In this episode, Angelo, Tano, and I discuss her path to a career in investing, what it was like to be mentored by John Griffin, Angela’s key learnings from her transition from analyst to portfolio manager, Bayberry’s investment philosophy and approach to search, portfolio construction and sizing, how to find opportunities in volatility, and case studies of companies which demonstrate Bayberry’s organizational principles in action.

Charley Ellis - The Evolution of the Asset Management Industry

When I think about my pantheon of all-time great investment thinkers and writers, our guest today stands out as one of the industry's legends. r. Charles D. Ellis is the founder and former managing partner of Greenwich Associates, an international consultancy where he advised large institutional investors, foundations, and government organizations in more than 130 financial markets across the globe. 

In this episode, Tano, Charley, and I discuss what inspired him to found Greenwich Associates, what goes into identifying the right questions to ask, how the industry has shifted from a winner’s game to a loser’s game, and the massive changes in the asset management industry since the founding of Greenwich Associates.

Felix Oberholzer-Gee - The Competitive Advantage of Value-Based Strategy

Today’s discussion is one I was looking forward to because we’re focusing on value-based strategy frameworks and using strategic analysis to understand whether a company has a competitive advantage. Joining us to explore this topic is Felix Oberholzer-Gee. Felix Oberholzer-Gee is the Andreas Andresen Professor of Business Administration in the Strategy Unit at Harvard Business School.

In this episode, Felix, Tano, and I discuss how Felix defines his strategy framework, why willingness to pay and willingness to sell should be at the core of every strategy conversation, the value of ROIC as a metric of success, how Felix thinks about driving competitive advantages, and value capture versus value creation.

Mitch Julis - Finding the Opportunity in Complexity

I learned so much from the many investors I’ve met through Heilbrunn, today’s guest is one such person. Mitch Julis is the Co-Founder, Co-Chairman, and Co-Chief Executive Officer of Canyon Partners, LLC and now he joins me for a conversation about the rich interactions between the nature of the firm’s business operation and the liability side of the balance sheet.

In this episode, Mitch and I discuss his journey from Bronx to Beverly Hills, the juxtaposition of accounting and accountability, why increasing spending power can undermine our federal system of competition, the four P’s of understanding governance, Mitch’s accidental entry into restructuring and bankruptcy law, arbitrage opportunities that arise in distressed situations, his approach to risk assessment.

Andrew Wellington & Dan Kaskawits - Finding the Gems Amid the Junk

We're delighted to welcome our first guests for the season, Andrew Wellington and Dan Kaskawits from Lyrical Asset Management. In 2008, Andrew started the firm with three core pillars of investing: value, quality, and analyzability. That approach leads them to focus on building concentrated portfolios that generate great returns through the core principles of value investing.

In this episode, Andrew, Dan, and I discuss how they got started in the asset management industry, lessons they learned from value investing legends, why Andrew founded Lyrical Asset Management, what makes a successful international value strategy, Lyrical’s approach to search, and how they operationalize their core pillars.

Amy Zhang - Identifying Exceptional Potential

Today’s guest is Amy Zhang, EVP and Portfolio Manager of the Alger Small Cap Focus, Alger Mid Cap Focus, Alger Mid Cap 40, and Alger Small Cap Growth Strategies. She joined Alger in 2015 and has 27 years of investment experience, including over a decade at Brown Capital Management as a Partner, Managing Director, and Senior Portfolio Manager of its Brown Capital Small Company Strategy.

In this episode, Amy, Michael, and I discuss Amy’s unconventional background and studies, why she made the move to managing small cap growth portfolios, how to think about small cap investments, the key metrics she looks for when assessing potential companies, and opportunities available in the current market.

Ashvin Chhabra - The Aspirational Investor

How do you create a portfolio strategy that takes into account both safety and the pursuit of your aspirational goals? That’s what today’s guest, Ashvin Chhabra, set out to answer with the Wealth Allocation Framework. Ashvin is President and Chief Investment Officer of Euclidean Capital, a New York-based family office for James H. Simons & Marilyn H. Simons.

In this episode, Ashvin, Tano, and I discuss Ashvin’s background as a theoretical physicist, why he didn’t see himself becoming a great trader, how the Wealth Allocation Framework was developed, his frustrations with modern portfolio theory, how he brings behavioral finance into wealth management, and how to think about inflation and wealth preservation.

Abby Joseph Cohen - Blending the Quantitative with the Qualitative

Today we’re joined by Wall Street Legend, Abby Joseph Cohen, a student of the market who has seen lots of ups and downs from early in her career. Abby was most recently Senior Investment Strategist at Goldman Sachs, and she is now a full-time member of the faculty at Columbia Business School, where she teaches a very popular course called the Future of the Global Economy.

In this episode, Abby, Tano, and I discuss the unusual route Abby took in her studies when she combined economics with computer science, why she considers herself a reformed quant, the importance of combining quantitative and qualitative data, and what we can learn from financial crises of the past.

Allison Fisch - Unlocking Value in Emerging Markets

Joining us today to discuss the international dimension of investing in this situation is our guest, Allison Fisch. Allison is Principal and Portfolio Manager at one of the great names in value, Pzena Investment Management. Allison joined Pzena in 2001 after starting her career as a business analyst at McKinsey & Company.

In this episode, Allison and I discuss how starting in management consulting created a great foundation for her investing career, how she developed her investing philosophy, why she’s excited about opportunities for value in emerging markets, her approach to idea sourcing, risk management, and portfolio construction in emerging markets.

Munib Islam - Creating Long-Term Value

Joining us today is Munib Islam, the Founder and Managing Partner of LTS One Management. Before starting LTS One, Munib was a longtime partner and briefly Co-Chief Investment Officer of Third Point, a New York-based hedge fund with over $15 billion of assets under management. Before joining Third Point, Munib worked as an associate at Oak Hill Capital and Lazard.

In this episode, Munib, Tano, and Micheal discuss Munib’s introduction to a career investing, similarities and differences between working in private equity and public markets, why Munib was excited to bring capital to European markets, the value of cognitive diversity, Munib’s investment philosophy, and the challenges of activism.

Lauren Taylor Wolfe - Adding Value with A Creative Approach to Environmental, Social, and Governance Change

Impactive Capital’s Lauren Taylor Wolfe joins us to share her perspective and Impactive’s unique approach to creatively incorporating environmental, social and governance (ESG) into activism. Lauren is co-founder and Managing Partner of Impactive Capital, an activist investment management firm that currently has more than 1.5 billion in assets under management. Prior to founding Impactive, she spent 10 years at Blue Harbour Group where she was a Managing Director and Investing Partner.

In this episode, Lauren, Michael and I discuss her non-linear journey to investing, what she learned from working in different industries, how she became interested in activist investing, what Impactive is doing to improve diversity in the industry.

Bringing An Outside Perspective Through Transformational Activism with Mason Morfit

Few firms exemplify the value creation associated with shareholder engagement and activism better than ValueAct and today I’m joined by Mason Morfit, Chief Executive Officer and Chief Investment Officer of ValueAct Capital. ValueAct has a very highly concentrated portfolio and one of its partners has served on the Boards of Directors of 44 public companies over the life of this great activist fund.

In this episode, Mason and I discuss why he became interested in the psychological aspect of economics, how the activist investor landscape has shifted, the difference between transactional and transformational activism, the value of a learn-teach relationship.

5x5x5 Russo Student Investment Fund: Class of 2021

Today I’m joined by Tom Russo himself to discuss this year’s picks for the 5x5x5 fund with three of the students who pitched them. I continue to be impressed with the sophistication of the insights made by the students and the professional discussions that arise for each pitch.

In this episode, Tom, Rainbow, Andreas, Ryan, and I discuss why they were initially attracted to the companies they pitched, the competitive advantages and under-appreciated opportunities that exist, key factors that appealed to each of them for their selected companies.

Chris Davis - A Multifaceted Perspective on Financial Services

Today we’re joined by Chris Davis, to share his perspective on investing in a time of COVID and his outlook for the future. Chris Davis is the Chairman of Davis Advisors, where he oversees approximately $30 billion of client assets for both individuals and institutions worldwide.

In this episode, Chris, Tano, and I discuss how the pandemic compares to past crises, Davis Advisors’ approach to triage as we entered the pandemic, why the banking industry offers more certainty to investors than other financials, the impact of low interest rates, the advantages US companies hold have over European companies.

The Art of Fund Management with Chase Sheridan & Will Pan

As we start this new season, I couldn’t think of a better person to join me as co-host than Michael Mauboussin, Head of Consilient Research at Counterpoint Global. On our first episode together, we’re delighted to welcome Chase Sheridan and Will Pan of one of the great names in value investing, Ruane, Cunniff & Goldfarb.

On this episode, Chase, Will, Michael, and I discuss Ruane, Cunniff & Goldfarb’s history and connection to Warren Buffett, why the Hyperion found was started, the team dynamic between Chase and Will as co-managers of the fund, their approach to idea sourcing and portfolio construction.

Anne-Sophie d'Andlau - Driving Change by Engaging with Impact

Listeners of this podcast will know that I believe one of the most dynamic areas of investing is that of activism. Today we’re exploring this topic further with Anne-Sophie d’Andlau. Anne-Sophie co-founded CIAM with her partner, Catherine Berjal, in 2010. Since then, they have led several groundbreaking activist campaigns in Europe, capturing the attention of the financial press everywhere.

On this episode, Anne-Sophie and I talk about how she started her career in finance, how CIAM evolved into active investment, why Europe is well-suited for a new wave of activist investors, CIAM’s approach to idea sourcing, analysis, and risk management, what Anne-Sophie hopes to see for the future of activism in Europe.

Florian Schuhbauer and Klaus Roehrig - Applying Activist Tactics to European Markets

My guests today, Florian Schuhbauer and Klaus Roehrig of Active Ownership Corporation (AOC), are one of the most exciting names in the current European activist scene. They have been making headlines with groundbreaking campaigns and change they are bringing to European Capital Markets. AOC has built a remarkable record over the last five years, beating the Europe ex UK Small Cap benchmark by a factor of almost three since inception.

On this episode, Florian, Klaus, and I discuss their early careers and the unusual paths they took before founding AOC, the key pillars of their investment strategy, team approach to their companies, how they manage liquidity differently from other firms.

Elizabeth Lilly - Embodying the Principles of Value Investing

Elizabeth Lilly is CIO and EVP for The Pohlad Companies, LLC where she oversees the public and private investments for the Pohlad family. Beth began her career with Goldman Sachs in 1985 and shortly after moved to Greenwich, Connecticut to work as an analyst in Fund American Companies in 1988. In 1997, she co-founded Woodland Partners which focused on investing in small capitalization equities.

On this episode, Elizabeth and I discuss how her passion for investing was ignited from in childhood, the many value investing legends she has had the opportunity to learn from during her career,  and how she founded her firm before ultimately landing her dream job at Pohland Companies.

Anna Nikolayevsky - The Value of Independent Thought

Anna Nikolayevsky is the founder and Chief Investment Officer of Axel Capital Management, a fundamentally driven long/short firm investing in equities across a variety of sectors and geographies. Before founding Axel Capital in 2002, Anna was an analyst at Zweig-DiMenna Associates and Goldman Sachs Asset Management.

On this episode, Anna and I discuss how her humble childhood ultimately impacted her career choice, starting in the world of trading as a freshman, her rich learning opportunities early in her career, what it was like to start her firm in the early 2000s, why she decided to depart from the traditional hedge fund model, her thoughts on the future of value investing.

David Marcus - Developing a 3D Perspective of Investing

In recent years, global value investing opportunities have grown, with low yields pressuring operational performance. Europe, with room for improvement and a strong institutional environment, is fertile ground for activist investors.

 To discuss this, I’m joined by David Marcus, Co-Founder, CEO, and CIO of Evermore Global Advisors and portfolio manager of the Evermore Global Value Fund. Beginning his career at Mutual Series Fund under Michael Price, David later managed multi-billion-dollar funds and founded Marcstone Capital. In this episode, we discuss his structured learning, approach to investment analysis, opportunities in Europe, common mistakes in assessment, and his career insights.

Samantha Greenberg - Recognizing True Asymmetry

Samantha Greenberg is Portfolio Manager of Technology, Media & Telecom investing at Ashler Capital, a Citadel company. Before joining Ashler Capital, Samantha was Chief Investment Officer of Margate Capital Management which she founded in 2016, a partner and TMT/consumer sector head at Paulson & Co. Inc., and a vice president in the Special Situations Group of Goldman Sachs.

On this episode, Samantha and I discuss how she developed an interest in the investment industry, why asset management is a particularly good field for women, how her experiences at Goldman and Paulson shaped her investment philosophy, her catalyst-driven approach, why resources are critical to scaling, the benefits of extensive data modeling.

Mohnish Pabrai - The Value of Continuous Learning

Today’s guest is Mohnish Pabrai, the Founder and CEO of Pabrai Investment Fund, which he started in 1999 at the peak of the tech bubble. In 1983 he moved to the United States from India to study computer engineering at South Carolina's Clemson University.

On this episode, Mohnish and I discuss how his early years alongside his entrepreneurial father have shaped him as an investor, why he decided to make the switch to a career in investing, how he was introduced to the world of value investing through the works of Peter Lynch, and his growth as an investor since starting Pabrai Investments.

Jan Hummel - The Rare Advantage of Real-World Experience

Today’s guest, Jan Hummel, who in 2007 launched the Paradigm Capital Value Fund with Bruce Greenwald and Mario Gabelli. Paradigm’s investment philosophy is built around a focus on mispriced securities in the small- and mid-cap space within Europe, deep fundamental research, a concentrated portfolio, and hedging of the portfolio through non-equity investments and derivatives.

On this episode, Jan and I talk about how Jan’s early years in Sweden have shaped his whole life, what it was like to make the move from financial economics to business school, making the transition from 15 years of turnaround recovery to running a fund, the key traits of a great analyst and an entrepreneur.

Howard Marks - Successful Investing Through Buying Things Well

Today’s conversation is with Howard Marks, the Co-Founder and Co-Chairman of Oaktree Capital Management, which is one of the largest credit investors in the world and certainly the largest investor in distressed securities.

On this episode, Howard and I discuss how he ended up in the high yields space, why running research at Citicorp was a low point in his career, the concept of “efficientization”, why Graham and Dodd called bond investing a negative art, why complexity and early adoption are your friends, the dominant challenge for investors today, Howard’s prolific writing.

The Multi-Faceted Future of Value Investing with Henry Ellenbogen and Anouk Dey

Today’s conversation is with Henry Ellenbogen and Anouk Dey from Durable Capital Partners. Henry founded Durable in 2019 and serves as Managing Partner and Chief Investment Officer. Anouk is a Partner of Durable who joined the firm at its inception in 2019. 

On this episode, Henry, Anouk, and I discuss how Henry developed his investment philosophy, how a liberal arts background gives you an advantage in the investment industry, Henry and Anouk’s lessons from their time at T. Rowe Price, Durable’s commitment to long-term relationships with the companies they invest in, their unique approach to knowledge acquisition.

Rishi Renjen - Evolving Your Investment Process

Today’s conversation is with Rishi Renjen, the Founder and Chief Investment Officer of ROAM Global Management. Before founding ROAM Global, he was a Managing Director and Sector Head at Maverick Capital, a Partner at TPG-Axon Capital, and a Senior Analyst at Glenview Capital.

On this episode, Rishi and I discuss where his deep interest in finance came from, what he learned from his years in investment banking, how his experience in the private equity world offers him an advantage, the core principles Rishi wanted to incorporate into his firm, a dynamic approach to value investing.

Richard Lawrence - Investing in Superior Businesses

I'm particularly delighted to share this conversation with the great value investor, Richard Lawrence. Richard is the Chairman and Executive Director of the Overlook Investment Group, a firm that invests in publicly listed equities across Asia, and that he founded in 1991. The Overlook Partnership, which Richard founded in 1992, currently has over $6 billion in assets under management, and since inception has achieved an astonishing capital-weighted annual compounded return of almost 14%.

On this episode, Richard and I discuss why he decided to move to Hong Kong, the evolving Asian investment landscape, the Overlook investment philosophy, the four components of a great stock pick.

Learning from Five Years of the 5x5x5 Russo Student Investment Fund

Welcome back to the new season of the show! Joining me today is Tom Russo, who designed and funded this first-ever student investment fund at Columbia Business School in 2014, and students James Shen and Freda Zhuo, whose portfolio picks have performed particularly well.

On this episode, Tom, James, Freda and I discuss how the 5x5x5 fund is more valuable than others, why James and Freda selected the particular companies for investment, what they have learned since investing in those companies, overall observations of the past 5 years of the fund.

Kim Shannon - Value Investing - Bringing it All Together

Today’s conversation is with Kim Shannon President and Co-Chief Investment Officer at Sionna Investment Managers. Kim founded Sionna Investment Managers in 2002 and previously served as the Chief Investment Officer and Senior Vice President at Merrill Lynch Investment Managers Canada. Kim is the author of The Value Proposition: Sionna's Common Sense Path to Investment Success, and the recipient of numerous awards, including Morningstar Fund Manager of the Year (2005).

On this episode, Kim and I discuss why she became a believer in value investing, the importance of mentorship for building your reputation and career, her approach to portfolio construction and investment philosophy.

Dan Davidowitz & Jeff Mueller – Compounding with Polen Capital

Today’s conversation is with Dan Davidowitz and Jeff Mueller of Polen Capital, which is a firm that is dedicated to researching and analyzing the highest-quality companies around the globe and investing for the long haul and with a business owner’s mindset. Dan is the co-head of the Large Company Growth Team, and the lead portfolio manager of the firm’s flagship Focus Growth strategy. Jeff is co-portfolio manager of the Global Growth strategy.

On this episode, Dan, Jeff and I discuss how they developed their investment philosophies, what value means in today’s market environment, what you need to know about investing in compounders, the value of guardrails.

C.T. Fitzpatrick: Value Investing in Times of Deep Distress

Today’s conversation is with C.T. Fitzpatrick, Founder, CEO, CIO at Vulcan Value Partners. C.T. founded Vulcan in 2007 and since then, all five strategies have peer rankings in the top 1% of value managers in their respective categories. Before starting Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management.

On this episode, CT and I discuss how Vulcan has improved their portfolio over the past few weeks, why it’s critical to stress-test your portfolio, how this crisis will accelerate the demise of certain industries while benefitting other companies, the parallels between the global financial crisis in 2008-2009 and the current market behavior.

Michael Mauboussin – Investing in times of (the Coronavirus) Crisis

Today’s conversation is with Michael Mauboussin, Head of Consilient Research at Counterpoint Global. Before joining Counterpoint Global, Michael was the Director of Research at BlueMountain Capital Management in New York. Michael has also authored several books and has been an adjunct professor of finance at Columbia Business School since 1993.

On this episode, Michael and I talk about the debate on the economic impact of the coronavirus pandemic, the argument for the centralized implementation of public health solutions, using the expectations infrastructure to analyze companies, how stress affects investment decisions, how risk attitudes are shaped by loss and crisis.

Francisco García Paramés - Value Investing for the Long Term Guest

Today’s conversation is with Francisco García Paramés, chairman and chief investment officer at Cobas Asset Management, which he founded in 2016. Before founding Cobas, Francisco was with Bestinver for over 25 years. During that time, he built a legendary record and posted an average annual return of 15%, outperforming the reference benchmark by more than 700 basis points.

On this episode, Francisco and I talk about his self-taught route to becoming a value investor, his experiences over more than 25 years in asset management during huge events in the financial markets, how he approaches valuation and portfolio construction, what it was like to run a one-man shop.

David Samra - Leveraging Fundamentals to Remain Relevant

Today’s conversation is with David Samra, managing director of Artisan Partners and founding partner of the Artisan Partners International Value Team. He is the lead portfolio manager of the Artisan International Value Fund, which he has managed since its inception in September 2002. Mr. Samra also was co-portfolio manager for the Global Value Fund from its inception in December 2007 through September 2018. 

On this episode, David and I talk about his early drive to pursue a career in money management, why he was drawn to work in international investments, what he learned from working with value investing legends, the contrast between the traditional and modern value investor.

Bruce Greenwald - Staying on the Right Side of the Trade

Today’s conversation is with Professor Bruce Greenwald, guru to Wall Street’s gurus. Bruce is the Robert Heilbrunn Professor of Finance and Asset Management Emeritus at Columbia Business School. He has been the recipient of numerous awards, including the Columbia University Presidential Teaching Award and his classes are consistently oversubscribed, with more than 650 students taking his courses every year.

On this episode, Bruce and I talk about how he revitalized value investing at Columbia Business School, why you should be a specialist, how to approach valuations, why investment managers can’t build a portfolio, how to remain relevant despite the growth of passive investing.

Matthew McLennan - The Power of Selectivity and Patience

Today’s conversation is with Matthew McLennan, head of the Global Value team and a portfolio manager of the Global Value, International Value, US Value and Gold strategies at First Eagle Investment Management, where host Tano Santos also works as a Senior Advisor.  

On this episode, Matt and I talk about what sparked his interest in investing, why learning how to think is more valuable than specific finance theory, his investment approach, the role of temperament in investing, his career at Goldman Sachs, how joining First Eagle during the global financial crisis ended up being a blessing in disguise, why you shouldn’t try to predict market activity.

Joel Greenblatt - Investing Off the Beaten Path

Today’s conversation is with Joel Greenblatt, Founder and Managing Partner of Gotham Asset Management. Since founding Gotham in 1985, Joel and his partner Robert Goldstein have developed the firm into a large asset management company. Throughout his career, Joel has been a very successful adjunct professor here at Columbia Business School and has also published several successful books.

On this episode, Joel and I talk about his introduction to Ben Graham and value investing, why he switched from law school to a career in the investment world, his early role in risk arbitrage, why he decided to start his firm.

Leon Cooperman - Looking for More for Less

After getting his MBA from Columbia Business School, Leon joined Goldman Sachs as a Junior Analyst and ultimately built up Goldman Sachs' asset management division, GSAM. In 1991 Leon decided to follow his passion for money management and started his hedge fund, Omega Advisors, which became a family office in 2018. 

On this episode, Leon and I talk about how Leon went from dreams of dentistry to a successful career in the investment world, Leon’s approach to value investing, Leon’s career path at Goldman Sachs, why Leon founded Omega Advisors, how politics affects policy, Leon’s take on the current state of the financial markets, Leon’s approach to philanthropy.

Ross Glotzbach - The Power and Strength of Experience

Today’s conversation is with Ross Glotzbach, the CEO and Head of Research at one of the great names in value investing, Southeastern Asset Management. Ross is also the co-portfolio manager of Longleaf Partners, Small-Cap and Global Funds, as well as the Longleaf Partners Global UCITS Fund.

On this episode, Ross and I talk about his introduction to value investing, why he values his time at Stephens so much, his experience as an analyst at Southeastern, what it means to be Head of Research, why he places so much importance on having conversations with management.

Jenny Wallace - Identifying Value at the Summit

Today’s conversation is with Jennifer Wallace. Jenny is the co-founder of Summit Street Capital Management, where she is the portfolio manager of the US equity value fund.

On this episode, Jenny and I discuss her studies at Columbia Business School as a student in the first cohort of the value investing class, her early career with value investing legends, how Summit Street was started, how Jenny developed her investment philosophy, her approach to data analysis, the impact of the growth of the passive investing industry on active managers.

Connecting Theory and Practice Through The 5x5x5 Student Investment Fund

Today’s conversation is with Tom Russo, the master of consumer brand investing, and two of our best students, Jeffrey Johnson and Michael Allison. We’re talking about the 5x5x5 Student Investment Fund and having a deep discussion about some of the specific stocks in the portfolio. The concept for the 5x5x5 fund came out of Tom’s concern that conventional investment funds for students offered limited learning potential due to their short-term nature and was made possible by a generous gift given by him and his wife, Georgina.

Jean-Marie Eveillard - Taking a Top-Down Approach to Value Investing

Today’s conversation is with international value investor, Jean-Marie Eveillard. As portfolio manager of the Société Générale International Fund, later becoming the First Eagle Global Fund, where he returned an annualized 15% for over 25 years. In 2001, Jean-Marie and co-manager Charles de Vaulx were named Morningstar International Stock Fund Managers of the Year and later in 2003, Jean-Marie was chosen as one of the two inaugural awardees of the Morningstar Fund Manager Lifetime Achievement Award.

Jean-Marie and I talk about his changing roles over his years at Société Générale and then First Eagle, the lessons he learned about client management while his fund was underperforming compared to market.

Christopher Davis - Investing with Curiosity

Today’s conversation is with the Chairman of Davis Advisors, Christopher Davis. Christopher oversees approximately $30 billion of client assets worldwide. Christopher currently serves as CEO and Portfolio Manager and Davis Advisors continues to be recognized as  a leading independent investment management firm and one which wholeheartedly embodies the basic principles of value investing.

On this episode, Christopher and I talk about the impact his family had on him on a young age, the importance of finding the right investing style for you, why he placed so much importance on developing a strong accounting foundation, why Wall Street needs to embrace globalization, his approach to assessing competitive advantage.

David Abrams - Applying a Fundamental and Value-Oriented Approach to Investing

Today’s conversation is with investor David Abrams, who was described by the Wall Street Journal as a “one man wealth machine.” David is the CEO and Portfolio Manager of Abrams Capital, an investment firm that he founded in 1999.

On this episode, David and I discuss how his experience working on merger and risk arbitrage transactions led to his decision to join the Baupost Group, what it was like to start Abrams Capital in the midst of economic uncertainty, why David prefers a generalist approach, the importance of the fundamentals in assessing investment opportunities.

Michael Mauboussin - Overcoming Biases for Effective Decision-Making

Today’s conversation is with one of the finest intellectual investors and academic at heart, Michael Mauboussin. Michael is the Director of Research at BlueMountain Capital Management in New York and was formerly the Head of Global Financial Strategies at Credit Suisse and Chief Investment Strategist at Legg Mason Capital Management. 

On this episode, Michael and I talk about the early epiphany he had that set him on the path to Chief U.S. Investment Strategist, the importance of teaching value investing alongside psychology, the main contributors to investment bias, the importance of cognitive diversity, the top three techniques you can use to mitigate against bias in your investment processes, and so much more!

Tom Russo - The All-Important Power of Consumer Brands

Today’s conversation is with the master of consumer brand investing, Tom Russo. Tom is the Managing Member of Gardner Russo & Gardner LLC (now Gardner Russo & Quinn), Partner at Semper Vic partnerships, and he oversees more than $9 billion through separately managed accounts and Semper Vic partnerships. 

On this episode, Tom and I dive into how he developed his investment philosophy, what he learned about investing during his early years before starting his career, the huge impact Warren Buffett had on his career and specializations, the main investment principles Tom follows, what you need to consider about a company before investing.

Welcome to Value Investing with Legends!

Today’s conversation is with Mario Gabelli, Chairman and CEO of GAMCO Investors, Inc., which he founded in 1977. A summa cum laude graduate of Fordham and MBA from Columbia Business School, he also holds honorary doctorates from Fordham and Roger Williams University. Called “a prophet in the wilderness” by Forbes, Mario believes small, neglected stocks are where future profits lie. His focus on strong research and flexibility has helped generate returns even in tough markets. In this episode, Mario discusses his early research career, the value of niche focus, building knowledge, and identifying investment opportunities.