Podcast appearances and mentions of David L Dodd

Episode Overview The Book: Security Analysis "A road map for investing that I have now been following for 57 years." --From the Foreword by Warren E. Buffett First published in 1934, Security Analysis is one of the most influential financial books ever written. Selling more than one million copies through five editions, it has provided generations of investors with the timeless value investing philosophy and techniques of Benjamin Graham and David L. Dodd. As relevant today as when they first appeared nearly 75 years ago, the teachings of Benjamin Graham, “the father of value investing,” have withstood the test of time across a wide diversity of market conditions, countries, and asset classes. Reviewed By: Dr. DeWitt Scott

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The topics, stocks and shares mentioned/discussed include: One of Peter @conkers3' research & investment strategies One of Pete @wheeliedealer' research & investment strategies Watchlists Fundamental Analysis Technical Analysis Recovery plays Spotting a catalyst Position sizing Investment methodology Intrinsic Value Sum of the Parts SOTP Paypal $PYPL Morrisons MRW Tesco Sir Terry Leahy Clayton, Dubilier & Rice CDR Amazon $AMZN Aviva AV. Kin+Carta KCT GlaxoSmithKline GSK London Stock Exchange LSEG AstraZeneca AZN Refinitiv Takeovers Private Equity Online Shopping Online Retail Artificial Intelligence AI BigData Fintech Pharma Machine Learning  ML Book: Security Analysis, by Benjamin Graham & David L. Dodd Book: The Intelligent Investor, by  Benjamin Graham England Football Team / EURO 2020 Market Volatility Spreadbetting Talk Talk Digital Native CMO Group IPO Bridgepoint IPO Revolution Beauty IPO Learning Objectivity FTSE AIM The Twin Petes Challenge / Charity fundraise for the Menphys Charity Trading & More WE HOPE YOU ENJOYED THIS PODCAST. IF YOU DID PLEASE SHARE IT ACROSS SOCIAL MEDIA & WITH FRIENDS/ASSOCIATES YOU KNOW THAT HAVE AN INTEREST IN INVESTING OR TRADING STOCKS / SHARES. PLEASE SUBSCRIBE FOR FREE TO THIS PODCAST.

หนังสือ Security Analysis ของ Benjamin Graham and David L. Dodd- หนังสือในตำนานที่เป็นเล่มแรกของนักลงทุนคุณค่า- เมื่อการเลือกลงทุนกับการเก็งกำไรนั้นแตกต่างกันอย่างสิ้นเชิง- การเลือกหุ้น หรือเลือกบริษัทนั้นต้องดูที่พื้นฐานเป็นสำคัญ- ไม่จำเป็นต้องเป็นการลงทุนในหุ้นอย่างเดียว เพราะรวมถึงการลงทุนในชีวิตด้วย- การตั้งส่วนเผื่อความปลอดภัยเอาไว้ การคำนวนหามูลค่าที่แท้จริงของบริษัทก็จะเห็นราคาที่แท้จริงด้วย

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, well beyond the traditional hedge fund model and offering mutual fund products for the retail investor. Throughout his career, Joel has been a very successful adjunct professor here at Columbia Business School and has also published several successful books. Growing up, Joel intuitively learned about business from his father, a shoe manufacturer. From these dinner table lessons, his biggest takeaway was the idea that stocks are not simply pieces of paper that bounce around and to remember you own a piece of a business. After completing his MBA at Wharton School of the University of Pennsylvania, Joel started his investment career and quickly progressed from analyst to partner, and soon started Gotham where he has successfully bridged theory and practice for over 30 years. 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, how he turned a tough negotiation with Mike Milken into a win for Gotham, why he advocates for a value-based approach to investing, and so much more!   Key Topics: What Joel learned from his father about business (2:46) How Joel developed his core perspective on investing (3:13) Why Ben Graham’s stock-picking rules resonated with Joel (4:35) How Joel ended up writing an article for the Journal of Portfolio Management while a student at Wharton (5:51) How trading options at Bear Stearns helped Joel realize he wanted to pursue an investment-related career (7:23) Joel’s experience as the only analyst at a startup hedge fund (7:58) Why Joel’s early role in risk arbitrage was a good foundation for his Special Situations course at the Heilbrunn Center (9:28) The lucky situation Joel found himself in when he went to Wall Street (10:51) Why Joel decided to start his firm (12:26) Joel’s tough negotiation with Mike Milken (13:17) The influences that shaped Joel’s initial investment approach at Gotham (15:01) How Joel succeeds without specializing (19:09) The advantage of investing off the beating path (19:41) Why Joel decided to become an author (23:29) How writing and teaching have helped Joel become a better investor (24:23) Why it returned the outside capital from Gotham (25:38) Joel’s investment philosophy (28:02) Joel’s career-long rebellion against the efficient market hypothesis and portfolio management theory (28:49) The fascinating results from Joel’s benevolent brokerage firm (35:11) Why the strategy from The Little Book That Still Beats the Market can be difficult readers to implement (37:48) Why Joel advocates for a valuation-based approach to investing (42:14) The prudent approach most people should take when investing in the market (48:22) And much more!   Mentioned in this Episode: Gotham Asset Management Joel Greenblatt’s Books: The Little Book That Still Beats the Market The Big Secret for the Small Investor - A New Route to Long-Term Investment Success You Can Be a Stock Market Genius: Uncover the Secret Hiding Places of Stock Market Profits Joel Greenblatt’s Journal of Portfolio Management Article | How the small investor can beat the market Malcolm Gladwell’s Book | Outliers: The Story of Success Mike Milken, Financier Benjamin Graham and David L. Dodd’s Book | Security Analysis Benjamin Graham’s Book | The Intelligent Investor Warren Buffet’s Shareholder Letters John Train’s Books David Dreman’s Books Joel Greenblatt’s Morningstar Paper | Adding Your Two Cents May Cost a Lot Over the Long Term Cliff Asness, Managing and Founding Principal of AQR Capital Managements   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Today’s conversation is with Jennifer Wallace, a wonderful expositor to the main ideas of value investing, but also a very deep thinker when it comes to the interaction of value investing and the market at large. Jenny is the co-founder of Summit Street Capital Management, where she is the portfolio manager of the US equity value fund. She's also a Columbian through and through as she holds a BA from Columbia College and an MBA from Columbia Business School. Jenny is a member of the advisory board of the Heilbrunn Center for Graham & Dodd Investing and a great mentor to me. While working towards her MBA, Jenny joined the first cohort of students to take the value investing class offered by Bruce Greenwald. After being introduced to value investing, it became clear to Jenny that to be successful she needed to develop a skill set that would allow her to assess businesses, independent of conventional wisdom. To gain that perspective, she first went to work for McKinsey & Company. After leaving McKinsey, Jenny worked alongside investing legend Bob Bruce, before ultimately co-founding her firm. 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, and so much more!    Key Topics:  The events program for the Heilbrunn Center during the 2019/2020 academic year (1:03) Why you should sign up for the center’s email newsletter (6:15) Jenny’s experience as a student in the first cohort of the value investing class (8:26) The structure of the first value investing class (10:20) Why Jenny decided to work for McKinsey instead of in investing (11:33) How Jenny’s background in psychology helps her as a value investor (12:56) The impact of Jenny’s time at McKinsey (13:28) Summit Street’s investment philosophy (15:42) How business’ operational efficiency contributes to investors’ downside projection (16:37) Bob Bruce’s pitch to Jenny (17:23) The importance of being able to read financials and let the numbers tell you a story (19:20) Bob Bruce’s advice on building up your knowledge about select companies (21:12) The opportunities and crises in the late 1990s market (22:25) The parallels between the investment landscape of the 1990s and now (24:19) The qualities that Jenny believes sets value investors apart from others (25:37) Why Jenny thinks being a good value investor starts with a certain type of person (27:23) How Summit Street was launched (28:32) The evolving focus of Summit Street (29:13) Jenny’s approach to data analysis and searching for investment ideas (32:47) Jenny’s perspective on the changing significance of classic value metrics (34:41) How Jenny use cash flow as a valuation metric to avoid value traps (37:29) Why you should focus on the numbers in assessing the management team of a potential investment (42:26) “Every stock that we buy has something working against it” (44:23) Why Jenny considers leverage and return on invested capital as critical quality measurements (46:17) Summit Street’s qualitative and quantitative valuation methodology (49:25) Summit Street’s research and evaluation process for potential investments (52:53) Why models are so useful for testing your assumptions (55:36) Jenny’s approach to exiting a position (58:59) The importance of using guardrails to force investment discipline (1:02:35) Jenny’s opinion on the growth of passive investing and its effect on the practice of value investing (1:05:29) Why Jenny believes that the fee race to the bottom for exchange-traded fund (ETF) products are not necessarily good for investors (1:09:25) The façade of diversity being offered by ETFs (1:10:45) The opportunities created by ETFs for active managers by ETFs (1:16:11) And much more!    Mentioned in this Episode: Meredith Trivedi, Managing Director, Heilbrunn Center for Graham and Dodd Investing The Heilbrunn Center for Graham & Dodd Investing Events Summit Street Capital Management Benjamin Graham and David L. Dodd’s Book | Security Analysis Benjamin Graham’s Book | The Intelligent Investor    Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

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. Shortly after starting as an analyst with Société Générale, Jean-Marie became exposed to Ben Graham and the principles of value investing. Despite his passion and insights, it was many years before he was given the position of portfolio manager and finally able to put those principles to work. During his tenure as portfolio manager, Jean-Marie has been at the helm during some of the most challenging times for value investors. His ability to adapt his investment approach to the changing conditions has been key in his ability to produce above average results.  On this episode, Jean-Marie and I talk about his changing roles over his years at Société Générale and then First Eagle, why he was so intrigued by Ben Grahams and Warren Buffet’s investment approaches, the lessons he learned about client management while his fund was underperforming compared to market, and so much more!   Key Topics: How one good course experience started Jean-Marie on the path to a career in the investment world (2:32) Jean-Marie’s role at Société Générale’s New York branch (5:45) Jean-Marie’s first introduction to Ben Graham (6:44) Why Ben Graham’s writings on investing helped Jean-Marie find his own investment approach (7:07) The changing perspectives on frameworks in academic finance in the 1970s (8:45) Jean-Marie’s disappointing return to the Société Générale head office in Paris (12:11) How Jean-Marie finally got the opportunity to manage a fund himself (14:25) The process Jean-Marie used to identify and value potential investments when he took over his first fund (17:54) Why the 1970s and 1980s were particularly good periods to take a traditional value investing approach (19:59) The differences between the traditional Ben Graham approach and the Munger-Buffet approach (21:42) Why Jean-Marie prefers the Munger-Buffet approach to value investing (22:21) The lesson Jean-Marie learned after buying Lindt & Sprüngli stock (23:39) One of the drawbacks with holding overvalued stocks under the Munger-Buffet approach (26:59) Why humility is important for a successful money management career (28:50) The client management mistake Jean-Marie made in the late 1990s (31:49) The growth of the First Eagle Global Fund from $15 million to $6 billion between 1987 and 1997 (32:42) Jean-Marie’s perspective on investing in tech stocks (35:56) The impact of the bursting of the NASDAQ on the fund (40:06) Why Jean-Marie’s move to advisor of the fund was so short-lived (41:22) How the fund benefitted from its holdings in the Bank for International Settlements (42:40) Why Jean-Marie believes that value investors should pay closer attention to the macro-economic environment (47:31) The challenges posed to balance sheet-focused investors by the growth of the service-based economy (52:22) Why Jean-Marie’s first step in assessing a company is to closely review the accounting numbers (55:37) The changing future of value investing (58:17) And much more!   Mentioned in this Episode:  Jean-Marie Eveillard’s Book | Value Investing Makes Sense First Eagle Investment Management First Eagle Global Fund Benjamin Graham and David L. Dodd’s Book | Security Analysis Benjamin Graham’s Book | The Intelligent Investor William White’s April 2006 Paper | Is Price Stability Enough? Sidney Homer and Richard Sylla’s Book | A History of Interest Rates   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!