Value investing is more than an investment strategy — it's a fundamental way of thinking about finance. Value investing was developed in the 1920s at Columbia Business School by professors Benjamin Graham and David Dodd, MS '21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field and their security analysis principles provided the first rational basis for investment decisions. Despite the vast and volatile changes in the economy and securities markets during the last several decades, value investing has proven to be the most successful money management strategy ever developed. Value investors' success over the second half of the twentieth century proved not only the validity of the value approach, but its preeminence over even the most widely taught and practiced modern investment theory, which was developed in the 1950s and '60s and remains dominant even today. Our mission today is to promote the study and practice of Graham & Dodd's original investing principles and to improve investing with world-class education, research, and practitioner-academic dialogue. In this podcast you will hear from some of the world's greatest investors, their views on the investment management industry, how they developed their investment process and how they see the field changing over time.
Investment success relies on rigorous decision-making processes that prioritize long-term value over short-term market noise. Quality value investing involves identifying businesses with high, sustainable returns on invested capital that are temporarily mispriced, akin to finding a luxury car with a minor scratch. Beha...
The capital cycle framework provides a lens for identifying investment opportunities by analyzing industry-wide capital deployment and supply-side constraints. When industries are over-capitalized, returns typically suffer, whereas capital scarcity often precedes periods of superior performance. The stock market freque...
Healthcare investing requires a multidisciplinary approach that bridges the gap between scientific innovation and financial viability. Jim Flynn, managing partner of Deerfield Management, advocates for a holistic strategy that integrates public equity, venture capital, and non-profit initiatives to address systemic hea...
Value investing requires a focus on financial durability and the ability to identify "gray clouds" where market pessimism creates opportunities for long-term capital appreciation. Matthew Fine, portfolio manager at Third Avenue Management, emphasizes that successful investing hinges on identifying businesses with stron...
In this episode of the Value Investing with Legends podcast, Michael Mauboussin and Tano Santos interview Ricky Sandler, founder of Eminence Capital, about his investment framework, which centers on identifying shifts in market perceptions. Sandler discusses his early influences, the impact of competitive tennis on his...
In this episode of the Value Investing with Legends podcast, Tano Santos and Michael Mauboussin interview Amit Wadhwaney, the founding manager of Moerus Worldwide Value Fund, about his background, investment philosophy, and career. Wadhwaney discusses his early life in India, his academic journey into finance, and his ...
In this episode of the Value Investing with Legends podcast, Michael Mauboussin and Tano Santos interview Bill Ackman, founder and CEO of Pershing Square Capital Management. Ackman shares early life experiences that shaped his independent decision-making, his academic experiences at Harvard, and his early career moves ...
In this episode of the Value Investing with Legends podcast, hosts Tano Santos and Michael Mauboussin interview Kristin Gilbertson, Chief Investment Officer of Access Industries, about her career path and investment philosophy. Kristin shares insights from her early life and education, including her time at Harvard and...
In this episode of Value Investing with Legends, Michael Mauboussin interviews Seth Klarman, CEO and Portfolio Manager of the Baupost Group, about his journey into value investing, starting from his childhood entrepreneurial ventures to his experiences at Mutual Shares and Harvard Business School. Klarman discusses the...
In this episode of the Value Investing with Legends podcast, hosts Tano Santos and Michael Mauboussin interview Kent Daniel, a professor at Columbia Business School and expert in quantitative investing. The discussion covers Daniel's academic background, including his time at Caltech and UCLA, his research on asset pri...
In this episode of the Value Investing with Legends podcast, hosts Tano Santos and Michael Mauboussin interview Cliff Asness, Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management, about the history and future of quantitative investing. Asness discusses his early career and the development...
This podcast episode interviews Phil Ruvinsky, a portfolio manager at BlackRock, focusing on his investment philosophy and approach to analyzing technology companies. The discussion covers his use of competitive strategy frameworks (like Porter's Five Forces) to identify sustainable competitive advantages and his valu...
Competitive strategy in the digital age requires distinguishing between genuine platform businesses and traditional models mislabeled as such. Platforms function as matchmakers that facilitate connections, yet they remain subject to fundamental economic laws rather than possessing inherent, magical advantages. True com...
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