Fall 2010
Graham & Doddsville, issue 10 · 35 pages
Page numbers are the ones your PDF viewer shows. Each one opens the PDF at that page; if your browser lands on page 1, scroll to the number. Open the full issue on Columbia's site ↗
Interviews
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p. 1 ↗
Steven Romick
FPA
'Finding conviction when others panic.' Steve explains the FPA Crescent Fund's free-range approach to capital, his preference for large international companies with pricing power, and the fund's move into distressed mortgages.
InternationalDistressed -
p. 1 ↗
Donald G. Smith
Donald Smith & Co.
'Low decile, high return.' Donald volunteered for Ben Graham at UCLA. His fund buys the cheapest tenth of stocks by price to tangible book and compounded 15% a year over 30 years.
Deep value -
p. 2 ↗
Danilo Santiago & Claudio Skilnik
Rational Asset Management
Two CBS alumni engineers from São Paulo run a long-short fund on a fixed universe of 85 companies that mirror the US economy.
Portfolio constructionBuilding a firm
Student pitches
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p. 20 ↗
Long U.S. Physical Therapy
By Ryan Coyle
Growing demand for physical therapy and an attractive business model.
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p. 22 ↗
Long CoreLogic
By Alex Latushkin
A recent spin-off from First American, trading at $18 against an intrinsic value Alex put at $27.