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Winter 2012

Graham & Doddsville, issue 14 · 52 pages

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Interviews

• p. 1 ↗ William von Mueffling Cantillon Capital Management Starts on the cover, continues on p. 3

  Cantillon invests in companies with high, lasting financial productivity. William talks through different kinds of moats and his theses on Bank Rakyat, Royal Vopak and Oriflame.

  Companies: Bank Rakyat Indonesia, Royal Vopak, Oriflame MoatsQuality compoundersInternational
• p. 1 ↗ Michael Karsch Karsch Capital Management Starts on the cover, continues on p. 11

  Michael on deep diligence, finding a point of difference, judging companies by where they sit in their life cycle, and his firm's thesis on Viacom.

  Companies: Viacom Career advice
• p. 1 ↗ William Strong Equinox Partners Starts on the cover, continues on p. 19

  William started at Ruane Cunniff and now buys high-quality assets at distressed prices in emerging economies, including HDFC and Bunas Finance.

  Companies: HDFC, Bunas Finance InternationalFinancialsDeep value
• p. 1 ↗ Sam Zell Equity Group Investments Starts on the cover, continues on p. 26

  Sam on investing through different business cycles and his knack for spotting supply-and-demand imbalances that others had missed.

  Real estateMacro and markets
• p. 2 ↗ William C. Martin Raging Capital Management Starts on the cover, continues on p. 37

  An entrepreneur turned investor who founded Raging Bull before Raging Capital. He buys companies with strong growth and shorts some of the most overvalued and crooked ones.

  Growth investingShort selling

Student pitches

• p. 44 ↗ Short BJ's Restaurants By Michael Yablon

  A casual-dining chain at 47 times earnings, shorted with near-term catalysts.

• p. 46 ↗ Long Chicago Bridge & Iron By Noah Snyder

  New awards had surged to about $7 billion in 2011, a backlog the market hadn't priced in.

• p. 48 ↗ Long Hewlett-Packard By Michael Zapata 2012 Moon Lee Prize, finalist

  A cash-generating market leader punished for its announcements and CEO changes. Michael thought the selloff went too far.

• p. 50 ↗ Long Hankook Tire By Young Ju Ko, Jane Wu, Sachee Trivedi and Jing Wu Women in Investing Conference, finalists

  The market underestimated how much Hankook could raise prices as its brand improved.

Also in this issue

• p. 2 ↗Welcome letter