← All issues

Winter 2014

Graham & Doddsville, issue 20 · 68 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

• p. 1 ↗ Ken Shubin Stein Starts on the cover, continues on p. 3

  Ken on the structural and behavioral sides of investing and the methods his firm uses to improve its process, with present and past ideas.

  Portfolio construction
• p. 1 ↗ Lee Ainslie Maverick Capital Starts on the cover, continues on p. 18

  Lee on founding Maverick in 1993, hiring analysts and organizing sector teams, and a candid account of a 1995 merger investment that taught him management matters more than strategy.

  Building a firmJudging managementCareer advice
• p. 1 ↗ Geoffrey Batt Euphrates Iraq Fund Starts on the cover, continues on p. 28

  Geoffrey went from philosophy student to frontier-markets investor focused on Iraq. He explains how he looks for markets about to be re-rated and shares ideas in Iraq.

  International
• p. 1 ↗ Jim Grant Grant's Interest Rate Observer Starts on the cover, continues on p. 52

  Jim on a career in financial journalism, why the global financial system needs an overhaul, and how skepticism makes better journalists and investors.

  Macro and marketsCredit
• p. 1 ↗ Justin Muzinich Muzinich & Co. Starts on the cover, continues on p. 60

  Justin on looking at credit ideas, running a credit-focused asset manager, and the opportunity he saw in European debt.

  CreditInternational

Student pitches

• p. 42 ↗ Short Rocket Fuel By Matt Bracewell, Patrick Enriquez-Fischer and Brian Waterhouse 2013 Darden @ Virginia Investing Challenge, winner

  A recent ad-tech IPO with fast revenue growth, shorted with a $29 target.

• p. 44 ↗ Long XPO Logistics By Stephen Lieu 5th Annual Moon Lee Prize, finalist

  A three-year target 87% above the price, about a 23% IRR.

• p. 46 ↗ Short World Acceptance By Patrick Stadelhofer 5th Annual Moon Lee Prize, finalist

  A consumer lender shorted with a target 48% below the price.

• p. 48 ↗ Long Pandora By Akhil Subramanian 5th Annual Moon Lee Prize, finalist

  Internet radio with 72 million active users, pitched with a probability-weighted target 40% above the price.

• p. 50 ↗ Long Post Holdings By Jackson Thies 5th Annual Moon Lee Prize, finalist

  Post's cereal business stabilized after the spin-off, growing 2.5% in 2013 while the category shrank. Jackson saw 90% upside in three years.

Also in this issue

• p. 2 ↗Welcome letter