← All issues

Spring 2016

Graham & Doddsville, issue 27 · 54 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 ↗ John Phelan MSD Capital Starts on the cover, continues on p. 4

  From ESL and Sam Zell's real estate funds to co-running MSD. John tells the IndyMac/OneWest story and what students should do to get into the business.

  Companies: IndyMac / OneWest, CIT Group, Rite Aid Real estateFinancialsPrivate equityCareer advice
• p. 1 ↗ Alex Magaro Meritage Group Starts on the cover, continues on p. 14

  How Meritage got started, TransDigm as the business that looked worse than it was, and why beer distribution was worth giving up some liquidity.

  Companies: TransDigm Quality compoundersPrivate equityBuilding a firm
• p. 1 ↗ Adam Wyden ADW Capital Starts on the cover, continues on p. 25

  A fund started in 2011 by a 2010 CBS grad. Adam covers IDT and Howard Jonas, Ferrari, and why he found Fiat even more interesting.

  Companies: IDT, Straight Path, IDW Media Holdings, Imvescor Restaurant Group, Fiat Chrysler, Ferrari Special situationsInternationalSmall caps
• p. 1 ↗ Marc Cohodes Rocker Partners / Copper River (former) Starts on the cover, continues on p. 33

  A career short seller on Nu Skin, Canadian housing and Home Capital Group, and the warning signs he watches for, starting with managements that go after short sellers.

  Companies: Nu Skin Enterprises, Home Capital Group, World Acceptance, Signet Jewelers, Tempur Sealy, Valeant, Tesla Short sellingAccountingFinancials

Student pitches

• p. 44 ↗ Long Alimentation Couche-Tard By Marc Grow, Melody Li, Joanna Vu and Thais Fernandes 9th Annual Pershing Square Challenge, 1st place

  A convenience-store consolidator with steady cash flow and fuel margins that don't track the oil price.

• p. 46 ↗ Long Charles Schwab By Daniel Rudyak, Chris Andreola and Brandon Cohen 9th Annual Pershing Square Challenge, 2nd place

  Schwab's float nearly quadrupled from 2008 to 2015 while operating income rose about 12%. The pitch is about that gap.

• p. 48 ↗ Long Advance Auto Parts By Jordan Barron, Adam Xiao, Nielsen Fields and Noah Scherz 9th Annual Pershing Square Challenge, finalist

  Operational fixes the team thinks can double EPS in 4 to 5 years.

• p. 50 ↗ Long Alcoa By Austin Kim, Coy Jen and Audun Nordtveit 9th Annual Pershing Square Challenge, finalist

  Margin upside in Arconic, the value-added unit, and a core business the team thinks the market reads as lower quality than it is.

• p. 52 ↗ Long Alliance Data Systems By Simon Bennaim, Deepak Prasad, Nick Turchetta and Adam Walder 9th Annual Pershing Square Challenge, finalist

  Private-label cards plus marketing and loyalty, pitched with roughly 3 to 1 upside to downside.

Also in this issue

• p. 2 ↗Welcome letter
• p. 3 ↗CSIMA Conference and Pershing Square Challenge