Winter 2017
Graham & Doddsville, issue 29 · 61 pages
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Interviews
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p. 1 ↗
Michael Blitzer & Guy Shanon
Kingstown Capital Management
Kingstown returns six years after its 2010 interview. Michael and Guy explain why a longer horizon helps in special situations, including overlooked international privatizations.
Special situationsInternational -
p. 1 ↗
Rupal Bhansali
Ariel Investments
Ariel's CIO of international and global equities on applying Buffett's lessons abroad and why Soros's idea of reflexivity helps explain financial crises.
InternationalMacro and markets -
p. 1 ↗
Simeon Wallis
ValorBridge Partners
ValorBridge redeploys cash from its main operating company, ApolloMD, into public and private investments. Simeon explains how that flexibility works.
Private equityBuilding a firm -
p. 1 ↗
Jared Friedberg
Mercator
How a family office uses permanent capital for special situations and long-term compounders, and invests across the capital structure to find value hidden by complexity.
Special situationsQuality compounders -
p. 1 ↗
Charles Studness & Roy Studness
Studness Capital Management
A family team that invests in two industries that tend to move in opposite directions: utilities and banks.
Financials
Student pitches
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p. 38 ↗
Short Foot Locker
By Zachary Rieger
The largest athletic footwear retailer in North America, shorted with more than 20% downside.
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p. 40 ↗
Long Axalta Coating Systems
By Alexander Levy
The market sees a cyclical chemical company tied to autos. Alexander sees a coatings business with lasting advantages and strong free cash flow.
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p. 42 ↗
Short Cardtronics
By Abheek Bhattacharya, Harsh Jhaveri and Ryan Kelly
A short on the world's largest non-bank ATM operator, with more than 225,000 machines.