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Spring 2018

Graham & Doddsville, issue 33 · 46 pages

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Interviews

• p. 1 ↗ Bruce Greenwald & Mark Cooper Columbia Business School, First Eagle Investment Management Starts on the cover, continues on p. 6

  A send-off for Bruce Greenwald as he retired, paired with his former student Mark Cooper of First Eagle. Mark talks about Deere; Greenwald warns traditional value investors that the world has changed.

  Companies: Deere MoatsDeep value
• p. 1 ↗ Michael Mauboussin & Tom Digenan BlueMountain Capital Management, UBS Starts on the cover, continues on p. 28

  Two investors who also teach on the base-rate fallacy, lasting competitive advantage, ETFs, and how teams make decisions.

  MoatsJudging managementCareer advice
• p. 1 ↗ Rishi Renjen ROAM Global Management Starts on the cover, continues on p. 40

  Rishi was about to launch a concentrated long-short fund focused on single-name shorts. He talks about learning from Lee Ainslie and Larry Robbins and why he teaches two classes at Columbia.

  Short sellingBuilding a firmCareer advice

Student pitches

• p. 16 ↗ Short Stericycle By Jade Hu, Asher Jacobs and Rana Pritanjali 11th Annual Pershing Square Challenge, winner

  New competition, a high fixed-cost base and a stretched balance sheet, with a target about 40% below the price.

• p. 18 ↗ Short Credit Acceptance By Steve Cao, Winter Li and Tyler Redd 11th Annual Pershing Square Challenge, 2nd place

  Shorted with a target 33% below the price and a bear case of 71% downside.

• p. 20 ↗ Short Spotify By Mike Allison, Eric Herzfeld and Michael Wooten 11th Annual Pershing Square Challenge, 3rd place

  Built on interviews with 23 music-industry experts, the team saw about 50% downside by the end of 2019.

• p. 22 ↗ Short C.H. Robinson By Ryan Darrohn, Brad Headley and John White 11th Annual Pershing Square Challenge, finalist

  A truckload broker whose spread the team expected to shrink as the market changes.

• p. 24 ↗ Short Harvey Norman By Arthur Brousseau, Greg Doger de Speville and Neethling McGrath 11th Annual Pershing Square Challenge, finalist

  An Australian retailer at the top of the cycle, facing Amazon Australia, with franchisee revenue and cash receipts drifting apart.

• p. 26 ↗ Long Digicel 2020 notes By Jingjing Huang, Matthew Mann and Viraj Vora 2018 UCLA Credit Pitch Competition, winner

  A credit pitch on Digicel's bonds due 2020.

Also in this issue

• p. 2 ↗Welcome letter
• p. 3 ↗2018 Pershing Square Challenge
• p. 4 ↗CSIMA Conference