Winter 2018
Graham & Doddsville, issue 32 · 44 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
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p. 1 ↗
Leon Cooperman
Omega Advisors
Lee Cooperman on his fight with the SEC, passive investing, his relationships with other managers, and what matters to him outside the markets.
Career adviceMacro and markets -
p. 1 ↗
David Poppe & John Harris
Ruane, Cunniff & Goldfarb
The heirs to Bill Ruane's firm on how they grew as investors, running a concentrated portfolio, and two favorite ideas: Google and Credit Acceptance.
Quality compoundersPortfolio construction -
p. 1 ↗
C.T. Fitzpatrick
Vulcan Value Partners
C.T. moved from strict value investing to what he calls a sustainable margin of safety. He keeps an MVP list of great businesses and waits for the price.
Quality compoundersBuilding a firm -
p. 1 ↗
Seth Fischer
Oasis Capital Management
The Hong Kong-based founder of Oasis on global arbitrage, activism in Asia, why frauds in China differ from Western ones, and why this time is different for activists in Japan.
ActivismAsiaInternational
Student pitches
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p. 21 ↗
Long Staples 8.5% Senior Unsecured Notes due 2025
By A.J. Denham, Kevin Brenes and Gili Bergman
A credit pitch: the new bonds fell from 96 to 85 after Amazon Business Prime was announced. The team thought the market overreacted.
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p. 23 ↗
Long FleetCor Technologies
By Aditi Bhatia, Lisa Chen, Victoria Gu and Aleksandrina Ivanova
A payments business with about 90% customer retention, pitched with 80% upside over two years.
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p. 25 ↗
Long First Data
By Ishaan Bhatia, Ryan Darrohn and Victoria Gu
A winner in an oligopoly with the best margins and cash flow in its market, pitched with a target more than double the price.