Fall 2019
Graham & Doddsville, issue 37 · 48 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 ↗
Paul Moroz
Mawer Investment Management
Mawer's CIO on learning from running a business early, measuring performance, and three holdings: a 'boring' Wolters Kluwer, the headwinds facing Alphabet, and Constellation Software, owned since its 2006 IPO.
Quality compoundersInternational -
p. 1 ↗
Mohnish Pabrai
Pabrai Funds
Mohnish on the difference between compounding a portfolio and owning compounders, why he avoids borrowed money and shorts, IPSCO and GrafTech, and investing in South Korea.
Deep valueInternationalPortfolio construction -
p. 1 ↗
Ellen Carr
Weaver C. Barksdale & Associates
A high-yield portfolio manager and CBS adjunct on the traps in fallen-angel bonds and how intangible assets are changing what counts as collateral.
Credit -
p. 1 ↗
Matthew Peterson
Peterson Capital Management
Matthew's three tests for a business, how he builds a portfolio, and why he bought Daily Journal.
Quality compoundersPortfolio construction
Student pitches
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p. 16 ↗
Long Aramark
By David Hao, Eric Niu and Freda Zhuo
Pitched in May 2019 as deeply undervalued. In August, Mantle Ridge took a 20% economic stake and the CEO stepped down soon after.
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p. 18 ↗
Long ServiceMaster
By James Shen, Lauren Warsavsky and Mark Zager
A long with constructive activism: a more focused strategy, a bigger board and pay tied to shareholder value.
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p. 20 ↗
Long US Foods
By Edgardo Gutierrez, Yuri Rettore and Rodolfo Zeidler
A long with activism. Selling more to independent restaurants and more private label should widen gross margins.