Fall 2020
Graham & Doddsville, issue 40 · 61 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 ↗
Bill Nygren
Harris Associates (Oakmark)
Bill has run Oakmark Select since 1996. He explains why GAAP numbers can hide value, using Alphabet's search business and Netflix, and Ally Financial at two-thirds of tangible equity.
Quality compoundersFinancialsCareer advice -
p. 1 ↗
Ray Kennedy
Hotchkis & Wiley
Ray runs Hotchkis's high-yield bond portfolios. He talks about buying credit in March 2020, what the Fed's support did to the market, and which pandemic-hit borrowers he thought would survive.
CreditDistressed -
p. 1 ↗
Sarah Ketterer & Alessandro Valentini
Causeway Capital Management
Causeway's approach to international value, with screening as a ranking tool, balance sheets strong enough to survive, and Volkswagen after the Dieselgate management cleanout.
InternationalJudging management -
p. 1 ↗
John Mullins & Dan Kaskawits
Lyrical Asset Management
The two PMs behind Lyrical's international book. They screen for value first and then filter for quality, with Ashtead, Sony, Nippo, Bolloré and Itochu as examples.
InternationalAsiaQuality compounders
Student pitches
-
p. 20 ↗
Long Hanesbrands
By April Yin, Maria Van Heeckeren, Joyce Zhang and Sherry Zhang
A leader in basics like underwear and sportswear, which the team thinks the market valued below its growth potential.
-
p. 22 ↗
Long TJX Companies
By Cathy Yao, Flora Chai, Joanna Zhou and Wenbo Zhao
The biggest off-price retailer, with room to open more stores in the US and abroad.
-
p. 24 ↗
Long Farfetch
By Dickson Pau
A luxury fashion marketplace. Dickson argues the market overreacted when Amazon entered luxury.
Also in this issue
- p. 2 ↗Welcome letter