Winter 2020
Graham & Doddsville, issue 38 · 36 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 B. Kazarian
Japonica Partners
Paul went from corporate white knight in the 1980s to Fortune 500 CEO, and then became one of the largest holders of Greek government bonds, with $4 billion, during the euro crisis. He explains why he rejects the standard risk/return framework.
CreditDistressedInternational -
p. 1 ↗
Dana Bezerra, Preeti Bhattacharji & Nisha Prasad
Heron Foundation
Heron aims to invest 100% of its capital in line with its mission. Its president and two CBS alumni explain how they analyze a company's social impact and where impact investing is headed.
Impact investing
Student pitches
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p. 17 ↗
Short Peloton Interactive
By Bruce Kim
Bruce argues Peloton has no moat against SoulCycle and other rivals, with a $7 target.
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p. 19 ↗
Long Rolls-Royce
By Alvaro Pasquin Llorente
The biggest investment period in Rolls-Royce's history is ending. Alvaro's thesis, in his own title: cash is coming.
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p. 21 ↗
Long Nuance Communications
By James Shen
Speech recognition software with a protected moat, in the middle of a SaaS transition under a new CEO.
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p. 23 ↗
Long Etsy
By Mingming Wu, Kyle Campbell and K.Y. Wong
A two-sided marketplace for handmade and creative goods, pitched with a 4-year target 76% above the price.