Fall 2021

Graham & Doddsville, issue 44 · 48 pages

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Interviews

p. 4 ↗ Gavin Baker Atreides Management
Gavin ran Fidelity's OTC Fund before starting Atreides in 2019. He talks about the people who shaped him, how long investment judgment takes to build, and why telecom pricing makes Dish interesting.
Companies: Dish Network Technology Growth investing Career advice
p. 20 ↗ Rudi van Niekerk Desert Lion Capital
Rudi came from private equity and launched Desert Lion in 2019 to invest in South Africa. He covers capital allocation there, Naspers and Prosus, and the country's place in platinum-group metals.
Companies: Naspers International Portfolio construction
p. 34 ↗ Ben Preston Orbis
Orbis launched its global fund in 1990 with zero in Japan, at the top of the bubble. Ben explains the contrarian habit and the case for NetEase and Tencent in China.
Companies: NetEase, Tencent International Asia

Student pitches

p. 16 ↗ Long CoStar Group By Ian Gorman, Joy He and Raghav Mittal 2021 CSIMA Stock Pitch Challenge, 1st place
CoStar started as the Bloomberg of commercial real estate. The team's case leans on residential, a market about 70% bigger.
p. 18 ↗ Long AptarGroup By Rachita Jain, Angela Pan, Impana Srikantappa and Courtney Owens 2021 Women in Investing Conference
A packaging maker that works with pharma, beauty and consumer companies on how their products are dispensed.

Also in this issue

p. 2 ↗Welcome letter