Spring 2023
Graham & Doddsville, issue 47 · 52 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. 5 ↗
Daniel Bakalarz & Alex Furmanski
Unison Asset Management
Unison holds 25 to 30 businesses. Daniel and Alex explain how they judge management, why they went to the payer end of healthcare, and their case for Elevance Health.
Quality compoundersHealthcareJudging management -
p. 22 ↗
Chuck Bath, Austin Hawley & Varun Gupta
Diamond Hill Capital Management
Three Diamond Hill investors on passive investing, hiring analysts, and two holdings: Martin Marietta and SS&C. Chuck first bought rival Vulcan in 1985.
Quality compoundersCareer advice -
p. 36 ↗
Matthew Sweeney
Laughing Water Capital
Matt started Laughing Water in 2016 to run a concentrated small-cap book. He explains how he answers 'why does this opportunity exist?' and walks through Avid Bioservices, Thryv and Hilton Grand Vacations.
Small capsSpecial situationsBuilding a firm
Student pitches
-
p. 18 ↗
Long Simpson Manufacturing
By Bryden Nugent
Simpson has 75% of the US wood-connector market. Bryden argues growth and gross margins will both beat consensus.
-
p. 20 ↗
Long Trex
By Jose Alvarez, Tanay Dixit and Benjamin Hui
The composite decking maker, pitched with a 3-year target almost 3 times the price at the time.