Spring 2025
Graham & Doddsville, issue 51 · 72 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. 4 ↗
Beeneet Kothari
Tekne Capital Management
Tekne holds about 10 technology names outside the US. Beeneet explains how he picks them, whether he hedges, and why the AI debate is the only one that matters to him right now.
TechnologyAIInternationalPortfolio construction -
p. 19 ↗
Roger Fan
RF Capital Management
Roger came in without the usual Ivy League and Goldman résumé and started RF Capital in 2017. He walks through Zengame, a Hong Kong-listed position, and Sprouts.
Small capsInternationalConsumerBuilding a firm -
p. 40 ↗
Scott Rosenthal
Hotchkis & Wiley Capital Management
How Hotchkis runs a contrarian value process by team, with no star PMs. Scott walks through Siemens and Nippon Sanso.
InternationalJudging management -
p. 53 ↗
Benjamin Beneche & Ramesh Narayanaswamy
Tourbillon Investment Partnership
Tourbillon's three pillars (fulcrum assets, symbiotic loops and outlier management) and a long section on Nintendo and the Switch 2.
InternationalPortfolio constructionBuilding a firm
Student pitches
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p. 34 ↗
Long RB Global
By Xuechung (Elsa) Fu, Xutong Liu and Yifan Wang
The largest auction platform for used heavy equipment, now also half of the US salvage-car duopoly after buying IAA.
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p. 36 ↗
Long Carlisle Companies
By Tuan Nguyen, Erik Listoe and Dimitry Karavaikin
Eight years spent turning a 5-segment conglomerate into a pure building-products company. The team thinks the market hasn't caught up.
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p. 38 ↗
Long Eternal (formerly Zomato)
By Aman Goyal
India's leading food delivery app plus Blinkit in quick commerce. The stock fell about 35% when Eternal decided to spend heavily on Blinkit.