Spring 2026
Graham & Doddsville, issue 53 · 67 pages
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Interviews
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p. 5 ↗
Alec Henry & Adrian Meli
Eagle Capital Management
Eagle's two CIOs on finding ideas through capital flows, why they're picky about accounting, and how they underwrite a CEO change. Danaher after the spin-offs and SAP get the stock-specific time.
InternationalAccountingSpin-offsBuilding a firm -
p. 18 ↗
Jeff O'Donohue
Starfort Capital Management
A Los Angeles firm founded in 2015 that hunts for ideas in Japan and Korea. Jeff walks through Cuckoo and Tsubakimoto Kogyo and explains why he grades himself on doubling capital every 6 years.
InternationalAsiaSmall capsBuilding a firm -
p. 25 ↗
Tony DeSpirito
BlackRock (retired)
Almost 20 years at Pzena, then global CIO of fundamental equities at BlackRock. Tony on mixing quality, value and dividend growth, and why he likes Fortune Brands and Becton Dickinson.
Quality compoundersHousingHealthcareCareer advice -
p. 45 ↗
Edgar Wachenheim III
Greenhaven Associates
Ed Wachenheim on homebuilders that moved to a land-light model, NVR as the template, and why Greenhaven sits on roughly 48% cash.
HousingPortfolio constructionCareer advice -
p. 55 ↗
Kevin Salimian
Voxel Capital Partners
A concentrated long-only fund launching in 2026 with AI at the center. Kevin covers position sizing, on-the-ground research and what AI means for software companies.
AITechnologyPortfolio constructionBuilding a firm -
p. 63 ↗
Tom Saberhagen & Nick Kapur
Tenzing MEMO
The founders of Tenzing MEMO, an AI research tool for analysts, on how the product works and what it could change for the sell-side.
AICareer advice
Student pitches
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p. 36 ↗
Long DoorDash
By Zekun (ZK) Feng, Aaron Samuels and Elliot Tompras
More durable growth in US restaurants, better economics in new verticals and international, and margins the team thinks will widen as DoorDash scales.
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p. 38 ↗
Long Baker Hughes
By Cameron Degan, Greer Lafontant and Karl Eshwer
The market still sees a cyclical oilfield supplier. The team sees an energy-infrastructure business whose installed equipment feeds years of service revenue.
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p. 40 ↗
Long Celsius Holdings
By Jyas Totlani and Hide Okada
The market prices Alani fad risk, Costco private label and the integration as permanent problems. The team thinks all three are temporary.
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p. 41 ↗
Long MSA Safety
By EJ Karobath, Craig Larkin and Bob McGrane
A century-old maker of gear for workers in hazardous jobs, pitched as a quality pick-and-shovel compounder.
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p. 42 ↗
Long Amadeus IT Group
By Kabir Bajaj, Eithel Mc Gowen and Fran Tumajan
Room to grow in airline IT, margins going back to normal, and an AI threat the team thinks the market has overpriced.
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p. 43 ↗
Long Uber Technologies
By Dennis Zhuo
Dennis thinks the selloff on robotaxi fears overshoots, and that Uber ends up as a partner to autonomous fleets.