Deep value
20 interviews, newest first.
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Spring 2021
Dan Rasmussen
Verdad Advisers
How Verdad turns empirical research into portfolios, what Dan took from Bain, and the books he leans on for forecasting.
QuantitativeDeep value -
Fall 2019
Mohnish Pabrai
Pabrai Funds
Mohnish on the difference between compounding a portfolio and owning compounders, why he avoids borrowed money and shorts, IPSCO and GrafTech, and investing in South Korea.
Deep valueInternationalPortfolio construction -
Fall 2018
Roger de Bree, Frank Hawrylak, Jay Hill, Tom Shrager, John Spears, Bob Wyckoff, Andrew Ewert & Amelia Koh
Tweedy, Browne Company
Six members of the investment committee of one of the firms in Buffett's 'Superinvestors of Graham-and-Doddsville' talk, plus two CBS alumni analysts. Ben Graham's legacy, investing abroad, and AutoZone, WPP and Baidu.
InternationalDeep value -
Spring 2018
Bruce Greenwald & Mark Cooper
Columbia Business School, First Eagle Investment Management
A send-off for Bruce Greenwald as he retired, paired with his former student Mark Cooper of First Eagle. Mark talks about Deere; Greenwald warns traditional value investors that the world has changed.
MoatsDeep value -
Spring 2017
A. Rama Krishna
ARGA Investment Management
Rama applies value investing worldwide, with a focus on emerging markets. He explains why ARGA put nearly a quarter of its emerging-markets portfolio in Russia when other investors were leaving.
InternationalDeep value -
Spring 2015
Matthew McLennan & Kimball Brooker
First Eagle Investment Management
First Eagle's value approach and the influence of Jean-Marie Eveillard. Holdings they discuss include National Oilwell Varco, Bank of New York, Groupe Bruxelles Lambert and Oracle.
InternationalDeep valueQuality compounders -
Spring 2015
Rolf Heitmeyer
Breithorn Capital Management
A CBS alumnus on deep value investing, with American Axle, Bed Bath & Beyond and Hermès as ideas.
Deep value -
Winter 2015
Andrew Wellington
Lyrical Asset Management
Lyrical's founder on how he builds a portfolio, with Avis, Hertz and AerCap among the investments he uses to show how he thinks.
Portfolio constructionDeep value -
Winter 2012
William Strong
Equinox Partners
William started at Ruane Cunniff and now buys high-quality assets at distressed prices in emerging economies, including HDFC and Bunas Finance.
InternationalFinancialsDeep value -
Fall 2011
Mario Gabelli
GAMCO Investors
'Think like an owner.' Mario on his approach to security analysis and his interest in Beam, National Fuel Gas and Madison Square Garden.
Special situationsDeep value -
Fall 2011
Marty Whitman
Third Avenue Management
Third Avenue's founder and a CBS adjunct in distress investing on where he saw opportunity, how he values companies, and some of the firm's best investments.
DistressedDeep value -
Winter 2011
Robert Robotti
Robotti & Company
'Small caps, big winners.' Bob started in public accounting and at Gabelli, and has run his firm's money for almost 30 years with a research-heavy focus on small and mid caps.
Small capsDeep value -
Fall 2010
Donald G. Smith
Donald Smith & Co.
'Low decile, high return.' Donald volunteered for Ben Graham at UCLA. His fund buys the cheapest tenth of stocks by price to tangible book and compounded 15% a year over 30 years.
Deep value -
Winter 2010
Mason Hawkins
Southeastern Asset Management
'Parsimony is extremely profitable.' Mason on the philosophy, valuation discipline and independent view he built over 35 years at Southeastern, after Longleaf Partners' best year, up nearly 54% in 2009.
Deep valueJudging management -
Winter 2010
William Browne, Bob Wyckoff, Tom Shrager & John Spears
Tweedy, Browne Company
'The belt and suspenders guys.' A rare interview with all four managing partners on how Tweedy moved from its Graham & Dodd roots to a fuller look at each business.
Deep valueInternational -
Fall 2009
David Samra
Artisan Partners
The lead PM of Artisan International Value, named Morningstar's 2008 international-stock manager of the year with Daniel O'Keefe, on his philosophy for buying cheap, good businesses abroad.
InternationalDeep value -
Winter 2009
Bruce Berkowitz
Fairholme Capital Management
Bruce runs Fairholme as if his investors had all their money in it. He talks about 'don't lose' as rule number one and what growing up around bookmaking taught him about odds.
Portfolio constructionDeep value -
Summer/Fall 2008
Mohnish Pabrai
Pabrai Funds
'Heads I win, tails I don't lose that much.' Mohnish on discovering value investing at 30 through a Peter Lynch book on a flight, and why most of the fund industry ignored Buffett's laws of investing.
Deep valuePortfolio construction -
Winter 2007/2008
Jean-Marie Eveillard
First Eagle Investment Management
Often called the first truly global value investor, Jean-Marie tells how Ben Graham 'simply made sense' to him while he was a young analyst for a French bank, and why he came back to run the First Eagle funds in 2007.
InternationalDeep value -
Winter 2006
Richard Pzena
Pzena Investment Management
The first issue. Rich buys good businesses that fell on a problem and works out whether the problem is cyclical or permanent. He passes on cases like Kodak and newspapers.
Deep value