Value Investing with Legends

Columbia Business School

Value investing is more than an investment strategy — it's a fundamental way of thinking about finance. Value investing was developed in the 1920s at Columbia Business School by professors Benjamin Graham and David Dodd, MS '21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field and their security analysis principles provided the first rational basis for investment decisions. Despite the vast and volatile changes in the economy and securities markets during the last several decades, value investing has proven to be the most successful money management strategy ever developed. Value investors' success over the second half of the twentieth century proved not only the validity of the value approach, but its preeminence over even the most widely taught and practiced modern investment theory, which was developed in the 1950s and '60s and remains dominant even today. Our mission today is to promote the study and practice of Graham & Dodd's original investing principles and to improve investing with world-class education, research, and practitioner-academic dialogue. In this podcast you will hear from some of the world's greatest investors, their views on the investment management industry, how they developed their investment process and how they see the field changing over time.

  1. 6 hr ago

    Django Davidson - The Capital Cycle: Finding Opportunity Where Others Aren't Looking

    In this episode, hosts Tano Santos and Michael Mauboussin welcome Django Davidson, Partner and Portfolio Manager at Hosking Partners, for a discussion of the capital cycle approach to investing. Django shares how his unconventional upbringing, experience covering banks during the Global Financial Crisis, and early exposure to Warren Buffett's letters shaped his investment philosophy. The conversation explores the origins of the capital cycle framework, how investors can identify industries experiencing excessive capital formation or capital scarcity, and why patience and long-term capital are essential to capturing opportunities. They also examine current AI investment trends, the evolution of the semiconductor industry, Japan's corporate reforms, and several real-world investment case studies, including Micron Technology and Saga. The discussion concludes with reflections on industrial resilience, supply chains, and book recommendations—and much more! Key Topics: ● Django's upbringing, education, and path into investing (2:08) ● Lessons from covering banks during the Global Financial Crisis (3:50) ● Discovering Warren Buffett's letters and their influence on his investment philosophy (5:33) ● Investing during periods of crisis and the importance of trust in financial systems (7:23) ● The origins and foundations of the capital cycle framework (12:58) ● Using the capital cycle as a lens for contrarian investing (16:28) ● Long-term capital and identifying multi-bagger opportunities (19:59) ● Japan's corporate reforms and improving returns on capital (23:30) ● Timing challenges, diversification, and capital cycle investing (28:07) ● AI, semiconductor investment, and today's technology spending boom (32:15) ● Google, AI economics, and capital deployment considerations (40:30) ● Micron Technology and the evolution of the memory semiconductor industry (42:08) ● The Saga investment case study and opportunities in overlooked businesses (44:35) ● Demographics, aging consumers, and serving older customers effectively (49:59) ● Supply chain resilience and industrial capacity in Western economies (51:53) ● Django's book recommendations (54:05) ● And much more!   Mentioned in this Episode: ● Hosking Partners ● Deutsche Bank ● TCI Fund Management ● Micron Technology ● Google ● Meta Platforms ● Oracle Corporation ● OpenAI ● Anthropic ● Walmart ● First Quantum Minerals ● Saga plc ● The Material World ● The Bolter   Thanks for Listening!   Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.   Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    56 min
  2. 12 Jun

    Jim Flynn - Building a Healthcare Investment Platform Across Public, Private, and Venture

    Jim Flynn is the Managing Partner of Deerfield Management, a healthcare-focused investment firm overseeing approximately $16 billion in assets. In this episode, hosts Michael Mauboussin and Tano Santos speak with Jim about his path from studying biology and economics to leading one of the industry's most distinctive healthcare investment platforms. Jim explains how Deerfield evolved from a public-equity-focused firm into an organization spanning public markets, private investments, venture creation, drug development, data science, and philanthropy. The conversation examines the challenges of healthcare investing, the importance of probabilistic thinking, the role of artificial intelligence in healthcare delivery and drug discovery, and Deerfield's approach to identifying opportunities across the healthcare ecosystem. Jim also shares insights on senior housing, healthcare innovation, regulatory dynamics, and the skills required for the next generation of healthcare investors, and much more!    Key Topics: ● Jim Flynn's background in biology, economics, and early investing influences (2:27) ● Lessons from working in corporate development and understanding business operations (4:30) ● Joining Deerfield and the evolution from analyst to firm leader (7:52) ● Expanding Deerfield beyond public equities into venture, private investments, and philanthropy (10:36) ● Building a flexible healthcare investment platform across market cycles (13:58) ● The Melinta case study and transforming a distressed investment into an operating success (14:32) ● Artificial intelligence and its potential impact on healthcare delivery and diagnosis (18:52) ● AI adoption challenges and the role of healthcare institutions in driving change (22:13) ● Why proprietary healthcare data creates durable investment advantages (25:50) ● The creation of Deerfield Discovery and Development and CURE (27:12) ● Cross-pollination between public and private investing at Deerfield (31:05) ● The NewAmsterdam Pharma (NewValent) case study from concept to multibillion-dollar company (33:08) ● Investing in senior housing and demographic-driven opportunities (36:20) ● Evaluating healthcare policy, drug pricing, and regulatory risks through a long-term lens (40:16) ● Skills and characteristics needed for future healthcare investors (43:09) ● What worries and motivates Jim Flynn as a healthcare investor (44:30) ● Deerfield's investment process, team structure, and reducing analytical bias (46:53) ● Personal healthcare practices, longevity, and access to medical information (51:25) ● And much more!   Mentioned in this Episode: ● Deerfield Management ● Alpharma ● Kidder Peabody ● GlaxoSmithKline ● Sanofi ● Hospital for Special Surgery ● Brookdale Senior Living ● OpenAI ● ChatGPT ● GRAIL ● Food and Drug Administration    Thanks for Listening!   Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    46 min
  3. 8 May

    Matthew Fine - Buying Gray Clouds and Building Resilient Portfolios

    In this episode, hosts Tano Santos and Michael Mauboussin speak with Matthew Fine, portfolio manager at Third Avenue Management, about his path into investing and the firm's value-driven philosophy. Matthew reflects on lessons from early experiences like the Argentine crisis and explains how balance sheet strength and long-term thinking shape investment decisions. The conversation examines global opportunities across Europe, Japan, and commodities, along with the role of resource conversion in value creation. They also discuss market structure shifts, portfolio resilience during crises, and the challenges of identifying mispriced assets in a changing investment landscape and much more!   Key Topics: ● Introduction and background of Matthew Fine (0:00) ● Early interest in investing and joining Third Avenue (3:37) ● First investments during the dot-com bubble (5:54) ● Marty Whitman's influence and value investing philosophy (7:23) ● Importance of downside thinking and credit mindset (9:20) ● Benchmark agnosticism and high active share (10:14) ● Experience during the Argentine crisis (11:45) ● Generalists vs. specialists in investing (14:12) ● Financial strength and resource conversion explained (18:34) ● Portfolio resilience during major market crises (21:28) ● Understanding market disagreement and investor behavior (24:54) ● Impact of passive investing and short-term strategies (30:27) ● Artificial intelligence and investment process (33:03) ● European banks and Bank of Ireland case study (34:38) ● CK Hutchison and value creation through transactions (40:42) ● Commodity investing and copper thesis (45:14) ● Opportunities and challenges in Japan (49:26) ● Advice for students entering investment management (53:22) ● Concerns about U.S. equity valuations and future outlook (55:28) ● Book recommendations and closing thoughts (56:59) ● And much more! Mentioned in this Episode: ● Third Avenue Management ● Bank of Ireland ● Deutsche Bank ● CK Hutchison ● BlackRock ● MSC (Mediterranean Shipping Company) ● The Sugar King of Havana ● How the World Really Works – Vaclav Smil ● Pioneering Portfolio Management – David Swensen ● Ten Global Trends Every Smart Person Should Know About – Marian Tupy Thanks for Listening!   Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    59 min
  4. 17 Apr

    Jenny Harrington - Dividend Investing, Risk Management, and Building Reliable Income Streams

    In this episode, hosts Michael Mauboussin and Tano Santos speak with Jenny Harrington, CEO of Gilman Hill Asset Management, about her approach to dividend-focused investing. Jenny shares her journey from early internships to portfolio management and explains how her strategy targets steady income through high-quality dividend-paying companies. The discussion examines risk management through cash flow, valuation discipline, and behavioral considerations that influence investor outcomes. Jenny also outlines her screening process, portfolio construction, and how she evaluates dividend sustainability. The conversation touches on lessons from market cycles, the role of communication in investing, and how technological changes may shape future opportunities and risks and much more! Key Topics: ● Introduction to dividend investing and its role in total returns (0:00) ● Jenny Harrington's early career and path into portfolio management (3:05) ● Lessons from internships and exposure to market professionals (3:10) ● Experience at Goldman Sachs and insights from the dot-com bubble (10:03) ● Transition to Neuberger Berman and developing an income strategy (15:01) ● Philosophy of portfolio management and client-focused outcomes (16:45) ● Structure of the dividend income strategy and screening process (20:58) ● Differences between dividend income and dividend growth investing (27:30) ● Portfolio construction, position sizing, and diversification approach (36:25) ● Case study: Clorox investment thesis and valuation framework (40:03) ● Case study: Best Buy and identifying value through free cash flow (46:06) ● Impact of Columbia Business School on investment philosophy (49:48) ● Importance of communication and behavioral discipline in investing (54:47) ● Views on AI, job disruption, and future market implications (57:02) ● Book recommendations and information sources (59:06) ● And much more!   Mentioned in this Episode:  ● Gilman Hill Asset Management ● Goldman Sachs ● Neuberger Berman ● Columbia Business School ● CNBC ● Van Leeuwen Ice Cream ● Best Buy ● Clorox ● Kimberly-Clark ● IBM ● Hewlett Packard ● PayPal ● Poor Charlie's Almanack by Charles T. Munger ● Pioneering Portfolio Management by David Swensen ● Elon Musk by Walter Isaacson   Thanks for Listening!   Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.   Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    1hr 2min
  5. 13 Mar

    Samer Sarraf - Investing in the GCC: Private Equity Discipline in Public Markets

    In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and COO of Amwal Capital Partners, about his journey from engineering and construction to Lehman Brothers and ultimately founding a public equities firm focused on the GCC. Samer reflects on lessons from the 2008 financial crisis, why private equity struggled in the region, and how his team applies a private equity mindset to public markets. The conversation examines regulatory change, market structure in Saudi and the UAE, concentrated investing, and a deep dive into Abu Dhabi Ports and much more!        Key Topics:     ●Samer's upbringing in Jordan and the role of education and entrepreneurship in his family (3:35)  ● Studying civil engineering at McGill and early career in construction in Paris and Tahiti (9:46)  ● Transition to Columbia Business School and pivot toward finance (16:16)  ● Joining Lehman Brothers' real estate group and structuring CMBS transactions (17:57)  ● Early signs of stress in credit markets ahead of the financial crisis (23:28)  ● Moving from investment banking to private equity in the GCC (26:48)  ● Why the private equity model struggled in the region (35:02)  ● Founding Amwal Capital Partners and testing the strategy with personal capital (31:15)  ● The structure and liquidity of GCC public markets, including Saudi Arabia and the UAE (37:24)  ● Applying a "private equity DNA" approach to public equities (43:23)  ● Using regulatory insight and on-the-ground research as a competitive edge (49:45)  ● Portfolio construction and concentrated positioning in regional markets (55:18)  ● Case study: Abu Dhabi Ports and the long-term logistics and industrialization thesis (56:27)  ● And much more!  Mentioned in this Episode:   ● Amwal Capital Partners   ● Lehman Brothers   ● Abu Dhabi Ports   ● Dubai Ports World   ● McGill University   ● Columbia Business School        Thanks for Listening!    Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.    Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    1hr 16min
  6. 19/12/2025

    Ricky Sandler - Investing Through Perception Shifts and Market Cycles

    Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create lasting opportunities. The conversation also delves into quant integration, thoughtful activism, the nuances of portfolio construction, and his reflections on AI, market structure, and societal risks — and much more! Key Topics: ● Ricky Sandler's upbringing, tennis, and early exposure to finance (0:00)  ● The influence of competitive tennis on his investing mindset (3:58)  ● Why he considered law before ultimately pursuing finance (5:55)  ● Lessons from early roles at Mark Asset and Fusion Capital (7:30)  ● Insights from the 1998 market crisis and developing better risk management (10:06)  ● Defining 'change in perception' and its role in investment strategy (12:21)  ● Understanding shifts in market behavior post-GFC (14:42)  ● COVID-era investment case study: Red Rock Resorts (22:31)  ● Portfolio construction principles and balancing risk/reward (27:56)  ● Integrating quant and data science at Eminence Capital (33:44)  ● Activism and engaged ownership strategies (36:34)  ● Thoughts on AI, bubbles, and systemic market risks (38:36)  ● Risk management and portfolio design in volatile environments (41:06)  ● How Ricky trains his team to distill what matters in investing (42:39)  ● AI's role in analyst work and future of research (44:27)  ● Worries and hopes for the future: market structure, government debt, and optimism (46:39)  ● Book and podcast recommendations (49:30)  ● Closing remarks (51:02)  ● And much more! Mentioned in this Episode: ● Eminence Capital  ● Ashland Inc.  ● Entain  ● Red Rock Resorts  ● Live Nation  ● Meta  ● Tesla  ● Salesforce  ● Zillow  ● KKR  ● Pluralsight  ● Autodesk  ● Men's Wearhouse ● Think Again by Adam Grant  ● Grit by Angela Duckworth  ● Teaming by Amy Edmondson  ● Quit by Annie Duke  ● Mindset by Carol Dweck  ● Invisible Influence by Jonah Berger  ● Lessons of the Titans by Tim Ferriss  ● 1929 by Andrew Ross Sorkin Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more! Apple Podcasts  Google Podcasts  Spotify  Email  Heilbrunn Center  Instagram  LinkedIn

    56 min
  7. 21/11/2025

    Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti's Value Investing Journey

    Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar public firms. He breaks down key investments, including Builders FirstSource and Tidewater, and explains why capital allocation, aligned incentives, and patience are critical to long-term success. He also addresses private equity, passive investing, and how AI might affect the future of both business operations and markets — and much more!   Key Topics: Introduction (0:00) Bob's upbringing and early exposure to entrepreneurship (2:09) How auditing Tweedy, Browne sparked Bob's interest in value investing (4:17) Learning through Tony Pustorino and practical accounting (4:32) Early influences from Walter Schloss, Joe Reilly, and Tweedy, Browne (5:39) Experience working with Mario Gabelli (6:57) Founding Robotti & Company and the original value edge (8:54) Explaining pink sheet stocks and early investment strategies (10:00) Philosophy on intrinsic value and discounted investments (14:31) Mispricings from passive investing and cyclical businesses (16:24) Views on private equity vs. public markets (19:27) Being a generalist with deep knowledge in housing and energy (21:45) Simplified valuation approach and the Builders FirstSource case (23:41) Portfolio construction, sizing, and turnover explained (28:58) Maintaining a patient capital base (33:38) The Tidewater investment: thesis, board involvement, and strategy (36:42) Capital allocation philosophy: buybacks vs. dividends (49:08) Executive incentives and importance of management quality (51:02) How Robotti sees AI impacting business and investing (53:13) Thoughts on traditional business education and tangible assets (57:13) Geopolitical risks, China's influence, and global economic concerns (58:03) And much more! Mentioned in this Episode: Robotti & Company Advisors Tweedy, Browne Gabelli & Company Builders FirstSource Tidewater Inc. Amrep Corporation Pulse Seismic Inc. Museum of American Finance U.S. Securities and Exchange Commission (SEC) Lucadia National Third Avenue Value Canadian Natural Resources Think Again by Adam Grant Grit by Angela Duckworth Teaming by Amy Edmondson Quit by Annie Duke   Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    1hr 2min
  8. 07/11/2025

    Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages

    In this episode, host Tano Santos sits down with Richard Brekka, founder and managing partner of Second Alpha, to examine the lesser-known world of secondary investing in private technology companies. With decades of experience—from venture capital to secondary transactions—Richard shares his journey through private equity at Chase and CIBC, his role in building and reviving companies like Gomez Inc., and how that led him to identify a unique investment niche. He explains the mechanics of sourcing deals in illiquid markets, using data and AI to surface hidden gems, and the psychology of getting deals done. The discussion also explores valuations, exits, and policy implications of private market access for 401(k) investors, plus the impact of AI on business fundamentals and much more! Key Topics: ● Richard's early exposure to entrepreneurship and finance (3:29) ● Lessons from Arthur Laffer and University of Chicago MBA experience (6:15) ● Early career in private equity at Chase and learning value investing (8:12) ● Starting Dolphin Equity Partners after CIBC and early challenges (14:06) ● The rise and fall—and rebirth—of Gomez Inc. (17:18) ● Discovering secondary investing through Gomez's cap table (23:58) ● The founding and investment strategy of Second Alpha (26:29) ● Understanding the structure and dynamics of the secondary market (30:21) ● How Second Alpha sources deals and builds its data pipeline (35:49) ● The process of deal execution and managing rights of refusal (41:11) ● Case study: Prove Identity and growth through secondaries (52:29) ● Thoughts on liquidity, valuation, and 401(k) access to private markets (55:35) ● AI's impact on private companies and investment strategies (59:19) ● Book and podcast recommendations (1:01:34) ● And much more!   Mentioned in this Episode: ● Second Alpha ● Chase ● CIBC ● Gomez Inc. ● Prove Identity ● TouchCommerce ● Arthur Laffer ● Acquired (podcast) ● Warren Buffett – Berkshire Hathaway Annual Letters ● Berkshire Hathaway Annual Shareholder Letters   Thanks for Listening!   Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

    1hr 4min

Hosts & Guests

4.4
out of 5
28 Ratings

About

Value investing is more than an investment strategy — it's a fundamental way of thinking about finance. Value investing was developed in the 1920s at Columbia Business School by professors Benjamin Graham and David Dodd, MS '21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field and their security analysis principles provided the first rational basis for investment decisions. Despite the vast and volatile changes in the economy and securities markets during the last several decades, value investing has proven to be the most successful money management strategy ever developed. Value investors' success over the second half of the twentieth century proved not only the validity of the value approach, but its preeminence over even the most widely taught and practiced modern investment theory, which was developed in the 1950s and '60s and remains dominant even today. Our mission today is to promote the study and practice of Graham & Dodd's original investing principles and to improve investing with world-class education, research, and practitioner-academic dialogue. In this podcast you will hear from some of the world's greatest investors, their views on the investment management industry, how they developed their investment process and how they see the field changing over time.

You Might Also Like