Value Investing with Legends

By: Columbia Business School
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  • Summary

  • 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.
    © 2019 Columbia Business School
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Economics Management Personal Finance
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Episodes
  • Phil Ruvinsky - Sustainable Competitive Advantages in Technology

    Phil Ruvinsky - Sustainable Competitive Advantages in Technology
    Jul 12 2024
    In this episode, Michael Mauboussin, adjunct professor at Columbia Business School, hosts Phil Ruvinsky, Managing Director and Head of the Fundamental U.S. Growth Team at BlackRock. With extensive experience in the investment industry, Phil shares his journey from law to finance, discusses his investment philosophy, and explains the importance of sustainable competitive advantages. The conversation explores the evaluation of management, the impact of AI on the competitive landscape, and the nuances of portfolio construction. Phil also highlights the role of macroeconomic factors and regulatory changes in investment decisions, shares his thoughts on the future of active management in an increasingly indexed market, and much more! Key Topics: Introduction to Phil's career and background (1:06) Transition from law to investment and early career challenges (2:15) Importance of business school in shaping investment philosophy (3:47) Recommended books for new team members (4:22) Utilizing competitive strategy analysis in investment decisions (5:50) Unique characteristics of technology, media, and telecom sectors (7:03) Analysis of return on invested capital in different business models (9:10) Approaches to valuation and use of different tools (10:25) Evaluating the importance of management in investment decisions (12:15) Impact of AI and generative AI on the competitive landscape (14:17) Application of AI in the investment process (18:07) Trends in market concentration and their implications (20:26) Effects of indexing and rules-based investing on markets (23:27) Corporate governance, capital allocation, and executive compensation (25:35) Differences between being an analyst and a portfolio manager (28:02) Portfolio construction and risk management (29:38) Considering macroeconomic factors in investment decisions (32:00) Concerns and excitement about the future (34:21) Phil's book recommendations (35:58) And much more! Mentioned in this Episode: Digital Empires: The Global Battle to Regulate Technology by Anu Bradford Expectations Investing: Reading Stock Prices for Better Returns by Michael Mauboussin Competition Demystified: A Radically Simplified Approach to Business Strategy by Bruce Greenwald The Platform Delusion: Who Wins and Who Loses in the Age of Tech Titans by Jonathan Nee Napoleon Unleashed: A History of the Revolutionary, Emperor, and Military Genius who Reshaped Europe and Defined Modern Leadership by Aeon History Meditations by Marcus Aurelius Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts 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!
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    37 mins
  • Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance

    Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance
    Jun 28 2024
    In this episode, hosts Tano Santos and Michael Mauboussin speak with Anu Bradford, the Henry L. Moses Professor of Law and International Organization at Columbia Law School, to discuss the intricate dynamics of global technology regulation. Anu is recognized for her deep expertise in international economic law. Her pivotal books "The Brussels Effect" and "Digital Empires" explore how significant regions like the US, EU, and China shape technological standards worldwide. The conversation probes the complexities of regulating big tech companies across different legal and political landscapes, highlighting the significant influence of European regulations on global markets. She also touches on the impact of regulatory practices on innovation, the challenges of enforcing extensive digital laws, and the future trajectory of global tech governance. This episode offers a comprehensive look into the power struggles and cooperative efforts that define international technology regulation and much more! Key Topics: Introduction to Anu Bradford and her background (04:01)The unique position of the EU in global regulatory practices and its impacts (10:48)Detailed exploration of "The Brussels Effect" and its significance (12:56)Global market influence through regulatory strategies (17:02)The challenges and methodologies of tech regulation in the EU, US, and China (31:55)The role of data security and privacy in international relations and tech regulation (43:06)Future challenges and directions in global technology regulation (52:47)The preservation of liberal democracy in the digital age (54:51)Anu's book recommendations (58:56)And much more! Mentioned in this Episode: Digital Empires: The Global Battle to Regulate Technology by Anu Bradford The Brussels Effect: How the European Union Rules the World by Anu Bradford Chip War: The Quest to Dominate the World's Most Critical Technology by Chris Miller Underground Empire: How America Weaponized the World Economy by Henry Farrell and Abraham Newman High Wire: How China Regulates Big Tech and Governs Its Economy by Angela Huyue Zhang 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!
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    1 hr and 1 min
  • Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms

    Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms
    Jun 14 2024

    In today's discussion, Jonathan Knee, a distinguished advisor at Evercore Partners and Professor of Professional Practice of Media and Technology at Columbia Business School, explores the themes of his influential work, "The Platform Delusion." Jonathan's insights stem from a rich career in both the banking and academic sectors, bringing a nuanced perspective on digital versus analog platforms, competitive strategies, and the evolving landscape of technological advancements. The conversation uncovers the myths surrounding platform businesses and their impact on the economic principles that govern market dynamics. Jonathan also discusses the implications of regulatory frameworks and their intersection with business strategies in shaping industries and so much more!

    Key Topics:

    • Jonathan Knee's background and expertise in media and technology (01:40)
    • The initial impetus behind writing "The Platform Delusion" and the misconceptions it addresses (13:14)
    • Definitions and the real economic underpinnings of platform businesses (17:52)
    • Competitive advantages and the robustness of network effects in digital platforms (35:02)
    • Exploring the sustainability of various business models within tech giants like Meta and Google against emerging technologies (44:51)
    • Insights into the strategic decisions that have fortified Apple's market position over the years (48:38)
    • The impact of generative AI on existing business ecosystems and future market trends (55:36)
    • Societal and technological transformations influencing today's business environment (58:55)
    • Jonathan’s book recommendations (01:01:30)
    • And much more!

    Mentioned in this Episode:

    • Evercore Partners
    • Columbia Business School
    • The Platform Delusion by Jonathan Knee
    • Small Things Like These by Claire Keegan

    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!
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    1 hr and 4 mins

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