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Graham & Doddsville

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Page 2 Welcome to

Page 2 Welcome to Graham & Doddsville Meredith Trivedi, the Heilbrunn Center Director. Meredith skillfully leads the Center, cultivating strong relationships with some of the world’s most experienced value investors, and creating numerous learning opportunities for students interested in value investing. The classes sponsored by the Heilbrunn Center are among the most heavily demanded and highly rated classes at Columbia Business School. We are pleased to bring you the 29 th edition of Graham & Doddsville. This student-led investment publication of Columbia Business School (CBS) is cosponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA). In this issue, we were fortunate to speak with seven investors from five firms who provide a range of perspectives and investment approaches. All of these investors benefit from applying fundamental research to specialized investment areas that other funds cannot explore. Michael Blitzer ’04 and Guy Shanon ’99 of Kingstown Capital Management return to discuss the benefit of longer timehorizons in special situation investing. The team discusses the evolution of Kingtown’s strategy since our last interview in 2010. Additionally, they share insights regarding complicated and overlooked situations, including international privatizations. Rupal Bhansali of Ariel Investments shares her perspective on applying fundamental value in- vesting to international opportunities. The CIO of International & Global Equities applies the lessons of Warren Buffett as well as George Soros, whose concept of reflexivity is critical for understanding financial crises. Simeon Wallis of Valor- Bridge Partners discusses the unique opportunity to redeploy cash flows from the company’s primary portfolio company, ApolloMD, into public and private investments. This flexibility allows the organization to beneficially allocate capital to the most attractive opportunities and to share valuable insights across asset classes. Jared Friedberg ’99 of Mercator shares how a family office can use its permanent capital to benefit from special situations and long-term compounders. Additionally, the company can creatively invest across the capital structure, to find value “obscured by complexity.” Charles Studness and Roy Studness ’06 of Studness Capital Management demonstrate the benefits of investing in negatively correlated industries: utilities and banks. The family of investors combine their industry specializations to invest opportunistically in these two domains. Lastly, we continue to bring you pitches from current students at CBS. CSIMA’s Investment Ideas Club provides CBS students the opportunity to practice crafting and delivering investment pitches. In this issue, we feature ideas from the 2017 Heilbrunn Center for Graham & Dodd Investing Stock Challenge and the 2016 Darden @ Virginia Investing Challenge. Zach Rieger ’17, Alexander Levy ’17, Abheek Bhattacharya ’18, Harsh Jhaveri ’18, and Ryan Kelly ’18 share their ideas for Foot Locker (FL), Axalta Coating System (AXTA), and Cardtronics (CATM). As always, we thank our interviewees for contributing their time and insights not only to us, but to the investment community as a whole, and we thank you for reading. - G&Dsville Editors Professor Bruce Greenwald, the Faculty Co-Director of the Heilbrunn Center. The Center sponsors the Value Investing Program, a rigorous academic curriculum for particularly committed students that is taught by some of the industry’s best practitioners. Prem Watsa and Ajit Jain pose for a picture at the 26th Annual Graham & Dodd Breakfast Regina Pitaro ’82 with Professor Bruce Greenwald enjoying the G&D Breakfast, held at The Pierre Hotel

Volume I, Issue 2 Page 3 26th Annual Graham & Dodd Breakfast— October 28, 2016 at The Pierre Hotel Columbia Business School Dean Glenn Hubbard addresses the crowd Professor Bruce Greenwald, Prem Watsa, and VJ Dowling share their views at the G&D Breakfast Professors Tano Santos and Kent Daniel in discussion at the G&D Breakfast Ajit Jain and Mario Gabelli ’67 pose for a picture The crowd listens to Professor Bruce Greenwald, Prem Watsa, and VJ Dowling discuss this year’s theme: Finding Value Through Specialization

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