24th Annual CSIMA Conference...Chris Davis Davis Advisors Chris Davis is Chairman of Davis Advisors, an independent investment management firm founded in 1969 with more than $26.1

Thursday, February 4, 2021 Friday, February 5, 2021

10:30am – 2:00pm

24th Annual CSIMA Conference

3The 24th Annual Columbia Student Investment Management Association Conference

But first, a word from our sponsors...

The Columbia Student Investment Management Association and the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School are grateful to the following firms for their generous sponsorship of this conference.

4 5Columbia Business School Heilbrunn Center for Graham & Dodd Investing The 24th Annual Columbia Student Investment Management Association Conference

Anne-Sophie D’andluCIAM

Anne-Sophie is Co-Founder and Deputy CEO at CIAM, a European Event Driven & Activist investment management firm, which she co-founded with Catherine Berjal in 2010. Over the last seven years, the funds managed by CIAM have been involved in a number of engaged/activist situations, the most public ones being Club Med and Euro Disney, which each time addressed poor corporate governance practices. More recently, CIAM also engaged on social and environmental issues.

Anne-Sophie has a professional experience of almost twenty five years in Finance, amongst which eighteen years in the Hedge Fund industry. Prior to launching CIAM, Anne-Sophie worked seven years at Systeia Capital Management, a Paris based hedge fund manager, subsidiary of Amundi, mainly as a portfolio manager of their Event Driven funds.

Before this, she worked six years at PwC from 1995 to 2001, first in their Audit department and then in their Corporate Finance department, doing M&A advisory to non-listed companies. During that period, she spent three years in New York.

Anne-Sophie holds a Master degree in Finance from NEOMA Business School (France).

Chris DavisDavis Advisors

Chris Davis is Chairman of Davis Advisors, an independent investment management firm founded in 1969 with more than $26.1 billion in AUM.

He is a co-Portfolio Manager of the Davis New York Venture Fund, Davis Large Cap SMA and Davis Select US Equity ETF (DUSA).

The Davis New York Venture Fund has outperformed the S&P500 in 98% of rolling 20-year holdings periods since its inceptions in 1969. $10,000 invested in Davis

Agenda Featured Speakers

Bill MillerMiller Value Funds

Moderated by: Michael Mauboussin, Counterpoint Global

Best Ideas Panel Joyce Meng, FACT Capital

Rishi Renjen, ROAM Global Management

Amy Zhang '97, Alger

Moderated by: Andrew Skatoff '09, Bancreek Capital Management, LP

Bruce GreenwaldColumbia Business School

Anne-Sophie D’andluCIAM

Moderated by: Tano Santos, Columbia Business School

Investing in Times of Crisis PanelChris Davis, Davis Advisors

Dan Rasmussen, Verdad Advisers

Moderated by: Lauren Krueger ‘02, KKR

C.T. FitzpatrickVulcan Value Partners

10:30 a.m.—11:30 a.m.

10:30 a.m.—11:30 a.m.

11:35 a.m.—12:50 p.m.

11:35 a.m.—12:50 p.m.

1:00 p.m.—2:00 p.m

1:00 p.m.—2:00 p.m

Thursday, February 4, 2021

Friday, February 5, 2021


NY Venture since inception grew to $2.6 million vs. $1.5 mullion for the S&P500.

He is also the PM of the Davis Financial Fund and the Davis Select Financial ETF (DFNL), and is a member of the research team for other Davis portfolios.

Chris joined Davis in 1989 and has over three decades of experience in investment management and securities research. He has been previously recognized as a Morningstar Manager of the Year.

As Chairman, Mr. Davis focuses on maintaining the culture of research, performance and stewardship that has characterized Davis Advisors for more than fifty years. The result is 4 out of 5 Davis equity funds have outperformed their benchmarks since inception. All have low fees and count Davis among the largest shareholders, with over $2 billion invested alongside shareholders in the funds they manage.

Prior to joining Davis, Chris worked at Tanaka Capital Management and State Street Bank & Trust Company. He received his M.A. from the University of St. Andrews in Scotland.

C.T. FitzpatrickVulcan Value Partners

C.T. Fitzpatrick founded Vulcan Value Partners in 2007 to manage his personal capital. Since inception, all five strategies have peer rankings in the top 8% of value managers in their respective categories.* Prior to founding Vulcan Value Partners, C.T. worked as a principal and portfolio manager at Southeastern Asset Management. During his 17 year tenure, the team at Southeastern Asset Management achieved double digit returns well ahead of inflation and was ranked in top 5% of money managers over five, ten, and twenty year periods according to Callan and Associates.

C.T. earned his MBA in Finance from the Owen Graduate School of Management at Vanderbilt University. He also has a BS in Corporate Finance from the University of Alabama.

Bruce GreenwaldColumbia Business School

Bruce C. N. Greenwald is the Robert Heilbrunn Professor Emeritus of Finance and Asset Management at Columbia Business School. Described by the New York Times as “a guru to Wall Street’s gurus,” Greenwald is an authority on value investing with additional expertise in productivity and the economics of information.

Greenwald has been recognized for his outstanding teaching abilities. He has been the recipient of numerous awards, including the Business School’s Lifetime Achievement Award, and the Columbia University Presidential Teaching Award which honors the best of Columbia’s teachers for maintaining the University’s longstanding reputation for educational excellence. His classes are consistently oversubscribed.

Since 2007, Greenwald has served as Director of Research and currently Senior Advisor, for First Eagle Investment Management. In addition, Bruce consults worldwide on a variety of issues concerning capital markets, business strategy, corporate finance and labor performance.

Greenwald is the author of several books including Value Investing: From Graham to Buffett and Beyond (with Judd Kahn, et al, Wiley, 2020), The Curse of the Mogul: What’s Wrong with the World’s Leading Media Companies (with Jonathan A. Knee and Ava Seave, Penguin, 2009), Competition Demystified: A Radically Simplified Approach to Business Strategy (with Judd Kahn, Putnam Penguin, 2005), and Adverse Selection in the Labor Market (Garland Press, 1980).

Greenwald has received a B.S. and a Ph.D. from the Massachusetts Institute of Technology, and an M.P.A. and M.S. from Princeton University.


Lauren Krueger ‘02KKR

Lauren Krueger (New York) joined KKR in 2018 as a Managing Director leading KKR’s corporate governance efforts across U.S. Private Credit and Special Situations strategies. Prior to joining KKR, Mrs. Krueger was an independent fiduciary for Drivetrain Advisors where she worked with investors to maximize value for stressed and distressed companies. Previously, Mrs. Krueger served in investing roles at Esopus Creek Advisors and the D.E. Shaw Group and in restructuring advisory at Lazard Freres. Mrs. Krueger holds an AB degree from Princeton University and a MBA from Columbia Business School, where she served as an Associate Adjunct Professor of Finance and taught the course Misunderstood Securities for several years. Mrs. Krueger also serves on the Advisory Board of Columbia Business School’s Heilbrunn Center for Graham & Dodd Investing. Mrs. Krueger currently sits on the Boards of Angelica Corporation, ASG Technologies, JW Aluminum Inc., PRG Worldwide Entertainment, Proserv, Sorenson Communications, Inc., The Collected Group, Constellis and the Children’s Health Fund (CHF).

Michael MauboussinCounterpoint Global

Michael J. Mauboussin is Head of Consilient Research at Counterpoint Global in New York. Previously, he was Director of Research at BlueMountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management. Mr. Mauboussin joined Credit Suisse in 1992 as a packaged food industry analyst and was named Chief U.S. Investment Strategist in 1999.

Mr. Mauboussin is the author of three books, including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is co-author, with Alfred Rappaport, of Expectations Investing: Reading Stock Prices for Better Returns.

Mr. Mauboussin has been an adjunct professor of finance at Columbia Business School since 1993 and is

on the faculty of the Heilbrunn Center for Graham and Dodd Investing. He is also the chairman of the board of trustees at the Santa Fe Institute, a research center devoted to the study of complex systems. He earned an A.B. from Georgetown University.

Joyce MengFACT Capital

Joyce is the Founder of FACT Capital (FACT stands for Fairness, Alignment, Compounding, and Transparency), which innovatives on the hedge fund model and applies ‘first principles’ thinking to investment framework, portfolio/research transparency, technology use, and incentive alignment for long term compounding. Prior to FACT, Joyce was Partner at Vernier Capital and Research Analyst at MSD Capital and Goldman Sachs Investment Partners. Joyce graduated summa cum laude from the Huntsman Program of the University of Pennsylvania, receiving a BA in International Studies and a BS in Economics from the Wharton School. As a Rhodes Scholar, she graduated with distinction from Oxford University with an MSc in Financial Economics and an MSc in Economics for Development. Joyce was also recognized as Forbes 30 under 30 (2014) and Wharton 40 under 40 (2015). She speaks Mandarin and Spanish fluently. As hobbies, she volunteers with Givology (www.givology.org), enjoys reading, and plays ice hockey.

Bill MillerMiller Value Funds

William “Bill” Miller III, Baltimore, Maryland. Mr. Miller is the Chairman and Chief Investment Officer of Miller Value Partners. Mr. Miller is widely recognized for beating the S&P 500 for 15 consecutive years as the sole manager of the Legg Mason Value Trust.1 He was named fund Manager of the Year in 1998 by Morningstar2, The Greatest Money Manager of the 1990s by Money Magazine, Fund Manager of the Decade by Morningstar.com, and was named by Barron’s to its All-Century Investment Team. He


received the Sauren Golden Award in 2015 and 2017 for best US Equity Manager, and Two Gold Medals in 2019 for Excellent Fund Management.

Mr. Miller was the director of research for Legg Mason from October 1981 through June 1985, and assumed overall responsibility for Legg Mason’s equity funds management division in 1990. He co-founded Legg Mason Capital Management in 1982 and served as the Firm’s CIO for 30 years.

Mr. Miller earned his economics degree from Washington and Lee University where he graduated with honors in 1972. Subsequent to graduation, he served as a military intelligence officer overseas and then pursued graduate studies in philosophy in the PhD program at The Johns Hopkins University. He received his CFA in 1986. Mr. Miller is Chairman Emeritus of the Board of Trustees of the Santa Fe Institute. The Santa Fe Institute is one of the world’s leading scientific research organization, conducting multidisciplinary research in complex systems theory.1. Legg Mason Value Trust-Class C beat the S&P 500 on an annual basis from 1990-2005. Bill Miller no longer manages the fund.

2. Morningstar’s Award for “Domestic Equity Fund Manager of the Year 1988” recognizes portfolio managers who demonstrate excellent investment skill, the courage to differ from consensus, and the commitment to shareholders necessary to deliver outstanding long-term performance.

Dan RasmussenVerdad Advisers

Before starting Verdad, Dan worked at Bain Capital and Bridgewater Associates. Dan earned an AB from Harvard College summa cum laude and Phi Beta Kappa and an MBA from the Stanford Graduate School of Business. He is the New York Times bestselling author of American Uprising: The Untold Story of America’s Largest Slave Revolt. In 2017, he was named to the Forbes 30 under 30 list.

Rishi RenjenROAM Global Management

Rishi is currently the Founder and Managing Partner of ROAM Global Management LP, a New York-based investment firm that embraces an independent disposition and global perspective on investing. The firm takes a fundamental approach to investing in global equities both long and short, with a strong emphasis on single name alpha shorts. The investment strategy is an extension of Rishi’s prior portfolio management experience and focuses on four areas of expertise – consumer, media & telecom, business services and select cyclicals. This focus allows the firm to be opportunistic to idea flow while honing in on the team’s core competencies.

Prior to founding ROAM Global, Rishi was a Managing Director and Sector Head at Maverick Capital, Ltd. in New York, where he managed the firm’s multi-billion dollar portfolio of equity investments in consumer, media & telecom, business services and consumer financial industries. In addition to his role as a portfolio decision-maker and steward of client capital, Rishi was a member of the firm’s Stock Committee and involved in business-building decisions through his role on Maverick’s Advisory Committee. Prior to Maverick, Rishi was a Partner at TPG-Axon Capital in London and New York, where he led global public market investing across various industries with a particular focus on international markets. Rishi began his public investing career as a Senior Analyst at Glenview Capital Management LLC, where he focused on business services. Previously, he was a Private Equity Analyst in the LBO and Special Situations Group at Warburg Pincus LLC, and an Investment Banking Analyst in the Financials Sponsors Group at Citigroup Global Markets. Rishi earned a Bachelor of Science in Economics, with a concentration in Finance, from The Wharton School at the University of Pennsylvania.

Since 2012, Rishi has nurtured his passion for investing and talent development through a teaching role at Columbia Business School, where he serves as


an Adjunct Assistant Professor in the Value Investing Program. Rishi has taught the Applied Value Investing class for almost a decade, and has also taught Applied Security Analysis I & II. Furthering his involvement in education, Rishi is a member of the Board of Trustees of the Excellence Community Schools, a charter school management organization. This builds upon his role on the liaison committee to the DREAM Charter School and Washington Heights Expeditionary Learning Schools (WHEELS) as a prior Board Member of the Maverick Capital Foundation

Tano SantosDavid L. and Elsie M. Dodd Professor of Finance; Faculty Director, Heilbrunn Center for Graham & Dodd Investing

Professor Tano Santos joined the faculty of Columbia Business School in 2003. He received his Ph. D. in Economics, Department of Economics, University of Chicago, Chicago, IL in 1996. He received his BS in Economic and Business Sciences, Facultad de CC. Económicas y Empresariales, Universidad Complutense de Madrid, Madrid, Spain in 1990. Before joining Columbia, professor Santos was an Associate Professor of Finance at the Graduate School of Business, University of Chicago. Professor Santos is a Faculty Research Fellow at the National Bureau of Economic Research (NBER) and a researcher at the Centre for Economic Policy Research (CEPR).

Professor Santos focuses his research on two distinct areas. A first interest is the field of asset pricing with a particular emphasis on theoretical and empirical models that can account for the predictability of returns, both in the time series and the cross section. A second interest is applied economic theory, specifically, the economics of financial innovations as well as theory of organizations. He teaches the value investing class.

Professor Santos has written academic publications which have appeared in leading journals such as Quarterly Journal of Economics, the American

Economic Review Papers and Proc., the Journal of Political Economy, the Review of Financial Studies and the Journal of Public Economics. Of these publications, his “Prospect Theory and Asset Prices” (with N. Barberis and M. Huang) Quarterly Journal of Economics, February 2001, vol. 116 (1), pp. 1-53 was the Winner of the 2000 FAME Research Prize.

Andrew Skatoff ‘09Bancreek Capital Management, LP

Andrew Skatoff is the Founder of Bancreek Capital Management, LP an investment firm that will focus on the public market investment strategy Andrew developed and managed while at Belfer Management LLC, a single family investment office based out of New York. Andrew spent the past 11 years as a senior member of the investment team at Belfer, focused on identifying direct public and private equity opportunities to compound permanent capital on an after-tax/risk adjusted basis. Andrew received his M.B.A. from Columbia Business School, where he completed the Value Investing Program, and received his Bachelor of Science in Accounting and Master of Accounting degrees from the University of Florida. Andrew is a member of the Financial Accounting Standards Advisory Council (FASAC). He currently lives in Santa Monica with his wife, two children, and their dog, Ozzie.

Amy Zhang ‘97Alger

Amy Y. Zhang is Executive Vice President and Portfolio Manager of the Alger Small Cap Focus, Alger Mid Cap Focus and Alger Small Cap Growth Strategies. She joined Alger in 2015 and has 25 years of investment experience. Additionally, Amy is a member of The Alger Partners Plan. During her tenure at Alger, she has been featured and quoted in a number of publications such as: The Wall Street Journal, Barron’s, The New York Times, Citywire, Investor’s Business Daily, Bloomberg, Business Insider, Investment News, MarketWatch, China Business Network, Xinhua, Forbes, CNBC, and CNN.


In 2019 and 2018, Amy received the following awards: “Top 20 Female Portfolio Managers” by Citywire, “Women to Watch” honoree by Investment News, “50 outstanding Asian Americans in Business Award 2019” by the Asian American Business Development Center, “Top Women in Asset Management” by Money Management Executive, “Best Stock-Fund Managers” by the Wall Street Journal, “Top 20 Female Portfolio Managers” by Citywire*, “The Mulan Award” by the Mulan Club.

Prior to joining Alger, Amy worked at Brown Capital Management as a Partner, Managing Director, and Senior Portfolio Manager of its Brown Capital Small Company Strategy, including the Brown Capital Small Company Fund. Her previous experience includes working as a Portfolio Manager/Analyst at Epsilon Investment Management, Research Analyst at Templeton Worldwide, and Associate at Citicorp Securities. She is a former President of the CFA Society Baltimore and is currently chair of their Advisory Board. She served as a member on the Board of Directors, as well as Vice President and Programs Chair for the CFA Society of Stamford. Amy is a board member of the Mulan Club. Amy is also a member of the Board of Trustees of Manhattanville College, where she founded the AYZ STEM scholarship. Amy earned her B.A. from Manhattanville College, where she graduated summa cum laude. She earned her M.B.A. from Columbia Business School, where she was inducted into the Beta Gamma Sigma honor society and named to the Dean’s List. Amy is a CFA charterholder and a member of the CFA Institute.


About CSIMA

The Columbia Student Investment Management Association (CSIMA) is a student-led club dedicated to the education and professional development of Columbia Business School students interested in investment management. As such, CSIMA works closely with the Heilbrunn Center for Graham & Dodd Investing and provides a critical point of contact for hedge funds, mutual funds, family offices, private wealth managers, and other investment managers seeking interaction with Columbia Business School students. In addition to hosting an annual conference and an inter-business school stock pitch competition, CSIMA publishes the Graham & Doddsville newsletter; sponsors guest lectures and panels featuring industry practitioners; hosts monthly Investment Ideas Club meetings; facilitates visits to firms in key investment management cities around the globe; runs an annual trip to Omaha to attend the Berkshire Hathaway Annual Meeting; assists student members with the recruiting process through educational events and a robust mentorship program; and organizes social and alumni events to strengthen our community.

24TH ANNUAL CSIMA CONFERENCE ORGANIZERS

Conference Vice Presidents Kyle Campbell ‘21 Ruth Chen ‘21

Conference Assistant Vice Presidents Bryant Gil ‘22 Sagar Dave ‘22

Visit www.CSIMA.info to learn more about the Columbia Student Investment Management Association. To obtain a copy of the CSIMA resume book, please contact the Heilbrunn Center staff at [email protected].

CSIMA Board 2020—2021

CO-PRESIDENTS Saumini Shah ‘21 Michael Weng ‘22

EXECUTIVE VICE PRESIDENTS

Ryan Albert ‘21 Jocelyn Bohn ‘21 Tim Lechleider ‘21 Ethan Liu ‘21 Ronald Ma ‘21 Michael Zauderer ‘21

VICE PRESIDENTS ASSISTANT VICE PRESIDENTS

CONFERENCE Kyle Campbell ‘21 Ruth Chen ‘21

Bryant Gil ‘22 Sagar Dave ‘22

IIC Rainbow Chik ‘21 Jack Ken ‘21 Sean Lee ‘21 Eric Tse ‘21

David Winslow ‘22 Sherry Zhang ‘22 Joseph Zhang ‘22

CAREERS Amitaabh Sahai ‘21 Joseph Allan Sinay ‘21

Rodrigo Viada Campos ‘22 Will Husic ‘22

PROFESSIONAL EVENTS Grant Hugueny-Clark ‘21 Alex Feng ‘21 Sung Lee ‘21

Cathy Yao ‘22 Maggie Brady ‘22 Dickson Pau ‘22

SOCIAL Robert Horn ‘21 Andrew Karp ‘21

John Bleday ‘22 Maria van Heeckeren ‘22

CBS COMPETITION April Yin ‘22 Chirag Sapra ‘22 Flora Chai ‘22 Neil Parekh ‘22

EXTERNAL COMPETITIONS Manas Bajaj ‘21 Yi Cheng ‘21 Mark Hu ‘21 Shaunak Misra ‘21

G&D NEWSLETTER Matt Habig ‘21 Rodrigo de Paula ‘21 Alison Tien ‘21

Bill Ledley ‘22 Franklin Shieh ‘22 Tom Moore ‘22

FINANCE Geoff Parr ‘21 Dylan Quenneville ‘22 Wenbo Zhao ‘22

COMMUNICATIONS Michael Lee ‘21

ALUMNI Andreas Helland ‘21 Arjun Kapur ‘22

ONBOARDING Andrew Iftode ‘21 Leo Pertsovsky ‘21

Noah Kraff ‘22 Jeffrey Shi ‘22

CBS TREKS Dean Ebozue ‘21 Brendan Gaglia ‘21 Xiaolan Xu ‘21

Frank Wan ‘22 Connor Flood ‘22 Jorge Eguidazu ‘22 Kyle Heck ‘22

SPECIAL PROJECTS Joe Li ‘21 Harrison Liftman ‘22

WEALTH MANAGEMENT Lyn Luo ‘21 Philip Zhou ‘21

Dongming Kim ‘22

FICC Akshay Chawla ‘21 Bill Henry ‘22

ALTERNATIVE DATA Hugues Dongmo ‘21 Taiyo Hamanaka ‘22

OMAHA Yichen Sun ‘22


About the Heilbrunn Center

The Heilbrunn Center for Graham and Dodd Investing was established in 2001 to ensure a permanent home for value investing at Columbia Business School, the birthplace of the value approach. The Heilbrunn Center’s mission is to promote the dynamic study and development of Value Investing; improve the practice of investing with world-class education, research, and practitioner-academic dialogue; and to further Columbia Business School’s role as the leading resource for investment management. Today, the Heilbrunn Center is helping educate new generations of value investors who carry on the legacy of Graham and Dodd.

Leadership and Staff

Tano SantosDavid L. and Elsie M. Dodd Professor of Finance, Academic Director

Meredith TrivediManaging Director

Julia KimyagarovDirector

Executive Advisory Board

William von Mueffling ’95, ChairCantillon Capital Management

Mike Blitzer ’04Kingstown Capital Management

William BrowneTweedy, Browne Company

Budge CollinsCollins/Bay Island Securities

David Greenspan ’00Slate Path Capital

Andrew S. Gundlach ’01Bleichroeder

Lauren Krueger ’02KKR

Thomas RussoGardner Russo & Gardner

Jennifer Wallace ’94Summit Street Capital Management

Save the Date

The Heilbrunn Center for Graham & Dodd Investing at Columbia Business School presents

THE 12TH ANNUAL

From Graham to Buffett and Beyond

OMAHA DINNER

Virtual

Tickets go on sale in March at www.grahamanddodd.com

The annual From Graham to Buffett and Beyond Dinner is generously sponsored by:

www.gsb.columbia.edu

Documents

24th Annual CSIMA Conference...Chris Davis Davis Advisors Chris Davis is Chairman of Davis Advisors, an independent investment management firm founded in 1969 with more than $26.1