Podcast · Business

Value Investing with Legends

by Columbia Business School · English · Business

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 wer

New episodes: Every two weeks
Typical length: 59 min
Latest: 10 Jul 2026
Language: English

Latest episode

10 Jul 2026 · 56 min

Eddie Perkin - Battling Biases and Building Better Investment Teams

In this episode, Michael Mauboussin welcomes Eddie Perkin, former Chief Investment Officer at Eaton Vance and Goldman Sachs Asset Management, to discuss the principles behind better investment decision-making. Eddie shares how his early experiences shaped his investment philosophy before examining quality value investing, behavioral biases, and the importance of process over outcomes. The conversation explores leadership, collaborative conflict, confirmation bias, portfolio construction, selling discipline, and how investment organizations can create environments that encourage independent…

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Earlier episodes 29 most recent

S11 · E14 · 26 Jun 2026 · 56 min
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…
S11 · E13 · 12 Jun 2026 · 46 min
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…
S11 · E12 · 8 May 2026 · 59 min
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…
S11 · E11 · 17 Apr 2026 · 1 hr 2 min
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…
S11 · E10 · 13 Mar 2026 · 1 hr 16 min
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 inv e s t ing, and a deep dive into Abu Dhabi Ports and much more! Key Topics:…
S11 · E9 · 19 Dec 2025 · 56 min
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…
S11 · E8 · 21 Nov 2025 · 1 hr 2 min
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…
S11 · E7 · 7 Nov 2025 · 1 hr 4 min
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…
S11 · E6 · 24 Oct 2025 · 1 hr 8 min
Amit Wadhwaney - From Montreal to Moerus: Amit Wadhwaney's Deep Value Discipline
Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue's international expansion, and what led him to start Moerus. Amit outlines the core of his investment approach—asset-based valuation, downside protection, and long-term holding periods—and explains why macro factors are typically disqualifiers, not…
S11 · E5 · 10 Oct 2025 · 57 min
Bill Ackman - Evolving Investment Playbook, From MBIA to Moats
Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capi tal structure. He also unpacks his investment philosophy, the importance of durability…
S11 · E4 · 29 Aug 2025 · 50 min
Kristin Gilbertson - Risk, Resilience, and Returns
In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in economic development and her unique journey through the World Bank, Stanford Management Company, and into managing a major university endowment. She outlines how risk awareness and preparation helped her successfully lead through the 2008 financial crisis and gives detailed insights into asset allocation, manager selection, and the nuances of family office investing. Kristin also…
S11 · E2 · 1 Aug 2025 · 55 min
Seth Klarman - Contrarian Investing, Discipline, and Building Baupost
In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories — from arbitraging coins as a kid to launching Baupost in 1982 — and reflects on his decades-long investment philosophy. They explore timeless principles of market inefficiencies, the importance of temperament, specialization versus generalization, the role of patient capital, and the challenges and opportunities ahead for investors in today's world. Seth also opens up about…
S11 · E2 · 25 Jul 2025 · 1 hr 12 min
Kent Daniel — From Physics to Finance: Exploring Market Inefficiencies
In this episode of Value Investing with Legends , Tano Santos and Michael Mauboussin sit down with Kent Daniel, Professor of Finance at Columbia Business School, to discuss his journey from physics at Caltech to leading research in behavioral finance and quantitative investing. Kent shares insights from his academic work and his years at Goldman Sachs, including his critiques of the Fama-French model, the role of intangible information in asset prices, and the implications of short selling constraints. The conversation spans decades of market evolution, empirical challenges, and the…
S11 · E1 · 11 Jul 2025 · 1 hr 25 min
Cliff Asness — Quant Origins, Value Crashes, and Market Inefficiencies
In this episode, Cliff Asness joins Tano Santos and Michael Mauboussin for a conversation that spans the evolution of quantitative investing, lessons from market crises, and the enduring tension between risk and behavioral explanations in finance. From his formative years at the University of Chicago under Gene Fama to building AQR into a quant powerhouse, Cliff reflects candidly on theory, performance, and how markets may have become less efficient in recent years. Key Topics: Tano and Michael return from sabbatical and reflect on recent academic and classroom experiences (0:00) Overview of…
S10 · E6 · 12 Jul 2024 · 37 min
Phil Ruvinsky - Sustainable Competitive Advantages in Technology
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…
S10 · E5 · 28 Jun 2024 · 1 hr 1 min
Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance
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,…
S10 · E4 · 14 Jun 2024 · 1 hr 4 min
Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms
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…
S10 · E3 · 31 May 2024 · 46 min
James Bessen - Understanding the Tech Paradigm
In the third episode of Season 10, hosts Tano Santos and Michael Mauboussin speak with James Bessen, Executive Director of the Technology and Policy Research Initiative at Boston University. Delving into the intricacies of technological advancement and market dynamics, Bessen shares his insights on the evolving landscape of competition and innovation. The discussion highlights the impact of proprietary software on industry disruption, exploring the significant shift from mass production to mass customization facilitated by technology. This episode not only provides a deep dive into the…
S10 · E2 · 17 May 2024 · 49 min
Jan Hummel - Deep Diligence at Paradigm Capital
In this episode, Tano Santos sits down with Jan Hummel, CIO of Paradigm Capital, revisiting his investment strategies and exploring the nuanced dimensions of risk management in the evolving European asset landscape. Jan discusses the foundational investment philosophy of Paradigm Capital, emphasizing risk minimization and the strategic deployment of assets across Europe. Key discussions pivot around the firm's selective investment criteria, focusing on companies in the small to mid-cap space and the significance of geographical and cultural nuances in their investment decisions. This…
S10 · E1 · 3 May 2024 · 27 min
Todd Combs - Charlie Munger's Legacy
In this heartfelt episode, we pay tribute to Charlie Munger, the visionary vice chairman of Berkshire Hathaway who recently passed away. Joining us is Todd Combs, an investment officer at Berkshire Hathaway and a close acquaintance of Munger. Todd shares personal anecdotes and insights into Munger's profound influence on the investment world and his unique approach to life and business. From his early meetings with Munger to the invaluable lessons on value investing and rational thinking, Todd provides an intimate look into the wisdom of one of the greatest investors of our time. Key Topics:…
S9 · E6 · 29 Dec 2023 · 1 hr 3 min
Kim Lew - The Dynamics of Risk Management and Asset Allocation
Today's discussion with Kim Lew, President and CEO of the Columbia Investment Management Company, traverses her unique journey from her roots in the Bronx to managing a prominent Ivy League endowment. Kim shares her insights on navigating the intricate world of investment management, particularly in risk management and asset allocation. With a career marked by pivotal roles at entities like the Ford Foundation and Carnegie Corporation, her expertise brings a nuanced understanding of the interplay between market dynamics and organizational strategy. This episode explores how adaptability,…
S9 · E5 · 15 Dec 2023 · 52 min
John Armitage - Navigating Macroeconomic Shifts
In the complex world of financial markets and economic fluctuations, John Armitage, a seasoned investment maestro, sits down with us today. As the chief strategist behind the success of Egerton Capital, Armitage brings his profound insights into navigating the complexities of portfolio management and the subtle art of risk-taking in fluctuating markets. His expertise, honed through years of experience, sheds light on the critical impact of macroeconomic shifts and the pitfalls that stock pickers often encounter amidst outdated corporate data. This episode delves into passive investing,…
S9 · E4 · 24 Nov 2023 · 45 min
Nicolai Tangen - Decision-Making and Intuition in Investing
In the intricate dance of market movements and economic trends, it takes a discerning eye to discern patterns and make strategic decisions. Enter Nicolai Tangen, the astute CEO of Norges Bank Investment Management, who joins hosts Michael Mauboussin and Tano Santos on Value Investing with Legends. A connoisseur of art history and asset management, Nicolai offers a rare blend of expertise, drawing parallels between the seemingly disparate worlds of art and investment. His approach, marked by a blend of rigorous analysis and intuitive pattern recognition, reveals the underpinnings of a global…
S9 · E3 · 10 Nov 2023 · 1 hr
John Rogers - The Power of Patience
John Rogers isn't just a successful investor; he's an industry titan. As the founder of a reputable investment firm, he's made a name for himself with his contrarian value investing strategies. But he's not just a practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. John's journey began with an early fascination for finance from his youthful days. A Princeton alumnus, he entered the turbulent waters of the stock market and turned a calamity—the infamous crash of 1987—into a career-defining opportunity. In today's episode, John joins us to…
S9 · E2 · 27 Oct 2023 · 1 hr 2 min
Sheldon Stone - Liquidity, Covenants, and Capital Availability
Navigating the investment world is an enormous task, especially when looking at company numbers and the people running them. That's why we're thrilled to have Sheldon Stone on the show. Sheldon was the first in his family to go to college, attending the highly respected Bowdoin College. He was part of a remarkable class of 225 students, an experience that shaped his unique perspective on life and career. Hailing from New Jersey, Sheldon Stone has had a fascinating career journey. His time at Bowdoin wasn't just about hitting the books; it also laid the groundwork for his expertise in bonds…
S9 · E1 · 13 Oct 2023 · 1 hr
Ray Dalio - Risk, Return, and Asset Allocation
Navigating the complex world of wealth creation and financial history can be daunting. That's why our guest, Ray Dalio, places a strong emphasis on understanding the evolution of wealth, the current economic landscape, and the patterns that govern financial markets. As an iconic investor and author, Ray offers a wealth of knowledge backed by years of experience in the finance industry. He has written the seminal book, "Principles for Navigating Big Debt Crisis," which serves as a crucial resource for anyone interested in understanding historical financial crises. Ray is a legendary investor…
S8 · E8 · 31 Mar 2023 · 39 min
Fireside Chat with Tom Gayner, Markel Corporation
Today's conversation is a special one. I'm delighted to share my fireside chat with Markel Corporation's Tom Gayner from our 26th Annual CSIMA Conference. With decades of industry experience, Tom joined us to share insights into how Markel has differentiated itself from others in the insurance industry and the investment approach and philosophies that facilitate its continued growth. Thomas "Tom" Gayner is the Co-Chief Executive Officer of Markel Corporation. He oversees investing activities for the company, as well as the Markel Ventures' diverse industrial and service businesses. Tom…
S8 · E7 · 17 Mar 2023 · 52 min
Scott Hendrickson - An Unmasking of Quality
When evaluating a company, getting a clear picture of all the relevant factors can be challenging. That's why today's guest, Scott Hendrickson, heavily emphasizes management quality and companies where diligence can provide a high level of conviction. As a Columbia Business School graduate and adjunct professor, Scott is both a practitioner and a teacher. He has been an integral part of the investing program for almost a decade. Scott Hendrickson is a Partner and the Co-Founder of Permian Investment Partners, a $1.2 billion management-focused global long/short investment fund. Before…
S8 · E6 · 3 Mar 2023 · 1 hr 5 min
Bill Nygren - Fundamental Investing From A Generalist's Perspective
With the constant evolution of the asset management industry, investors need to stay a step ahead to justify earning an active management fee. With over 40 years of experience in the industry, this is a lesson that today's guest, Bill Nygren of Harris Associates, instills in the younger analysts he mentors. Bill is a true legend of value investing and an investor you can turn to whenever the market is uncertain. He radiates fundamental ideas and has an expansive perspective on the comings and goings of the market and the economy at large. Bill is the Chief Investment Officer for US equities…

About Value Investing with Legends

Value Investing with Legends is a English business podcast from Columbia Business School. Melo plays each episode straight from the publisher's own feed — no ads added, no account needed — and remembers where you stopped, in this browser only.

Publisher: Columbia Business School
Language: English
Category: Business
New episodes: Every two weeks
Typical length: 59 min
Latest episode: 10 Jul 2026
Feed: RSS — paste into any podcast app
Apple Podcasts: podcasts.apple.com/podcast/id1459993408

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