LIVE on January 13-22: Best Ideas 2021

This 9th annual online conference brings together great minds from the MOI Global community of intelligent investors.

The Manual of Ideas

MOI Global’s flagship member publication features exclusive content, including thought leader interviews and in-depth idea theses.

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Member-Only Podcasts

We are delighted to launch member-only podcasts, enabling you to listen to exclusive MOI Global audio content in your favorite podcast player.

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Wide-Moat Investing Summit 2020

This 8th annual investment conference, held on July 2-3, brought together great minds from the MOI Global network of intelligent investors.

Replay the Sessions

Enjoy the wisdom, insights, and ideas of selected thought leaders:

Eros STX: Restructured, Fast-Growing Streaming Business at Discount

Naveen Jeereddi of Jeereddi Partners presented his in-depth investment thesis on Eros STX Global (US: ESGC) at Best Ideas 2021.

CarLotz: Used Vehicle Retail Disruptor Following Carvana Playbook

Brian Hennessey of Alpine Woods Capital presented Acamar Partners Acquisition Corp. / CarLotz (US: ACAM at Best Ideas 2021.

Naked Wines: Subscription-Based Business With Strong Unit Economics

Elliot Turner of RGA Investment Advisors presented his in-depth investment thesis on Naked Wines (UK: WINE) at Best Ideas 2021.

Mohnish Pabrai on His Evolution as an Investor, Lessons from Nick Sleep

Mohnish Pabrai of Pabrai Investment Funds joined fellow MOI Global members for a talk and Q&A session at Best Ideas 2021.

Guy Spier Shares Two Ideas: CARE Ratings, Seritage Growth Properties

Guy Spier of Aquamarine Capital Management joined fellow MOI Global members for a talk and Q&A session at Best Ideas 2021.

Fairfax Financial: Owner-Operated Insurer With Solid Long-Term Record

Jeffrey Stacey of Stacey Muirhead Capital Management presented Fairfax Financial Holdings (Canada: FFH) at Best Ideas 2021.

Glanbia: Misunderstood, Undervalued Business With Clear Levers

Josh Shores of Southeastern Asset Management presented an in-depth investment thesis on Glanbia (London: GLB) at Best Ideas 2021.

Sprouts: Specialty Grocer With Solid Execution and Capital Allocation

Jeff Sutton of ValueTree Investments presented his in-depth investment thesis on Sprouts Farmers Market (US: SFM) at Best Ideas 2021.

ECN Capital: Transformed, High-Quality Business With Growth Runway

Chris Colvin of Breach Inlet Capital presented his in-depth investment thesis on ECN Capital (Canada: ECN) at Best Ideas 2021.

European Investing Summit 2020

Discover Great Instructors and Great Ideas

The Zurich Project 2021

In June 2021, a select group of fund managers and founders will come together for the fifth edition of this invitation-only forum in beautiful Switzerland. Investors building firms for the long term share experiences, best practices, and ideas in an intimate private setting, far from the demands of day-to-day business.

The Zurich Project has received acclaim for its unique culture of respect, camaraderie, and honesty.

See a few impressions.

Latticework New York 2021

In the fall of 2021, members will meet at the Yale Club for the fifth annual Latticework. The summit explores the topic of mental models in a changing world. It has been lauded as a uniquely impactful forum of the best minds from the MOI Global community.

Speakers have included Charles de Vaulx, Tom Gayner, Howard Marks, Mohnish Pabrai, Chamath Palihapitiya, Tom Russo, Murray Stahl, Will Thorndike, Arnold Van Den Berg, and Ed Wachenheim.

Replay selected past sessions.

The Frankfurt Conversation 2021

In November 2021, invited members of MOI Global will meet in Frankfurt, Germany, for a day of wisdom and idea sharing.

The Frankfurt Conversation will address selected topics related to intelligent investing in Europe and beyond.

In the past, invited members engaged with European superinvestors Daniel Gladis, Dr. Hendrik Leber, Guy Spier, and others.

Replay selected past sessions.

Ideaweek 2022

Ideaweek brings together inquisitive minds to explore ideas of consequence in investing, business, and life.

In February 2022, invited members of the MOI Global community will meet in St. Moritz, Switzerland for a week of skiing, discussion, and friendship. The fourth annual Ideaweek is a showcase of ideas, a platform for great conversations, and an opportunity to catalyze relationships with like-minded individuals.

Read impressions from the last edition.

Bruce Greenwald on the Second Edition of Value Investing

December 10, 2020 in Audio, Building a Great Investment Firm, Commentary, Deep Value, Equities, Featured, GARP, History of Value Investing, Interviews, Jockey Stocks, Member Podcast, Wide Moat

We had the great pleasure of speaking with Professor Bruce N. Greenwald, Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School, about the outlook for value-oriented investing and the newly published second edition of his investment classic, Value Investing: From Graham to Buffett and Beyond.

The second edition comes two decades after the first, with each edition coinciding almost perfectly with a market boom in Internet stocks. Whether the publication of the second edition is a contrarian signal remains to be seen.

Professor Greenwald’s comments in this conversation may surprise some listeners, as his thoughts on the evolution of value investing emphasize how it needs to change in order to remain relevant and successful in the future.

Listen to the conversation (recorded on November 24, 2020):

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About the author:

Bruce C. Greenwald was Founding Director of the Heilbrunn Center for Graham and Dodd Investing at Columbia Business School from 2001 until his retirement in 2019. In addition to training thousands of students in the mysteries of value investing, he taught oversubscribed courses on the economics of business strategy and globalization. His book Competition Demystified, published in 2005, is still in print. He has also been Chairman of Paradigm Capital Management since its founding in 2007 and the Director of Research at First Eagle Funds from 2007-11, serving as a senior advisor since.

About the second edition:

The first edition of Value Investing: From Graham to Buffett and Beyond was published in 2001. It is still in print, having sold over 100,000 copies. It has been translated into five languages. Business school professors still assign it in their courses. But in the 20 years since the first edition, the economy has changed, the investment world has evolved, and the discipline of value investing has adapted to this new environment. This second edition responds to these developments. It extends and refines an approach to investing that began with Benjamin Graham and David Dodd during the Great Depression and was adapted by Warren Buffett, Charlie Munger, and others to earn returns in an environment in which the opportunity to buy a stock worth a dollar for 50 cents is no longer waiting in plain sight.

The foundation of this book is the course on value investing that Bruce Greenwald taught at Columbia Business School for almost a quarter century. His aim in the course, and our aim in the book, is to help the investor operating in the Graham and Dodd tradition find him or herself on the right side of the trade. The steps include searching for the right securities, valuing them appropriately, honing a research strategy to devote time to the right activities, and wrapping it all within a risk management practice that protects the investor from permanent loss of capital.

The book has been revised throughout, but the biggest change is the addition of more than two chapters on the valuation of growth stocks, which has always been a problem for investors trained in the Graham and Dodd tradition.

Successful value investing practitioners have graced both the course and this book with presentations describing what they really do when they are at work. There are brief descriptions of their practices within, and video presentations available on the website that accompanies this volume.

In addition to a selection of Warren Buffett’s letters, there are presentations by Mario Gabelli, Glenn Greenberg, Paul Hilal, Jan Hummel, Seth Klarman, Michael Price, Thomas Russo, and Andrew Weiss. Although their styles vary, they all are members in good standing of the Graham and Dodd tradition.

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The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

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