HBS Professor Lauren H. Cohen on Family Office Wealth Management

November 8, 2024 in Audio, Diary, Equities, Interviews, Private Equity

We had the pleasure of speaking with Lauren H. Cohen, the L.E. Simmons Chaired Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research.

Prof. Cohen is the Faculty Co-Chair and Designer of the HBS Executive Education course “Building a Legacy: Family Office Wealth Management,” designer of a first-of-its-kind MBA course entitled “How to Not Bankrupt Your Family,” and Faculty Co-Chair and Designer of the HarvardX Fintech course.

This conversation explores the topic of family office wealth management.

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About the guest:

Lauren Cohen is the L.E. Simmons Chaired Professor in the Finance & Entrepreneurial Management Units at Harvard Business School and a Research Associate at the National Bureau of Economic Research. He is an Editor of the Review of Financial Studies, along with being a past Editor of Management Science, and serving on the editorial board of the Review of Asset Pricing Studies.

Professor Cohen teaches in the MBA Program, Executive Education Program, Doctoral Program, and Special Custom Programs at the Harvard Business School, teaching across Family Enterprise, Investment Management, and Innovation Course Offerings. In particular, he is the Faculty Co-Chair and Designer of the HBS Executive Education course ‘Building a Legacy: Family Office Wealth Management,’ designer of a first-of-its-kind MBA Course in Family Offices entitled ‘How to Not Bankrupt Your Family,’ and Faculty Co-Chair and Designer of the HarvardX Fintech course.

He is an award-winning researcher, and best-selling case writer, with works published in the top journals in Finance and Economics.

His work is frequently profiled in various media outlets including The Wall Street Journal, The New York Times, The Washington Post, The EEconomist, and Forbes. It has also been recognized by numerous National Science Foundation (NSF) Awards, including a National Science Foundation Early Career Development (CAREER) Award for his research agenda on Relationships in Finance. He was named a 2008 Pensions & Investments “Cutting Edge Academic,” a Top 40 Under 40 Business School Professor in 2017 by Poets & Quants, and a top teacher at Harvard by CNBC.

Dr. Cohen frequently advises government organizations in the US and abroad, including the United States Securities and Exchange Commission, United States Patent & Trademark Office, testifying before the United States Congress, and advising governments, central banks, inter-governmental organizations, and sovereign ruling families throughout Europe, Africa, and Asia on matters of Innovation Policy, Impact Investing, Climate Change, Pension Structure, and Family Office Management.

Through his applied work, Dr. Cohen has consulted with top hedge funds in the industry, and has been awarded numerous practitioner research prizes. He has also appeared as an expert witness in high profile innovation-, insider trading-, and investment-related litigation cases, including those involving the largest global asset management and operating firms.

Dr. Cohen received a PhD in finance and an MBA from the University of Chicago in 2005. He earned dual undergraduate degrees from the University of Pennsylvania – a BSE from the Wharton School and a BA in economics from the College of Arts & Sciences in 2001. He has also served on the Advisory Boards of Oppenheimer Funds (acquired by Invesco Investment Management Ltd.), Cake Financial (acquired by E*Trade) and Quadriserv, Inc. (acquired by EquiLend Holdings – an industry consortium comprised of Goldman Sachs, Morgan Stanley, Credit Suisse, Bank of America, UBS, JPMorgan, Northern Trust, Blackrock and State Street).

Professor Cohen currently resides in Belmont, MA with his wife – Dr. Nicole Cohen – and their six children. In his spare time, Professor Cohen is a competitive powerlifter.

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.

Fund Manager James Emanuel Discusses His Book, Fabric of Success

November 6, 2024 in Audio, Diary, Equities, Explore Great Books Podcast, Full Video, Interviews, Member Podcasts, Podcast

We had the pleasure of speaking with James Emanuel, author of Fabric Of Success: The Golden Threads Running Through The Tapestry Of Every Great Business.

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About the book:

Most businesses are mediocre at best, but a small percentage stand out as exceptional. One thing distinguishes one type from the other – the management. In 1997, Apple was on the brink of collapse with less than 90 days of cash flow remaining, yet today it stands as one of the greatest businesses on the planet. The pivot occurred when Steve Jobs took over from John Sculley. The same company, with different management, produced dramatically different outcomes. Similarly, while most airlines struggle with profitability and often succumb to bankruptcy, Southwest Airlines achieved 40 years of uninterrupted profitability, making it best in class by a country mile. Its secret was Herb Kelleher, its brilliant and unconventional CEO. This pattern repeats in every industry from freight, textile mills and car rentals, to tire-fitting, technology and fashion. This book unravels the golden threads that run through all of these wonderful businesses.

About the author:

James Emanuel lives and works in London, England. He is happily married and has three children. He qualified in English law having achieved a Bachelor of Laws degree with Honours (and several academic prizes along the way). He subsequently secured a post graduate Legal Practice Certificate from the Law Society of England and Wales. However, having enjoyed the academic side of law, practicing law was not what excited him. Sharing a family aptitude for mathematics and economics — his father, being a retired stockbroker and his brother an actuary — he was drawn into the world of finance, particularly investing in businesses. As an investor in some of the world’s leading businesses, he has engaged with corporate leaders and learned what success looks like. He constantly introduces constructive challenges to inform corporate decision making and has improved the fortunes of the companies in which he has a financial interest. He has also served as a special advisor to the U.K. Government in matters relating to business policy.

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.

UBS CIO Mark Haefele Discusses His Book, The New Rules of Investing

November 6, 2024 in Audio, Interviews

We had the pleasure of speaking with Mark Haefele, author of The New Rules of Investing: Essential Wealth Strategies for Turbulent Times.

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About the book:

It’s not hard to grasp why we need to change the way we think about investing. Over the past twenty-five years, new developments in world affairs, demographics, technology, and more have disrupted the old reality—and these changes directly affect the financial markets and your individual portfolio. Stock picking and Buffett-style investing are the financial tools of a bygone era, yet many investors are confused about what should take their place. So what do you need to know to protect and grow your wealth in these turbulent times?

In this playbook for protecting and growing your wealth, Haefele shares the investing strategies he uses at UBS and distills his battle-tested philosophy into a set of actionable rules that can guide you into a secure financial future. You’ll walk away knowing

  • How to follow the money—see where governments are investing and how this insight can drive your own investment decisions.
  • Why you should allocate assets and think about your wealth in three portfolio “buckets” that cover short-term, long-term, and legacy scenarios.
  • How understanding yourself and your personal money issues pays off—literally.
  • How to get results beyond the balance sheet via impact investing, which allows you to grow your portfolio while benefitting causes you care about.

Accessible explanations, client case studies, personal stories, and bottom-line summaries make The New Rules of Investing a resource you’ll consult time after time. Whether you’re a novice working with a financial advisor, an experienced investor, or an investment professional, you’ll be better equipped to manage your wealth more efficiently, calmly, and successfully.

About the author:

Mark Haefele is the global chief investment Officer at UBS AG. Mark oversees the investment policy and strategy for around $4 trillion in invested assets at UBS. He leads a team of about 1,200 investment professionals.

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.

Lifco: Sweden-Based, Family-Owned Acquirer with Good Capital Allocation

November 5, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

Pieter Hundersmarck of Castra presented his investment thesis on Lifco (Sweden: LIFCO-B) at European Investing Summit 2024.

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This session is also available as an episode of Discover Great Ideas, a member podcast of MOI Global. (Learn how to access member podcasts.)

About the instructor:

Pieter Hundersmarck is the Chief Investment Officer of Castra, a family office based in Amsterdam. Pieter has been investing internationally for over 15 years and has broad experience across asset classes in developed and emerging markets. Prior to Castra, Pieter worked at Flagship Asset Management, one of South Africa’s most awarded boutique asset managers. Prior to that he worked at Coronation Fund Managers for 10 years, and also co-managed a global equities boutique at Old Mutual Investment Group. Pieter holds a BCom (Economics) from Stellenbosch University and an MSc Finance from Nyenrode Universiteit in the Netherlands.

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.

VZ Holding: Owner-Operated, Steady Compounder in Financial Services

November 5, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

Markus Matuszek of M17 Capital Management presented his investment thesis on VZ Holding (Switzerland: VZN) at European Investing Summit 2024.

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About the instructor:

Markus Matuszek is an investor and entrepreneur. He is the founder, CEO and Chief Investment Officer of M17 Capital Management, who invests into long/short value positions as well as private opportunities, biased towards European ideas. His group also acquires ownership positions in companies and seeks to maximise their long-term potential by working with management and other shareholders. It invests its own capital and works with a select group of co-investors. Markus aims for controlling positions yet is flexible in holding periods and transaction structures. His focus is to invest in stable companies which are undergoing change and he does not shy away from distressed situations or structural dislocations, provided the risks are acceptable and he believes in a company’s long-term value creation potential.

Prior to M17, Markus ran asset management and advisory firm Hermes Capital Management as well as he was a managing partner at hedge fund Gabelli & Partners. He has been investing in listed securities, private companies and real estate over 20 years with a solid track record. Earlier in his career, Markus was a senior advisor / interim manager with extensive advisory and hands-on work in strategy, restructuring, organizational change, corporate finance/M&A and risk management in Western Europe, Eastern Europe and the US. He started his professional career with McKinsey & Company. His education includes a M.A. in finance, accounting and controlling from the University of St. Gallen (Switzerland), a master degree from CEMS and dual MBAs from Columbia Business School and London Business School (with honors). Furthermore, he studied at the Warsaw School of Economics and University of Geneva and received several merit-based fellows and scholarships. He is also a CFA charterholder and a long-term jury member for the CFA Institute’s Research Challenge in Switzerland as well as for EMEA.

Vestas: Self-Fix Opportunity at Global Leader in Wind Power Turbines

October 31, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

Ole Søeberg of Nordic Investment Partners presented his investment thesis on Vestas Wind Systems (Denmark: VWS) at European Investing Summit 2024.

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About the instructor:

Ole Soeberg is the founder of Nordic Investment Partners, a family office for three families. Ole has nearly four decades of investment experience in asset management, investor relations, and investment banking.

Solocal: Owner-Operated Turnaround with Early Signs of Success

October 31, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

David Autin presented his investment thesis on Solocal Group (France: LOCAL) at European Investing Summit 2024.

Thesis summary:

Is Solocal an exception to Warren Buffett’s observation that “when a brilliant management team tackles a business with poor economics, it’s the business’s reputation that remains intact”? Over the past decade, Solocal has transformed from a leading paper directory to a 100% digital company, offering services to about 250,000 French SMEs on a subscription basis (€120 per month). It provides tools for visibility on major internet platforms, website creation, and digital advertising. The company targets a market of 4.4 million SMEs in France, spending an average of €415 per month on advertising, more than half of which is digital.

The company has undergone its fourth capital increase in seven years, but this time, Maurice Lévy, former CEO of Publicis, is leading the charge through his family holding, YCOR. Lévy’s family, who now holds 64% of Solocal’s share capital, has already achieved significant milestones, including renegotiating the company’s headquarters rent (saving €14 million) and reducing financial debt by over 80%. By the end of 2024, net financial debt should be around €40 million, with a normalized free cash flow (FCF) capacity of €20 million, making debt (at 0.8x EBITDA) a non-issue.

In recent years, two factors have negatively impacted FCF: high interest expenses (€35-40 million annually) and a negative working capital change due to the declining business. However, with a projected stabilization of revenue by 2025 and interest costs expected to drop to €5 million, these pressures should ease, improving cash generation.

The board and executive team have seen new additions, including Lévy and his son, bringing credibility and strategic vision previously lacking. Lévy’s perseverance is evident, as YCOR took over REGICOM (formerly Proximedia Webformance from Publicis) in 2019 and attempted to acquire a competing site local.fr in 2022, though it was ultimately bought by Xavier Niel. REGICOM, albeit smaller, has seen its revenues grow from €30 million in 2019 to €44 million in 2023, with EBITDA improving from -€7 million to €2 million over the same period. This business was integrated into Solocal during the restructuring.

While a sales recovery is not expected overnight, the new management team anticipates stabilization by 2026, with new products and services to be launched. However, there are no guarantees, given the company’s track record. Additional risks include a thinly traded small-cap stock (€100 million market cap, 13% free float) and a business that is entirely French-based.

In terms of valuation, Solocal has a market capitalization of €100 million, €40 million in net financial debt, and €88 million in provisions (mostly pensions). With sales expected to stabilize at €340 million, the company offers a 20% FCF yield and trades at 2x EV/EBITDA, significantly lower than peers, whose multiples range from 6x to 8x EBITDA. This suggests a potential for the stock to triple in value if Lévy succeeds in driving top-line growth and increasing EBITDA margins to 25% within five years (compared to 15% in 2024), given the company’s operating leverage. Financial leverage is no longer an issue, and the company is now led by credible and experienced people.

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About the instructor:

David Autin, CFA, is a private investor based in Paris, France. He brings over 15 years of experience in the financial industry, having most recently served as an Equity Fund Manager at Richelieu Gestion until mid-2024. Prior to joining Richelieu in 2019, David held fund management roles at Pléiade Asset Management and Auris Investment Managers. He holds a specialized Master’s in International Finance from NEOMA Business School and a Bachelor of Arts in International Business from the University of Brighton. David is a CFA charterholder.

Dr. Martens: New Leadership to Stabilize and Grow Storied Brand

October 31, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

Adam Crocker of Logbook Investments presented his investment thesis on Dr. Martens (UK: DOCS) at European Investing Summit 2024.

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About the instructor:

Adam Crocker, CFA is Founder and Chief Investment Officer of Logbook Investments, a value fund with core positions based on insights from books. Logbook launched in 2016 and is seeded by his former employer. Prior to Logbook, Adam was a co-manager at Metropolitan Capital Advisors, a long/short equity fund founded in 1992. Before joining Metropolitan, he was an analyst at Morgan Stanley Investment Management conducting research on behalf of growth and value investment teams. He began his career in Leveraged Finance investment banking at JPMorgan. Adam is a 2005 graduate of the Value Investing Program at Columbia Business School and has an undergraduate degree in Economics from Columbia University.

OSB Group: Shareholder-Friendly UK Specialty Mortgage Lender

October 30, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

Daniel Gladiš discussed Vltava Fund’s approach to investing in the banking sector and presented his investment thesis on OSB Group (UK: OSB) at European Investing Summit 2024.

Thesis summary:

OSB Group is a leading specialist mortgage lender that focuses primarily on carefully selected sub-segments of the UK mortgage market.

The bank specializes in the buy-to-let segment, in which it has 9% UK market share. The big banks consider this market too labor-intensive and have exited it. Buy-to-let lending is less risky than mortgages to homeowners. LTVs of 65% and cost of risk of 0.25% prove this.

OSB is fully funded with deposits, has a cost-to-income ratio in the 30s and is completely focused on its niche market.

Since its IPO in 2014, book value has grown 18% per annum.

With ROEs in the mid-teens, the shares deserve a higher market valuation than a P/E of 4.5x and P/B of 0.7x, especially as shareholders enjoy regular large dividends and the benefits of below-book value share repurchases.

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About the instructor:

Daniel Gladiš, based in the Czech Republic, has amassed a market-beating track record since starting VLTAVA Fund in 2004. VLTAVA Fund is a value-oriented, research-driven investment fund focused on investing in good companies run by quality management. Previously, Daniel was Director and Chairman of the Board of Directors of ABN AMRO Asset Management (Czech) from 1999–2004. He was also Director and founder of Atlantik finanční trhy, a.s., a member of the Prague Stock Exchange. Daniel is a graduate of VUT Brno and has authored the best-selling books Naučte se investovat (Learn to Invest) and Akciové investice (Stock Investments).

Macfarlane: UK Market Leader and Consolidator in Protective Packaging

October 30, 2024 in Audio, Diary, Discover Great Ideas Podcast, Equities, Europe, European Investing Summit 2024, European Investing Summit 2024 Featured, Ideas, Member Podcasts

José Antonio Larraz of Equam Capital presented his investment thesis on Macfarlane Group (UK: MACF) at European Investing Summit 2024.

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About the instructor:

José Antonio Larraz is a founding partner of Equam Capital. Jose has 15 years of experience as a partner in Capital Alianza Private Equity, investing in Spanish private companies in the middle market. He has investment experience in chemical, food, retail, outsourcing and telecommunications sectors, having participated in the board of directors of six different companies. Jose has 4 years of experience in financial advisory, corporate finance and M&A at Lehman Brothers in London and New York and He is a Professor at Instituto de Empresa since 2008. Jose holds a degree in Law and Business Administration from ICADE University and MBA from Insead.

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