We are out with the fifth episode of This Week in Intelligent Investing, featuring Phil Ordway of Anabatic Investment Partners in conversation with corporate director, governance expert, and professor Lawrence A. Cunningham, author of Dear Shareholder.
Enjoy the conversation!
In this episode, Phil Ordway and Larry Cunningham discuss:
- Corporate governance: best and worst practices
- Capital allocation: do we need a committee?
- Alignment of insider incentives
- Indexers, transients, and quality shareholders
- Why quality shareholders add value to companies
- How companies can deserve quality shareholders
Would you like to follow up on this conversation?
Larry also discussed his book, Dear Shareholder, in a separate conversation with John. Listen to it here.
If you missed any past episodes, listen to them here.
About the Participants
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
Lawrence A. Cunningham is an authority on corporate governance, corporate culture, and corporate law, and teaches business-related courses that span these fields. He has written dozens of books and scores of articles on a wide range of subjects in law and business. These include the leading textbook on accounting used in law schools, a popular narrative on contracts, and best-selling books on Berkshire Hathaway and Warren Buffett (The Essays of Warren Buffett: Lessons for Corporate America and Berkshire Beyond Buffett: The Enduring Value of Values). His extensive work has been published in top university reviews such as Columbia Law Review, influential professional journals such as Directors & Boards, and mainstream media such as The New York Times and The Wall Street Journal.
Larry also serves on public company boards and nonprofits. He is on the board of Constellation Software Inc. (Toronto Stock Exchange), owner and operator of hundreds of vertical market software businesses, and previously served on the board of Ashford Hospitality Prime, Inc. (New York Stock Exchange), an investor in luxury hotels. In the nonprofit sector, he is a Trustee of the Museum of American Finance, a Smithsonian affiliate; Member of the Dean’s Council of Lerner College of Business of the University of Delaware; and a Member of the Editorial Board of Financial History, the magazine of the Museum of American Finance.
Before joining GW in 2007, Larry taught at Boston College Law School, where he served a two-year term as Associate Dean for Academic Affairs. From 1992 to 2002, he taught at Benjamin N. Cardozo School of Law, where he served a five-year term as Director of the Heyman Center on Corporate Governance and received the Professor of the Year Award in 2000. Larry has also taught or visited at Columbia, Fordham, St. John’s, and Vanderbilt, as well as Central European University, Hebrew University, University of Navarra, and Oxford. Before entering academia, he practiced corporate law with Cravath, Swaine & Moore in New York.
Larry is the Founding Faculty Director of GW Law’s semester-long business law program in New York City known as GWinNY and Director of C-LEAF, GW’s research program in corporate governance, featuring the Quality Shareholders Initiative. He has received numerous professional and civic awards and honors, including the 2018 B. Kenneth West Lifetime Achievement Award from the National Association of Corporate Directors (NACD) and the 2017 Girard College Alumni Association Award of Merit.
As further background, you may enjoy Larry’s conversation with Scott Phillips, brought to you by MOI Global in partnership with Templeton Press.The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. 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 podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast.