Welcome to Graham & Doddsville
We are pleased to present the 45th edition of Graham & Doddsville. This Columbia Business School (CBS) student-led investment publication is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA). In this issue, we were fortunate to be joined by three investors who have plied their trades across geographies, asset classes and market cycles.
We first interviewed Christopher Lin, portfolio manager of Fidelity’s OTC fund. We discussed Mr. Lin’s journey to investing, mentors, and what sustainable growth at a reasonable price means to him. We also discussed the lessons he learned from covering biotechnology and how probabilistic thinking influences his investments.
Then we interviewed Mark Cohen and Raphael Rabin-Havt, from Stone House Partners. We’ve discussed mentors, extensive due diligence, and how to determine what’s knowable or unknowable when researching a potential investment.
Finally, we interviewed Fred Liu, founder of Hayden Capital. We talked about the lessons Fred learned from building a fund and the importance of relationships in any business. We also discuss competitive advantage in research and the extent to which information can be truly differentiated in modern markets.
We continue to bring you current CBS student action pitches. In this issue, we feature the winner of the Artisan Investing Challenge 2022, Dickson Pau (KKR, Financial).
You can find more in-depth interviews on the Value Investing with Legends podcast, hosted by Tano Santos and Michael Mabuoussin, head of consilient research on Counterpoint Global at Morgan Stanley Investment Management and adjunct faculty member at Columbia Business School. Recent interviewees include Lauren Taylor Wolf, Mason Morfit and Thomas Russo.
We thank our interviewees for contributing their time and insights not only to us, but to the entire investment community.
Continue reading this issue here.