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 govern market dynamics. Jonathan also discusses the implications of regulatory frameworks and their intersection with business strategies in shaping industries and so much more!

Key Topics:

• Jonathan Knee's background and expertise in media and technology (01:40)
• The initial impetus behind writing "The Platform Delusion" and the misconceptions it addresses (13:14)
• Definitions and the real economic underpinnings of platform businesses (17:52)
• Competitive advantages and the robustness of network effects in digital platforms (35:02)
• Exploring the sustainability of various business models within tech giants like Meta and Google against emerging technologies (44:51)
• Insights into the strategic decisions that have fortified Apple's market position over the years (48:38)
• The impact of generative AI on existing business ecosystems and future market trends (55:36)
• Societal and technological transformations influencing today's business environment (58:55)
• Jonathan’s book recommendations (01:01:30)
• And much more!

Mentioned in this Episode:

• Evercore Partners
• Columbia Business School
• The Platform Delusion by Jonathan Knee
• Small Things Like These by Claire Keegan

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

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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 conversation offers listeners insights into the subtleties of value investing, portfolio construction, the implications of geopolitical and economic dynamics on market opportunities, and so much more!

Key Topics:

• Introduction and background of Jan Hummel (0:37)
• Fundamental tenets of investment philosophy at Paradigm Capital (1:25)
• The impact of European market dynamics on investment strategies (7:25)
• Sourcing and valuing investment opportunities (9:47)
• Specific approaches to risk management and hedging strategies (22:23)
• Portfolio sizing and the decision-making process behind exiting investments (26:00)
• The role of geographical focus in Paradigm's investment strategy (29:12)
• Valuation techniques and practical applications in portfolio management (32:03)
• Trends and challenges in the European asset management industry (36:48)
• Macro-economic factors influencing market conditions and investment decisions (40:30)
• Prospects for growth and opportunities in the European financial landscape (45:17)
• Jan’s book recommendations (46:06)
• And much more!

Mentioned in this Episode:

• The Fiscal Theory of the Price Level by John Cochrane
• Paradigm Capital
• Columbia Business School

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

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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:

• Celebrating Charlie Munger’s contributions and legacy (01:20)
• Todd’s initial encounters with Munger (02:15)
• The intellectual journey and partnership between Munger and Buffett (08:57)
• Munger's approach to life, investing, and the importance of mental models (11:22)
• Behavioral economics insights shared by Munger (13:00)
• The practical applications of Munger’s wisdom in business and investing (16:17)
• Munger’s lasting impact (24:59)
• And much more!

Mentioned in this Episode:

• Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger by Charles T. Munger
• Thinking, Fast and Slow by Daniel Kahneman

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

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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, intellectual curiosity, and understanding global trends shape successful investment approaches.

Key Topics:

• Kim's early career and transition to finance (2:59)
• Role at Chemical Bank and career progression (5:05)
• Experience at Prudential Capital and Ford Foundation (9:27)
• Shift to Carnegie Corporation and Columbia Investment Management (18:07)
• Challenges of managing a larger endowment (20:13)
• Aligning endowment goals with university values and ESG considerations (22:08)
• Comprehensive approach to risk management (26:54)
• Asset allocation and balancing public vs. private markets (34:06)
• The concept of future-proofing investment strategies (41:19)
• Organizational behavior in asset management (48:54)
• Importance of intellectual curiosity in team members (55:11)
• Kim’s book recommendations (1:01:01)
• And much more!

Mentioned in this Episode:

• Columbia Finance
• The Worlds I See: Curiosity, Exploration, and Discovery at the Dawn of AI by Fei-Fei Li
• Quit: The Power of Knowing When to Walk Away by Annie Duke
• Hidden Potential: The Science of Achieving Greater Things

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

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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, dissecting the crucial role of competitive dynamics in sectors like European aviation and examining the transformative impact of a growing talent pool on the traditional realms of asset management. Armitage also ventures into the ethical crossroads, intertwining moral integrity, societal upheaval, and the revolutionary wave of artificial intelligence. We uncover his focus on growth, governance, and quality, underpinned by a meticulous decision-making process at Egerton Capital, his literary pursuits, pondering over the influence of literature on his investment philosophy, and so much more!

Key Topics:

• Overview of Egerton Capital (1:42)
• Transitioning from broad ideas to specific investments and the role of specialization (8:29)
• Egerton Capital’s approach to researching new investment opportunities (12:58)
• Understanding market signals and opposing investment perspectives (15:46)
• John’s approach to portfolio building and decision-making in investing (20:00)
• Client importance, portfolio building, and decision-making in investing (23:37)
• Luck, being in the right place at the right time, and mentorship (28:07)
• Managing portfolio volatility and the frequency of financial crises (30:54)
• John’s positive outlook on reinsurance space and companies like Ryanair and Meta (35:31)
• The future of stock picking and asset management (41:19)
• What worries John and excites him about the future (43:09)
• John’s book recommendations (45:29)
• And much more!

Mentioned in this Episode:

• Egerton Capital
• The Golden Mole and Other Living Treasure by Katherine Rundell
• Super-Infinite - The Transformations of John Donne by Katherine Rundell
• The Fall of Robespierre: 24 Hours in Revolutionary Paris by Colin Jones
• The Sword and the Shield by Christopher Andrew and Vasilli Mitrokhin

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!