Lauren Taylor Wolfe - Adding Value With A Creative Approach to Environmental, Social, and Governance Change
Release Date: 11/12/2021
Phil Ruvinsky - Sustainable Competitive Advantages in Technology
Value Investing with Legends
In this episode, Michael Mauboussin, adjunct professor at Columbia Business School, hosts Phil Ruvinsky, Managing Director and Head of the Fundamental U.S. Growth Team at BlackRock. With extensive experience in the investment industry, Phil shares his journey from law to finance, discusses his investment philosophy, and explains the importance of sustainable competitive advantages. The conversation explores the evaluation of management, the impact of AI on the competitive landscape, and the nuances of portfolio construction. Phil also highlights the role of macroeconomic factors and regulatory...
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Anu Bradford - EU Influence, Big Tech Challenges, and the Future of Digital Governance
Value Investing with Legends
In this episode, hosts Tano Santos and Michael Mauboussin speak with Anu Bradford, the Henry L. Moses Professor of Law and International Organization at Columbia Law School, to discuss the intricate dynamics of global technology regulation. Anu is recognized for her deep expertise in international economic law. Her pivotal books "The Brussels Effect" and "Digital Empires" explore how significant regions like the US, EU, and China shape technological standards worldwide. The conversation probes the complexities of regulating big tech companies across different legal and political landscapes,...
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Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms
Value Investing with Legends
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...
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James Bessen - Understanding the Tech Paradigm
Value Investing with Legends
In the third episode of Season 10, hosts Tano Santos and Michael Mauboussin speak with James Bessen, Executive Director of the Technology and Policy Research Initiative at Boston University. Delving into the intricacies of technological advancement and market dynamics, Bessen shares his insights on the evolving landscape of competition and innovation. The discussion highlights the impact of proprietary software on industry disruption, exploring the significant shift from mass production to mass customization facilitated by technology. This episode not only provides a deep dive into the...
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Jan Hummel - Deep Diligence at Paradigm Capital
Value Investing with Legends
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...
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Todd Combs - Charlie Munger's Legacy
Value Investing with Legends
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. ...
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Kim Lew - The Dynamics of Risk Management and Asset Allocation
Value Investing with Legends
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,...
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John Armitage - Navigating Macroeconomic Shifts
Value Investing with Legends
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,...
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Nicolai Tangen - Decision-Making and Intuition in Investing
Value Investing with Legends
In the intricate dance of market movements and economic trends, it takes a discerning eye to discern patterns and make strategic decisions. Enter Nicolai Tangen, the astute CEO of Norges Bank Investment Management, who joins hosts Michael Mauboussin and Tano Santos on Value Investing with Legends. A connoisseur of art history and asset management, Nicolai offers a rare blend of expertise, drawing parallels between the seemingly disparate worlds of art and investment. His approach, marked by a blend of rigorous analysis and intuitive pattern recognition, reveals the underpinnings of a global...
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John Rogers - The Power of Patience
Value Investing with Legends
John Rogers isn't just a successful investor; he's an industry titan. As the founder of a reputable investment firm, he's made a name for himself with his contrarian value investing strategies. But he's not just a practitioner; he's an educator, avidly reading and contributing to seminal works in investment literature. John’s journey began with an early fascination for finance from his youthful days. A Princeton alumnus, he entered the turbulent waters of the stock market and turned a calamity—the infamous crash of 1987—into a career-defining opportunity. In today's episode, John joins...
info_outlineActivist investing is the new frontier for value investors, allowing them to be the agents of their own returns.
Today we’re continuing our examination of the activist style of investing by exploring the intersection of two important trends in the money management industry: activism and environmental, social, and governance investing.
Impactive Capital’s Lauren Taylor Wolfe joins us to share her perspective and Impactive’s unique approach to creatively incorporating environmental, social and governance (ESG) into activism.
Lauren is co-founder and Managing Partner of Impactive Capital, an activist investment management firm that currently has more than 1.5 billion in assets under management. Prior to founding Impactive, she spent 10 years at Blue Harbour Group where she was a Managing Director and Investing Partner. Lauren earned her M.B.A. from The Wharton School at University of Pennsylvania and a B.S. magna cum laude from Cornell University.
In this episode, Lauren, Michael and I discuss her non-linear journey to investing, what she learned from working in different industries, how she became interested in activist investing, what Impactive is doing to improve diversity in the industry, and so much more!
Key Topics:
- Lauren’s first business endeavors (2:05)
- Lauren’s work experiences after graduation (3:13)
- Why Lauren was drawn to value investing early in her career (6:16)
- How TurboChef raised Lauren’s interest in activist investing (8:57)
- Why many executives struggle with capital allocation (11:49)
- Impactive’s focus on business quality and time horizon (14:13)
- The evolution of activist investing (16:25)
- Impactive’s approach to working with management (18:21)
- Idea screening and ESG considerations (20:33)
- How Impactive values businesses (21:24)
- Thinking about business resilience (25:13)
- Portfolio construction and sizing (26:40)
- Lauren’s thoughts on luck and skill (30:22)
- Creating a diverse workforce in investment management and our support industries (32:08)
- Impactive’s approach to idea sourcing and prioritization (34:30)
- HD Supply’s business background (37:39)
- HD Supply’s move from Home Depot to private equity and back (40:49)
- KBR’s transformation into a high quality business (46:16)
- The opportunities Impactive identified with KBR (49:30)
- Lauren’s perspective on meme stocks and SPACs (52:41)
- Opportunities and risks on the horizon (54:47)
- Books that Lauren is reading (57:01)
- And much more!
Mentioned in this Episode:
- Impactive Capital
- William Thorndike’s Book | The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success
- Robert G. Kirby’s Article | The Coffee Can Portfolio
- Annie Duke’s Book | How to Decide: Simple Tools for Making Better Choices
- Scott Page’s Book | The Diversity Bonus: How Great Teams Pay Off in the Knowledge Economy
- Scott Page’s Book | The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies
- Bill Gates’ Book | How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need
- Kazuo Ishiguro’s Book | Klara and the Sun
- Ted Koppel’s Book | Lights Out: A Cyberattack, A Nation Unprepared, Surviving the Aftermath
Thanks for Listening!
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