John Armitage - Navigating Macroeconomic Shifts
Release Date: 12/15/2023
Ricky Sandler - Investing Through Perception Shifts and Market Cycles
Value Investing with Legends
Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create...
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Robert Robotti - From Pink Sheets to Portfolio Management: Bob Robotti’s Value Investing Journey
Value Investing with Legends
Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar public firms. He breaks down key investments, including Builders FirstSource and Tidewater, and explains...
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Richard Brekka - From Venture to Secondaries: Richard Brekka on Illiquid Market Advantages
Value Investing with Legends
In this episode, host Tano Santos sits down with Richard Brekka, founder and managing partner of Second Alpha, to examine the lesser-known world of secondary investing in private technology companies. With decades of experience—from venture capital to secondary transactions—Richard shares his journey through private equity at Chase and CIBC, his role in building and reviving companies like Gomez Inc., and how that led him to identify a unique investment niche. He explains the mechanics of sourcing deals in illiquid markets, using data and AI to surface hidden gems, and the psychology of...
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Amit Wadhwaney - From Montreal to Moerus: Amit Wadhwaney’s Deep Value Discipline
Value Investing with Legends
Amit Wadhwaney, founding partner and portfolio manager at Moerus Capital Management, joins hosts Tano Santos and Michael Mauboussin to trace his unorthodox journey from Bombay to Concordia to founding a value investing firm focused on the balance sheet. Along the way, he discusses his early exposure to Marty Whitman, lessons from Third Avenue’s international expansion, and what led him to start Moerus. Amit outlines the core of his investment approach—asset-based valuation, downside protection, and long-term holding periods—and explains why macro factors are typically...
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Bill Ackman - Evolving Investment Playbook, From MBIA to Moats
Value Investing with Legends
Bill Ackman, founder and CEO of Pershing Square Capital Management, joins hosts Michael Mauboussin and Tano Santos to trace the arc of his investing journey—from his early days in real estate finance to founding Gotham Partners and eventually building Pershing Square into a $30 billion firm. Bill discusses formative moments that shaped his thinking, including his controversial early short of MBIA, the painful lessons of the Valeant episode, and the transformation brought about by adopting a permanent capital structure. He also unpacks his investment philosophy, the importance of durability...
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Kristin Gilbertson - Risk, Resilience, and Returns
Value Investing with Legends
In this episode, hosts Tano Santos and Michael Mauboussin speak with Kristin Gilbertson, CIO of Access Industries and former CIO of the University of Pennsylvania Endowment. Kristin shares her early interest in economic development and her unique journey through the World Bank, Stanford Management Company, and into managing a major university endowment. She outlines how risk awareness and preparation helped her successfully lead through the 2008 financial crisis and gives detailed insights into asset allocation, manager selection, and the nuances of family office investing. Kristin also...
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Seth Klarman - Contrarian Investing, Discipline, and Building Baupost
Value Investing with Legends
In this episode, host Michael Mauboussin sits down with Seth Klarman, CEO and portfolio manager of The Baupost Group. One of the most influential practitioners of value investing, Seth shares his formative stories — from arbitraging coins as a kid to launching Baupost in 1982 — and reflects on his decades-long investment philosophy. They explore timeless principles of market inefficiencies, the importance of temperament, specialization versus generalization, the role of patient capital, and the challenges and opportunities ahead for investors in today’s world. Seth also opens up about...
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Kent Daniel — From Physics to Finance: Exploring Market Inefficiencies
Value Investing with Legends
In this episode of Value Investing with Legends, Tano Santos and Michael Mauboussin sit down with Kent Daniel, Professor of Finance at Columbia Business School, to discuss his journey from physics at Caltech to leading research in behavioral finance and quantitative investing. Kent shares insights from his academic work and his years at Goldman Sachs, including his critiques of the Fama-French model, the role of intangible information in asset prices, and the implications of short selling constraints. The conversation spans decades of market evolution, empirical challenges, and the behavioral...
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Cliff Asness — Quant Origins, Value Crashes, and Market Inefficiencies
Value Investing with Legends
In this episode, Cliff Asness joins Tano Santos and Michael Mauboussin for a conversation that spans the evolution of quantitative investing, lessons from market crises, and the enduring tension between risk and behavioral explanations in finance. From his formative years at the University of Chicago under Gene Fama to building AQR into a quant powerhouse, Cliff reflects candidly on theory, performance, and how markets may have become less efficient in recent years. Key Topics: Tano and Michael return from sabbatical and reflect on recent academic and classroom experiences (0:00)...
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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...
info_outlineIn 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
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