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!