Harvest Interview Series: Ori Eyal Of Emerging Value Capital Management

Harvest Interview Series: Ori Eyal Of Emerging Value Capital Management

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The Harvest Interview Series provides exclusive access to financial business leaders including money managers, institutional allocators, research firm founders and other top investment professionals. These unique Q&A interviews give investors access to the top thought leaders in the investment industry.

Ori Eyal, Managing Director

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Emerging Value Capital Management LLC

Khai Nguyen Interviews Ori Eyal

Ori Eyal is the Founder and Managing Partner of Emerging Value Capital Management (EVCM) with over 14 years of experience in global value investing. EVCM manages global, long-short, value hedge funds which invest based on Mr. Eyal’s global investing framework.

Born in Israel and raised both in Israel and the US, Ori has a strong understanding of how to invest in both developed and emerging markets. Previously, Ori performed global investment analysis at Deutsche Bank Asset Management, Deephaven Capital Management and at Aquamarine Fund.

Ori Eyal won first place in the LCG investment challenge (National Value Investing Competition) and third place in the VCIC (National Venture Capital Investing Competition). He presented at several prestigious conferences including the Value Investing Congress (California), The Value Investing Seminar (Italy), the Best Ideas Conference (Online), and ValueX (Zurich).

Ori Eyal earned an MBA from the University of Chicago Booth School of Business, an MSc in Computer Science from the Open University of Israel and a BSc from the University of Maryland. In addition to investing, economics and emerging markets, his interests include logic games & puzzles, artificial intelligence, strategy, science/physics/astronomy, and the upcoming technological singularity.

Khai Nguyen: I’m here with Ori Eyal, Founder and Managing Partner of Emerging Value Capital Management. Ori, welcome and thank you for joining us.

Ori Eyal: Khai, good to see you and thanks for having me.

Khai Nguyen: Your career, since 2001, has been focused specifically on value investing. What about value investing makes it so compelling to you?

Ori Eyal: While I started out as a Computer Scientist, I was always interested in finance and economics. Around the year 2000, I read “The Essays of Warren Buffett” and became a value investing addict. Studying the writings of top value investors including Warren Buffett, Charlie Munger, Joel Greenblatt, Seth Klarman, David Einhorn and Bill Ackman has helped lay the foundations for my investment framework. The basic tenets of value investing make intuitive sense to me: buying something for less than its worth, investing within your circle of competence, demanding a large margin of safety, investing for the long term, being contrarian, and the power of compounding over time.

Ever since, I have been on a journey to learn from the masters of value investing and to develop my global value investing framework. I earned my MBA at the University of Chicago – Booth School of Business in 2006. I worked for Deutsche Bank Asset Management as an analyst at one of their global investing funds. I also interned for several hedge funds, including Deephaven and for Guy Spier at Aquamarine.

Khai Nguyen: What were some of the investing lessons you took from Guy Spier and incorporated into your investing process?

Ori Eyal: I was very fortunate to work for Guy Spier at Aquamarine Fund while studying for my MBA at the University of Chicago. Guy Spier is an extremely talented and thoughtful investor who looks at the world as one global integrated market. Using his deep insights into how the world operates and his latticework of mental models, Guy has been able to successfully identify and invest in some of the world’s greatest businesses.

At one point, Guy and I traveled to Israel together and we went to visit and research about 15 undiscovered companies in Israel. In some cases I think we were the first international investors that had ever visited them. Watching Guy interact with the management teams of these companies was a key learning event for me. He has the ability to quickly develop rapport with everyone in the room and get to the main business issues that each company faces. By the time the meeting is over, Guy has a better understanding of the business than the company management team does. On top of that guy intuitively understands the people running the company, their motives, and their likely future behavior.

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