Videos

Bruce Greenwald Receives CBS Lifetime Achievement Award

Bruce Greenwald Receives CBS Lifetime Achievement Award

Published on Sep 14, 2016

Professor Bruce Greenwald holds the Robert Heilbrunn Professorship of Finance and Asset Management and is co-director of the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School.

On May 2, 2016, he received the Lifetime Achievement Award at Columbia Business School’s Centennial Dinner.

Strategic Thinking, Competitive Advantage, Bruce Greenwald

:08
alright I’ll be honest with you this is gonna be the slacker response which I
0:16
may be appropriate at this point in the evening show when we celebrated Joyce
0:21
dignitaries fifty years of teaching he noted that at 12 years old he really had
0:27
a vision and he saw himself becoming a professor now that’s a considerable
0:33
coincidence cuz it twelve-years-old I had a vision and i got to exactly the
0:37
same place in a slightly different way my vision was that I had to find a job
0:43
right and have to wake up before nine o’clock in the morning more than two
0:47
days a week and that man I was gonna become a professor to given that
0:54
extraordinary beginning I think you’ll understand that while I am very very
0:59
pleased to get this award I am also more than a little surprised and in fact I
1:07
think what I would like to do is that I would like to recognize the extent to
1:11
which getting this award has depended I’m pretty ruthlessly exploiting a whole
1:17
bunch of sets of people who have made extraordinary contributions to my career
1:22
for which I have relentlessly been willing to take credit first and
1:27
foremost of that as I think he has my students it has been an extraordinary
1:33
experience teaching at columbia business school that the students have been
1:38
extraordinarily engaging an extraordinarily intelligent and to be
1:42
really honest a lot of what is in those books and actually we’re gonna write a
1:46
much better version of the value investing book is attributable to ideas
1:51
generated by those students so first of all I would like to thank the students
1:56
and alumni they’ve become for that I am always felt that I think my friends will
2:06
concede this a walking generator of the need for trigger warnings
2:13
what I am also thankful for from that student population is the extent to
2:19
which they’re sort of genial disregard for most of what I think has meant that
2:24
I’ve never gotten in trouble for it and I would like to thank them all for that
2:30
also but more seriously and I think you just saw an example of it here and you
2:35
will see an example of it with the next honoree but I’m happy to take credit for
2:40
the extraordinary work at columbia business school graduates have done in
2:45
the world and I think if you look at things that have had a big impact and
2:50
here the one that comes to mind is the emergence in China hundreds of millions
2:56
of people from poverty it really while in the long run it’s important to have
3:01
scientists and lawyers and government types and even idea or send reporters
3:06
but what happened in China was professional business people running
3:11
organizations extraordinarily efficiently and those are my students to
3:15
some extent at least in spirit
3:25
the second which argued as much more quickly as I have had the privilege of
3:30
working under the supervision of two extraordinary deeds now I’m not going to
3:36
name names except for four because once you start naming names Reuters gonna
3:40
forget somebody and you’re going to get him real trouble but I think they know
3:44
who they are and I think you know who they are and I am of course extremely
3:48
thankful to them for a long rich and in my case administration free career at
3:56
Columbia Business School I would really like to thank and here I think it is
4:03
important to recognize that value investing is a community and it is a
4:08
community that runs from Graham and dog through obviously Warren Buffett but
4:13
there are a lot of significant contributors and it has been an honor
4:18
and a privilege to be part of that community both for intellectual reasons
4:23
as I say I’m always happy to write books that encompass other people’s ideas and
4:28
get credit for them but also because actually remarkably little trouble to
4:34
myself we have generated a program that I honestly think I can say is the
4:39
premier program and investing now and business schools people will say they
4:44
don’t hire from Harvard they don’t hire from Stanford they hire the kids from
4:48
this program and as I said I had almost nothing to do with it and now I’m going
4:53
to name three names Aaron Melissa Monet Louisa Schneider and Meredith true
4:58
batting managed to put together this program
5:08
we have no more than one meeting a week with me at Metro diner and it wasn’t
5:14
allowed to go on for more than an hour so I owe a great thanks to them finally
5:21
I’ve also obviously had a career in research and there I really have some
5:25
advice for people you will notice that all those books or co-authored it is
5:32
something that I heartily recommend and this is where I’m gonna do by quote when
5:37
George Bernard Shaw was fifty years old he was interviewed and asked why was he
5:44
still living at home at fifty years old with his mother and he gave a very
5:48
sensible answer he said look while all his contemporaries were throwing
5:53
themselves into the struggle four success in life he decided to throw his
5:59
mother and he was really happy with that decision so large final part of my
6:06
success has been my willingness to rely on co-authors on one of them in
6:12
particular I have always been willing to throw Joe Stiglitz into the struggle for
6:17
life and it’s always worked out really well it’s something I’d advise other
6:22
people to do if they can get away with it and I hope that that relationship has
6:27
been as enjoyable and rewarding for him as it’s been for me but if it has no I
6:34
can live with that
6:36
conclusion I would really like to thank everybody here in all those capacities
6:44
who has made this possible for a kid who is as far as possible from the
6:49
characterization that was offered up here a minute ago thank you