Top Stories

Rich Pzena Full Q&A – NYSSA Ben Graham Annual Conference

The NYSSA Ben Graham annual conference which took place yesterday on Wed June 27th 2018 in New York, stay tuned for much more. Right now we have about 30 pages of notes from the full day conference featuring Rich Pzena, Murray Stahl,Thomas A. Russo, Jason Karp, Christopher C. Davis, Jim Grant and many others.

Get The Timeless Reading eBook in PDF

Get the entire 10-part series on Timeless Reading in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

Q1 hedge fund letters, conference, scoops etc, Also read Lear Capital: Financial Products You Should Avoid?

Rich Pzena
Image source: CNBC

Rich Pzena And First Panel And Q&A

[00:00:00] Male 1: ...value investing conference. I’m Dan Dagen, CEO of CFA Society New York. Over 80 years ago [inaudible 00:00:08] as many of you know [inaudible 00:00:12] of other investing data sets [inaudible 00:00:17] CFA societies [inaudible 00:00:20-00:00:24] to raise standards of professionalism in the industry and forge the future of investment management. Today I’d like to thank [inaudible 00:00:33] and all of the investment group volunteers [inaudible 00:00:39] and the volunteers who helped support the CFA Society New York for this event.

Benjamin Graham, [inaudible 00:00:46] and many others who founded the society originally had the vision of organising community and content around volunteer practitioner interests so that the independence of that activity would be maintained as decisions were advanced in terms of factors in the industry. So thank you Martinez and all those volunteers and for the University of Fordham the tradition we’ve been able to maintain over the years.

Today we represent the interest of over 100,000 investment practitioners around the world, if you have any interest in becoming part of the community or volunteering or participating or just getting involved and just learning more please visit our website cfany.org. Or see me or one of the staff or volunteers who helped put this together. I’d also like to thank today’s sponsors Prior Association and also Value Lock for spreading the word about today’s conference. This conference has exceeded registrations over the past years and the interest continues to grow.

In addition to that the [inaudible 00:02:07] and of course Fordham University. Fordham’s mission, I know Jim will speak about this a little bit, is to advance value investing and so a partnership works really well for the two of us and I’m very happy we continue this tradition. With that I’d like to turn the podium over to Jim Kelly and get things began.

[00:02:36] Jim: Good morning everyone I’m Jim Kelly, director of the [inaudible 00:02:38] Centre, we do all the security analysis of Fordham. Welcome to Fordham, for those of you who are visiting us for the first time you are sitting in the new Fordham law school building which was designed by [inaudible 00:02:55] architectural firm and constructed about 4 years ago. It’s the bottom 8 floors will house the law school and the top 14 floors are student dormitories, not bad if you’re a student.

Next door, you probably passed it coming in from Columbus, it’s the Gabelli School of Business which was the old location of the law school and was completely refurbished, retouched at the same time as this room over here at the law school. So Gabelli School of Business next door conducts graduate programs and more so undergraduate programs in global business. So if you have time to stop in and take a look at the facilities they are really very nice.

As Dan said our mission at the Gabelli Center is to promote value investing. We started off by doing that with the Fordham Community five years ago and have expanded that to include the academic community and tech investment professional community, you guys. Also as Dan mentioned we just have a natural partnership to work with the CFA Society. There is the obvious link our agendas, our programs are in synch and we’re delighted to be the lead sponsor of this event. We also sponsor three other investment programs of the CFA Society during the course of the year.

As members of the CFA Society you are invited to attend Gabelli Centre events during the year. Just to give you a preview of one on October 3rd we’ll be hosting Howard Marks here for a lecture on his new book called ‘Mastering the Art of the Cycle’. You’ll receive an invitation to attend through the CFA website. We are also planning a distressed investing conference moving forth so we’ll keep you posted, we view you as our extended family. So now after my remarks I justed wanted to introduce now first my colleague’s first strategy to discuss the academic initiatives at the Gabelli Centre, thank you.

[00:05:28] Male 1: Good morning, thank you Jim for the invitation about the Centre and thank you too for everything you have done for the Centre after it was started. My name is [inaudible 00:05:39] and I work very closely with Jim on many activities at the Centre. So Jim has asked me to say a few words about the academic side, and I’m very happy to say a few words. Our association with the CFA actually goes back a number of years. It started with both our investment intensive programs we recognised by the CFA Society that the students applied for a CFA scholarship. So we are very proud to have the CFA school status.

But more in line with today’s conference and the mission of the Gabelli Centre as Jim briefly mentioned our undergraduate program now has a 3 course value investing concentration with introduction to investing staffed by Jim and also Bradford, I see Bradford sitting there thank you. We have an advanced value investing process which is staffed by Jim Roland which I think he will be here some time today. Then we have another course on behavioural finance.

On the other side on some of the programs we have two types of investing classes one is offered by Paul Johnson and the other class is offered by [inaudible 00:00:00] which is more of the applied book to market ratio in the academic side of the research in value investing. We have been very fortunate to get very high profile speakers from academia and industry. As Jim just mentioned [inaudible 00:07:15] and if you want to get the details of these talks and past talks then you can actually visit our website and you can find the presentations or read the descriptions of those topics and the speakers if you visit our website.

We are obviously aware of the CFA Society for announcing the [inaudible 00:07:42] of these talks from the Gabelli Centre. About a year ago we organised a half day conference with both academics and practitioners and we are planning to go on another such conference in the near future so we will welcome your suggestions and your participation in this forthcoming conference. We also welcome anybody who would be interested to give short lectures and panel discussions because given the facilities that we now have as Jim mentioned we are trying to build really much of the community around that mission and around industry.

Read the full article here.