Value Investing Seminar Coverage

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Check out my coverage from the Value Investing Seminar in Italy. I will be updating this frequently over the next few days, so make sure to check back-

I hope to be doing write-ups on of the presentations on all of the following people:


Sahm Adrangi Sahm Adrangi
Sahm Adrangi is the portfolio manager of Kerrisdale Capital Management, a value-oriented and special situations fund based in New York. In recent months, Kerrisdale has shared in-depth research with the investment community on fraudulent U.S.-listed Chinese companies, including China Education Alliance and Advanced Battery Technologies. Mr. Adrangi is a leading expert on Chinese stock scams and his work has been discussed in Bloomberg, Businessweek and the Wall Street Journal.Prior to founding Kerrisdale Capital Management, Mr. Adrangi was an investment analyst at Longacre Fund Management, a distressed debt credit fund. Prior to Longacre, Mr. Adrangi worked in the bankruptcy restructuring group at Chanin Capital Partners and the leveraged finance group of Deutsche Bank Securities.

Mr. Adrangi holds a Bachelor of Arts in Economics from Yale University.

Beniamino Francesco Azzollini (Ciccio) Beniamino Francesco Azzollini (Ciccio)
Ciccio Azzollini was born in Molfetta on July 1, 1974. Ciccio has completed executive program courses in Value Investing at Columbia University in New York City and in addition has achieved a diploma in “Portfolio Management at New York University SCPC”.
He worked from 2000 through 2003 as Fund Manager in “Abax Bank” in Milan. Since 2003 he is CEO of Cattolica Partecipazioni S.p.A, an investment vehicle; he is co-founder of the “Value Investing Seminar” in Italy and founder of More Love Charity Association.Interview on Manual of Ideas
Value Investing Seminar Coverage Fernando Bernard
Following full-time internships at Price Waterhouse (Madrid, 1994), BBVA (Madrid, 1996), and DG Bank (Frankfurt, 1997), he started his professional career in 1998 in Frankfurt at an asset management company, Value Management&Research, where he worked closely with the founder, a former associate to legendary investors Peter Lynch and the Browne brothers of Tweedy Browne. It was then that he began to gain in-depth knowledge of the theories of value investing. He then worked in the Spanish private equity sector as an Associate at BNP Paribas Leveraged Finance. Subsequently he joined the analysis team at Banesto following the oil and steel sectors, and later formed and led the analysis team at a small Spanish independent brokerage house, whose strategy was focused on investment ideas based on the theory of value. In 2005 he joined the Vetusta Group as investment director, leading a three-person team specialising in the value-style management of portfolios and funds. In his two years in charge at Vetusta he achieved average annual returns of around 30% on equities, always beating the benchmark indices. He joined Bestinver in February 2007 along with Francisco and Álvaro, whom he considered the leading lights in the value school in Spain.
He has a Bachelor in Business Administration (summa cum laude, awarded jointly by ICADE, Madrid and Northeastern University, Boston), has 3 years education in Spanish Law and is a CFA charter holder. He is fluent in English and reads German and French.
Philip Best Philip Best
Philip Best launched the Argonaut Micro Cap Fund in June 2003 and is a director and major shareholder of Argos Managers. He has 26 years’ experience of the European investment scene having started as a fund manager at Warburg Investment Management (later Mercury/Merrill Lynch). At Warburg, Philip launched and managed the Mercury European Income Fund. In 1987 he joined Enskilda Securities as a broker specialising in European small cap companies. In 1994 he established and ran the Paris office of The Europe Company Limited, a specialist research-driven European small cap brokerage which was sold to Jefferies & Co in 2000. Philip joined Gadd & Cie in Geneva in January 2003 and The Argonaut Fund was launched later that year.
Philip has a degree in Modern History from Oxford University and is bilingual in English and French.
Matteo Castelli Matteo Castelli
Matteo Castelli is an Associate in the investment banking division of Credit Suisse in London, with focus on M&A transactions in the TMT sector.
Until June 2011, he was an Associate in the Private Equity team of National Holding, a diversified investment group based in Abu Dhabi. He joined Emirates International Investment Company, the investment arm of National Holding, in 2009, after three years in the investment banking division of Lehman Brothers / Nomura in London and Milan.
Prior experience includes periods at Mediobanca in Milan.
Matteo holds an MSc in Corporate Finance and a BSc in Finance from Bocconi University. He also attended an exchange program at Kelley School of Business, Indiana University.
Gabriele D’Agosta Gabriele D’Agosta
Vice President. In Morgan Stanley since 2001. He worked for Goldman Sachs and Lazard in London in the Private Wealth Management division. He graduated in Business and Finance at Bocconi University, Milan. CFA charterholder since 2003.
Ori Eyal Ori Eyal
Ori Eyal, Founder and Portfolio Manager, Emerging Value Capital Management (EVCM).
EVCM is a long-short global value fund. Our in-depth research explores the merits of each investment in the context of a global market. Ori Eyal worked at Deutsche Bank Asset Management, Deephaven Capital Management LLC and Aquamarine Fund LLC. He holds an MBA from the University of Chicago Booth School of Business. Ori has experience investing in both developed and emerging markets. His interests include logic games & puzzles, artificial intelligence, science/ physics/ astronomy and futurology.
Don Fitzgerald Don Fitzgerald
Don has worked as an investment and finance professional in Europe for the past fifteen years and spent the last eight years identifying, analyzing and managing portfolios of undervalued securities in the European equity and distressed debt markets. Prior to that he spent seven years in corporate and investment banking. He has worked in Dublin, London, Frankfurt and Paris. He completed the CFA program in 2006 and graduated from Trinity College Dublin with a first class honours degree in Business Studies and German in 1996.
Don co-manages the Tocqueville Value Europe fund. The fund’s multi-capitalization investment strategy is contrarian and value-oriented and stock selection is bottom-up, based upon intensive proprietary research and a disciplined investment process. Don is rated A by Citywire for risk-adjusted returns and the fund ranks among the top-performing European equity mutual funds over the past decade with five out of five ratings from Lipper in all categories and a five-star Morningstar rating.
Tocqueville Finance is a Paris-based value house with €1.8 billion in assets under management. The company has followed a value investing philosophy since its foundation in 1991.
Sergio Fontana Sergio Fontana
Sergio Fontana (1975) has an Economic degree at Bocconi University in Milan and University of Vienna. In 1999 he starts working in London in the management of European stocks for Goldman Sachs. In the following 11 years, in the same bank, he diversifies his activities in the stock market for Goldman Sachs’ clients and on his own.
In 2010 he starts working at Carthersio in Lugano, managing the Philos Flexible Fund.
Francesco Gagliardi Francesco Gagliardi
Since 2003 Investment Manager of Cattolica Partecipazioni S.p.A.. He’s a regular attendee since 2005 at the “Value Investing Congress” managed by Schwartz Tilson Information inc., USA.
2000 Degree in Business and Economics at the University of Economics in Bari, Italy.
Christoph Hilfiker Christoph Hilfiker
Christoph Hilfiker, born 1970 in Basel/Switzerland, is serving as a senior fundmanager with LLB Asset Management in Vaduz/Principality of Liechtenstein. He’s responsible for the research and the equity management of the pacific region. Prior to joining LLB Asset Management, he was responsible for the european equity management at Münchner Kapitalanlage AG/Munich. He’s the author of articles in several magazines like fundresearch, The Smart-Investor and The European Value Investor. He studied Business Law in St. Gallen (HSG) and completed his education with a MBA at the European Business school (ebs). He earned his CFA qualification in 2006. From 1994 until 1998, he was serving as a captain in the Swiss Air Force.
Lloyd Khaner Lloyd Khaner
Lloyd Khaner is the General Partner of Khaner Capital, L.P, a long-short hedge fund. He selects stocks for the portfolio, sets the Fund’s investment strategy, oversees the Fund’s portfolio and directs its resources. Khaner Capital, L.P. has recorded positive absolute results for 16 out of the last 19 years. Without the use of leverage and after all fees the fund has outperformed the S&P 500 for the following standard comparable periods: three years, five years, ten years, fifteen years and nineteen years.
Lloyd is a member of the Intelligent Investing Investor Team. His most recent speaking engagements include the Value Investing Congress 2009 in New York City and the Value Investing Seminar 2009 in Italy. Previously, Lloyd wrote a monthly stock market column for Institutional Investor magazine titled “Lloyd’s Wall of Worry.” Lloyd was featured in Value Investing Insight in May 2006 and has been quoted in news sources including The Wall Street Journal, DSN Retailing Today and The Financial Times.
Oliver Mihaljevich Oliver Mihaljevich
Oliver Mihaljevic has over ten years of experience in the investment research and management industry. In his current role as Managing Editor at The Manual of Ideas, Oliver leads a research team that brings value-oriented equity investment ideas to subscribers in an acclaimed monthly report. Prior to joining The Manual of Ideas in 2009, Oliver was an investment analyst for U.S.-based hedge fund Steel Partners. Previous positions included portfolio manager at a Germany-based private equity investment firm as well as equity research analyst for Credit Suisse First Boston in New York. Oliver holds a BA in Economics from Yale, where he studied under Yale chief investment officer David Swensen. Oliver resides in London.
Norman Rentrop Norman Rentrop
Current Main Position: Rentrop Investment Office (Rentropsche Vermögensverwaltung), Chairman
Norman is an investor in both private and public equity.His family office invests in
a) undervalued public companies
b) merger arbitrage and special situations
c) enhanced indexing
d) Berkshire Hathaway
e) Private equity with a very long term (10+ years) outlook
In private equity Norman has invested in 18 companies in Britain, Ireland, Germany, Austria, Switzerland, Poland, Romania, Russia, China, USA with an IRR of 16.5 % p.a. (1991 – 2002) .Among his better known investments have been Sunday Business Post, n-tv ( the german news channel) and ADI Auftragsdienst der Deutschen Industrie (Construction Market ).
He brings a very entrepreneurial view to investing being not afraid of investing against sometimes even high sentiment, yet is a very handsoff investor like his great role model Warren Buffett. You can see him regularly at the Berkshire Hathaway Annual Shareholder meeting (1 st Saturday in May in Omaha, NE).
Norman built a Euro 100m professional publishing company from scratch. After his 40th birthday he moved from the operational side of the publishing company to chairman of the supervisory board to have more time for inner reflection and his family. The publishing company is run by excellent managers. Norman oversees the investing of his family office.
Roberto Russo Roberto Russo
41 years old, has a degree in business ed economics, director of project “Independent Advisory” in Cofin Sim, Milan.
CIO of Duemme Sgr. (2006-2008), head Manager of Abaxbank Risk Arbitrage Desk (2000-2006). Roberto has also worked as director in Caboto Sim (1999-2000), Banca Monte dei Paschi di Siena (1998-1999) and Banconapoli & Fumagalli-Soldan Sim (1994-1998).
He’s an AIAF member since 1998.
From 2004 he is on the Board Member of Cattolica Partecipazioni S.p.A.
Tom Russo Tom Russo
Thomas RUSSO is a graduate of Dartmouth College, he attended Stanford University and received a Master in Business Administration and a Law Degree. After graduating, Mr. Russo worked for Bill Ruane at Sequoia Fund. In 1989 he joined and became a partner of Gardner, Russo & Gardner in Pennsylvania.
Rahul Saraogi Rahul Saraogi
Rahul is a managing director at Atyant Capital and manages the Atyant Capital India Fund. In the last 10 years he’s managed money exclusively in the Indian markets. His mission is to consistently identify the best 10-15 investment ideas from among the thousands of publicly-traded Indian corporations. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind.
Prior to Atyant, Rahul spent four years leading Meridian Investments, generating a 430% absolute return for the firm’s high net worth clients.
Rahul graduated from the Wharton School of the University of Pennsylvania with a degree in Economics. Outside of Atyant, he practices Vipassana, a 2,500 year-old meditation technique that helps people see things as they really are. Rahul lives and works in Chennai, India.
You can read Rahul’s latest thinking in the Atyant newsletter ( and blog (, and connect with him on Linked in (
Josh Tarasoff Josh Tarasoff
Josh is the General Partner of Greenlea Lane Capital Partners, LP, a private investment partnership he founded in 2006. Josh graduated from Duke University in 2001, with a degree in philosophy. He has worked at Goldman, Sachs & Co. and has an MBA from Columbia Business School.
Whitney Tilson Whitney Tilson
Founder and Managing Partner of T2 Partners LLC, which manages three private investment partnerships and the Tilson Mutual Funds. He is Co-Editor-in-Chief of Value Investor Insight. Tilson has been a guest on Lou Dobbs Moneyline and Wall $treet Week, has been profiled by the Wall Street Journal and is a regular columnist for Financial Times. He is the co-founder and Chairman of the Value Investing Congress.
Glenn Tongue Glenn Tongue
Managing Partner of T2 Partners LLC and the Tilson Mutual Funds. Mr. Tongue spent 17 years on Wall Street, most recently as an investment banker at UBS, where he was a Managing Director and Head of Acquisition Finance. Before UBS, Mr. Tongue was at DLJ for 13 years, the last three of which he served as the President of NYSE-listed DLJ direct. Prior to that he was a Managing Director in the Investment Bank at DLJ, where he worked on over 100 transactions aggregating more than $40 billion.
Martin Wirth Martin Wirth
Founder and Member of the BoardExperienced in German equities:
Since 1986

Fund management and equities analysis (insurance companies, suppliers, chemical companies, pharmaceutical companies, telecommunications companies, aerospace)

· Credit Suisse Asset Management: Co-Head Asset Management
· Sal. Oppenheim jr. & Cie. KGaA: Research German Equities
· Bank Julius Bär (Deutschland) AG: Research German Equities
· Credit Suisse First Boston: Research German Equities

Apart from numerous awards for the funds managed by him and Manfred Piontke, Martin Wirth has also received personal awards from Sauren Fonds-Research AG, Citywire and others.

Boris V. Zhilin Boris V. Zhilin
Boris Zhilin was born and grew up in the former Soviet Union. Having received a scholarship he left in 1991 to attend Syracuse University in Syracuse, NY. After graduating in 1995 with a Bachelor of Sciences degree in Finance, Economics and Managerial Statistics he spent five years at Bear, Stearns & Co. Inc. as an analyst in the Corporate Finance department and subsequently at the Bear Stearns Merchant Banking group. In 1999, Boris joined Armor Capital, which he co-founded with his friend and former Bear Stearns colleague, Dov Plitman.
Boris was born on May 3, 1973 and lives in Lausanne, Switzerland with his wife Julia and daughter Polina.


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