Ricky Sandler - Investing Through Perception Shifts and Market Cycles

Welcome to a new edition of the Value Investing with Legends podcast. My name is Michael Mobison and I'm an adjunct professor at Columbia Business School and a faculty member at the Halburn Center for Gramma dot investing. I'm here with my co-host, Tano Santos, the Robert Heilburn Professor of Asset Management and Finance at Columbia Business School and the faculty director at the Heilburn Center. Hi, Tano, how are you today? Doing great.

How was your Thanksgiving, Michael? It was very nice and yours. Very good family, the usual chaos, stress, overeating, so perfect Thanksgiving. I can relate to all of that. Well, over more than three decades, our guest has developed and refined an investment framework rooted in identifying where market perceptions are likely to shift.

In so doing, he has delivered strong results for his partners through cycles, dislocations, and dramatic changes in market structure. His approach is built on deep fundamental analysis and a willingness to take differentiated positions on both the long and short sides. What also distinguishes him from many managers is that from time to time he goes beyond anticipating corporate outcomes to being an active participant in shaping those outcomes. Through his work on corporate boards, he has engaged directly in the capital allocation process, bringing an owner's mindset and a rigorous analytical framework to the boardroom.

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