Bill Ackman - Evolving Investment Playbook, From MBIA to Moats
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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 Grandma Dot Investing. I'm here with my co-host, Tano Santos, the Robert Halburn Professor of Asset Management and Finance at Columbia Business School and the faculty director at the Halburn Center. Hi, Tano, how is it going today? Going good, Michael.
Everything good. I'm not teaching just yet, so plenty of time for podcasting, for reading, for thinking until the spring semester. That is fabulous. Well, value investing is hard. You have to be able to do quality analysis to identify gaps between price and value.
You may need to agitate executives to better manage the business, and contrary views can often lead to controversy. Our guest today runs a concentrated fund of stocks of high-quality companies. He is known too for activism, and even for opportunistic bets on macroeconomic outcomes. The fund has delivered excellent returns over time, comfortably exceeding those of the overall market.
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