Jan Hummel - Deep Diligence at Paradigm Capital

Welcome to a new edition of the Valley Investing Relayance Podcast. I'm your host, Dana Santos, the Robert Hellbron Professor of Asset Management and Finance at Columbia Business School and the faculty director at the Hellbrun Center for Graham and Dor Investing. My co-host, Michael Mabusin, is missing today, but fear not he will come back in future episodes. Today, I'm delighted to welcome again to the podcast a dear friend of the center and of me personally. Jan Hammel of Paradigm Capital.

We had the opportunity to talk last at the CEMA conference and we thought that it would be great to share that conversation again with our listeners. Jan was here last in the pandemic year in 2020, so we are well overdue for another conversation. Jan, welcome again to the Val Investing with Legends podcast. Thank you for having me, Carnel. So Jan is of course the CIO of Paradigm Capital, a longshort fund based in Munich with about 1.5 billion euros of assets under management.

As I said, Jan founded Paradigm Capital with Bruce Greenwald, and it's one of those funds that embodies the principles of modern value investing. So it's a wonderful opportunity to discuss investment philosophy again with Jan, but also to discuss the many things that have happened over the last few years. In the asset management industry in Europe, which many of our students know is a personal obsession of mine, as well as the investment opportunities in Europe these days. So Jan, welcome again. And I wanted to start a little bit discussing the fundamental tenets of the philosophy at Paradigm Capital.

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