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Value Investing with LegendsAuthor: Columbia Business School
Value investing is more than an investment strategy it's a fundamental way of thinking about finance. Value investing was developed in the 1920s at Columbia Business School by professors Benjamin Graham and David Dodd, MS '21. The authors of the classic text, Security Analysis, Graham and Dodd were the very pioneers of their field and their security analysis principles provided the first rational basis for investment decisions. Despite the vast and volatile changes in the economy and securities markets during the last several decades, value investing has proven to be the most successful money management strategy ever developed. Value investors' success over the second half of the twentieth century proved not only the validity of the value approach, but its preeminence over even the most widely taught and practiced modern investment theory, which was developed in the 1950s and '60s and remains dominant even today. Our mission today is to promote the study and practice of Graham & Dodd's original investing principles and to improve investing with world-class education, research, and practitioner-academic dialogue. In this podcast you will hear from some of the world's greatest investors, their views on the investment management industry, how they developed their investment process and how they see the field changing over time. Language: en Genres: Business, Investing, Management Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Ricky Sandler - Investing Through Perception Shifts and Market Cycles
Episode 9
Friday, 19 December, 2025
Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create lasting opportunities. The conversation also delves into quant integration, thoughtful activism, the nuances of portfolio construction, and his reflections on AI, market structure, and societal risks — and much more! Key Topics: ● Ricky Sandler's upbringing, tennis, and early exposure to finance (0:00) ● The influence of competitive tennis on his investing mindset (3:58) ● Why he considered law before ultimately pursuing finance (5:55) ● Lessons from early roles at Mark Asset and Fusion Capital (7:30) ● Insights from the 1998 market crisis and developing better risk management (10:06) ● Defining 'change in perception' and its role in investment strategy (12:21) ● Understanding shifts in market behavior post-GFC (14:42) ● COVID-era investment case study: Red Rock Resorts (22:31) ● Portfolio construction principles and balancing risk/reward (27:56) ● Integrating quant and data science at Eminence Capital (33:44) ● Activism and engaged ownership strategies (36:34) ● Thoughts on AI, bubbles, and systemic market risks (38:36) ● Risk management and portfolio design in volatile environments (41:06) ● How Ricky trains his team to distill what matters in investing (42:39) ● AI's role in analyst work and future of research (44:27) ● Worries and hopes for the future: market structure, government debt, and optimism (46:39) ● Book and podcast recommendations (49:30) ● Closing remarks (51:02) ● And much more! Mentioned in this Episode: ● Eminence Capital ● Ashland Inc. ● Entain ● Red Rock Resorts ● Live Nation ● Meta ● Tesla ● Salesforce ● Zillow ● KKR ● Pluralsight ● Autodesk ● Men's Wearhouse ● Think Again by Adam Grant ● Grit by Angela Duckworth ● Teaming by Amy Edmondson ● Quit by Annie Duke ● Mindset by Carol Dweck ● Invisible Influence by Jonah Berger ● Lessons of the Titans by Tim Ferriss ● 1929 by Andrew Ross Sorkin Thanks for Listening! Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu. Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more! Apple Podcasts Google Podcasts Spotify Email Heilbrunn Center Instagram LinkedIn
