Graham and Doddsville Winter 2009

The Helibrunn center for Graham and Dodd investing at Columbia Business School has some great articles on its website. More importantly it has a quarterly newsletter that every value investor should be aware of and read. This quarter’s newsletter was particularly good as the writers included 50% more content then usual. This issue contains an interview with Bruce Berkowitz, The Pershing Square Challenge, Highlights from the Graham & Dodd breakfast, Bruce Greenwald’s thoughts, and an Interview with Legg Masons Chief Investment Strategist Michael Mauboussin.

The interview with Berkowitz is great and includes topics such as:

• -Working as a bookie when he was young
• -His thoughts on Eddie Lampert and Sears
• -How he goes about killing his companies
• -Why he’s gotten himself into the healthcare sector

At the Graham and Dodd breakfast they managed to track down Seth Klarman and a few interesting comments were made by him. The first being that Klarman mentioned he really hadn’t been interested in the US equity markets for the last 15 years, and that now was, “….A great time to be a value investor.”

Ill leave you to read the rest, but its well worth your time today to spend a few minutes reading the entire newsletter.

Graham and Doddsville Winter 2009