GuruFocusCast

The leader of Sidoxia Capital Management says his firm's investment model focuses on contrarian indicators to find those opportunities that might not be obvious to others.

The CIO of Rewey Asset Management explains his three-pillar investment approach, discusses market trends and shares what he has learned from his guru mentors.

Bill Smead of Smead Capital Management discusses the strength of the energy sector, the rise of millennial consumers and the impact they will have on homebuilders, financial companies and retailers.

Dave Sather of Sather Financial Group shares his thoughts on the current market environment, advice for individual investors and some of his favorite stocks.

John Dorfman is chairman of Dorfman Value Investments LLC in Boston, Massachusetts, an investment management firm he founded in 1999. The firm manages accounts for a few dozen individuals and families, a New York financial institution, a Virginia corporation and an Ireland family office.

Dorfman was a senior special writer at The Wall Street Journal in 1986-1997, executive editor of Consumer Reports in 1984-1986, and an associate editor at Forbes in 1982-1984. Currently, his stock market column appears in Forbes.com, GuruFocus.com, the Las Vegas Review Journal, the Omaha World Herald, the Pittsburgh Tribune Review, and the Virginian Pilot.

Dorfman worked for Dreman Value Management in 1997 through March 2002, and considers David Dreman his mentor and a formative influence. He was a Senior Vice President at Dreman from September 1997 through 2000, and a Managing Director in 2001-2002.

Dorfman has written nine books, including Family Investment Guide (Atheneum, 1981) and The Stock Market Directory (Doubleday, 1982).

He was born on April 19, 1947 in Chicago. He lives in Newton, Mass., with his wife Katharine Davidge and their three children.

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Steven Kiel is the founder and chief investment officer for Arquitos Capital Management. He is also the portfolio manager of Arquitos Capital, a value-oriented private investment fund. Arquitos Capital takes a long term approach with our portfolio and our investor relationships. Our time horizon is decades. We look for alignment of interests: with the leadership in companies we own and with our investment partners. We aim to limit the risk of permanent capital loss.

Steven is also the Executive Chairman of Enterprise Diversified (SYTE), an alternative asset manager. Enterprise Diversified partners with unique emerging managers through its Willow Oak Asset Management subsidiary, providing operational services to support the goals of its affiliated managers.

Prior to launching Arquitos Capital in 2012, Steven was an attorney in private practice. He was also a member of the Army Reserves, a veteran of Operation Iraqi Freedom, and retired with the rank of Major. He brings an unconventional perspective to the management of the portfolio, combining traditional analysis with the mindset of an entrepreneur.

For more information:

Twitter @Steven_Kiel

invest@arquitos.com

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Adam D. Abbas, Portfolio Manager and Co-Head of Fixed Income

Adam Abbas has been a co-manager of the Oakmark Bond Fund and Oakmark Equity and Income Fund since 2020. He is also a vice president of the Oakmark Funds.

He started at Harris Associates in 2018 after working as a lead portfolio manager at KVK Credit Opportunity Fund LP. Prior to that, he was a portfolio manager at Driehaus Capital Management, a senior research analyst at Neuberger Berman/Lehman Brothers and an analyst at Huron Consulting Group.

Abbas earned a B.S. degree from Northwestern University (2004) and an M.B.A. from the University of Chicago (2013).

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James Roumell, founder of Roumell Asset Management

James Roumell entered the securities industry in 1986. Before founding Roumell Asset Management in 1998, he was a Registered Principal at Raymond James Financial Services, Inc. Roumell is a frequent contributor to Manual of Ideas Global and has been featured in such publications as Barron's, Kiplinger's, Value Investor Insight, Financial Planning Magazine, and The Washington Post. He is listed and quoted in "The Art of Value Investing: How the World's Best Investors Beat the Market." Roumell was selected to participate in, and won, two consecutive Wall Street Journal stock picking contests in 2001 and 2002. He is a Board Member and serves on the Investment Committee of Amalgamated Casualty Insurance Company. Roumell is a graduate of Wayne State University in Detroit, Michigan.

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Tom Macpherson, Chief Investment Officer and Managing Director of Nintai Investments LLC.

Nintai is a boutique investment house with roughly $39M under management in individually managed accounts. The company focuses on small to mid-cap stocks with high returns (generally greater than 15% over the past decade) on capital, equity, and assets. Other investment criteria include little to no debt, high free cash flow margins, management who are outstanding capital allocators, and trade at significant discounts to their estimated intrinsic value. Since the company's inception in 2017, the annual aggregate fund investment returns through December 2020 have been 20.2% (net fees) versus 14.0% for the S&P 500.

Before establishing Nintai Investments, Macpherson was an investment manager at Dorfman Value Investments in Boston. From 2001 to 2015, he was Managing Director of Nintai Partners LLP, a healthcare-centric consulting firm that worked with corporate Boards and C-Suite members on corporate strategy, the future of healthcare informatics, and mergers & acquisitions. Macpherson managed an internal investment portfolio and the Nintai Charitable Trust with over $55M in assets under management. Macpherson is a former Board member of the Robert F Kennedy Center for Human Rights and Justice (now RFK Human Rights), the McKesson Technology Board, and the Hayashi Trust. He currently serves on the Harvard University Medical School Advisory Board, where he chairs the Informatics Committee. He is a graduate of Harvard University. He is also a Series 65 registered investment advisor.

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Gallander is the co-editor of the Contra the Heard Investment Letter, which has amongst the highest returns in the world at 18.1 percent annualized over the past 20 years. He is the author of three best-selling books, two in the stock market sector and The Canadian Small Business Survival Guide, which was first published in 1988 and is still in the stores today. There are also American, Chinese and Czech editions of this work.

He was a regular on BNN – Bloomberg’s number one show for almost 20 years. In addition, he appeared every couple of weeks on CBC’s On the Money with Peter Armstrong, talking about topics as diverse as marijuana, crypto currencies, AI and many others until, ironically, the show ran out of money. Benj is also on the Boards of Datametrex AI (DM.V) and Char Technologies (YES,V).

Six of his plays have seen the stage across Canada. He is a co-founder of one of Canada’s largest performance festivals, SummerWorks, which celebrated its 30th anniversary.

Gallander has traveled to over 35 countries, working in many of them. This included a stint with the Centre for International Studies and Cooperation (CECI) doing anti-poverty work in Nepal; teaching in Czechoslovakia soon after the Velvet Revolution and working in the Middle East and France.

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Dr. Ashok Patel, CEO and Chief Investment Officer of Pavaki Capital

Ashok is a board-certified allergist. He underwent his fellowship training in allergy immunology at the prestigious National Jewish Health. A patient's mother once called him an "angel" and his YouTube channel is full of numerous patient testimonials. However, Ashok wants to improve both health and wealth.

When he received his first paycheck, he started investing. Six years ago he decided to manage his portfolio actively, like a family office, and the returns amazed him. With the knowledge he gained he opened a hedge fund. Since then, Ashok has passed his Series 65 exam and is actively preparing for a CFA certification.

Did crypto or high flying stocks such as Tesla or factor X propel his portfolio? Join us for Value Investing Live to find out!

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Chip Rewey, Chief Investment Officer of Rewey Asset Management.

Chip Rewey has over 30 years of value investing experience with leading buy-side financial institutions including Third Avenue Management, Cramer Rosenthal McGlynn and Sloate Weisman Murray and Co. Chip Rewey worked alongside value gurus Marty Whitman, Jerry Cramer and Laura Sloate.

At Third Avenue, Chip Rewey led the Value Equity strategies as the Lead Portfolio Manager of Third Avenue's flagship Value Fund, Lead Portfolio Manager of the Company's Small-Cap Fund and Lead Portfolio Manager of the 15-20 name concentrated Best Ideas Strategy.

Prior to joining Third Avenue, Chip Rewey was a Senior Vice President and Senior Portfolio Manager at Cramer Rosenthal McGlynn, overseeing the SMid, Mid, Large and All-Cap Value Investment Strategies, as well as the concentrated 10-20 position strategies.

Prior to CRM, Chip Rewey was a Senior Portfolio Manager at Sloate Weissman Murray & Company, where he worked directly with the founder, Laura Sloate, on research and portfolio construction. He began his career as an Associate at Smith Barney Shearson.

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David E. Marcus is Co-Founder, Chief Executive Officer and Chief Investment Officer of Evermore Global Advisors, LLC.

He co-founded the firm in 2009. David is portfolio manager of the Evermore Global Value Fund and our separate account portfolios.

Beginning his career in 1988 at Mutual Series Fund, where he was mentored by renowned value investor Michael Price, David rose to manage the Mutual European Fund and co-manage the Mutual Shares and Mutual Discovery Funds, representing over $14 billion in assets. He also served as director of European investments for Franklin Mutual Advisers, LLC.

In 2000, David founded Marcstone Capital Management, LP, a long-short Europe-focused equity manager, largely funded by Swedish financier Jan Stenbeck. After Mr. Stenbeck passed away in 2002, Mr. Marcus closed Marcstone, co-founded a family office for the Stenbeck family, and advised on the restructuring of a number of the public and private companies the family controlled.

David later founded and served as Managing Partner of MarCap Investors LP, which was seeded by Reservoir Capital.

David graduated from Northeastern University in 1988 with a B.S. in Business Administration and a concentration in Finance.

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Wesley Gray, founder of Alpha Architect

After serving as a Captain in the United States Marine Corps, Dr. Gray earned an MBA and a PhD in finance from the University of Chicago where he studied under Nobel Prize Winner Eugene Fama. Next, Wes took an academic job in his wife's hometown of Philadelphia and worked as a finance professor at Drexel University. Dr. Gray's interest in bridging the research gap between academia and industry led him to found Alpha Architect, an asset management firm dedicated to an impact mission of empowering investors through education. He is a contributor to multiple industry publications and regularly speaks to professional investor groups across the country. Wes has published multiple academic papers and four books, including Embedded (Naval Institute Press, 2009), Quantitative Value (Wiley, 2012), DIY Financial Advisor (Wiley, 2015), and Quantitative Momentum (Wiley, 2016). Dr. Gray currently resides in the suburbs of Philadelphia with his wife and three children.

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James Fletcher, Founder of Ethos Investment Management

James Fletcher is the Founder of Ethos Investment Management, a focused EM Equities fund which is launching in January 2022 with over $100M in committed capital from some renowned anchor clients. Previously he was Director and Senior Portfolio Manager of the EM small and mid-cap equity strategy at APG Asset Management where he managed a $1bn AUM fund investing with a long-term, active portfolio approach to invest in high-quality businesses with strong ESG integration. He previously worked as Senior Portfolio Manager of EM Equities at Kayne Anderson Rudnick, where his EM fund was Morningstar 5-Star rated. Previously, Fletcher was Senior Analyst at Westwood Global Investments, a top performing EM boutique based in Boston.

Fletcher is a CFA charterholder. He is also the founder of the global non-profit, Young Investors Society, which has risen to become the largest investment program for high-school students around the world reaching over 1,200 schools in 24 countries. Fletcher has an undergraduate degree in Finance from Brigham Young University and is fluent in Portuguese and proficient in Spanish and has lived in Brazil and Hong Kong.

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Keith D. Smith, CFA and Portfolio Manager

Smith brings over 20 years of valuation experience to the Bonhoeffer Fund. In addition to managing the fund’s portfolio, he serves as a director for Enterprise Diversified, Inc., and as an advisor to Willow Oak Asset Management, the fund's general partner. He is a CFA charterholder and received his MBA from UCLA. He has held positions with Empire Valuation Consultants, PwC, Management Consulting & Research, and served as a captain in the U.S. Air Force.

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Dan Miller is Executive Vice President of Gabelli Funds, lead portfolio manager of the Gabelli Pet Parents Fund, the Gabelli Focused Growth and Income Fund, and a member of the investment team for the closed-end and separate accounts businesses. He joined Gabelli after graduating magna Cum Laude from the University of Miami. He also serves as Board Chair of HFC, a nonprofit devoted to improving the lives of families impacted Alzheimer's Disease.

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Vitaliy Katsenelson, CFA is CEO of IMA - a value investing firm in Denver.

How can you safely invest in a market this speculative? Check out his free series on The 6 Commandments of Value Investing. To read more articles, go to ContrarianEdge.com or listen to them at Investor.fm.

Check out Vitaliy's Uber analysis here: https://contrarianedge.com/our-analysis-of-uber-updated/

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David Dietze is the founder, President and Chief Investment Strategist at Point View Wealth Management, Inc.

Point View Wealth Management is an SEC registered investment adviser and part of Peapack Private, the wealth management division of Peapack-Gladstone Bank, managing over $7 billion, primarily in separately managed accounts. Point View provides fee only independent customized portfolio management services.

Using extensive research and sound investment principle, we strive to produce superior returns for our clients in a way that accords with their individual goals and risk tolerances. We do this by constructing a comprehensive investment strategy, using the appropriate combination of stocks, bonds and mutual funds for each client.

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Brian Yacktman, President and Chief Investment Officer of YCG, LLC

Yacktman is the President and Chief Investment Officer of YCG, LLC which he founded in 2007 in Austin, TX. YCG is an active management firm that has seen assets grow from $1 million to nearly $1.3 billion as of September 30, 2021, while achieving market beating performance since its inception. YCG offers separate account management and is the adviser to the YCG Enhanced Fund (ticker: YCGEX).

Prior to starting YCG, Brian was an Associate at Yacktman Asset Management, the adviser to The Yacktman Funds. He joined them in 2004 from Brigham Young University where he graduated cum laude with a B.S. in Economics and an M.B.A with an emphasis in finance. Brian has been quoted and highlighted in financial media outlets such as CNBC, Fox, WSJ, Bloomberg, Barron's, MarketWatch, CNN, Reuters, and Forbes. He also has served as a panelist for Institutional Investor and as a guest lecturer at Brigham Young University, University of Texas, Texas Lutheran University, Gurufocus Value Conference, American Society of Appraisers and at the Googleplex.

Elliott Savage, Partner and Portfolio Manager at YCG, LLC

Savage is a Partner of YCG since 2012 and is a Portfolio Manager for the YCG Enhanced Fund since the inception of the fund. Prior to joining YCG, Elliott was a senior analyst at Highside Capital Management, a multi-billion dollar long/short equity hedge fund located in Dallas, TX. Prior to joining Highside in 2003, Elliott worked as an investment banker at Salomon Smith Barney in New York. Elliott joined Salomon Smith Barney from the University of Virginia where he was an Echols Scholar and graduated with distinction with B.A.'s in both Economics and Cognitive Science and a minor in Biology.

Value Investing Live: Brian Yacktman https://youtu.be/6I1wlDdRa4M

Check out the YCG Investments Channel here: https://www.youtube.com/channel/UC5cFLAZCwvYWVAym-61LTtw

Learn more about YCG Investments: https://ycginvestments.com/

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Azvalor Asset Management

Azvalor AM is an independent employee-owned investment management firm with offices in Madrid and London. Founding partners Alvaro Guzman and Fernando Bernad delivered top decile long-term returns at their previous firm Bestinver, prior to founding Azvalor in 2015. Their long-term valuation oriented investment portfolio is focused on bottom-up stock picking, implemented through extensive proprietary company research in out of favour segments of the global equity market. Guzman and Bernad were recently featured in Ronald Chan's book "The Value Investors: Lessons from the World's Top Fund Managers."

Javier Saenz de Cenzano, CFA

Javier has more than 20 years of experience in manager selection at firms like Russell Investments and Morningstar. He joined Azvalor in 2018 to lead Azvalor Managers, a fund that partners with four out of the radar boutique-type managers selected through an in-depth and purely qualitative process.

Chris Mittleman - Mittleman Investment Management, LLC

Chris Mittleman serves as the Chief Investment Officer for Mittleman Investment Management, LLC and directs investment policy, research and portfolio management for the Firm. Chris is also the Chief Investment Officer of Aimia Inc. (TSX: AIM) and serves on the company's Board of Directors. Aimia Inc. is the parent company of Aimia AM Holdings, Inc. which owns Mittleman Investment Management, LLC. Chris has provided investment strategy and portfolio management for more than thirty years to clients including high net worth individuals, corporate pension plans, foundations and endowments, and other institutional investors. Chris managed private client portfolios for Spencer Clarke, LLC as Senior Vice President of Investments from 2002 until 2005, when he co-founded Mittleman Investment Management, LLC with his brother, Phil Mittleman. Prior to that, Chris was an Investment Executive at UBS (PaineWebber) for twelve years. He began his career in 1990 at Shearson Lehman Hutton, after attending Phillips Exeter Academy, and The Pennsylvania State University.

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Richard Simmons, Portfolio Manager of Derby Street

Richard Simmons, Portfolio Manager, started Derby Street in 2013. He has over 22 years of investment experience. In 2001, he was authorized by the FCA via Credo Capital, a multi-billion wealth manager in London, to become a professional money manager, and prior to that Richard was investing on his own and for friends and family accounts.

Richard started his career in commercial banking in 1986 and his positions included Head of Bank of Ireland's Corporate Banking centre in London and Assistant Director of Henry Ansbacher, the merchant bank. Between 1997 and 2001 Richard was a non-executive director and a lecturer at Cass Business School and Imperial School of Management.

As his career became deeply focused on equity investing, he was commissioned by Financial Times/Longman to write one of the first academic studies of Warren Buffett, “Buffett Step by Step”.

Richard graduated with an MA in Philosophy, Politics and Economics from The Queen's College, University of Oxford and holds an MBA from Cass Business School.

Richard was born in 1964 and he lives in London with his wife and two children.

Derby Street is a boutique value-oriented long only investment manager managing UK and European equities. If you would like to learn more please visit www.derbystreetmanagers.com and send your questions to info@derbystreetmanagers.com. 

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Patrick Brennan, founder and portfolio manager of Brennan Asset Management, LLC

Patrick Brennan is the founder and portfolio manager of Brennan Asset Management, LLC (BAM), a Registered Investment Advisory firm based in Napa, CA, which utilizes a concentrated value investing strategy. BAM manages separate accounts and is the sub-adviser for the Oceancross Capital Partners Fund. Patrick has given presentations at multiple value investing conferences, including presentations to The New York Society of Security Analysts (NYSSA), The Nebraska Society of Securities Analysts and presentations on various names at the VALUEx Vail Conferences. Patrick coauthored an article on tracking stocks with Lawrence Cunningham for The Financial History Magazine and Patrick was featured in a write-up of Liberty Latin America in The Private Investment Brief. Prior to founding Brennan Asset Management, Patrick managed portfolios and led research efforts at two value investing firms in California: Hutchinson Capital Management and RBO & Co.

Previously, Patrick worked at Mark Boyar & Company, where he led the firm's research team and helped manage $800 million of assets across individual portfolios, institutional accounts and a mutual fund. Patrick also worked for six years in investment banking and equity research with Deutsche Bank, CIBC World Markets and William Blair & Company. Patrick graduated summa cum laude from the University of Notre Dame with a degree in economics and was inducted into Phi Beta Kappa. Patrick received the Chartered Financial Analyst (CFA) designation in 2002 and is a member of the CFA Institute (formerly AIMR). Patrick is originally from Omaha, Nebraska.

More information on Patrick and Brennan Asset Management: https://www.brennanvalue.com/ 

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Ben Claremon, Co-Portfolio Manger for the Classic Value | Small Cap Plus strategy.

Ben Claremon joined Cove Street in 2011 as a research analyst. He also serves as a Co-Portfolio Manager for our Classic Value | Small Cap Plus strategy. Previously he worked as an equity analyst on both the long and the short side for hedge funds Blue Ram Capital and Right Wall Capital in New York, and interned at West Coast Asset Management in Santa Barbara. Prior to that, he spent four years with a family commercial real estate finance and management business. Mr. Claremon was also the proprietor of the value investing blog, The Inoculated Investor. His background includes an MBA from the UCLA Anderson School of Management and a BS in Economics from the University of Pennsylvania's Wharton School.

Check out more from Cove Street here:

Website: http://covestreetcapital.com/

More interviews and podcasts: http://covestreetcapital.com/blog/podcasts-recordings/

More on Viasat (VSAT): http://covestreetcapital.com/eugene-robin-discusses-viasat-on-the-valuewalk-podcast/

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Jeff Auxier, President of Auxier Asset Management LLC and Founder of the Auxier Focus Fund

J. Jeffrey Auxier is President of Auxier Asset Management LLC and Founder of the Auxier Focus Fund. Prior to forming Auxier Asset Management in 1998, Mr. Auxier spent 16 years at Smith Barney - formerly Foster Marshall American Express, then Shearson - where he was on the Portfolio Management Advisory Board and the Chairman's Council and was Senior Vice President of Investments and Senior Portfolio Management Director. Mr. Auxier graduated with honors from the University of Oregon with a degree in Finance and an emphasis on Accounting. Jeff and his family choose to live far from the influence of Wall Street, on a hazelnut farm just outside of Portland, Oregon.

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Jonathan Boyar is President of Boyar Intrinsic Value Research, an independent research boutique established in 1975 that counts some of the world's largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of the Investment Manager, which has been managing money utilizing a value-oriented strategy since 1983.

Mark Boyar began publishing independent equity research on intrinsically undervalued companies in 1975. This led to the establishment of Boyar Asset Management, a Registered Investment Advisor, in 1983. True to Mark's vision, Boyar Asset Management specializes in investing in the equity securities of intrinsically undervalued companies. We define intrinsic value as the amount that would be paid to stockholders if a business were liquidated or sold. Boyar Asset Management evaluates a corporation in the same manner as a private equity buyer would.

Our analysis of financial statements is driven by economic reality, not generally accepted accounting principles (GAAP). We believe that if we purchase assets at significant discounts to their intrinsic or private market value, over a reasonable period of time the stock market will either reflect the true higher value of those assets or our clients may profit when the assets are acquired by a third party.

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Shreekkanth "Shree" Viswanathan is the founder of SVN Capital.

After growing up in Chennai (then called Madras), in South India, Shree came to the U.S. to pursue graduate studies in 1989.

After graduating from The University of Chicago with an MBA, Shree spent time in the corporate finance world as an investment banker with Alex. Brown, a member of the Mergers & Acquisitions team at Thomas Weisel Partner and as a Corporate Development Executive at Union Bank of California. From 2005 to 2018, Shree honed his craft as a portfolio manager and analyst at Discovery Financial Partners, Advisory Research, Inc. and Keeley Asset Management in Chicago, IL.

Shree founded SVN Capital in 2018 where he manages a concentrated, global equity portfolio in both a private partnership and separately managed accounts.

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Caesar Bryan, manager of GAMCO International Growth Fund and Gabelli Gold Fund.

He is also a member of the global investment team which is responsible for the GAMCO Global Growth Fund and the GAMCO Global Opportunity Fund. In addition, he is on the management team of the GAMCO Global Gold and Natural Resources & Income Trust and GAMCO Natural Resources, Gold & Income, two of our closed-end funds. He has been with GAMCO Investors, Inc. since 1994.

Prior to joining GAMCO, Caesar was a portfolio manager at Lexington Management for seven years managing international and precious metals equity portfolios. He began his investment career at Samuel Montagu Company Ltd., the London based merchant bank and during his tenure there spent two years at Aetna Life and Casualty in Hartford, Connecticut assisting in the management of their global equity fund.

Caesar is a graduate of the University of Southampton, England and is a member of the English Bar.

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Gary Mishuris, Managing Partner and Chief Investment Officer of Silver Ring Value Partners

Mishuris is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy. He also teaches the Value Investing Seminar at the F.W. Olin Graduate School of Business. Prior to founding the firm in 2016, Mr. Mishuris was a Managing Director at Manulife Asset Management since 2011, where he was the Lead Portfolio Manager of the US Focused Value strategy. From 2004 through 2010, Mr. Mishuris was a Vice President at Evergreen Investments (later part of Wells Capital Management) where he started as an Equity Analyst and assumed roles with increasing responsibilities, including serving as the co-PM of the Large Cap Value strategy between 2007 and 2010. He began his career in 2001 at Fidelity as an Equity Research Associate. Mr. Mishuris received a S.B. in Computer Science and a S.B. in Economics from the Massachusetts Institute of Technology (MIT).

For additional information from Gary Mishuris:

gary@silverringvalupartners.com

https://silverringvaluepartners.com

https://behavioralvalueinvestor.com

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Win Murray, vice president of the Oakmark Funds, co-manager of the Oakmark Select Fund and director of U.S. equity research at Harris Associates

Win Murray has been a co-manager of the Oakmark Select Fund since 2013. He also serves as the director of U.S. equity research at Harris Associates and is a vice president of the Oakmark Funds.

He joined Harris Associates in 2003 as an equity analyst after working in investment roles at Colonial Management Associates, Federated Investors and ASB Capital Management.

Mr. Murray holds an M.B.A. from Georgia State University (1996) and a B.A. in Russian/East European studies from the University of North Carolina (1992).

ABOUT OAKMARK AND HARRIS ASSOCIATES

The Oakmark Funds are a mutual fund family that utilizes a long-term value investment approach. Oakmark's investment philosophy centers on the belief that superior long-term results can be achieved through investing in companies priced at a significant discount to what Harris believes is a company's intrinsic value, with strong growth prospects and owner-oriented management teams. Oakmark's assets under management totaled approximately $56 billion as of December 31, 2020. More information about the Oakmark Funds is available at oakmark.com.

Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the adviser to the Oakmark Funds. Harris Associates also manages U.S., international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled approximately $104 billion as of December 31, 2020. More information about Harris Associates is available at harrisassoc.com.

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Bill Smead, founder of Smead Capital Management.

"At Smead Capital Management, we are stock market investors. Our clients are individual investors, advisors, family offices and institutional investors who invest with the firm through its mutual funds, separate accounts and other investment vehicles. We advise investors that fear stock market failure through a low-turnover, differentiated value discipline seeking great businesses to build wealth.”

Smead Capital Management had a portfolio valued at $1.59 billion across 31 stocks. Over the years they have seen a turnover of 11% with top holdings in Amgen Inc. (AMGN), Target Corp. (TGT), Discovery Inc. (DISCA), NVR Inc. (NVR) and American Express Co. (AXP).

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Tom Russo, Partner at Gardner Russo & Gardner LLC.

Tom Russo joined Gardner Russo & Gardner LLC as a partner in 1989. He is a graduate of Dartmouth College (BA, 1977) and Stanford Business and Law Schools (MBA/JD, 1984) and oversees $3 billion as general partner of the Semper Vic Partners and Semper Vic Partners (Q.P.) limited partnerships along with overseeing funds in discretionary, individually managed accounts for individuals, trusts and endowments.

His investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. He looks for companies with strong cash-flow characteristics, where large amounts of "free" cash flow are generated.

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Gary Mishuris, Managing Partner and Chief Investment Officer of Silver Ring Value Partners

Mishuris is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy. He also teaches the Value Investing Seminar at the F.W. Olin Graduate School of Business. Prior to founding the firm in 2016, Mr. Mishuris was a Managing Director at Manulife Asset Management since 2011, where he was the Lead Portfolio Manager of the US Focused Value strategy. From 2004 through 2010, Mr. Mishuris was a Vice President at Evergreen Investments (later part of Wells Capital Management) where he started as an Equity Analyst and assumed roles with increasing responsibilities, including serving as the co-PM of the Large Cap Value strategy between 2007 and 2010. He began his career in 2001 at Fidelity as an Equity Research Associate. Mr. Mishuris received a S.B. in Computer Science and a S.B. in Economics from the Massachusetts Institute of Technology (MIT).

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Kevin T. Carter is the Founder & Chief Investment Officer of EMQQ. While he considers himself an active "value" investor first and foremost, he has collaborated with Princeton economist and indexing legend, Dr. Burton Malkiel, for more than 20 years. Their work together began in 1999 with the development of eInvesting, a pioneer firm in fractional share brokerage that was acquired by ETRADE in 2000. In 2002 they founded Active Index Advisors, a pioneer in so-called "direct indexing" that was acquired by Natixis Asset Management in 2005. In 2006, their efforts turned to China and Emerging Markets with Dr. Malkiel's publishing of "Investment Strategies to Exploit Economic Growth in China" and the subsequent book From Wall Street to the Great Wall. Working with Guggenheim Partners, they launched several China focused ETFs on the NYSE. Kevin launched EMQQ in 2014 after noticing how the smartphone was changing his personal consumption habits. He now lives in Lafayette, California with his wife and three children.

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Matthew McLennan, head of the Global Value team and portfolio manager of the Global Value, International Value, U.S. Value and Gold Strategies

He joined First Eagle in September 2008 to lead the Global Value team. Previously, Matt worked for Goldman Sachs Asset Management (GSAM) in London, where he served as co-portfolio manager of Global Equity Partners, a group he co-founded in 2003 that ran a focused global equity portfolio for offshore private wealth clients. Earlier in his career, Matt was equity chief investment officer of the Investment Strategy Group for Goldman Sachs’ private client business. He joined Goldman Sachs in Sydney in 1994. Matt started his career in 1991 in Brisbane, Australia, with the Queensland Investment Corporation and was ultimately responsible for the firm’s international equity exposure. He was born in Rabaul, Papua New Guinea, and grew up in Queensland, Australia. He received his bachelor of commerce with first-class honors and master of international commercial law from the University of Queensland. Matt holds the Chartered Financial Analyst (CFA) designation.

Matt is interested in the field of education, and he is a trustee (and former president of the Board of Trustees) of the Trinity School in New York City. He serves on the Board of Dean’s Advisors of the Harvard T.H. Chan School of Public Health and as a board member of the University of Queensland in the United States of America. He also serves on the Advisory Council of the Stevanovich Institute on the Formation of Knowledge at the University of Chicago and is a board member of the Library of America.

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Dave Sather, founder of Sather Financial Group. 

Founded in 1999, Sather Financial Group recently celebrated its 20-year anniversary. Last year the team added $250 million in assets bringing them to the current total of approximately $850 million.

In addition to his work with Sather Financial, Sather is a Director of Business at Bank Of Texas. He developed and leads the Bulldog Investment Company internship at Texas Lutheran University and is a member of the schools Executive Advisory Council and the Board of Regents.

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Lauren C. Templeton is the founder and president of Templeton & Phillips Capital Management, LLC; a value investing boutique located in Chattanooga, Tennessee. Ms. Templeton currently serves on the Board of Directors at Fairfax Financial Holdings, the Board of Directors at Fairfax India Holdings Corporation, and the Board of Directors of Canadian Solar.

Ms. Templeton is the great niece of Sir John M. Templeton and serves on the Board of Trustees of the John Templeton Foundation. She is also a current member the Templeton World Charities Foundation and a Trustee of Templeton Religion Trust. Ms. Templeton is the co-author of Investing the Templeton Way: The Market Beating Strategies of Value Investing’s Legendary Bargain Hunter. She received a B.A. in Economics from the University of the South.

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Jeffrey Stacey is the founder of Stacey Muirhead Capital Management Ltd. and he has over 35 years of investment industry experience. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst.

Jeff has been involved in many charitable and board activities throughout his career. He has served on several investment committees including for two Canadian universities. In addition, he has served on the advisory boards for two university student managed investment funds.

Jeff is married and has two children. Personal interests include hiking, fitness, reading, travelling, and playing drums.

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Brian Yacktman, President and Chief Investment Officer of YCG, LLC

Yacktman is the President and Chief Investment Officer of YCG, LLC which he founded in 2007 in Austin, TX. YCG is an active management firm that has seen assets grow from $1 million to nearly $1 billion as of September 30, 2020, while achieving market beating performance since its inception. YCG offers separate account management and is the adviser to the YCG Enhanced Fund (ticker: YCGEX).

Prior to starting YCG, Brian was an Associate at Yacktman Asset Management, the adviser to The Yacktman Funds. He joined them in 2004 from Brigham Young University where he graduated cum laude with a B.S. in Economics and an M.B.A with an emphasis in finance. Brian has been quoted and highlighted in financial media outlets such as CNBC, Fox, WSJ, Bloomberg, Barron's, MarketWatch, CNN, Reuters, and Forbes. He also has served as a panelist for Institutional Investor and as a guest lecturer at Brigham Young University, University of Texas, Texas Lutheran University, Gurufocus Value Conference, American Society of Appraisers and at the Googleplex.

YCG seeks to invest in global champions, believing the key to successful investing is to compound capital at high rates of return for long periods of time. Businesses with this capability are extremely rare because competition and innovation drive down real pricing. Therefore, we pay particular attention to identifying businesses with enduring pricing power, most often found amongst globally networked businesses with long-term volume growth opportunities that are growing at least as fast as GDP. We also want these businesses to be conservatively capitalized with owner minded management teams, trading at prices we believe will achieve attractive rates of returns.

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Check out the YCG Investments Channel here: https://www.youtube.com/channel/UC5cFLAZCwvYWVAym-61LTtw

Bill Nygren, Vice President of the Oakmark Funds, manager of the Oakmark Select Fund. Chief Investment Officer for U.S. Equities at Harris Associates.

Bill Nygren has been a manager of the Oakmark Select Fund since 1996, Oakmark Fund since 2000 and the Oakmark Global Select Fund since 2006. He is also the chief investment officer for U.S. equities at Harris Associates, which he joined in 1983, and a vice president of the Oakmark Funds. He served as the firm's director of research from 1990 to 1998.

He holds an M.S. in finance from the University of Wisconsin's Applied Security Analysis Program (1981) and a B.S. in accounting from the University of Minnesota (1980).

The Oakmark Funds are a mutual fund family that utilizes a long-term value investment approach. Oakmark's investment philosophy centers on the belief that superior long-term results can be achieved through investing in companies priced at a significant discount to what Harris believes is a company's intrinsic value, with strong growth prospects and owner-oriented management teams. Oakmark's assets under management totaled approximately $49 billion as of June 30, 2020.

Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the adviser to the Oakmark Funds. Harris Associates also manages U.S., international and global portfolios for institutional and high-net-worth investors worldwide. Including Oakmark, assets under management at Harris Associates totaled approximately $86 billion as of June 30, 2020.

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Arnold Van Den Berg, CEO and Co-Chief Investment Officer of Century Management Financial Advisors  

Arnold Van Den Berg began his investing career in 1968 and founded Century Management Financial Advisors in 1974. Today, he serves as the company's CEO and Co-Chief Investment Officer where he works side-by-side with son, Scott Van Den Berg (President and Portfolio Manager), and son-in-law, Jim Brilliant (Co-Chief Investment Officer and Portfolio Manager).  Arnold's accomplishments in the world of investing have been recognized by many. He has been profiled in the books:  

- Richer, Wiser, Happier: How The World's Greatest Investors Win in Market's and Life  

- The Great Minds of Investing  

- The World's 99 Greatest Investors: The Secret of Success  

Arnold has also been a guest lecturer at Baylor University, Brown University, Texas Lutheran University, and Ivey Business School at Western University in Canada. Additionally, he has spoken at Google, participated in several podcasts, and has been interviewed by numerous media outlets where he shared his knowledge on business and the stock market, as well as his personal story.  

Arnold's childhood years, the 1940s, were filled with angst. He and his family were living in Holland. Taken over by the Germans, Arnold lost most of his family in the Holocaust. Miraculously, both of Arnold's parents survived Auschwitz while Arnold and his brother were smuggled through German lines to safety. After surviving the war, Arnold and his family came to America. Arnold has no formal education beyond high school. His rigorous self-study, dedication, and 53 years of industry experience form the foundation of his market knowledge. Over his career he has learned that in the financial business it's not just about wealth management, but life management, as he believes a good advisor also becomes involved in health, wealth, and lifestyle issues.  

Arnold, who is a vegetarian and active yoga practitioner, lives in Austin, Texas with his wife Eileen. They have three children, seven grandchildren, and two great-grandchildren.

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Tom Russo, Managing Member of Gardner Russo & Quinn LLC and Semper Vic Partners GP, LP

Thomas A. Russo joined Gardner Investments as a partner in 1989. In 2014, Mr. Russo became the Managing Member of the firm. Mr. Russo serves as Managing Member of Gardner Russo & Quinn LLC and of Semper Vic Partners GP, LP, which oversees two "global value," long-only, equity investment partnerships, the first of which Mr. Russo founded in 1983. Mr. Russo oversees more than $8 billion distributed between Semper Vic partnerships and separate accounts managed in parallel fashion. 

His investment strategy seeks globally leading companies whose brands permit them the capacity to develop market shares in the parts of the world that are undergoing economic growth and increasing political stability. He prefers companies with sufficient cash flows from existing operations to allow them to underwrite long-term-oriented investments required to build market share and develop enduring franchises.

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Jonathan Boyar is President of Boyar Intrinsic Value Research, an independent research boutique established in 1975 that counts some of the world's largest sovereign wealth funds, hedge funds, mutual funds and family offices as subscribers. He is also a Principal of the Investment Manager, which has been managing money utilizing a value-oriented strategy since 1983. 

Mark Boyar began publishing independent equity research on intrinsically undervalued companies in 1975. This led to the establishment of Boyar Asset Management, a Registered Investment Advisor, in 1983. True to Mark's vision, Boyar Asset Management specializes in investing in the equity securities of intrinsically undervalued companies. We define intrinsic value as the amount that would be paid to stockholders if a business were liquidated or sold. Boyar Asset Management evaluates a corporation in the same manner as a private equity buyer would. 

Our analysis of financial statements is driven by economic reality, not generally accepted accounting principles (GAAP). We believe that if we purchase assets at significant discounts to their intrinsic or private market value, over a reasonable period of time the stock market will either reflect the true higher value of those assets or our clients may profit when the assets are acquired by a third party.

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