Value Invest New York took place on March 19, 2026, featuring top investorsfrom the US, Europe, and around the world at One Five One, 151 W 42nd St, New York.
UPDATE: The full coverage of the conference in PDF for those readers who prefer it can be found below at the bottom of the post.
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The speaker line-up includes Mario Gabelli, John W. Rogers Jr – plus speakers from Schroders, Smead Capital Management, Artisan Partners, WTW, Value Investor Insight, Beutel Goodman, Ariel Investments, Oldfield Partners, Juniper, Patient Capital, Moerus, Boyar Value Group, Tectonic, Summit Street and Pzena.
Value Invest New York 2026 Summary
Cole Smead, CEO and Portfolio Manager, Smead Capital Management
Cole Smead, CEO and Portfolio Manager at Smead Capital Management, argues that the current AI infrastructure buildout follows the same capital cycle pattern that punished investors in railroads, telecoms, and shale energy. Using more than a century of data, he shows that when infrastructure CapEx in a single sector approaches 1% of GDP, painful corrections follow. His contrarian positioning favors the energy sector, where the capital cycle has already turned, and homebuilders, where capital-light economics and tight housing supply create overlooked value.
See: Cole Smead: Proof AI Is A Bubble And How To Profit Off Of The Mania
Brian Louko, Portfolio Manager, Artisan Global Special Situations Strategy
Brian Louko, Portfolio Manager of Artisan’s Global Special Situations Strategy, presents a case built on the aerospace industry’s structural supply-demand imbalance. With global fleet ages rising, order backlogs extending past 2030, and production still below pre-pandemic levels, Louko identifies a vertically integrated European aerostructures supplier trading at a steep discount to both private market transactions and comparable U.S.-listed peers. His base case implies roughly a double, with catalysts including a potential U.S. listing and industry consolidation that could push returns significantly higher.
Richard Garstang, Managing Partner, Oldfield Partners
Richard Garstang, Managing Partner at Oldfield Partners, pitches what he calls a data business hiding inside the energy sector. His featured company is the dominant provider of real-time drilling data systems in North America, with 70% market share, 40% gross margins, and 90% free cash flow conversion. Despite economics that resemble enterprise software, the stock trades at a 25-year low on an EV/Sales basis because the market categorizes it as oilfield services. His second idea is a dominant UK budget hotel operator trading at a cyclical low with a clear path to re-rating.
See: Oldfield’s Richard Garstang This: Data Compounder Hidden Inside An Oil Company Could 4x
Simon Adler, Head of Global Value Team, Schroders
Simon Adler, Head of the Global Value Team at Schroders, walks through the team’s highly disciplined deep value process, backed by more than a decade of structured data spanning 2,500-plus archived investment decisions. Rather than relying on narrative, Adler uses the data to demonstrate that the team’s buys outperform the cheapest quintile of the market, its risk scores predict drawdowns, and its normalized profit estimates have improved materially over time. His stock pitch is a cash-rich Japanese broadcaster trading near negative enterprise value despite never posting a loss in 19 years.
Rui Cardoso, Managing Director and Head of Global Equities, Beutel Goodman
Rui Cardoso, Managing Director and Head of Global Equities at Beutel Goodman, focuses on the persistent underperformance of healthcare stocks despite strong business fundamentals. He argues that political noise, patent cliff anxiety, and the gravitational pull of AI momentum names have created a rare window to own high-quality pharmaceutical and medical device companies at steep discounts. His two picks include a global medical device leader undergoing an operational transformation and a Japanese pharmaceutical innovator whose patent cliff fears obscure a pipeline of long-duration growth assets.
See: Beutel Goodman’s Rui Cardoso On Two Out Of Favor Stock Ideas
Ned Reeves, Partner, Juniper Investment Company
Ned Reeves, Partner at Juniper Investment Company, pitches a vocational and technical training school operator positioned to benefit from the skilled trades crisis in America. The company has transformed from a distressed, sub-$100 million market cap operation into a $1.2 billion growing platform through a hybrid learning model that doubles campus capacity and dramatically improves unit economics. With revenue roughly tripled over the past three years, EBITDA margins above 30%, and a committed expansion plan of two new campuses per year, Reeves argues the market has yet to fully price in the compounding potential.
See: Juniper’s Ned Reeves Says This Small-cap Which 10xed Has More Room To Grow
Amit Wadhwaney, Portfolio Manager and Co-Founding Partner, Moerus Capital Management
Amit Wadhwaney, Portfolio Manager and Co-Founding Partner at Moerus Capital Management, pitches a Brazilian beauty conglomerate that most investors have written off after years of value-destroying acquisitions. The company spent billions acquiring global retail and direct-sales businesses that never produced the promised synergies, then was forced into fire sales to survive. Now refocused on Latin America where it has deep expertise and a 50-year-old direct sales model, the stock trades at roughly 5x EBITDA with margins in line with peers, offering patient investors a chance to own a cleaned-up business at a distressed price.
See: Moerus’ Amit Wadhwaney Pitches Brazilian Beauty Brand At 5x EBITDA
Christina Malbon, Assistant Portfolio Manager, Patient Capital Management
Christina Malbon, Assistant Portfolio Manager at Patient Capital Management, presents three ideas where short-term market anxiety has created a disconnect between price and long-term business quality. Her picks span online travel, biopharmaceutical royalties, and big tech, each a market leader punished by fears she believes are either temporary or misunderstood. Across all three, Malbon highlights strong or improving cash flows, management teams buying back shares below intrinsic value, and valuations that assign little credit to durable growth drivers the market has overlooked.
Jeff Everett, Co-Founder, Tectonic Investors
Jeff Everett, co-founder of Tectonic Investors and former colleague of Sir John Templeton, makes a case at the intersection of national security, technological transformation, and deep value. His pitch centers on the only vertically integrated rare earth company outside China capable of producing finished magnets from its own mine. With U.S. Department of Defense backing, commercial partnerships with Apple and GM, and rising demand from robotics and electrification, Everett argues the stock is dramatically undervalued relative to its strategic importance and cash flow potential.
Mario Gabelli, Chairman and CEO, GAMCO Investors
Mario Gabelli, Chairman and CEO of GAMCO Investors, brings his private market value framework to a set of ideas spanning professional sports, energy infrastructure, and auto parts retail. His top pick is a publicly traded sports company owning two major New York franchises, with a tax-free corporate split as the near-term catalyst. He also highlights a 110-year-old natural gas company whose sum-of-the-parts valuation is well above its current stock price, and an auto parts turnaround trading at a fraction of its peers under new management.
Jonathan Boyar, Principal, Boyar Value Group
Jonathan Boyar, Principal of Boyar Value Group, opens the conference with a warning drawn from the Nifty Fifty, the dot-com bust, and today’s high-multiple market leaders: when investors overpay, bad things happen, even when the business is great. His stock picks focus on the overlooked corners of the market, including a ride-hailing platform generating $10 billion in free cash flow that the market has discounted on autonomous vehicle fears, and a sports holding company poised to unlock value through a corporate restructuring.
See: Jonathan Boyar Presents Theses For Uber, MSG, And A Few Other Stocks
Jennifer Wallace, Founding Partner and CIO, Summit Street Capital Management
Jennifer Wallace, founding partner and Chief Investment Officer of Summit Street Capital Management, cuts through AI noise to focus on what she believes drives long-term returns: cash flow, balance sheet quality, and the discipline to buy misunderstood businesses. Having compounded at roughly 14% net of fees over 17 years without leverage, Wallace pitches a jewelry retailer trading at five times forward earnings with a 14% free cash flow yield, and a nitrogen fertilizer producer with a permanent cost advantage from low-cost U.S. natural gas that the market is undervaluing despite strong cash generation.
See: Summit Street’s Jennifer Wallace DetailsTwo Of Her Favorite Stocks
Christine Phillpotts, Portfolio Manager, Ariel Investments
Christine Phillpotts, Portfolio Manager for Ariel Investments’ emerging markets value strategies, challenges three persistent myths keeping investors away from what she calls one of the most attractive asset classes available. She argues that deglobalization is actually reorganizing supply chains in favor of emerging market manufacturers, that innovation is accelerating rather than lagging in these markets, and that corporate governance is improving rapidly driven by demographic pressures. Her discussion spans holdings across Central European banking, Brazilian utilities, and Asian technology, all trading at deep discounts to developed market peers.
See: Ariel’s Christine Phillpotts Debunks Three Emerging Market Myths And Explains Where To Find Value
Dan Babkes, Co-Portfolio Manager, Pzena Investment Management
Dan Babkes, co-portfolio manager at Pzena Investment Management, pitches a healthcare stock he says represents one of the clearest convergences of deep value and high-quality business economics the firm has seen. The company operates in an oligopoly with structural growth driven by aging demographics and rising penetration, yet trades below 4x normalized earnings after an industry-wide margin squeeze and a company-specific ratings setback that Babkes argues is already reversing. His base case implies three to four-and-a-half times upside as margins normalize and the market re-rates the business.
See: Pzena’s Dan Babkes: Rare Opportunity To Buy An Oligopoly At A PE Below 4
John Rogers Jr., Founder, Chairman and Co-CEO, Ariel Investments
John Rogers Jr., founder, Chairman and co-CEO of Ariel Investments, draws on 43 years of contrarian investing to make the case that small caps are approaching a sustained reversal. In a wide-ranging fireside chat, Rogers discusses seven current holdings across consumer brands, entertainment, financial services, and real estate, several of which he has owned for 20 years or more. His picks include a lawn and garden brand at a CEO transition, an entertainment venue that has tripled since purchase, and multiple financial services firms where AI fears and private equity skepticism have created buying opportunities.
See: John Rogers Jr. On Four Decades Of Small Cap Value Investing And 7 Stocks He Likes Now
Value Invest New York 2026 Agenda
There was over 15 investment ideas presented in detail at the conference – see the full listing by time below.
| Time | Speaker | Presentation Title |
|---|---|---|
| 8:45-9:00 | Paula Robinson – WTW | Introduction |
| 9:00-9:20 | Cole Smead – Smead Capital Management | Manias in American Capex Cycles |
| 9:20-9:50 | Brian Louko – Artisan Partners | Taking Flight with Global Special Situations |
| 9:50-10:10 | Richard Garstang – Oldfield Partners | The Bloomberg of Oil Services |
| 10:10-10:40 | Simon Adler – Schroders | Do Not Adjust Your Set: Japanese TV is Screening Value |
| 10:40-11:10 | Coffee and Networking Break | – |
| 11:10-11:40 | Rui Cardoso – Beutel Goodman | Is Health Care in the ICU? |
| 11:40-12:00 | Ned Reeves – Juniper Investment Company | Investing in the Skills Gap |
| 12:00-12:20 | Amit Wadhwaney – Moerus Capital Management | Trouble is Opportunity |
| 12:20-12:40 | Christy Siegel Malbon – Patient Capital Management | The Discipline of Discomfort |
| 12:40-1:00 | Jeff Everett – Tectonic Investors | Profits from Independence |
| 1:00-2:00 | Lunch | – |
| 2:00-2:40 | Mario Gabelli – GAMCO Investors | Fireside Chat and Audience Q&A with John Heins |
| 2:40-3:00 | Jonathan Boyar – Boyar Value Group | It’s Deja Vu All Over Again. Again |
| 3:00-3:20 | Jennifer Wallace – Summit Street Capital Management | Value Investing in the Age of AI (Revenge of the Old Economy) |
| 3:20-3:50 | Coffee and Networking Break | – |
| 3:50-4:10 | Christine Phillpotts – Ariel Investments | Emerging Markets: Busting the Myths |
| 4:10-4:30 | Dan Babkes – Pzena Investment Management | Humana – A Classic Value Opportunity |
| 4:30-5:15 | John W. Rogers Jr. – Ariel Investments | Fireside Chat and Audience Q&A with Jonathan Boyar |
VINY Stock returns from 2025
Returns from the event have been pretty good. You could see from last year some of the pitches and how they did. At the following link, you could get a full detailed analysis of the pitches themselves, and you could have read those in real time also.
VINY 2026 Preview Video
Any questions? Email the organizers at [email protected]
