At the Ben Graham Centre’s 2026 Value Investing Conference, accounting expert Stephen Penman of Columbia Business School opened his morning keynote with a joke and a warning. The joke was that he’s an accountant, so the audience should feel free to leave for coffee early. The warning, which turned out to be the whole point...
2026 Value Investing Conference: Stephen Penman On Why Book-to-Price Only Works When You Reverse-Engineer the Market
HFA Staff
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The post above is drafted by the collaboration of the Hedge Fund Alpha Team.

