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Joel Greenblatt And Richard Pzena: 2019 Ben Graham VI Annual Conference [Notes]

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Jacob Wolinsky
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Notes from Joel Greenblatt And Richard Pzena's keynote presentation from the 2019 Ben Graham VI Annual Conference, which took place on Wednesday, June 19.

See the full notes here.

Q2 hedge fund letters, conference, scoops etc

Joel Greenblatt

Keynote Presentation

Joel Greenblatt

Managing Principal and Co-Chief Investment Officer, Gotham Asset Management

Richard S. Pzena

Founder and CIO, Pzena Investment Management, LLC

  • The current environment
  • Spreads between value and growth are widest
  • Observations now, different or the same
  • Long growth and short value, doesn’t make sense
  • How do you define growth and value? Tied to the hip
  • Yes, no, maybe, I don’t care
  • How do you define value?
  • Value the business, try to buy at discount
  • PE looking at cash flow and reasonable growth over...

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob worked as an equity analyst covering small caps, a micro-cap analyst, doing member development a large hedge fund community and freelance financial writing. Jacob lives with his wife and five kids in Passaic NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal id. Other methods of secure communication are also available. FD: I almost exclusively avoid the purchase of equities to avoid conflict of interest and any insider information. I only purchase broad-based ETFs and mutual funds. I will disclsoe if I have a stake in any company, but in general avoid