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Ben Graham Centre's 2023 Value Investing Conference

Apr 19, 2023 • 7:45 am - 4:45 pm

Delta Hotels Toronto, Soco Ballroom, 75 Lower Simcoe Street, Toronto, Ontario, Canada

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Registration Closed
George podium with crowd 3

The Ben Graham Centre for Value Investing at the Ivey Business School at Western University held its annual Value Investing Conference on April 19, 2023, in Toronto, Ontario, Canada.

The mission of the Conference was to promote the tenets of value investing as pioneered by Benjamin Graham, to expose Conference participants to the various value investing methods used by practitioners, and to encourage and support academic research and study in the area of value investing. 

The Conference provided a forum to explain, discuss and debate the principles, practices and various applications of value investing from a global context.  

Media Coverage

“Value investing may finally be emerging from its decade-long slump”
The Globe and Mail (Report on Business), April 22, 2023, p. B9.

"It’s not worth paying high management fees for highly diversified portfolios"
Globe Investor Magazine Online, May 24, 2023.

"Highlights From Ben Graham Value Investing Conference"
Canadian Moneysaver Magazine, pp 16-17, June, 2023.

"Key Takeaways from the Value Investing Summit and Howard Marks"
Veritas Investment Research News and Insights Newsletter, April 24, 2023.

"All together now" 
ellesworth Blog April 29, 2023.

"What Becomes an Investing Legend Most? Oaktree Capital’s Howard Marks shares his insights at the Ben Graham Centre for Value Investing Conference"
PenderFund Capital Management Ltd. Blog, May 8, 2023.

"Investing Like a Forensic Accountant"
Veritas Investment Research News and Insights Newsletter, June 23, 2023.

Lineup, Videos and Slides

Conference Organizer and Chair

Dr. George Athanassakos, Founder & Managing Director, Ben Graham Chair in Value Investing, Ivey Business School
Topic: Value Seekers vs Value Creators: The Two Sides of Value Investing

In his opening remarks, among other things, Dr. Athanassakos expressed his frustration with academics who have paid little attention to value investing and stock picking over the years and thus lack a basic understanding of what value investing is. As Dr. Athanassakos explained, one misunderstanding perpetuated by academics is the idea that value investing is only about a particular style of investing. But it is not. Value investing is also about corporate finance. In fact, value investing incorporates two points of view, one is that of an investor (the value seeker) and the other that of a CEO (the value creator). Then Dr. Athanassakos went on to discuss his research into how to identify good capital allocator (i.e., good investor) CEOs. Dr. Athanassakos covers these concepts in great depth in his recently published book “Value Investing: From Theory to Practice”.

Video Not Available.
PowerPoint Presentation Not Available
View link to Book

Dr. Athanassakos was delighted to welcome as Conference keynote speakers, Mr. Anthony Scilipoti, President and CEO of Veritas Investment Research Corporation, who talked about “Investing Like a Forensic Accountant”, Mr. Howard Marks, Co-Chairman of Oaktree Capital Management, L.P., who sat down with Mr. Cyrus Madon, Managing Partner and Chief Executive Officer of Brookfield Private Equity Group and Chief Executive Officer of Brookfield Business Partners at Brookfield Asset Management Inc., for a fireside chat about an “Environment in Transition”, and Ms. Vicki Hollub, President and CEO, Occidental Petroleum Corp., who discussed “Growing Value in a Volatile World”. He then proudly welcomed the panel of professional value investors (Mr. Vito Maida, Mr. Will Pan, Mr. Ratul Kapur, Mr. Rui Cardoso, Ms. Laura Geritz and Mr. Robert Robotti) who spoke about value investing around the world.

In his closing remarks, Dr. Athanassakos thanked all speakers, generous sponsors and contributors and expressed his gratitude to all those who attended from all over the world.

Morning Keynote Speaker

Presenter: Anthony Scilipoti, President and CEO, Veritas Investment Research Corporation, Toronto, Ontario, Canada
Topic: Investing Like a Forensic Accountant

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PowerPoint Presentation

Luncheon Keynote Speaker

Presenter: Howard Marks, Co-Chairman, Oaktree Capital Management, L.P., Los Angeles, CA, USA
Topic: Environment in Transition

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PowerPoint Presentation Not Available

Afternoon Keynote Speaker

Presenter: Vicki Hollub, President and CEO, Occidental Petroleum Corp., Houston, TX, USA
Topic: Growing Value in a Volatile World

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PowerPoint Presentation

Value Investor Session

Presenter: Vito Maida, Founder and President, Patient Capital Management Inc., Toronto, Ontario, Canada
Topic: Active Investment Strategy Worthy of a Fee

PowerPoint Presentation

Presenter: Will Pan, Partner and Co-Portfolio Manager, Hyperion Strategy, Ruane, Cunniff & Goldfarb L.P., New York, New York, USA
Topic: The Value of Agency—Owner Operators and Aligned Cultures

PowerPoint Presentation Not Available

Presenter: Ratul Kapur, CIO, Partner and Portfolio Manager, Scheer, Rowlett & Associates Investment Management Ltd., Toronto, Ontario, Canada
Topic: Dichotomy in Value Investing

PowerPoint Presentation

Presenter: Rui Cardoso, Managing Director, U.S. and International Equities, Beutel, Goodman & Company Ltd., Toronto, Ontario, Canada
Avoiding the Value Traps…And the Growth Traps

PowerPoint Presentation Not Available

Presenter: Laura Geritz, Founder, Chairwoman and Portfolio Manager, Rondure Global Advisors, Salt Lake City, Utah, USA
Topic: How do you solve a problem like Korea (Defensive Investors in Emerging Markets)

PowerPoint Presentation

Presenter: Robert Robotti, Founder and Chief Investment Officer, Robotti & Company Advisors LLC, New York, New York, USA
Topic: The Times, They are a Changin’, a Changin’…They’ve Changed!

PowerPoint Presentation

Selective Testimonials

~ Rui Cardoso, Beutel, Goodman & Company Ltd.

~ Lauren Fong, Ivey HBA 2024 Candidate

~ Andi Kerenxhi, CFA, President at Ubineer Corp.

“That was a fantastic conference you organized. Thanks again!”
~ Steven Ko - Starvine Capital Corp.

“This was the best conference I have been to, I was able to meet and learn from some of the best investors in the world. It was a truly transformative event that exceeded all my expectations."
~ Adam Syed Shahin - Ivey MBA 2023 Candidate

Conference Photo Gallery

Opening Remarks

Morning Keynote Speaker

Value Investor Session - Panel 1

Networking Coffee Breaks 

2023 International MBA Stock Picking Competition - Winner Announcement

Luncheon Keynote Speaker

Value Investor Session - Panel 2

Afternoon Keynote Speaker

Closing Remarks

Thank you to our Donors

We would like to thank our donors Burgundy Asset Management Ltd., The Center for the Advancement of Value Investing Education, Orbis Investment Management Ltd., Robotti & Company Advisors, Sionna Investment ManagersTurtle Creek Asset Management Inc., and Tweedy, Browne Company LLC. for their generous support.

A group of donor logos including Burgundy Asset Management, CAVIE, Orbis, Robotti, Sionna, Turtle Creek, and Tweedy, Browne Company LLC