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Guest Speakers

Presentations from leading value investors enhance the value investing skills that are taught in both the Ivey’s Value Investing program as well as the Value Investing and the Search for Value Seminars. Our speaker series allow students the opportunity to see value investors in action.

Practitioners’ involvement in the program is organized in two parts; First, the investors’ basic approach to value investing and a discussion of their style; Second, practitioners take students through actual investment decisions. This includes decisions to purchase securities, and how large a position to take, or decisions not to purchase securities. Time is allowed at the end for open-ended student questions.

This page also features presentations from the keynote speakers at the Centre's Value Investing Conferences that cover broad areas of interest to the value investing community and to our students.

Upcoming Guest Speakers

ChouFounder and President, Chou Associates Management Inc., Toronto, ON, Canada (July 31, 2020 -- Seminar on Value Investing and the Search for Value)

Mr. Chou is the President of the Toronto-based Chou Associates Management Inc. Mr. Chou, a CFA, ended his formal education at Grade 12. While working as a technician for a phone company in 1981, he started an investment club that would later become the Associates fund. Mr. Chou has operated two of the country’s most successful funds, Chou Associates Fund and Chou RRSP fund, for the last 20 years. In 2005, the Canadian Investment Award named him the fund manager of the decade. His approach is to “find bargains and maintain discipline; if you cannot find bargains stay in cash”. Currently (2012), Mr. Chou manages more than $650 million for investors in his firm and runs the best performing bond fund in North America according to a Wall Street Journal article. The financial media have extensively covered Francis’ style, performance and character over the years. Other media articles on Francis can be read here and here.

For more on Chou Associates Management Inc., see www.choufunds.com/associates.html

Chairman and CEO, Fairfax Financial Holdings Ltd., Toronto, ON, Canada (April 16, 2020 - Fairfax Annual Meeting of Shareholders at Roy Thompson Hall)

Mr. Watsa, Chairman and CEO, Fairfax Financial Holdings Ltd. has invited Dr. Athanassakos and a group of his Value Investing MBA and HBA students to attend the Fairfax annual meeting of shareholders on Thursday, April 16, 2020 at 9:30 a.m. in Toronto, Ontario, Canada. After the annual meeting, students will have an opportunity to meet Mr. Watsa and his team. Mr. Watsa is the Chairman and Chief Executive Officer of Fairfax Financial Holdings Ltd., a financial services holding company, which he took over in 1985. The company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, as well as investment management. Mr. Watsa is a Chartered Financial Analyst, a graduate of the prestigious Indian Institute of Technology with a degree in Chemical Engineering and a holder of an MBA from the Richard Ivey School of Business of the University of Western Ontario. He is a member of the Board of Trustees of the Hospital for Sick Children, a member of the Advisory Board for the Richard Ivey School of Business and a member of the Board of Directors of the Royal Ontario Museum Foundation, as well as Chairman of the Investment Committee of St. Paul’s Anglican Church.  Fairfax has been one of the few companies to escape the ravages of the great recession of 2008 as Mr. Watsa and his team had anticipated the credit crisis and had taken the necessary steps to protect Fairfax. Mr. Watsa, also known as the Buffett of the North, had discussed his fears about the markets in a key note speech he gave to The Ben Graham Center of Value Investing First Annual Symposium on Value Investing on May 25, 2007. His key note speech can be viewed here.

For more on Fairfax Financial Holdings Ltd., see www.fairfax.ca

Co-Managing Partner & Co-Founder, MSD Capital, L.P., New York, NY, USA (March 10, 2020, Room 1100, 6:20pm to 8:00pm)

Mr. Phelan is the Co-Managing Partner and Co-Founder of MSD Capital, L.P., the private investment firm for Michael Dell, the founder and CEO of Dell Inc. John is also the Co-Managing Partner of MSDC Management, L.P. Prior to forming MSD, John was a Principal for seven years at ESL Partners, a Greenwich, Connecticut-based investment firm. At ESL, John was responsible for ESL’s Special Situation and Distressed Investments and helped grow the firm from $50 million to over $2 billion in assets under management. John received his M.B.A. from Harvard Business School, and graduated Phi Beta Kappa, cum laude with distinction from S.M.U. with a B.A. in Economics and Political Science. John holds a General Course degree with an emphasis in Economics and International Relations from the London School of Economics. He is on the Board of Trustees at the Whitney Museum of American Art, the Aspen Art Museum (CoPresident) and Cold Spring Harbor Laboratory (Chairman of the Investment Committee). He is also involved with his respective alma maters and currently serves on the Deans Advisory Board for the Harvard Business School, the Investment Committee for the S.M.U. Endowment, and the North American Advisory Board for the London School of Economics.

For more on MSD Capital, see www.msdcapital.com

Founder and Chief Investment Officer, Wincrest Capital, Nassau, NP, The Bahamas (February 27, 2020, Room 1100, 6:20pm - 8:00pm)

Ms. Bernard, founder & CIO of Wincrest Capital, has a passion for investing that goes back to her days of growing up in The Bahamas.  It was there that a 15-year-old Barbara Ann persuaded legendary value investor Sir John Templeton, a fellow Bahamian resident, to take her on board for the first of what would become a series of summer jobs at Templeton Global Advisors, instilling a fundamental value-oriented investment approach to the public markets.  Later, working in investment banking at Goldman Sachs, followed by alternative asset management at Deutsche Bank, and as an investment analyst at Holowesko Partners, she acquired a robust grasp of private market valuation and the hedge fund industry.  Today, she is the portfolio manager of the Wincrest Contraria Fund, which is a global long/short equity fund of niche, esoteric investment ideas based on bottom-up “Go-See” research.  Barbara Ann was named a Young Global Leader in 2018 by the World Economic Forum.  She is a graduate of Li Po Chun United World Colleges in Hong Kong, Lakefield College School in Canada, and the London School of Economics, where she Chaired the LSE Business Society.  She currently serves on the Finance Committee of the Lyford Cay Foundation.

For more on Wincrest Capital, see www.wincrest-capital.com

Chief Executive Officer & Co-Chief Investment Officer, Century Management, Austin, TX, USA (January 29, 2020 - Ivey Value Investing Classes, Room 1100, 6:20pm - 8:00pm - Video Conference Presentation)

Mr. Van Den Berg began his investing career in 1968, at the start of what turned out to be the worst bear market since the Great Depression. While selling mutual funds in the declining market, Arnold became concerned for his clients and noticed that some money managers seemed to suffer fewer losses. He embarked on an exhaustive study, discovering that those who practiced the value investing style pioneered by Benjamin Graham protected their client’s capital better and provided more consistent results. While the consensus opinion was to avoid stocks at the bottom of the bear market in 1974, Arnold became convinced of the many great values that were available. He founded Century Management at this time and made Value Investing the cornerstone of Century’s practice. Today, he serves as the company's CEO and Co-Chief Investment Officer.  Arnold has been profiled in the books The Great Minds of Investing and The World's 99 Greatest Investors: The Secret of Success. He has also been interviewed by many media outlets including: Outstanding Investor Digest, The Wall Street Journal, Outlook Profit Magazine (India), Money Manager Review, Graham and Doddsville and GuruFocus.com. Arnold has no formal education beyond high school. His rigorous self-study, dedication, and 48 years of industry experience form the foundation of his market knowledge. For over 25 years Arnold has worked side-by-side with son Scott Van Den Berg (Co-Portfolio Manager) and son-in-law Jim Brilliant (Co-Chief Investment Officer and Portfolio Manager). Arnold frequently speaks to middle and high school students about the lessons he learned as a Holocaust survivor. He lives in Austin, Texas with his wife Eileen. They have three children and seven grandchildren.

For more on Century Management, see https://centman.com/

Read Mr. Van Den Berg's Past Interviews: 
Interview 1
Interview 2

Past Guest Speakers