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Guest Speakers – Value Investing Classes and Seminars

The value investing skills taught in the program are enhanced from the presentations that leading value investors  make in the classes. The speaker series is an integral part of the program and allows students the opportunity to see value investors in action. Practitioners’ involvement in the program is organized in two parts. The first part covers the investors’ basic approach to value investing and a discussion of their style. The second part involves practitioners taking students through actual investment decisions, including decisions to purchase securities, how large a position to take, and decisions not to purchase securities. At the end of the second part, time is allowed for open-ended student questions.

Upcoming Guest Speakers

General Partner, Greenlea Lane Capital Partners, LP, New York, NY (July 21, 2017 -- Seminar on Value Investing and the Search for Value)

Josh Tarasoff is the general partner of Greenlea Lane Capital Partners, LP, a private investment partnership he founded in 2006. Josh graduated from Duke University in 2001 with a degree in philosophy. He has worked at Goldman Sachs and holds an MBA from Columbia Business School.

Chairman and CEO, Fairfax Financial Holdings Ltd., Toronto, ON (April 20, 2017 -- Fairfax Annual Meeting of Shareholders)

Mr. Prem 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 20, 2017 at 9:30 a.m. in Toronto, Ontario. 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.

President, Lountzis Asset Management, LLC, Wyomissing, PA (March 16, 2017 -- Ivey Value Investing Classes)

Mr. Lountzis is the President of Lountzis Asset Management, LLC, which he founded in 2000 and is based in Wyomissing, PA. Paul is a graduate of Albright College. He has more than twenty-five years, experience in the investment industry, beginning his career in 1989 with Royce & Associates, a New York City-based investment advisory firm managing the Royce Mutual funds. Paul spent nine years, including five years as a partner, at Ruane, Cunniff & Goldfarb Inc., an investment advisory firm managing more than $9 billion, including the Sequoia Mutual Fund. At Ruane, Cunniff & Goldfarb, Bill Ruane assigned him to conduct a number of specific research projects for the consideration of Warren E. Buffett, Chairman and CEO of Berkshire Hathaway, Inc.

StaceyPartner, Stacey Muirhead Capital Management, Waterloo, Ontario (March 9, 2017 -- Ivey Value Investing Classes)

Mr. Stacey is the Founding Partner of Stacey Muirhead Capital Management. In addition to sharing responsibility for the overall direction of the firm, Jeff has acted as Portfolio Manager for the Stacey Muirhead Limited Partnership and the Stacey Muirhead RSP Fund since their inception. He is also responsible for client service efforts at the firm. Jeff has over 25 years of investment industry experience. Prior to starting Stacey Muirhead Capital Management, he was employed with a boutique Toronto investment firm where he was also a shareholder. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is a member of the Finance and Investment Committee at the University of Waterloo and is a member of the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics. Additionally, Jeff currently serves on the Board of Trustees at Parkminster United Church. He is a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph.

Chairman & CEO, Glenair Inc., Glendale, CA (January 27, 2017 -- Ivey Value Investing Classes)

Mr. Kaufman is Chairman and CEO of Glenair, Inc. in Glendale, California, a manufacturer of electrical and fiber optic components and assemblies primarily for aerospace applications. He first started working for Glenair while in college nearly 40 years ago, and has been CEO for many decades. He received a Bachelor of Science degree in Accounting in 1976 (Cum Laude), and a Master of Business Administration degree in 1977, both from the University of Southern California. He was a longtime director of Wesco Financial, a unit of Berkshire Hathaway, and is a current director of Daily Journal Corporation. In 2005 he edited and published Poor Charlie’s Almanack, a compilation of talks given by his longtime friend Charlie Munger. Peter is actively involved in a variety of local and national non-profit organizations. He and his wife, Mary Grace, are long-time residents of Pasadena, California, and have two grown daughters.

Past Guest Speakers (Alphabetical)

ArrellChairman and Chief Executive Officer, Burgundy Asset Management Ltd., Toronto, Ontario

Mr. Arrell started his career in 1969 as an investment analyst at Pitfield, Mackay, Ross. In 1977 Tony joined Gardiner Watson Limited where he helped to develop the research department’s respected value-oriented research. In 1979 he was appointed President and CEO of Gardiner Watson. Tony subsequently joined Wood Gundy as Director of Research, later becoming Head of Wood Gundy’s equity division. In 1988, following the sale of Wood Gundy to CIBC, he became Chairman and CEO of Walwyn Inc. In late 1992, Tony joined Burgundy Asset Management Ltd. as Chairman and C.E.O. Today, Burgundy manages $9 billion for families, institutions and charitable foundations following a value philosophy and seeking undervalued opportunities in various countries. Tony is a Director of Gardiner Group Capital and Garbell Holdings. He is on the Advisory Board of the Schulich School of Business. He is on the Board of the Canadian Opera Company, and was on the capital campaign executive for the new Four Seasons Centre for the Performing Arts – a $200 million project. He is also a Director on the Board of St. Michael’s Hospital; Chairman of the Board of St. Michael’s Hospital Foundation, and Chairman of the St. Michael’s Hospital Pension Committee. Tony has also been active for many years with the Canadian Cystic Fibrosis Foundation. In 1998, Tony received the York University Award for Outstanding Executive Leadership, and in 2003 he was awarded the Lincoln Alexander Medal of Distinguished Service by The University of Guelph. In 2006, he received the Award of Merit from the St. George’s Society of Toronto for his work in philanthropy and in October 2008 York University granted Tony an Honorary Doctor of Laws degree. Tony has a Bachelor of Science degree from the University of Guelph and an MBA from York University.

BradleyMBA, Steadyhand Investment Funds Inc., Toronto, Ontario

Mr. Bradley is the President and founder of Steadyhand Investment Funds Inc. His education includes a Bachelor of Commerce degree from the University of Manitoba (1979) and an MBA from the Ivey Business School (1983). Tom has 25 years of experience in the investment industry. He started his career in 1983 as an Equity Analyst at Richardson Greenshields. Tom spent eight years with the firm, the last three of which he served as Director, Institutional Sales. In 1991, he joined Phillips, Hager & North Investment Management Ltd., where he continued his career as a research analyst and took on additional responsibilities as an Institutional Portfolio Manager. In 1996, Tom was appointed to the Board of Directors of PH&N. In 1998 he took on the role of Chief Operating Officer, and shortly thereafter, in 1999, he was appointed President and Chief Executive Officer, a role that he held until he resigned from the firm in 2005. Tom writes a column every second Saturday in the Report on Business section of the Globe and Mail.

BrandesCFA, Chairman, Brandes Investment Partners LP, San Diego, CA

Mr. Brandes is Chairman of the firm’s five-member Executive Committee, where he shares responsibility for driving strategic decisions and monitoring implementation of the firm’s vision and objectives at Brandes Investment Partners, L.P. He is also a member of the all-cap investment committee and the Investment Oversight Committee, which monitors the processes and activities of the firm’s investment committees. Before founding Brandes in 1974, Mr. Brandes became an acquaintance of Benjamin Graham, widely considered the father of the value-investing approach. He has also authored a book on value investing. Mr. Brandes is a board member of several organizations involved in scientific, eleemosynary and cultural work. He earned his BA in economics from Bucknell University and has 46 years of investment experience.

BrentonChief Executive Officer, Turtle Creek Asset Management, Toronto, ON

Mr. Brenton is the CEO and a co-founder of Turtle Creek Asset Management, a Toronto-based independent investment management firm that invests in publically listed equities. Turtle Creek is focused on long term capital growth for a clientele of high net worth individuals, families and institutions and has an exceptional 15 year investment track record. Previously, Mr. Brenton founded and was the CEO of the private equity subsidiary of The Bank of Nova Scotia where he invested $300 million in control positions of a dozen Canadian mid-market private companies. In the early 1990's, Mr. Brenton was head of the high technology investment banking practice of Scotia Capital and prior to that, he was a founding member and Managing Director in the firm’s mergers and acquisitions practice. Mr. Brenton joined McLeod Young Weir (the predecessor to Scotia Capital) in 1984. Mr. Brenton received his MBA from the Richard Ivey School of Business (University of Western Ontario) in 1984 and his B.Sc. from Mount Allison University in 1980.

BrowneManaging Director, Tweedy, Browne Company LLC, Stamford, CT

Mr. Browne has been with Tweedy, Browne Company LLC, a registered investment advisor, since 1978 and is a member of the firm's Management Committee and Investment Committee. He is a Managing Director of Tweedy, Browne Company LLC, and Chairman of the Board of Directors and Vice President of Tweedy, Browne Fund Inc., a US-based mutual fund group, and is also Chairman of the Board of Directors of Tweedy, Browne Value Funds SICAV, domiciled in Luxembourg. Founded in 1920, and serving originally as a broker to Benjamin Graham and other highly noted value investors, Tweedy, Browne began managing money for clients in 1968, and today manages approximately $18B in value portfolios for individuals, family groups and institutions. Mr. Browne is a Trustee Emeritus of Colgate University, and holds the degrees of B.A. from Colgate University and M.B.A. from Trinity College in Dublin, Ireland. Additionally, he is a Member of the Executive Advisory Board of the Heilbrunn Center for Graham & Dodd Investing. Mr. Browne has over 40 years of experience in the investment management business, and is a frequent speaker on value investing, investment theory, and behavioral finance.

BuffettBerkshire Hathaway, Omaha, Nebraska (Headquarter Visit)

Mr. Buffett, the world's best known investor and one of the world's richest persons, has repeatedly invited Dr. George Athanassakos, and his HBA and MBA Value Investing students to visit with him at the company's headquarters in Omaha, Nebraska. The itinerary involved a Q&A/tour at Nebraska Furniture Mart (A Berkshire Hathaway subsidiary), a Q&A with Mr. Buffett at the Berkshire Headquarters, and lunch with Mr. Buffett. The visit gave Ivey students a once in a life time opportunity to meet with one of the best value investors in the world, also known as “the Oracle of Omaha”.

Mr. Buffett is chairman and CEO of Berkshire Hathaway. Mr. Buffett was a student of Benjamin Graham at Columbia University and under Mr. Graham's guidance he learned his Value Investing skills. The Ivey Business School is one of only two Universities in the world to offer a formal program in Value Investing and Dr. Athanassakos' chair is named after Mr. Buffett's mentor Mr. Graham. Berkshire Hathaway's core business is insurance, including property and casualty insurance, reinsurance and specialty nonstandard insurance. In addition, Berkshire owns a diverse range of businesses including candy production, retail, home furnishings, encyclopedias, vacuum cleaners, jewellery sales, newspaper publishing, manufacturing and distribution of uniforms and manufacturing, importing and distribution of footwear. Under Mr. Buffett, the Company has averaged a 25%+ annual return to its shareholders for the last 30 years while employing large amounts of capital and minimal debt.

ChouCFA, Chou Associates Management Inc., Toronto, ON

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.

CundillFCA, CFA, The Cundill Group, Vancouver

Mr. Cundill was the Principal of the Cundill Group. In 1977, Peter founded Peter Cundill & Associates Ltd. Throughout his career Peter earned many distinctions including the Analysts’ Choice Career Achievement Award as the greatest mutual fund manager of all time.

EveillardSenior Adviser, First Eagle Investment Management, New York, NY

Born in Poitiers, France in 1940, Mr. Eveillard is a graduate of Ecole des Hautes Etudes Commerciales, an esteemed French graduate school for business studies. He started his career in 1962 with Societe Generale until relocating to the United States in 1968. Two years later, Mr. Eveillard began as an analyst with the SoGen International Fund. In 1979, he was appointed as the portfolio manager of the Fund, later named the First Eagle Global Fund. He then went on to manage the First Eagle Overseas and First Eagle Gold Funds at their inception in 1993. After managing the Funds for 30 years, Mr. Eveillard now serves as Senior Adviser and member of the Board Trustees to First Eagle Funds and as a Senior Vice President of First Eagle Investment Management, LLC. Mr. Eveillard was named Morningstar's International Manager of the Year in 2001, and in 2003 received a Lifetime Achievement Award from Morningstar for building one of the most successful long-term records in the investment business.

HawkinsMBA, Southeast Asset Management, Memphis

Mr. Hawkins is the Chairman and Chief Executive Officer of Southeast Asset Management. He has a BA from the University of Florida and an MBA from the University of Georgia. Since 1975, when Mason became the Chairman of Southeast Asset Management, he and his associates have made a habit of handily outperforming all relevant indices for pretty much whatever period you may want to choose.

HoloweskoTempleton Funds (now Franklin Templeton), The Bahamas

In his native Bahamas, Mr. Holowesko is head of investments for Templeton Global, operating in offices where Sir John, now 87, greeted his junior partner on his first day in 1985 with a copy of the book “Extraordinary Popular Delusions and the Madness of Crowds”.

KahnCFA, Kahn Brothers & Company Inc., New York

Mr. Kahn is the Chairman of Kahn Brothers & Company. He was educated at the City College of New York and served as the second teaching assistant to Benjamin Graham at the Columbia Business School after Leo Stern. Mr. Kahn has over 78 years of experience in the investment business and is the founder of the Financial Analysts’ Journal.

KlarmanMBA, President, The Baupost Group, Boston, Massachusetts

Mr. Klarman is President of The Baupost Group, L.L.C. Founded in 1982, Baupost discretionarily manages $15 billion for a number of institutional and wealthy individual investors. Baupost uses a value discipline with an event-driven bias to find global opportunities in such diverse areas as publicly-traded and private equities, bankrupt and financially-distressed debt, and real estate. Seth has managed Baupost’s investments from inception. Baupost’s largest partnership vehicle has achieved net annual return to investors of just over 20% and has experienced only one money-losing year since it was formed in 1983. Seth is a 1982 MBA graduate of Harvard Business School, where he was a Baker Scholar. He received his Bachelor of Arts, magna cum laude, in Economics from Cornell University in 1979. In 1991, he wrote a now out of print book entitled ''Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor'', which sells for $1,200 on Amazon and $2,000 on eBay and has been stolen from most libraries. Seth is also a world-class worrier. In one letter, Mr. Klarman said, ''At Baupost, we are big fans of fear, and in investing, it is clearly better to be scared than sorry.'' In an earlier note, he wrote, ''Rather than ratchet up risk, our approach has been to hold cash in the absence of opportunity.'' Seth serves on several not-for-profit boards and lives in Chestnut Hill, Massachusetts with his wife and three children.

LacePresident, Hamblin Watsa Investment Counsel Ltd., Toronto, ON

Mr. Lace is currently President of Hamblin Watsa Investment Counsel Ltd., a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a publicly listed insurance holding company. In this capacity, he and his team are responsible for managing Fairfax’s global investment assets. He leads the equity management group in uncovering investment opportunities worldwide using the value investing approach. He has served in the investment industry since 1975, initially receiving his training as a research analyst at Confederation Life under the tutelage of value investing specialist John H. Watson (cofounder of Sprucegrove Investment Management Ltd.) He subsequently worked in portfolio management at Scotia McLeod and has been a portfolio manager and principal at Hamblin Watsa since 1986. He received his SB in management from the Alfred P. Sloan School, MIT in 1973, his MBA from Ivey in 1975, and CFA in 1979.

LawrenceCFA, Chairman and Executive Director, Overlook Investments, San Diego, CA

Mr. Lawrence is the Chairman and Executive Director of Overlook Investments. Richard established The Overlook Partners Fund in 1991 to invest in high quality listed equities that sell at bargain valuations across Asia, excluding Japan. Richard grew up outside New York City and graduated from South Kent School in 1974, and Brown University in 1978 with a degree in Economics. From 1978 to 1981 Richard lived in South America and was a financial analyst for the Organizacíon Diego Cisneros, a conglomerate based in Caracas, Venezuela. From 1981 to 1984, he was vice-president of J. Bush & Company, Inc., a NYSE member firm, responsible for equity research. Richard moved to Asia in 1984 and was a founding vice-president of First Pacific Special Assets (FPSAL), a Hong Kong Stock Exchange listed company that invested in undervalued assets throughout the Asia/Pacific region. In 1986, he became one of the first Chartered Financial Analysts in Asia. When FPSAL was sold, Richard established Overlook. Richard currently lives in San Francisco, California, with his wife and two adult children. Richard and his family have worked for the past 13 years in Honduras, first with the OCHO Project which leads an annual medical mission in rural Santa Barbara Province, and for the past 10 years as founder and director of Proyecto Mirador LLC, a non-profit organization that has built over 60,000 fuel efficient stoves in rural communities across Honduras.

MaidaFounder and President, Patient Capital Management Inc., Toronto, ON

Mr. Maida has been in the investment industry since 1987. Prior to founding Patient Capital Management Inc. he held portfolio management positions at Trimark Financial Corp., Hamblin Watsa Investment Counsel and the Ontario Municipal Employee Retirement System (OMERS). Vito has managed a broad number of mandates including high net worth individuals, institutional pension plans and mutual funds. He has developed a reputation as a leading proponent of value investing in Canada. Vito received his MBA from the Ivey Business School (1987) and his B.B.A. from Wilfrid Laurier (1983). He graduated on the Dean’s List from both Wilfred Laurier and the University of Western Ontario. He was awarded the Chartered Financial Analyst’s designation in 1990. Vito is a member of the CFA Institute and the Toronto CFA Society.

MandelmanBSc, MA, MBA, Giraffe Capital Corp., Toronto, Ontario

Mr. Mandelman is the President and Chief Investment Officer of Giraffe Capital Corp. He has a BSc in Aeronautical Engineering from Israeli Technion University, an MBA from Stanford Graduate School of Business and an MA in English from San Francisco State University. He started Giraffe in 1999 to invest in value tech stocks. Before that he ran the research departments at Gordon Capital, First Marathon and Brown, Baldwin and Nisker, a brokerage research boutique with six analysts under Avner all of whom ranked by Brandon Woods #1 in their field. Avner himself was ranked #1 in tech stocks. Over the last five years Giraffe Capital has been the only technology fund in North America to have earned a positive return for its clients. Avner writes extensively about investments in Canadian and US newspapers and magazines, including the Globe and Mail and Baron’s.

MarksCFA, CIC, Chairman, Oaktree Capital Management, L.P., Los Angeles, CA

Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm’s adherence to its core investment philosophy, communicating closely with clients concerning products and strategies, and managing the firm. From 1985 until 1995, Mr. Marks led the groups at The TCW Group, Inc. that were responsible for investments in distressed debt, high yield bonds, and convertible securities. He was also Chief Investment Officer for Domestic Fixed Income at TCW. Previously, Mr. Marks was with Citicorp Investment Management for 16 years, where from 1978 to 1985 he was Vice President and senior portfolio manager in charge of convertible and high yield securities. Between 1969 and 1978, he was an equity research analyst and, subsequently, Citicorp’s Director of Research. Mr. Marks holds a B.S.Ec. degree cum laude from the Wharton School of the University of Pennsylvania with a major in Finance and an M.B.A. in Accounting and Marketing from the Graduate School of Business of the University of Chicago, where he received the George Hay Brown Prize. He is a CFA® charterholder and a Chartered Investment Counselor.

McelvaineCA, CFA, Founder and President, McElvaine Investment Management Ltd., Vancouver, BC

Mr. McElvaine is the founder and President of McElvaine Investment Management Ltd. Tim established The McElvaine Investment Trust in 1996 and acquired The McElvaine Limited Partnership (previously Cundill Capital Limited Partnership) in the summer of 2000. He currently manages about $300 Million between the Trust and acting as a sub-advisor for Mackenzie Financial. Tim developed his value-oriented philosophy during his 12-year career with Peter Cundill & Associates Ltd. where, amongst other capacities, he served as Manager of the Cundill Security Fund (1992-99), Co-Manager of the Cundill Value Fund (1998-2003) and Chief Investment Officer (1998-2003). Tim has served as non-executive Director of Sun-Rype Products and Humpty Dumpty Snack Foods and is currently Chairman of Rainmaker Entertainment. He also worked for the Bank of NT Butterfield in Bermuda and Touche Ross in Toronto. Tim earned a Bachelor of Commerce (B.Comm) from Queen’s University in 1986, qualified as a Chartered Accountant in 1988 and as a Chartered Financial Analyst in 1991. Tim is a member of the Board of Trustees of Rainmaker Income Fund, a publicly traded income trust, and the Board of Governors of St. Margaret’s School in Victoria BC.

MichaelMBA, CFA, President, I. A. Michael Investment Council Ltd., Toronto, Ontario

Mr. Michael is the President of I. A. Michael Investment Council Ltd. He earned his bachelor of commerce degree from McGill University in 1971. In 1973, he received an MBA from the Wharton School of Finance at the University of Pennsylvania and in 1979 he earned his CFA designation. Upon graduation from Wharton, Irwin started his career at Hodgson, Roberton, Laing & Company in the capacity of fixed income portfolio manager and bond trader. He then moved on to Morgan Stanley Canada Limited and worked in the areas of fixed income research and institutional sales. Prior to forming his own investment council firm, Irwin was a partner at Beutel Goodman & Co, where he served as vice-president of fixed income investments and portfolio manager of Dynamic Income Fund. He has also served as a director of the Toronto Society of Financial Analysts and is a former vice president of the Toronto Futures Exchange. I. A. Michael Investment Council Ltd., established in 1985, is dedicated to managing the ABC Funds. By concentrating on securities that are deemed to be undervalued, ABC Funds’ portfolios are structured for superior long term returns with limited downside risk. Irwin is the single largest individual unit holder of ABC Funds. He does not trade for his own account and has confined his and his family’s investments to ABC Funds.

MorphetSenior Vice-President & Chief Investment Officer, Empire Life Investments, Toronto, ON

Ms. Morphet, CFA is Senior Vice-President & Chief Investment Officer of Empire Life Investments. Prior to joining Empire Life in 2009, Gaelen was First Vice-President, Canadian Equities with CIBC Global Asset Management from 2002 to 2009, Senior Vice President at Merrill Lynch Investment Managers from 1999 to 2002 and Partner & Senior Portfolio Manager with AMI Partners Inc from 1996 to 1999. Ms Morphet began her career in 1984 at investment firm, McLeod Young Weir, following which she spent a decade with Scotia Investment Management as Senior Portfolio Manager heading up Canadian Equities. Throughout her 28 year career in the investment management industry Ms. Morphet has proven herself as a superior investment professional. She is a Chartered Financial analyst and a graduate of The University of Western Ontario. Ms. Morphet is a Trustee for the Art Gallery of Ontario and Chairman of the Investment Committee. She serves as a Trustee for the Ontario Science Centre, is a Director of the Ontario Arts Foundation and is a member of the Advisory Board for the Kingsett Real Estate Income Fund. Gaelen is a former Governor of the North York General Hospital Foundation.

OldfieldChairman, Oldfield Partners LLP, London, UK

Mr. Oldfield is chairman of a boutique investment management firm, Oldfield Partners LLP. He is also a director of Witan Investment Trust plc., and a trustee of Royal Marsden Cancer Charity, the Clore Duffield Foundation and Canterbury Cathedral Trust and president of Demelza House Children’s Hospice. Between 2007 and 2014, he was Chairman of Oxford University Endowment Management Ltd. and Oxford University investment committee. He is the author of the book Simple but not easy, which is a book about investing published in June 2007.

Managing Partner, Pabrai Investment Funds

Mohnish Pabrai is the Managing Partner of the Pabrai Investment Funds and CEO of Dhandho Holdings Corporation. Since inception in 1999 with $1 million in assets under management, Pabrai Investment Funds has grown to over $460 million in assets under management in 2016. Since inception, the funds have widely outperformed market indices and most investment managers. As of September 30, 2016 Pabrai funds has impressively realized an annualized gain of 13.1%. Pabrai was the Founder/CEO of TransTech, Inc. - an IT consulting and systems integration company. Founded in his home in 1990, Pabrai bootstrapped the company to over $20 million in revenue when it was sold in 2000. TransTech was recognized as an Inc. 500 company in 1996. He is the author of two books on value investing, The Dhandho Investor and Mosaic: Perspectives on Investing. He is the Founder and Chairman of the Dakshana Foundation, a project that is focused on providing world-class educational opportunities to economically and socially disadvantaged gifted children worldwide.

RobottiFounder and CIO, Robotti & Company Advisors LLC., New York, NY

Mr. Robotti is the founder and CIO of Robotti & Company Advisors LLC, a registered investment adviser, and president of Robotti & Company LLC, a registered broker-dealer. He started his career as an accountant and CPA, and served as CFO of Gabelli & Company. Building on his exposure to other prominent value investors, Bob founded Robotti & Company in 1983. The firm’s success over time has been due to his and his team’s ability to identify companies trading at a significant discount to intrinsic value. While investing across a wide range of industries, Bob has been particularly active in the energy industry for his entire career. Bob currently serves on the boards of Panhandle Oil & Gas Inc. (NYSE:PHX) and Pulse Seismic Inc. (TSX:PSD). He was a member of the Securities and Exchange Commission's Advisory Committee on Smaller Public Companies, established to examine the impact of Sarbanes-Oxley Act and other aspects of the federal securities law. Bob graduated from Bucknell University and holds an MBA from Pace University.

RooneyCFA, Burgundy Asset Management Ltd., Toronto, Ontario

Mr. Rooney is the President and Chief Investment Officer of Burgundy Asset Management Ltd. He received a Bachelor of Arts degree from the University of Toronto in 1977 and an MBA from the Ivey Business School at Western University in 1981.

Mr. Rooney began his career in Price Waterhouse in 1981 and qualified as a Chartered Accountant in 1984. In 1984, he joined Sun Life as an Investment Analyst and, in 1986, he became investment officer of Sunimco, a subsidiary of Sun Life. In 1989, he joined AMI partners where he had extensive responsibilities for investment research and portfolio management in the Canadian Equities group. Burgundy, Mr. Rooney, joined in 1995 as a Senior Vice President and in 1997 he was appointed president of Burgundy Asset Management Ltd. Under his leadership, Burgundy has been ranked as one of Canada’s 50 best managed companies. In 2002, Mr. Rooney completed a three-year term on the Accounting Standards Board of the Canadian Institute of Chartered Accountants. Mr. Rooney is President and a Trustee of The Art Gallery of Ontario Foundation, a Director of Empire Life Insurance, a Director of the Historica-Dominion Institute and Past Chair of the Stratford Festival of Canada. In 2009, he was honoured by his peers and received the designation of Fellow of the Institute of Chartered Accountants.

RussoPartner, Gardner Russo & Gardner, Lancaster, Pennsylvania

Mr. Russo is a partner at Gardner Russo & Gardner, which he joined in 1989. Eugene Gardner, Thomas Russo and Eugene Gardner, Jr., as partners, each manage individual separate accounts and share investment approaches and strategies. Mr. Russo oversees $4 billion through separately managed accounts and partnerships. Mr. Russo’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. He looks for companies with strong cash-flow characteristics, where large amounts of “free” cash flow are generated. Portfolio companies tend to have strong balance sheets and a history of producing high rates of return on their assets. Mr. Russo’s investment approach is focused on a small number of industries in which companies have historically proven to be able to generate sustainable amounts of net free cash flow. (These industries typically have included food, beverage, tobacco, and advertising supported media.) This fairly narrow approach reflects his training and discipline at the Sequoia Fund in New York, where he worked from 1984 to 1988. Mr. Russo tries to limit risk by not paying too large a multiple of a company’s net free cash flow in light of prevailing interest rates. He attempts to broaden this otherwise narrow universe by including companies with smaller market capitalizations and companies in similar industries based abroad. His goal is one of an absolute return rather than a relative return, and he continues his long-term investment objective of compounding assets between 10 and 20 percent per year without great turnover.

Mr. Russo is also General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments exceed $1 billion, along with overseeing substantially more funds through separate accounts for individuals, trusts, and endowments. He is a graduate of Dartmouth College (B.A., 1977), and Stanford Business and Law Schools (JD/MBA, 1984) and member of the California Bar Association and Board of Visitors for Stanford Law School. Finally, Mr. Russo is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School and a member of Dartmouth College’s President’s Leadership Council.

SarbitSarbit Asset Management Inc., Winnipeg, Manitoba

Mr. Sarbit, a Canadian financial services veteran, is the founder, president and CEO of Sarbit Asset Management Inc. After obtaining a BA honors and an MA degree in Geography from York University, Larry started his career in 1979 with Richardson Securities as an analyst. Larry went on to become a portfolio manager for Investors Group in 1987. He managed the US Growth Fund (now called IG US Large Cap Value Fund) from November 1987 - March 1998. Larry inherited just over $185 million in assets, and by the time of his departure from Investors Group, he was managing over $3 billion in assets. In November 1999, Larry went to AIC and launched the AIC American Focused Fund. He managed the AIC Focused Fund from November 22, 1999 - March 29, 2005 managing to grow the fund’s assets from 0 to just over $2.2 billion. With over 26 years of experience, Larry is an industry leader with a proven track record and a strong reputation for achieving superior results. Undeterred by industry fads and trends, Larry has consistently returned above average gains by following his successful investment philosophy of buying a great business at a bargain price, while managing with discipline and patience.

CFA, Walter & Edwin Schloss Associates, New York, NY

Mr. Schloss started on Wall Street in 1934, at the age of 18, in the midst of the depression (working for Loeb Roades, then called Carl M. Loeb & Co). During the late 1930’s, Schloss took courses from Benjamin Graham at the New York Stock Exchange Institute. He was in good company. His fellow students included Gus Levy, head of the arbitrage department of Goldman Sachs; Cy Winters of Abraham, at one time president of the New York Society of Security Analysts; and other Wall Street heavyweights. At the time Schloss was working at Carl M. Loeb and Company, Graham’s brother Leon was a customer’s man at the firm and Graham kept his account there, allowing Schloss to confirm that Graham did indeed practice what he preached in class. Graham hired Schloss in 1946 as soon as Walter was discharged from the service” (from “Value Investing” by Greenwald, Kahn, Sonkin and van Biema, 2001, p. 265). The rest is history. Mr. Schloss started his limited partnership in the middle of 1955. In 1963, he earned the Chartered Financial Analyst designation. Waller’s son Edwin joined the partnership in 1973 and the fund changed its name to Walter & Edwin Schloss Associates. Over the period 1956 to 2000, Mr. Schloss and his son Edwin provided investors a compounded return of 15.3% compared with the S&P 500’s annual compounded return on 11.5%.

ShannonCFA, MBA, President and Chief Investment Officer, Sionna Investment Managers, Toronto, ON

Ms. Shannon is the President & Chief Investment Officer of Sionna Investment Managers. She received her CFA in 1987 and her MBA in 1993 from the University of Toronto. Kim founded Sionna in the summer of 2002, and has 25 years of investment management experience. Prior to founding Sionna, Kim was Chief Investment Officer and Senior Vice President at Merrill Lynch Investment Managers, Canada. She is a past President of the Toronto CFA Society and is currently on the Boards of the Canadian Coalition for Good Governance, the Accounting Standards Oversight Committee and the CFA Institute's Financial Analysts Seminar. In 2005, Kim was awarded the Morningstar Fund Manager of the Year Award. Kim has also received the RBC Canadian Woman Entrepreneur Award and the WXN’s Canada’s Most Powerful Women Top 100 Award in 2007.

SpierFounder and Managing Partner, Aquamarine Capital, Zürich, Switzerland

Mr. Spier is the founder and managing partner of Aquamarine Capital, an investment partnership styled after the original 1950’s Buffett partnerships. In 2008 Guy, along with Mohnish Pabrai, had lunch with Warren Buffett after submitting the winning bid for Buffett’s annual Glide charity auction. Guy completed his undergraduate studies at Oxford and earned an M.B.A. from Harvard Business School.

TattersallMBA, CFA, Executive Vice-President and Senior Portfolio Manager, Howson Tattersall, Toronto, Ontario

Mr. Tattersall is Executive Vice-President and Senior Portfolio Manager of Howson Tattersall. He holds an M.A. from St. John’s College, Cambridge (1969) and an MBA from Ohio State University (1971). Bob earned the Chartered Financial Analyst designation in 1977 and is a recognized expert on small cap stocks in Canada. Over an investment career spanning over thirty years, he has been a senior research analyst and a portfolio manager. He has lectured on investments for pension funds at Humber College and has written numerous articles for professional journals. Bob joined Howson Tattersall in 1985, after a career at Confederation Life and Bolton Tremblay. Bob’s responsibilities include Canadian small cap equities as well as international equities.

WatsaChairman and CEO, Fairfax Financial Holdings Ltd.

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.

WhitmanFounder and Chairman, Third Avenue Management LLC, New York, NY

Mr. Whitman has proven for more than 50 years that active, opportunistic investors can find under-priced securities in companies with strong balance sheets. He is also an adept control investor who has led the rehabilitations of Nabors Industries and Covanta Energy among others. In 2013 he received the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry. In 1990, he was named Morningstar’s Mutual Fund Manager of the Year. After serving in the Navy during World War II and then attending college on the G.I. Bill, Mr. Whitman joined the ranks of Wall Street as an analyst at Shearson Hammill & Co. The Street’s simplistic analysis and focus on short term earnings was not for him. When he encountered a timber company rich with assets but with no visible earnings power he realized there was a better way. Later, while working at the family office of William Rosenwald, son of a founder of Sears Roebuck, he developed a risk aversion commensurate with the responsibility of managing another family’s legacy. His ability to find safety through the careful study of assets enabled him later to venture where other investors wouldn’t, like the bankrupt Penn Central railroad or troubled utilities like Consumers Power Co. of Michigan and the Public Service Company of New Hampshire. Mr. Whitman founded the predecessor to the Third Avenue Funds in 1986 and affiliated broker-dealer, M.J. Whitman, in 1974. He managed the flagship Third Avenue Value Fund since inception in 1990 through March 1, 2012. He was Third Avenue’s Chief Investment Officer from its founding through January 2010. For over 30 years, Mr. Whitman was a Distinguished Management Fellow at the Yale School of Management. He is also an honorary trustee at Syracuse University, his undergraduate alma mater and home to the Whitman School of Management. He is the author of The Aggressive Conservative Investor, Value Investing – A Balanced Approach, Distress Investing: Principles and Technique and, most recently, Modern Security Analysis: Understanding Wall Street Fundamentals, which he views as a modern successor text to the work of Benjamin Graham and David Dodd. He holds a master’s degree in Economics from The New School for Social Research and is a magna cum laude Syracuse graduate. Mr. Whitman is a board member at Tel Aviv University’s Institute for National Security Studies.

WintersManaging Director, Wintergreen Advisers, LLC, Milwaukee, WI

Mr. Winters, the managing director of Wintergreen Advisers, LLC, is primarily responsible for the management of the Fund's portfolio, and has responsibility for the day-to-day management of the Fund.

Prior to forming Wintergreen Advisers in May 2005, Mr. Winters held various positions with Franklin Mutual Advisers, LLC, including, president, chief executive officer and chief investment officer. Mr. Winters led the Mutual Series group of global and domestic equity value funds and served as the chief investment officer of Franklin Mutual Advisers, LLC with assets under management in excess of $35 billion as of March 31, 2005. Mr. Winters also served as the portfolio manager of the Mutual Discovery Fund during the period beginning February 1, 2000 through May 10, 2005, and other client accounts managed in a similar investment style. Mr. Winters had been a member of the management team of the Mutual Series since 1987. He was named director of research in 2000, and was promoted to president and chief investment officer in 2001.