Gustavo Ballvé on October 19th, 2009
Investment Themes, Portfolio Management, Risk management

The Value Investing Congress is taking place in NYC and here’s the Twitter feed. This is a quick post with some highlights of what went on in the first day. We have attended the VIC in other occasions, but not this year. If you’re ever in NY during this time of the year, it’s worth a shot.

1) By Lord Khaner: “We have CEO family trees; people who’ve had lots of success have trained people who had lots of success“. For those of us who are enamored with “built to last”, “good to great” and “business models/competitive advantage”, it’s nice to keep in mind that companies are run by real people with processes/systems/culture/discipline/execution ‘kits’ that sometimes ‘scale’. Gillette’s CFO took its ZBB to Avon. Lemann was at Gillette’s board and later Marcel brought the system to Ambev and then Inbev.

It’s funny, but in Brazil CEO family trees are hard to find in Brazil. Interestingly, at the global level in the asset management world there are lots of examples. Bob Rubin and Julian Robertson are, for example, prolific fund manager family trees.

2) Julian Robertson: characterized himself as the “anti-gold bug”. Likes the Norwegian krona is concerned about the British Pound.

3) Einhorn: using options to bet against Japanese long-term rates lowering; can clearly limit losses while creating as much leverage as possible. “Picking among fiat currencies is like picking your favorite dental procedure; chose gold instead”.

4) Joel Greenblatt video Among other things, he announces the launching his www.formulainvesting.com site – that he also marketed at VIC. Worth visiting.

5) “Waste Management” emerged as one of the ideas (Paul Isaac). The waste management/waste-to-energy sector has been under consolidation (there are clear local scale advantages) and there are other strong players like Republic Services, Covanta Holdings. This magazine looks good for the sector: http://wasteage.com/

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