$495 – $995

Project Punch Card Value Investing Conference

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Fordham University at Lincoln Center

Costantino Room, 2nd Floor

150 West 62nd Street

New York, NY 10023

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Are YOU ready to punch in?

Join us at the conference in New York City to support the project and its mission.

Our goal at Project Punch Card is to foster long-term investment orientation amongst students underrepresented in the investment research and management business.

Punch Card Conference:
“Value Over the Long-Term”

Early-bird pricing to end on Nov-21

The Project Punch Card Conference is the inaugural event for Project Punch Card, a non-profit focused on long-term investment orientation. The conference will be all about the long term. You’ll hear from thought leaders in the value investing community about what it means to be long-term oriented.

  • What is Value Over the Long-Term?
  • What are the advantages and challenges of a long-term orientation?
  • What conditions are required to enable students to invest with a long-term orientation?
  • Many investments which compound at +20% over decades do not appear to be value stocks based on traditional valuation metrics like P/E, P/B etc. Are the tools to analyze long-term/Punch Card investments different? Is long-term value different from short-term value?
  • Charlie Munger says that one of the biggest mistakes at Berkshire Hathaway was to not invest in Walmart. With the benefit of hindsight, many of us wish we had seen the long-term potential of Amazon earlier. Are there tools and techniques that can assist in identifying long-term compounders prospectively rather than retrospectively?
  • Even the most successful Punch Card/long-term investments have large stock price drawdowns and periods of terrible returns. How do we know when a stock price decline is due to a long-term reduction in the business's value, and when it is temporary. They never feel temporary at the time! So how can those of us who want to be long-term investors actually *be* long-term when faced with drawdowns?

In the Best Ideas Presentations, you will hear from the successful investors on their current investment ideas.

Who is it for?

We expect a blend of Portfolio Managers, Investment Advisors, Analysts and Allocators (i.e pension funds, Endowments, insurance, FOF etc). Though the mission of the not-for-profit is for students our events including this conference are geared primarily toward practitioners, i.e. analysts, portfolio managers and other investment professionals, as well as students who aspire to such roles. Marketing and strategic partners such as Smart Women Securities, Forte Foundation and SEO may also be a material component of the audience composition.

What is included?

Breakfast, Full Sit-down Lunch, Coffee Breaks, and Networking Opportunities.

Confirmed Speakers Include:

Alice Schroeder
Author, (The Snowball, Warren Buffett and the Business of Life), Analyst
Alice Schroeder was a noted insurance industry analyst and writer who was a managing director at Morgan Stanley. She first met Warren Buffett when she published research on Berkshire Hathaway; her grasp of the subject and insight so impressed him that he offered her access to his files and to himself. Their friendship and mutual respect made her ideally positioned to write The Snowball. Schroeder was born in Texas, and she earned an undergraduate degree and an MBA at the University of Texas at Austin before moving east to work in finance. She is a former CPA and lives in Connecticut with her husband.

David Abrams
Abrams Capital Management
David Abrams is the managing partner of Abrams Capital, an investment firm that currently manages approximately $8.7 billion across a wide spectrum of investments. Mr. Abrams serves as a director of iHeartMedia, Inc. and several private companies. He is an Overseer of the College of Arts and Sciences at the University of Pennsylvania.

John Rogers
Founder, CEO and CIO, Ariel Investments
Ariel Investments has ~$13.7 billion of assets under management. In 1983, John founded Ariel Investments to employ a patient, value strategy in small and medium-size companies. He is a member of the board of directors of Exelon, McDonald’s and The New York Times Company. In 2013, John was featured alongside legendary investors Warren Buffett, Sir John Templeton and Benjamin Graham in the distinguished book: The World’s 99 Greatest Investors by Magnus Angenfelt.

John Levin
Founder, Levin Capital Strategies
Levin Capital Strategies is a long-only and alternative investment manager with approximately $7.5 billion of AUM at June 30, 2018. John serves as the Chief Executive Officer, Portfolio Manager, and Chairman at Levin Capital Strategies, L.P. Mr. Levin served as the Chief Executive Officer and Chairman at Levin Management Co., Inc. and John A. Levin & Co., Inc., from June 1996 to September 28, 2005. Mr. Levin was a Partner at Steinhardt Partners, serves as Chairman Emeritus of BKF Capital Group Inc. and served as its Director from 1996 to September 28, 2005. Mr. Levin serves as the Member of Board of Advisors at The Yale School of Management.

John Bader
Mr. Bader is a private investor formerly Chairman and Chief Executive Officer of Halcyon Asset Management. Prior to Halcyon Mr. Bader was Director of Research at Gruss & Co. Mr. Bader has been a frequent speaker at educational and industry forums on investing. He has participated in the Barron’s Roundtable, and has been featured in the Financial Times, Pensions & Investments, and Bloomberg, among other publications. He has appeared on CNBC and Bloomberg TV. Mr. A recipient of numerous academic prizes, Mr. Bader received his A.B. from Harvard University, Class of 1984

Murray Stahl
CEO and CIO, Horizon Kinetics LLC
Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the Firm with ~$6 billion assets under management. He has over thirty years of investing experience and is responsible for overseeing the Firm’s proprietary research. Murray serves as the Firm’s Chief Investment Officer, and chairs the Firm’s Investment Committee, which is responsible for portfolio management decisions across the entire Firm. Prior to co-founding the Firm, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst.

Paul Isaac
CEO and Founder, Arbiter Partners Capital Management
Paul J. Isaac is the CEO and founder of Arbiter Partners Capital Management, LLC. His responsibilities include managing the firm’s relationship with investors and the investment community, overall strategic exposure and asset allocation, individual security analysis and selection, and investigation of private investment opportunities. Mr. Isaac has been actively investing on behalf of himself and others for over thirty-five years.

Clifford Sosin
CAS Investment Partners LLC
Cliff Sosin has never felt the need to go with the crowd. As a high school student during the heart of the dot-com bubble, he opted to short a basket of the most hyped tech names in a stock-picking competition. (He finished in last place.) Now, as the portfolio manager for CAS Investment Partners, a $360 million fund, Cliff still doesn’t shy away from making controversial investments. Through CAS, he has owned stocks such as Herbalife, LifeLock, and World Acceptance Corporation in the past. Cliff seeks to invest in a concentrated portfolio of compounders – companies he defines as those that will grow their profits at a high rate over a long time horizon while also returning a large portion of capital to owners. In the current environment where obvious bargains have already been picked over, he has continued to find these great investments by constantly seeking to understand situations that, at first glance, seem problematic. Cliff’s investment process relies heavily on the social science. He views investing as the applied practice of the social sciences much as engineering is the applied practice of the physical science. In better understanding how individuals and groups of people behave, Cliff believes he can develop an edge over the market.

Paul Lountzis
President, Lountzis Asset Management LLC
Paul J. Lountzis serves as President of Lountzis Asset Management, LLC, which he founded in 2000 and is based in Wyomissing, PA. He has more than twenty-five years experience in the investment industry, beginning his career 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, an investment advisory firm, managing more than $9 billion, including the Sequoia Mutual Fund. At Ruane, Cunniff & Goldfarb, Inc., 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.

Miguel Fidalgo
Founder and Portfolio Manager, Triarii Capital Management LP
Miguel Fidalgo is the Founder and Portfolio Manager of Triarii Capital. Prior to founding Triarii Capital in 2015, Mr. Fidalgo was a Managing Director at Baupost, where he worked for seven years. While at Baupost, Mr. Fidalgo spearheaded Baupost’s investments in the Icelandic banks, SwissAir, Greece, and Argentina, amongst others. From 2004 through 2008, Mr. Fidalgo was an Investment Professional at Farallon Capital Management, LLC and its affiliate Noonday Asset Management, L.P. Prior to Farallon/Noonday, Mr. Fidalgo worked at Salomon Smith Barney/Citigroup as an Investment Banking Analyst in the Financial Institutions Group from 2002 through 2004. Mr. Fidalgo received a B.A. in Economics and Computer Science from Macalester College.

Our team has organized several sold-out value investing conferences which received consistently good feedback, including the Annual Benjamin Graham Conference in NYC back-to-back years. We expect the Punch Card conference to be similar to these events.

Lead Sponsor Fordham University

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Marketing Partner, CAIA AssociationCAIA logo

Marketing Partner, Hedge Fund Association

Hedge Fund Association logo

Marketing Partner, Columbia Student Investment Management Association

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Marketing Partner, ValueWalk

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We are looking for sponsors. Potential sponsors and donors should contact projectpunchcard@gmail.com

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Fordham University at Lincoln Center

Costantino Room, 2nd Floor

150 West 62nd Street

New York, NY 10023

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