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Latticework 2016 – The Harvard Club of New York City, September 14, 2016

INSIGHTS, IDEAS, MENTAL MODELS.
LATTICEWORK 2016.

The Harvard Club of New York City
September 14, 2016

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Attendance is limited to 100 persons due to venue restrictions.

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Meet the Superinvestors
of Graham & Doddsville
at Latticework 2016.

Join Charles de Vaulx, Howard Marks, Mohnish Pabrai, Tom Russo, Guy Spier, and other great investors at Latticework 2016 as we assess current investment opportunities and investigate the role of mental models in intelligent investing.

Latticework 2016 is an interactive event, with all participants enjoying an opportunity to share their insights and pose questions directly to the keynote instructors.

You will walk away with unique insights, timeless wisdom, and timely ideas.

Due to venue restrictions, participation is limited to 100 persons.

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LATTICEWORK 2016:
EXCLUSIVE INTERACTIVE FORUM

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[us_iconbox icon=”fa-asterisk” title=”Insights” size=”50px”]Benefit from timeless wisdom and the instructors’ unique perspective on the current investment landscape. Instructors with deep domain expertise will share their exclusive insights. For example, Bryan Lawrence will delve deep into the energy sector.[/us_iconbox]
[us_iconbox icon=”fa-lightbulb-o” title=”Ideas” size=”50px”]Profit from the best current investment ideas of your instructors. In prepared remarks as well as interactive Q&A sessions, most instructors at Latticework 2016 will reveal their favorite investment opportunities in global securities markets.[/us_iconbox]
[us_iconbox icon=”fa-cubes” title=”Mental Models” size=”50px”]Latticework 2016 will explore the broad category of investment wisdom and tools that Charlie Munger once referred to as a “latticework of mental models”. The instructors will share their favorite mental models and tools for investing.[/us_iconbox]

Your Session Host at Latticework 2016:
WILLIAM GREEN

William Green has written for many publications in the U.S. and Europe, including Time, Fortune, Forbes, Fast Company, The New Yorker, The (London) Spectator, and The Economist. He edited the Asian edition of Time while living in Hong Kong, then moved to London to edit the European, Middle Eastern, and African editions of Time. He is author of The Great Minds of Investing. As an editor and co-author, he has also collaborated on books such as Guy Spier’s much-praised memoir, The Education of a Value Investor, and an upcoming autobiography of a legendary art collector. Born and raised in London, William studied English literature at Oxford University and received a master’s degree in journalism at Columbia University. He lives in New York with his wife, Lauren, and their two children, Henry and Madeleine.

Your Instructor at Latticework 2016:
FRANÇOIS BADELON

François Badelon, with over 25 years of investment experience, is chairman, managing director, and head of equity management at Amiral Gestion. He started his financial career in 1986 with Meeschaert-Rouselle, a Paris brokerage firm, and moved on to Exane, where he worked from 1990 to 2001. In 2003 he founded Amiral, an independent asset management firm based in Paris, where he manages the Sextant funds. Amiral’s single goal is sustained performance with minimum risk based on the firm’s value investing approach.

Your Instructor at Latticework 2016:
ETHAN BERG

Ethan Berg is the founder and chief investment officer of G4 Partnership, an investment partnership dedicated to the implementation of the investment discipline of Ben Graham, Warren Buffett and Seth Klarman. Prior to founding G4 Partnership in 2000, Ethan was a management consultant at Monitor Group for six years, including two years of working directly for Michael Porter. Ethan is also a husband, father, cycling enthusiast, die-hard Red Sox fan, and host of VALUEx Berkshires.

Your Instructor at Latticework 2016:
CHARLES DE VAULX

Charles de Vaulx joined International Value Advisers, LLC (IVA) in May 2008 as a partner and portfolio manager, and serves as chief investment officer, partner, and portfolio manager. Until March 2007, Charles was portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds, together with a number of separately managed institutional accounts. He was solely responsible for management of the Sofire Fund Ltd. when it won an Absolute Return Award for “Fund of the Year” in the global equity category in 2005 and 2006. In addition to sharing Morningstar’s “International Stock Manager of the Year” Award in 2001 with his co-manager, Charles was runner-up for the same award in 2006. From 2000 to 2004, Charles was co-portfolio manager of the First Eagle Funds. He was named associate portfolio manager in August 1996. In 1987, he joined the SoGen Funds, the predecessor to the First Eagle Funds, as a securities analyst. He began his career at Societe Generale Bank as a credit analyst in 1985. Charles graduated from the Ecole Superieure de Commerce de Rouen in France and holds the French equivalent of a Master’s degree in finance.

Your Instructor at Latticework 2016:
BRYAN LAWRENCE

Bryan Lawrence is a member of Yorktown Partners LLC, a private equity firm investing in energy companies, and the founder of Oakcliff Capital, which invests in public securities. He serves on the boards of Convergent Energy + Power, Extraction Oil & Gas, Indigo Minerals, North Shore Energy and PRE Resources. Prior to starting Oakcliff, he was a managing director at Lazard. He is a co-founder of Girls Prep, a charter school in New York City, and serves as the board chair of the Public Prep Network, which develops and manages Girls Prep and Boys Prep schools. He is also a board member of Families for Excellent Schools and the Oakcliff Sailing Center, and a member of the advisory board of ProPublica. His analyses of US government finances have been published by The Washington Post. He holds a bachelor’s degree from Yale, a master’s degree in history from Cambridge and an MBA from Harvard.

Your Instructor at Latticework 2016:
PAUL LOUNTZIS

Paul Lountzis founded Lountzis Asset Management in October 2000. He has more than 25 years of 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, with the last five as a partner at Ruane, Cunniff & Goldfarb, Inc. an investment advisory firm managing more than $9 billion including the Sequoia Mutual Fund. While at Ruane, Cunniff & Goldfarb, Inc., Paul also evaluated several companies for Warren Buffett.

Your Instructor at Latticework 2016:
HOWARD MARKS

Howard Marks, since the formation of Oaktree in 1995, has been responsible for ensuring the firm’s adherence to its core investment philosophy; communicating closely with clients concerning products and strategies; and contributing his experience to big-picture decisions relating to investments and corporate direction. From 1985 until 1995, Howard 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, Howard 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. Howard 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 Booth 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. Howard serves on the Investment Committee of the Helmsley Charitable Trust, the Board of Trustees of Mount Sinai Hospital, and the Board of the University of Pennsylvania, where from 2000 to 2010 he chaired the Investment Board.

Your Instructor at Latticework 2016:
MOHNISH PABRAI

Mohnish Pabrai is the Managing Partner of the Pabrai Investment Funds. Since inception in 1999 with $1 Million in assets under management, the Pabrai Funds has grown to over $500 Million in assets under management. The funds invest in public equities utilizing the Munger/Buffett Focused Value investing approach. Since inception, the funds have widely outperformed market indices and most investment managers. Mohnish was the Founder/CEO of TransTech, Inc. – an IT Consulting and Systems Integration company. Founded in his home in 1990, Mohnish 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. Mohnish has been profiled by Forbes and Barron’s and appeared frequently on CNN, PBS, CNBC, Bloomberg TV and Bloomberg Radio. He has been quoted by various leading newspapers including USA Today, The Wall Street Journal, The Financial Times, The Economic Times and The Times of India. He is the author of two books on value investing, The Dhandho Investor and Mosaic: Perspectives on Investing. The Dhandho Investor has been translated into German, Chinese, Japanese and Thai. Mohnish is the winner of the 1999 KPMG Illinois High Tech Entrepreneur award given by KPMG, The State of Illinois, and The City of Chicago. He is an active Member of the Young President’s Organization (YPO). He is the Founder and Chairman of the Dakshana Foundation (www.dakshana.org). The IITs in India have accepted over 340 impoverished Dakshana Scholars in the last four years. Mohnish strongly believes in a balanced life between work, family, and personal time. He enjoys spending time with his wife, Harina and children, Monsoon and Momachi. He loves reading, playing duplicate bridge and being a value investor following Buffett/Munger principles. He lives in Irvine, California.

Your Instructor at Latticework 2016:
ROBERT ROBOTTI

Bob Robotti is the President of Robotti & Company. Prior to forming Robotti & Company, Incorporated in 1983, Bob was a vice president and shareholder of Gabelli & Company, Inc. He worked in public accounting before coming to Wall Street and is currently an inactive CPA. Bob holds a BS from Bucknell University and an MBA in Accounting from Pace University. Some of Bob’s areas of coverage include Special Situations, Energy Industry, Property-Casualty Insurance and Banking. Bob is the principal of the managing member or general partner of several investment vehicles. Bob currently serves on the Board of Directors of Panhandle Oil & Gas Company, a NYSE-listed diversified mineral company located in Oklahoma City; as Chairman of the Board of Directors of Pulse Seismic Inc., a seismic data licensing business located in Calgary, Alberta; and on the Board of Directors of Build with BMC, a privately held company specializing in building materials and construction services throughout the United States. In addition, he serves on the Boards of many non-profit organizations where he generously donates his time and expertise. Previously, Bob 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.

Your Instructor at Latticework 2016:
TOM RUSSO

Tom Russo joined Gardner Russo & Gardner LLC as a partner in 1989. In 2014 he became the Managing Member of the firm. Tom and Eugene Gardner, Jr. each manage individual separate accounts and share investment approaches and strategies. In addition, Tom serves as the Managing Member of the General Partner to Semper Vic partnerships. Tom oversees more than $9 billion through separately managed accounts and Semper Vic partnerships. Gardner Russo & Gardner LLC is a registered investment adviser under the Investment Advisers Act of 1940, and is not associated with any bank, security dealer or other third party. Tom’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. While these would seem to be obvious key considerations in any manager’s approach, it is equally obvious that all too often they are either misjudged or, perhaps more frequently, simply not viewed together. Tom 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. The challenge comes in finding these obviously desirable situations at reasonable or bargain prices. Tom’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. Tom 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. Tom’s 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, thereby realizing a minimum amount of realized gains and net investment income. Tom is the Managing Member of the General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments are roughly $3 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). Memberships include Dean’s Advisory Council for Stanford Law School, Dartmouth College’s President’s Leadership Council, and California Bar Association. Tom is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. He serves on the boards of the Winston Churchill Foundation of the U.S., Facing History and Ourselves, and Storm King Art Center.

Your Instructor at Latticework 2016:
LARRY SARBIT

Larry Sarbit is a value investing veteran with more than three decades of experience. Starting his career in 1979 with Richardson Securities as an analyst, Larry began his long study of the U.S. market. Larry went on to become a portfolio manager for Investors Group in 1987. He managed several U.S. Equity funds with assets over $3 billion. He went on to repeat his success at AIC, where he effectively managed over $2.2 billion. Undeterred by market volatility, Larry continues to follow his successful investment philosophy of buying great businesses at a bargain price, while managing with discipline and patience.

Your Instructor at Latticework 2016:
DAVE SATHER

Dave Sather is president of the Sather Financial Group, Inc, a “fee-only” financial planning and investment management firm which manages approximately $440 million in client assets. Dave was raised in El Paso, Texas and received his B.A. in Business Management from Texas Lutheran University and received his M.B.A. from Texas A&M University. He has spent the past twenty years in the financial analysis, investment and banking industries. Prior to starting Sather Financial, he worked for PaineWebber and served as the head of portfolio management for First Victoria National Bank’s Trust Department and oversaw the bank’s brokerage operations. Dave also serves as an adjunct professor in the Business program at Texas Lutheran University, is a member of the schools Executive Advisory Council and serves on the schools Investment Committee. Additionally, he is a director of Business Bank of Texas. He and his wife, Carol, live in Victoria, Texas.

Your Instructor at Latticework 2016:
DAVID SLIFKA

David Slifka has thirteen years of investment experience and has built his career in the endowment and pension management industry. From 2001 to 2008 he worked at the Yale University Investments Office where he gained experience across multiple asset classes. In 2011 he joined the YMCA Retirement Fund, where he is now Senior Portfolio Manager, with responsibilities across the investment department and portfolio. From 2006 to 2008 he served as a trustee of the City of New Haven’s pension fund. His research interests address various aspects of investment decision-making, including behavioral biases, incentives, and governance. David earned a BA from Yale University and an MBA from Wharton, and is a CFA charterholder.

Your Instructor at Latticework 2016:
GUY SPIER

Guy Spier is a Zurich-based investor. In June 2007 he made headlines by bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett. Since 1997 he has managed Aquamarine Fund, an investment partnership inspired by, and styled after the original 1950′s Buffett partnerships. Prior to starting Aquamarine Fund, Guy worked as an investment banker in New York, and as a management consultant in London and Paris. Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University. Upon graduating, he was co-awarded the George Webb Medley prize for the best performance in that year in Economics. While at Oxford he was a contemporary of David Cameron at Brasenose and attended economics tutorials with him. Guy is the CEO of the Spier family office. He also serves on the advisory board of Horasis, and is a co-host of TEDxZurich. Guy is a member of YPO, EO, Zurich Minds and the Latticework Club. Aquamarine has offices in New York, London and Zurich where Guy currently resides with his wife Lory and their three children, Eva, Isaac and Sarah.

Your Instructor at Latticework 2016:
AMIT WADHWANEY

Amit Wadhwaney is a Portfolio Manager at Moerus Capital Management, LLC and the manager of the Moerus Global Value Fund LP. Amit has over 25 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide, and has managed global investment portfolios since 1996. Prior to founding Moerus, Amit was a Portfolio Manager and Partner at Third Avenue Management LLC, where he founded the international business and was the founding manager of the Third Avenue Global Value Fund, LP, the Third Avenue Emerging Markets Fund, LP, and the Third Avenue International Value Fund. Amit holds an M.B.A. in Finance from The University of Chicago. He also holds a B.A. with honors and an M.A. in Economics from Concordia University. He also holds B.S. degrees in Chemical Engineering and Mathematics from the University of Minnesota. He speaks English, French, Gujarati, Hindi, Sindhi, and Spanish.

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Preliminary Agenda

Detailed session information will be added to the agenda as the event draws closer.

We look forward to welcoming you in the Cambridge Room of the Harvard Club of New York City at 35 West 44th Street (between Fifth Avenue and Avenue of the Americas).

Breakfast will be served until the commencement of Latticework 2016.

stipple-portrait-ethan-bergEthan will discuss insights and ideas emanating from an application of Michael Porter-style analysis of sustainable competitive advantage to value investing.

Ethan Berg is the founder and chief investment officer of G4 Partnership, an investment partnership dedicated to the implementation of the investment discipline of Ben Graham, Warren Buffett and Seth Klarman. Prior to founding G4 Partnership in 2000, Ethan was a management consultant at Monitor Group for six years, including two years of working directly for Michael Porter. Ethan is also a husband, father, cycling enthusiast, die-hard Red Sox fan, and host of VALUEx Berkshires.

stipple-portrait-bryan-lawrenceBryan will shares his latest insights and in-depth analysis of the cost competitiveness and investment merits of various energy sources, ranging from coal and crude oil to renewables such as solar energy.

Bryan Lawrence is a member of Yorktown Partners LLC, a private equity firm investing in energy companies, and the founder of Oakcliff Capital, which invests in public securities. He serves on the boards of Extraction Oil & Gas, Indigo Minerals, North Shore Energy and PRE Resources. Prior to starting Oakcliff, he was a managing director at Lazard. He is a co-founder of Girls Prep, a charter school in New York City, and serves as the board chair of the Public Prep Network, which develops and manages Girls Prep and Boys Prep schools. He is also a board member of Families for Excellent Schools and the Oakcliff Sailing Center, and a member of the advisory board of ProPublica. His analyses of US government finances have been published by The Washington Post. He holds a bachelor’s degree from Yale, a master’s degree in history from Cambridge and an MBA from Harvard.

stipple-portrait-larry-sarbitLarry Sarbit is a value investing veteran with more than three decades of experience. Starting his career in 1979 with Richardson Securities as an analyst, Larry began his long study of the U.S. market. Larry went on to become a portfolio manager for Investors Group in 1987. He managed several U.S. Equity funds with assets over $3 billion. He went on to repeat his success at AIC, where he effectively managed over $2.2 billion. Undeterred by market volatility, Larry continues to follow his successful investment philosophy of buying great businesses at a bargain price, while managing with discipline and patience.

In a keynote session moderated by award-winning author William Green, Oaktree chairman Howard Marks will share his latest thoughts on the investment landscape and elaborate on topics discussed in his recent investment memos. The interactive session will include a conversation between William and Howard as well as ample time for Q&A with Latticework 2016 participants.

stipple-portrait-howard-marksHoward Marks, since the formation of Oaktree in 1995, has been responsible for ensuring the firm’s adherence to its core investment philosophy; communicating closely with clients concerning products and strategies; and contributing his experience to big-picture decisions relating to investments and corporate direction. From 1985 until 1995, Howard 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, Howard 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. Howard 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 Booth 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. Howard serves on the Investment Committee of the Helmsley Charitable Trust, the Board of Trustees of Mount Sinai Hospital, and the Board of the University of Pennsylvania, where from 2000 to 2010 he chaired the Investment Board.

William Green has written for many publications in the U.S. and Europe, including Time, Fortune, Forbes, Fast Company, The New Yorker, The (London) Spectator, and The Economist. He edited the Asian edition of Time while living in Hong Kong, then moved to London to edit the European, Middle Eastern, and African editions of Time. He is author of The Great Minds of Investing. As an editor and co-author, he has also collaborated on books such as Guy Spier’s much-praised memoir, The Education of a Value Investor, and an upcoming autobiography of a legendary art collector. Born and raised in London, William studied English literature at Oxford University and received a master’s degree in journalism at Columbia University. He lives in New York with his wife, Lauren, and their two children, Henry and Madeleine.

Watch William talk about Howard and the role of luck in investing:

stipple-portrait-paul-lountzisPaul Lountzis founded Lountzis Asset Management in October 2000. He has more than 25 years of 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, with the last five as a partner at Ruane, Cunniff & Goldfarb, Inc. an investment advisory firm managing more than $9 billion including the Sequoia Mutual Fund. While at Ruane, Cunniff & Goldfarb, Inc., Paul also evaluated several companies for Warren Buffett.

stipple-portrait-amit-wadhwaneyAmit Wadhwaney is a Portfolio Manager at Moerus Capital Management, LLC and the manager of the Moerus Global Value Fund LP. Amit has over 25 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide, and has managed global investment portfolios since 1996. Prior to founding Moerus, Amit was a Portfolio Manager and Partner at Third Avenue Management LLC, where he founded the international business and was the founding manager of the Third Avenue Global Value Fund, LP, the Third Avenue Emerging Markets Fund, LP, and the Third Avenue International Value Fund. Amit holds an M.B.A. in Finance from The University of Chicago. He also holds a B.A. with honors and an M.A. in Economics from Concordia University. He also holds B.S. degrees in Chemical Engineering and Mathematics from the University of Minnesota. He speaks English, French, Gujarati, Hindi, Sindhi, and Spanish.

Join us for delicious lunch and great conversation with fellow participants and instructors at the Harvard Club.

stipple-portrait-mohnish-pabraiMohnish Pabrai is the Managing Partner of the Pabrai Investment Funds. Since inception in 1999 with $1 Million in assets under management, the Pabrai Funds has grown to over $500 Million in assets under management. The funds invest in public equities utilizing the Munger/Buffett Focused Value investing approach. Since inception, the funds have widely outperformed market indices and most investment managers. Mohnish was the Founder/CEO of TransTech, Inc. – an IT Consulting and Systems Integration company. Founded in his home in 1990, Mohnish 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. Mohnish has been profiled by Forbes and Barron’s and appeared frequently on CNN, PBS, CNBC, Bloomberg TV and Bloomberg Radio. He has been quoted by various leading newspapers including USA Today, The Wall Street Journal, The Financial Times, The Economic Times and The Times of India. He is the author of two books on value investing, The Dhandho Investor and Mosaic: Perspectives on Investing. The Dhandho Investor has been translated into German, Chinese, Japanese and Thai. Mohnish is the winner of the 1999 KPMG Illinois High Tech Entrepreneur award given by KPMG, The State of Illinois, and The City of Chicago. He is an active Member of the Young President’s Organization (YPO). He is the Founder and Chairman of the Dakshana Foundation (www.dakshana.org). The IITs in India have accepted over 340 impoverished Dakshana Scholars in the last four years. Mohnish strongly believes in a balanced life between work, family, and personal time. He enjoys spending time with his wife, Harina and children, Monsoon and Momachi. He loves reading, playing duplicate bridge and being a value investor following Buffett/Munger principles. He lives in Irvine, California.

stipple-portrait-guy-spierGuy Spier is a Zurich-based investor. In June 2007 he made headlines by bidding US$650,100 with Mohnish Pabrai for a charity lunch with Warren Buffett. Since 1997 he has managed Aquamarine Fund, an investment partnership inspired by, and styled after the original 1950′s Buffett partnerships. Prior to starting Aquamarine Fund, Guy worked as an investment banker in New York, and as a management consultant in London and Paris. Guy completed his MBA at the Harvard Business School, class of 1993, and holds a First Class degree in PPE (Politics, Philosophy and Economics) from Oxford University. Upon graduating, he was co-awarded the George Webb Medley prize for the best performance in that year in Economics. While at Oxford he was a contemporary of David Cameron at Brasenose and attended economics tutorials with him. Guy is the CEO of the Spier family office. He also serves on the advisory board of Horasis, and is a co-host of TEDxZurich. Guy is a member of YPO, EO, Zurich Minds and the Latticework Club. Aquamarine has offices in New York, London and Zurich where Guy currently resides with his wife Lory and their three children, Eva, Isaac and Sarah.

stipple-portrait-charles-de-vaulxCharles de Vaulx joined International Value Advisers, LLC (IVA) in May 2008 as a partner and portfolio manager, and serves as chief investment officer, partner, and portfolio manager. Until March 2007, Charles was portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds, together with a number of separately managed institutional accounts. He was solely responsible for management of the Sofire Fund Ltd. when it won an Absolute Return Award for “Fund of the Year” in the global equity category in 2005 and 2006. In addition to sharing Morningstar’s “International Stock Manager of the Year” Award in 2001 with his co-manager, Charles was runner-up for the same award in 2006. From 2000 to 2004, Charles was co-portfolio manager of the First Eagle Funds. He was named associate portfolio manager in August 1996. In 1987, he joined the SoGen Funds, the predecessor to the First Eagle Funds, as a securities analyst. He began his career at Societe Generale Bank as a credit analyst in 1985. Charles graduated from the Ecole Superieure de Commerce de Rouen in France and holds the French equivalent of a Master’s degree in finance.

stipple-portrait-david-slifkaDavid introduced this topic at The Summit of Dangerous Ideas.

David Slifka has thirteen years of investment experience and has built his career in the endowment and pension management industry. From 2001 to 2008 he worked at the Yale University Investments Office where he gained experience across multiple asset classes. In 2011 he joined the YMCA Retirement Fund, where he is now Senior Portfolio Manager, with responsibilities across the investment department and portfolio. From 2006 to 2008 he served as a trustee of the City of New Haven’s pension fund. His research interests address various aspects of investment decision-making, including behavioral biases, incentives, and governance. David earned a BA from Yale University and an MBA from Wharton, and is a CFA charterholder.

stipple-portrait-dave-satherDave Sather is president of the Sather Financial Group, Inc, a “fee-only” financial planning and investment management firm which manages approximately $440 million in client assets. Dave was raised in El Paso, Texas and received his B.A. in Business Management from Texas Lutheran University and received his M.B.A. from Texas A&M University. He has spent the past twenty years in the financial analysis, investment and banking industries. Prior to starting Sather Financial, he worked for PaineWebber and served as the head of portfolio management for First Victoria National Bank’s Trust Department and oversaw the bank’s brokerage operations. Dave also serves as an adjunct professor in the Business program at Texas Lutheran University, is a member of the schools Executive Advisory Council and serves on the schools Investment Committee. Additionally, he is a director of Business Bank of Texas. He and his wife, Carol, live in Victoria, Texas.

stipple-portrait-tom-russoTom Russo joined Gardner Russo & Gardner LLC as a partner in 1989. In 2014 he became the Managing Member of the firm. Tom and Eugene Gardner, Jr. each manage individual separate accounts and share investment approaches and strategies. In addition, Tom serves as the Managing Member of the General Partner to Semper Vic partnerships. Tom oversees more than $9 billion through separately managed accounts and Semper Vic partnerships. Gardner Russo & Gardner LLC is a registered investment adviser under the Investment Advisers Act of 1940, and is not associated with any bank, security dealer or other third party. Tom’s investment philosophy emphasizes return on invested capital, principally through equity investments. His approach to stock selection stresses two main points: value and price. While these would seem to be obvious key considerations in any manager’s approach, it is equally obvious that all too often they are either misjudged or, perhaps more frequently, simply not viewed together. Tom 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. The challenge comes in finding these obviously desirable situations at reasonable or bargain prices. Tom’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. Tom 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. Tom’s 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, thereby realizing a minimum amount of realized gains and net investment income. Tom is the Managing Member of the General Partner of Semper Vic Partners, L.P., and Semper Vic Partners (Q.P.), L.P., limited partnerships whose combined investments are roughly $3 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). Memberships include Dean’s Advisory Council for Stanford Law School, Dartmouth College’s President’s Leadership Council, and California Bar Association. Tom is a charter member of the Advisory Board for the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School. He serves on the boards of the Winston Churchill Foundation of the U.S., Facing History and Ourselves, and Storm King Art Center.

stipple-portrait-francois-badelonFrançois Badelon, with over 25 years of investment experience, is chairman, managing director, and head of equity management at Amiral Gestion. He started his financial career in 1986 with Meeschaert-Rouselle, a Paris brokerage firm, and moved on to Exane, where he worked from 1990 to 2001. In 2003 he founded Amiral, an independent asset management firm based in Paris, where he manages the Sextant funds. Amiral’s single goal is sustained performance with minimum risk based on the firm’s value investing approach.

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Participation in Latticework 2016 is limited to 100 persons.
The event is SOLD OUT.

The Harvard Club of New York City, September 14, 2016