Value Investing with Legends

In this episode, hosts Michael Mauboussin and Tano Santos speak with Jenny Harrington, CEO of Gilman Hill Asset Management, about her approach to dividend-focused investing. Jenny shares her journey from early internships to portfolio management and explains how her strategy targets steady income through high-quality dividend-paying companies. The discussion examines risk management through cash flow, valuation discipline, and behavioral considerations that influence investor outcomes. Jenny also outlines her screening process, portfolio construction, and how she evaluates dividend sustainability. The conversation touches on lessons from market cycles, the role of communication in investing, and how technological changes may shape future opportunities and risks and much more!



Key Topics:


● Introduction to dividend investing and its role in total returns (0:00)
● Jenny Harrington's early career and path into portfolio management (3:05)
● Lessons from internships and exposure to market professionals (3:10)
● Experience at Goldman Sachs and insights from the dot-com bubble (10:03)
● Transition to Neuberger Berman and developing an income strategy (15:01)
● Philosophy of portfolio management and client-focused outcomes (16:45)
● Structure of the dividend income strategy and screening process (20:58)
● Differences between dividend income and dividend growth investing (27:30)
● Portfolio construction, position sizing, and diversification approach (36:25)
● Case study: Clorox investment thesis and valuation framework (40:03)
● Case study: Best Buy and identifying value through free cash flow (46:06)
● Impact of Columbia Business School on investment philosophy (49:48)
● Importance of communication and behavioral discipline in investing (54:47)
● Views on AI, job disruption, and future market implications (57:02)
● Book recommendations and information sources (59:06)
● And much more!
 
Mentioned in this Episode:
 ● Gilman Hill Asset Management
● Goldman Sachs
● Neuberger Berman
● Columbia Business School
● CNBC
● Van Leeuwen Ice Cream
● Best Buy
● Clorox
● Kimberly-Clark
● IBM
● Hewlett Packard
● PayPal
● Poor Charlie's Almanack by Charles T. Munger
● Pioneering Portfolio Management by David Swensen
● Elon Musk by Walter Isaacson
 
Thanks for Listening!
 
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected].
 
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In this episode, hosts Michael Mauboussin and Tano Santos speak with Jenny Harrington, CEO of Gilman Hill Asset Management, about her approach to dividend-focused investing. Jenny shares her journey from early internships to portfolio management and explains how her strategy targets steady income through high-quality dividend-paying companies. The discussion examines risk management through cash flow, valuation discipline, and behavioral considerations that influence investor outcomes. Jenny also outlines her screening process, portfolio construction, and how she evaluates dividend sustainability. The conversation touches on lessons from market cycles, the role of communication in investing, and how technological changes may shape future opportunities and risks and much more!



Key Topics:


● Introduction to dividend investing and its role in total returns (0:00)
● Jenny Harrington's early career and path into portfolio management (3:05)
● Lessons from internships and exposure to market professionals (3:10)
● Experience at Goldman Sachs and insights from the dot-com bubble (10:03)
● Transition to Neuberger Berman and developing an income strategy (15:01)
● Philosophy of portfolio management and client-focused outcomes (16:45)
● Structure of the dividend income strategy and screening process (20:58)
● Differences between dividend income and dividend growth investing (27:30)
● Portfolio construction, position sizing, and diversification approach (36:25)
● Case study: Clorox investment thesis and valuation framework (40:03)
● Case study: Best Buy and identifying value through free cash flow (46:06)
● Impact of Columbia Business School on investment philosophy (49:48)
● Importance of communication and behavioral discipline in investing (54:47)
● Views on AI, job disruption, and future market implications (57:02)
● Book recommendations and information sources (59:06)
● And much more!
 
Mentioned in this Episode:
 ● Gilman Hill Asset Management
● Goldman Sachs
● Neuberger Berman
● Columbia Business School
● CNBC
● Van Leeuwen Ice Cream
● Best Buy
● Clorox
● Kimberly-Clark
● IBM
● Hewlett Packard
● PayPal
● Poor Charlie's Almanack by Charles T. Munger
● Pioneering Portfolio Management by David Swensen
● Elon Musk by Walter Isaacson
 
Thanks for Listening!
 
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected].
 
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

In this episode, Tano Santos speaks with Samer Sarraf, Founding Partner and COO of Amwal Capital Partners, about his journey from engineering and construction to Lehman Brothers and ultimately founding a public equities firm focused on the GCC. Samer reflects on lessons from the 2008 financial crisis, why private equity struggled in the region, and how his team applies a private equity mindset to public markets. The conversation examines regulatory change, market structure in Saudi and the UAE, concentrated investing, and a deep dive into Abu Dhabi Ports and much more! 

 

 

 

Key Topics:   

 ●Samer's upbringing in Jordan and the role of education and entrepreneurship in his family (3:35) ● Studying civil engineering at McGill and early career in construction in Paris and Tahiti (9:46) ● Transition to Columbia Business School and pivot toward finance (16:16) ● Joining Lehman Brothers' real estate group and structuring CMBS transactions (17:57) ● Early signs of stress in credit markets ahead of the financial crisis (23:28) ● Moving from investment banking to private equity in the GCC (26:48) ● Why the private equity model struggled in the region (35:02) ● Founding Amwal Capital Partners and testing the strategy with personal capital (31:15) ● The structure and liquidity of GCC public markets, including Saudi Arabia and the UAE (37:24) ● Applying a "private equity DNA" approach to public equities (43:23) ● Using regulatory insight and on-the-ground research as a competitive edge (49:45) ● Portfolio construction and concentrated positioning in regional markets (55:18) ● Case study: Abu Dhabi Ports and the long-term logistics and industrialization thesis (56:27) ● And much more! 

Mentioned in this Episode: 

 ● Amwal Capital Partners 

 ● Lehman Brothers 

 ● Abu Dhabi Ports 

 ● Dubai Ports World 

 ● McGill University 

 ● Columbia Business School 

 

 

 

Thanks for Listening! 

 

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected]. 

 

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Ricky Sandler, founder, CEO, and CIO of Eminence Capital, joins hosts Michael Mauboussin and Tano Santos to explore a dynamic career spanning over three decades in long-short investing. Starting with stories from his upbringing and early career, Ricky unpacks the foundations of his investment philosophy centered around "change in perception" — a framework shaped by evolving market structures and investor behavior. He shares insights from navigating the 1998 crisis, outlines the value of rigorous risk management, and explains how quality businesses combined with contrarian thinking create lasting opportunities. The conversation also delves into quant integration, thoughtful activism, the nuances of portfolio construction, and his reflections on AI, market structure, and societal risks — and much more!
Key Topics:
● Ricky Sandler's upbringing, tennis, and early exposure to finance (0:00)
 ● The influence of competitive tennis on his investing mindset (3:58)
 ● Why he considered law before ultimately pursuing finance (5:55)
 ● Lessons from early roles at Mark Asset and Fusion Capital (7:30)
 ● Insights from the 1998 market crisis and developing better risk management (10:06)
 ● Defining 'change in perception' and its role in investment strategy (12:21)
 ● Understanding shifts in market behavior post-GFC (14:42)
 ● COVID-era investment case study: Red Rock Resorts (22:31)
 ● Portfolio construction principles and balancing risk/reward (27:56)
 ● Integrating quant and data science at Eminence Capital (33:44)
 ● Activism and engaged ownership strategies (36:34)
 ● Thoughts on AI, bubbles, and systemic market risks (38:36)
 ● Risk management and portfolio design in volatile environments (41:06)
 ● How Ricky trains his team to distill what matters in investing (42:39)
 ● AI's role in analyst work and future of research (44:27)
 ● Worries and hopes for the future: market structure, government debt, and optimism (46:39)
 ● Book and podcast recommendations (49:30)
 ● Closing remarks (51:02)
 ● And much more!
Mentioned in this Episode:
● Eminence Capital
 ● Ashland Inc.
 ● Entain
 ● Red Rock Resorts
 ● Live Nation
 ● Meta
 ● Tesla
 ● Salesforce
 ● Zillow
 ● KKR
 ● Pluralsight
 ● Autodesk
 ● Men's Wearhouse
● Think Again by Adam Grant
 ● Grit by Angela Duckworth
 ● Teaming by Amy Edmondson
 ● Quit by Annie Duke
 ● Mindset by Carol Dweck
 ● Invisible Influence by Jonah Berger
 ● Lessons of the Titans by Tim Ferriss
 ● 1929 by Andrew Ross Sorkin
Thanks for Listening!
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected].
Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!
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Robert Robotti, President and CIO of Robotti & Company Advisors, joins host Michael Mauboussin to explore a lifetime shaped by value investing. With deep roots in accounting and formative experiences auditing firms like Tweedy, Browne, Bob shares how those early exposures led him to a career buying underfollowed, undervalued companies. In this episode, Bob discusses how his contrarian approach has thrived amid market inefficiencies, especially in cyclical industries and under-the-radar public firms. He breaks down key investments, including Builders FirstSource and Tidewater, and explains why capital allocation, aligned incentives, and patience are critical to long-term success. He also addresses private equity, passive investing, and how AI might affect the future of both business operations and markets — and much more!
 
Key Topics:
Introduction (0:00)

Bob's upbringing and early exposure to entrepreneurship (2:09)

How auditing Tweedy, Browne sparked Bob's interest in value investing (4:17)

Learning through Tony Pustorino and practical accounting (4:32)

Early influences from Walter Schloss, Joe Reilly, and Tweedy, Browne (5:39)

Experience working with Mario Gabelli (6:57)

Founding Robotti & Company and the original value edge (8:54)

Explaining pink sheet stocks and early investment strategies (10:00)

Philosophy on intrinsic value and discounted investments (14:31)

Mispricings from passive investing and cyclical businesses (16:24)

Views on private equity vs. public markets (19:27)

Being a generalist with deep knowledge in housing and energy (21:45)

Simplified valuation approach and the Builders FirstSource case (23:41)

Portfolio construction, sizing, and turnover explained (28:58)

Maintaining a patient capital base (33:38)

The Tidewater investment: thesis, board involvement, and strategy (36:42)

Capital allocation philosophy: buybacks vs. dividends (49:08)

Executive incentives and importance of management quality (51:02)

How Robotti sees AI impacting business and investing (53:13)

Thoughts on traditional business education and tangible assets (57:13)

Geopolitical risks, China's influence, and global economic concerns (58:03)

And much more!




Mentioned in this Episode:
Robotti & Company Advisors

Tweedy, Browne

Gabelli & Company

Builders FirstSource

Tidewater Inc.

Amrep Corporation

Pulse Seismic Inc.

Museum of American Finance

U.S. Securities and Exchange Commission (SEC)

Lucadia National

Third Avenue Value

Canadian Natural Resources

Think Again by Adam Grant

Grit by Angela Duckworth

Teaming by Amy Edmondson

Quit by Annie Duke

 
Thanks for Listening!
Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at [email protected].

Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!