Português

Congresso Value Investing Brasil 2008

(SEPTEMBER 5, 2008)

PRESENTATION EXCERPTS
 
James Montier
Michael van Biema
 
“Am I right for the right reasons?”
“Value with no competitive advantage”
 
 

Speakers:

Fabio Carvalho — Orbe Investimentos (São Paulo)
“Competitive Advantages”
Founding partner with Orbe Investimentos in São Paulo, Fabio Carvalho is responsible for the areas of investment analysis and fund management. Formerly, he worked with FAMA Investimentos. He has 13 years of experience in financial markets, with focus on managing equity portfolios. He received a graduate degree in Business from Mackenzie University and has an MBA in Financial and Actuarial Management from FEA-USP. He is a member of Apimec and IBGC (Instituto Brasileiro de Governança Corporativa) and writes about value investing to Brazilian newspapers, magazines, and websites.


Flavio Sznajder — Bogari Capital (Rio de Janeiro)
“Control and Liquidity”
Founding partner with Bogari Capital, an independent investment management company adherent of value investing. Formerly, he was member of the Finance Committee with Telemar Participações, Investment Officer with Andrade Gutierrez Telecomunicações, member of the Investment Committee with infrastructure fund AG-Angra, member of the Board of Directors with TG Agro ethanol plant, member of the Board of Directors with Pegasus Telecom and senior associate with Booz-Allen & Hamilton and Gradus Management Consultant. He received an MSc in Business Administration from Coppead-UFRJ and a B.S. in Engineering from PUC-RJ. He is a member of the Board of Directors of Contax Participações.


James Montier — Société Générale (London)
“Behavioural Finance”
Considered one of the biggest global authorities in behavioural finance and author of two reference books in the field: Behavioural Finance and Behavioural Investing. Global strategist with Société Générale and former global equity strategist with Dresdner Kleinwort, in the last three years he was elected the best global strategist by Thomson Reuters Extel. He is also author of the Mind Matters newsletter, published by Société Générale. Visiting fellow with Durham Business School, Montier came to Brazil for the first time, exclusively to participate in the Congresso Value Investing Brasil.


Lawrence Cunningham — GW University (Washington, DC)
“Introduction to Value Investing”
Professor at the George Washington University, Lawrence Cunningham is a leading authority on Law and Accounting, particularly in corporate governance and securities regulation. In 1996, he published the first version of “The Essays of Warren Buffett”, updated periodically. Author of another eleven books, which include “How to Think like Benjamin Graham and Invest like Warren Buffett”, “Outsmarting the Smart Money” and “What is Value Investing?”, he has been featured in “Forbes” and “Money”, and is quoted extensively in many of the world’s most prominent business newspapers. Professor Cunningham came to Brazil for the first time exclusively to participate in the Congresso Value Investing Brasil.


Luiz Codorniz — Humaitá Investimentos (São Paulo)
“Margin of Safety”
Luiz Codorniz has ample experience in the areas of underwriting, equities, buy-side and sell-side investment analysis, and investment management, having occupied senior positions in Bank Boston, Banco Santander, Lloyds Asset Management, and Banco Itaú. Until recently, he was the investment consultant to a global hedge fund. He received his graduate degrees in Business and Accounting from UFRGS, a postgraduate degree in Accounting from FEA-USP, and a master’s degree in Finance from EAESP-FGV. In 2002, he participated in the Applied Value Investing program at Columbia University. Since that year, he has been a member of Value Investors Club. He is also a columnist for business newspaper Valor Econômico.


Michael van Biema — van Biema Value Partners (New York)
“Value Investing: How it Works”
Founder of van Biema Value Partners, a fund of funds that invests in value managers of outstanding quality, worldwide, Michael van Biema was on the faculty of Columbia Business School from 1992 to 2004, where he taught corporate finance, capital markets, securities analysis, value investing, and entrepreneurial finance in both the regular and executive MBA programs. He received his B.A. in Electrical Engineering from Princeton University and his Ph.D. from Columbia University. He has consulted to CitiGroup, Gabelli Asset Management, Goldman Sachs, Salomon Brothers, Vontobel Asset Management, and a number of private asset management firms. He co-authored the book “Value Investing from Graham to Buffett and Beyond” and has lectured internationally on value investing. Professor van Biema came to Brazil for the first time to participate in the Congresso Value Investing Brasil.


Pedro Hermanny Diniz — Impacto Investimentos (Belo Horizonte)
“Value Investing in Brazil”
Founding partner with Impacto Investimentos in Belo Horizonte, Pedro Diniz is responsible for investment analysis and fund management. Diniz has 11 years of experience in financial markets, managing equity portfolios exclusively with the application of value investing’s principles and techniques. He received a graduate degree in Economics from Universidade Federal de Minas Gerais and an MBA in Finance from Ibmec. He is an Apimec member and has served as Fiscal Director in several public companies.

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