Português

Congresso Value Investing Brasil 2009

(JUNE 4, 2009)

PRESENTATION EXCERPTS
 
Chris Leithner
Michael van Biema
 
“Valuation and the Austrian School”
“The market and its possible scenarios”
 
 

Speakers:

Carlos Simas — Dynamo Administração de Recursos (Rio de Janeiro)
“Learning with Managers’ Successes and Mistakes” (Panel)
Partner with Dynamo Administração de Recursos — one of the most traditional managers of equity investments in Brazil (with assets under management of about R$ 1.8 billion), whose investment philosophy consists exclusively of fundamental analysis. Formerly, he was a partner with Banco Icatu. Carlos Simas has a degree in Economics from PUC-RJ.


Chris Leithner — Leithner & Co. (Australia)
“How to Think About the Value and Valuation of Commodities”
Leithner & Co. is a private investment firm — based in Brisbane, Australia — which combines Benjamin Graham’s approach to financial analysis and the insights of the Austrian School of economics. Each $1 invested at the Company’s founding in 1999 has compounded (as of December 31, 2008) at a rate of 12.6% per annum. Its co-Director, Chris Leithner, is a graduate (First Class Honours and University Scholar) of McGill University (Quebec, Canada), holds master’s degrees from Queen’s University (Ontario, Canada) and The Australian National University (Canberra), and a Ph.D. from the University of Strathclyde (Glasgow, Scotland). He has 17 years’ experience in the fields of investment analysis and valuation. Author of “The Intelligent Australian Investor”, Chris Leithner came to Brazil for the first time exclusively to participate in the Congresso Value Investing Brasil.


Fabio Carvalho — Orbe Investimentos (São Paulo)
“Evaluation of Management”
Founding partner with Orbe Investimentos in São Paulo, responsible for the areas of investment analysis and fund management. Formerly, he worked with FAMA Investimentos. He has 14 years of experience in financial markets, focusing on managing equity portfolios. His managed funds include Value Orbe FIA, which, as of the end of 2008, had the best 3-year performance among Brazilian long-only equity funds ranked five stars by Standard and Poor’s. Fabio Carvalho 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).


Luiz Codorniz — consultant (São Paulo)
“Learning with Managers’ Successes and Mistakes” (Panel)
Investment consultant with ample experience in the areas of underwriting, equities, buy-side and sell-side investment analysis and fund management, having worked with Bank Boston, Santander, Lloyds Asset Management, and Banco Itaú. More recently, he was the consultant of a global hedge fund. He received 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.


Mario Fleck — Rio Bravo (São Paulo)
“Learning with Managers’ Successes and Mistakes” (Panel)
Mario Fleck is president of Rio Bravo, an independent investment management company focusing on the Brazilian market. Head of equities for four years, he helped create Rio Bravo Fundamental FIA, the value/activist fund which he still manages. Before that, he worked for 28 years with Accenture — 14 years as the company’s president in Brazil. With a degree in Mechanical and Industrial Engineering from Pontifícia Universidade Católica do Rio de Janeiro, he is a Board member at Cremer and Eternit, a former Board member at Unipar and Ferbasa, and also serves on the Board of three unlisted companies: Disec, Direct Talk and Tecnologica. He is the vice president of the Federação Israelita de São Paulo and of the Câmara de Comércio Brasil-Israel.


Michael van Biema — van Biema Value Partners (New York)
“The Safest Investments for an ‘Explosive’ Recovery”
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. Co-author of Value Investing from Graham to Buffett and Beyond, he has lectured internationally on value investing. Professor van Biema came to Brazil for his second time, once again to participate in the Congresso Value Investing Brasil.


Pedro Luiz Cerize — Skopos (São Paulo)
“The Practice of Value Investing in Brazil”
Founding partner and asset allocation principal with Skopos, an equity-focused investment fund company. Formerly, he worked at Socopa, Banco Fator, and Banco BBA Creditanstalt — where he was head of the proprietary equities desk. Pedro Cerize has a Business Administration degree (with honors) from Fundação Getulio Vargas and an MBA in Finance from Ibmec. Currently, he is a Board member at COSAN, Porto Seguro, Fosfertil and Indústrias Romi.

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