Alec Henry and Adrian Meli, Co-CIOs at Eagle Capital Management, open the issue with a wide-ranging discussion covering AI, their analytical process, and what they look for in analysts. Jeff O'Donohue of Starfort Capital Management follows with lessons from investing in international markets, including positions in South Korea and Japan. Tony DeSpirito, former CIO of Fundamental Equities at BlackRock, shares how he built a career across two legendary firms and discusses investments he still holds today. Edgar Wachenheim III of Greenhaven Associates walks through several examples of contrarian thinking leading to positions in homebuilders and autos. Kevin Salimian of Voxel Capital Partners discusses his experience at Lone Pine, Eton Park, and Viking and how he is applying those lessons in a concentrated long-only strategy. Tom Saberhagen and Nick Kapur, Co-Founders of Tenzing MEMO, close the issue with a conversation on building a business at the intersection of AI, fundamental research, and the future of Wall Street. Student pitches include six finalists from the 19th Annual Pershing Square Challenge and the 4th Annual Kawaja Growth Challenge.

This edition spans geographies, asset classes, and investing philosophies. Amelia Morris and Michael Hutchens of Brandes Investment Partners discuss the enduring relevance of Graham's approach through a global equity lens. Jillian McIntyre of 221B Capital Partners traces her path from equity analyst to fund founder and walks through her proprietary framework for evaluating long and short ideas. Hendrik Bessembinder, a professor at Arizona State University, shares findings from his landmark research on global wealth creation and offers a preview of upcoming work on founder-led businesses. David Poppe '86 returns to G&D nearly eight years later to discuss launching Giverny Capital after two decades at Ruane Cunniff, and what quality really means in a portfolio context. Andrew Rosenblum of Bonsai Partners rounds out the issue with his investment philosophy and positions in companies with exceptional competitive characteristics. Student pitches include winners from the Booth MBA Stock and Credit competitions and the Darden Investing Challenge.

Beeneet Kothari of Tekne Capital Management opens the issue with a wide-ranging conversation on emerging market technology and global capital allocation. Roger Fan of RF Capital Management discusses his research process and approach to identifying undervalued businesses. Scott Rosenthal '07 of Hotchkis & Wiley shares how the firm thinks about idea generation and risk management, with a focus on international opportunities in Japan and Germany. Benjamin Beneche and Ramesh Narayanaswamy, founders of Tourbillon Investment Partnership, discuss what they call "symbiotic loops" and "fulcrum assets" — a distinctive framework for finding durable value across global markets. Student pitches include winners of the Neuberger Berman Sustainable Investing Challenge, the 18th Annual Pershing Square Challenge, and the 3rd Annual Kawaja Stock Pitch Challenge.

The 50th edition of Graham & Doddsville. Nadim Rizk of PineStone Asset Management opens the issue with a discussion of his path to launching the firm and his process for identifying long ideas, with positions in Novo Nordisk, Taiwan Semiconductor, and Moody's. Kevin Tanner of Saratoga Research & Investment Management shares how running his own small investing business early in his career shaped the philosophy behind the firm he built. Chris Waller '18 of Plural Investing discusses his approach to running a concentrated portfolio of 7-8 stocks and his long positions in Watches of Switzerland and Seaport Entertainment Group. Elie Mishaan of Bryant Street Capital Management traces his decision to launch his own fund after 15 years at Corsair Capital, with a focus on concentration, duration, and management engagement. David Baron '09 of Baron Capital closes the issue with a conversation on his firm's investment philosophy, diligence process, and long positions in SpaceX, Spotify, and On Holding. Student pitches include winners of the 2024 Pershing Square Challenge and second place finishers from the Darden at Virginia Investing Challenge.

Jennifer Oppold of Alpine Peaks Capital discusses her path into investing and the process she uses to identify long and short ideas across sectors. Adam Patinkin of David Capital Partners explains how his background shaped his emphasis on catalysts and makes the case for a short position in Brown-Forman. The issue also features an exclusive interview with Shayan Mozaffar of 10x10y — an Adjunct CBS Professor — on finding and developing your analytical edge. Student pitches include winners of the UNC Alpha Challenge and the Artisan International Growth Stock Pitch Challenge.

Michael Marone and John Rolfe of Crescent Rock Capital open the issue with a discussion of their go-anywhere investment philosophy and the framework they use to evaluate opportunities across geographies and asset classes. Ric Dillon, Jenny Hubbard, and Brian Hilderbrand of VELA Investment Management follow with their perspective on quality-oriented long-term investing. Six additional investors are featured across the edition, offering a broad range of perspectives spanning markets, strategies, and cycles.

Daniel Bakalarz and Alex Furmanski of Unison Asset Management discuss their approach to identifying mispriced businesses with durable competitive advantages. Chuck Bath, Austin Hawley, and Varun Gupta of Diamond Hill Capital Management share how the firm thinks about intrinsic value and portfolio construction across market environments. Matthew Sweeney of Laughing Water Capital rounds out the investor interviews with his perspective on small and mid-cap opportunities.

Christopher Lin of Fidelity discusses his approach to research and portfolio management at a large institution. Mark Cohen and Raphael Rabin-Havt of Stone House Partners share their investment philosophy and process. Fred Liu of Hayden Capital closes the issue with his focus on compounding businesses across Asia and global markets.

The 40th edition of Graham & Doddsville. Bill Nygren of Oakmark Funds discusses how the firm looks past GAAP accounting to find businesses whose value may be understated. Ray Kennedy of Hotchkis & Wiley shares his framework for credit investing. Sara Ketterer and Alessandro Valentini '06 of Causeway Capital and John Mullins and Dan Kaskawits '11 of Lyrical Asset Management also feature. Student pitches include work from CBS participants in the Women in Investing Conference.