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Join us at the conference in New York City to support the project and its mission.

Punch Card Conference:
“Value Over the Long-Term”

Location:
Fordham University at Lincoln Center
Costantino Room, 2nd Floor
150 West 62nd Street
New York, NY 10023

Date: December 7, 2018

Time: 8:45 am – 5:00 pm

Program Conference 2018

About the conference

The Project Punch Card Conference is the inaugural event for Project Punch Card, a non-profit focused on long-term investment orientation. The conference will be all about the long term. You will hear from thought leaders in the value investing community about what it means to be long-term oriented.

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What is Value Over the Long-Term?
What are the advantages and challenges of a long-term orientation?
What conditions are required to enable students to invest with a long-term orientation?
Many investments which compound at +20% over decades do not appear to be value stocks based on traditional valuation metrics like P/E, P/B etc. Are the tools to analyze long-term/Punch Card investments different? Is long-term value different from short-term value?
Charlie Munger says that one of the biggest mistakes at Berkshire Hathaway was to not invest in Walmart. With the benefit of hindsight, many of us wish we had seen the long-term potential of Amazon earlier. Are there tools and techniques that can assist in identifying long-term compounders prospectively rather than retrospectively?
Even the most successful Punch Card/long-term investments have large stock price drawdowns and periods of terrible returns. How do we know when a stock price decline is due to a long-term reduction in the business’s value, and when it is temporary. They never feel temporary at the time! So how can those of us who want to be long-term investors actually *be* long-term when faced with drawdowns?

In the Best Ideas Presentations, you will hear from the successful investors on their current investment ideas.

Who is it for? We expect a blend of Portfolio Managers, Investment Advisors, Analysts and Allocators (i.e pension funds, Endowments, insurance, FOF etc). Though the mission of the not-for-profit is for students our events including this conference are geared primarily toward practitioners, i.e. analysts, portfolio managers and other investment professionals, as well as students who aspire to such roles. Marketing and strategic partners such as Smart Women Securities, Forte Foundation, SEO may also be a material component of the audience composition.

Confirmed Speakers Include:

Keynote Speaker

Alice Schroeder
Author, (The Snowball, Warren Buffett and the Business of Life), Analyst.
Alice Schroeder was a noted insurance industry analyst and writer who was a managing director at Morgan Stanley. She first met Warren Buffett when she published research on Berkshire Hathaway; her grasp of the subject and insight so impressed him that he offered her access to his files and to himself. Their friendship and mutual respect made her ideally positioned to write The Snowball. Schroeder was born in Texas, and she earned an undergraduate degree and an MBA at the University of Texas at Austin before moving east to work in finance. She is a former CPA and lives in Connecticut with her husband.

David Abrams Abrams Capital Management David Abrams is the managing partner of Abrams Capital, an investment firm that currently manages approximately $8.7 billion across a wide spectrum of investments. Mr. Abrams serves as a director of iHeartMedia, Inc. and several private companies. He is an Overseer of the College of Arts and Sciences at the University of Pennsylvania. He holds a BA from the University of Pennsylvania.	John Rogers Founder, CEO and CIO, Ariel Investments Ariel Investments has ~$13.7 billion of assets under management. In 1983, John founded Ariel Investments to employ a patient, value strategy in small and medium-size companies. He is a member of the board of directors of Exelon, McDonald’s and The New York Times Company. In 2013, John was featured alongside legendary investors Warren Buffett, Sir John Templeton and Benjamin Graham in the distinguished book: The World’s 99 Greatest Investors by Magnus Angenfelt. John received an AB in economics from Princeton University, where he was also captain of the varsity basketball team.
John Levin Founder, Levin Capital StrategiesJohn Levin is the Chief Executive Officer and senior portfolio manager for Levin Capital Strategies, LP and is responsible for various alternative and long-only investment strategies managed by the Firm. Mr. Levin founded Levin Capital Strategies, LP in December 2005. Prior to founding John A. Levin & Co. in 1982, Mr. Levin was a partner at Steinhardt Partners (1976-1982) and a partner and director of research at Loeb, Rhoades & Co. (1963-1976). He earned a BS and an LLB from Yale University.	John Bader Mr. Bader is a private investor formerly Chairman and Chief Executive Officer of Halcyon Asset Management. Prior to Halcyon Mr. Bader was Director of Research at Gruss & Co. Mr. Bader has been a frequent speaker at educational and industry forums on investing. He has participated in the Barron’s Roundtable, and has been featured in the Financial Times, Pensions & Investments, and Bloomberg, among other publications. He has appeared on CNBC and Bloomberg TV. Mr. A recipient of numerous academic prizes, Mr. Bader received his A.B. from Harvard University, Class of 1984.
Murray Stahl CEO and CIO, Horizon Kinetics LLC Murray is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the Firm with ~$6 billion assets under management. He has over thirty years of investing experience and is responsible for overseeing the Firm’s proprietary research. Murray serves as the Firm’s Chief Investment Officer, and chairs the Firm’s Investment Committee, which is responsible for portfolio management decisions across the entire Firm. Prior to co-founding the Firm, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst.	Paul Isaac CEO and Founder, Arbiter Partners Capital Management Paul J. Isaac is the CEO and founder of Arbiter Partners Capital Management, LLC. His responsibilities include managing the firm’s relationship with investors and the investment community, overall strategic exposure and asset allocation, individual security analysis and selection, and investigation of private investment opportunities. Mr. Isaac has been actively investing on behalf of himself and others for over thirty-five years.
Clifford Sosin CAS Investment Partners LLC Cliff Sosin has never felt the need to go with the crowd. As a high school student during the heart of the dot-com bubble, he opted to short a basket of the most hyped tech names in a stock-picking competition. (He finished in last place.) Now, as the portfolio manager for CAS Investment Partners, a $360 million fund, Cliff still doesn’t shy away from making controversial investments. Through CAS, he has owned stocks such as Herbalife, LifeLock, and World Acceptance Corporation in the past. Cliff seeks to invest in a concentrated portfolio of compounders – companies he defines as those that will grow their profits at a high rate over a long time horizon while also returning a large portion of capital to owners. In the current environment where obvious bargains have already been picked over, he has continued to find these great investments by constantly seeking to understand situations that, at first glance, seem problematic. Cliff’s investment process relies heavily on the social science. He views investing as the applied practice of the social sciences much as engineering is the applied practice of the physical science. In better understanding how individuals and groups of people behave, Cliff believes he can develop an edge over the market.	Paul Lountzis President, Lountzis Asset Management LLC Paul J. Lountzis serves as President of Lountzis Asset Management, LLC, which he founded in 2000 and is based in Wyomissing, PA and New York City. He has more than twenty-five years 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, including five years as a partner at Ruane, Cunniff & Goldfarb, an investment advisory firm, managing more than $9 billion, including the Sequoia Mutual Fund. At Ruane, Cunniff & Goldfarb, Inc., Bill Ruane assigned him to conduct a number of specific research projects for the consideration of Warren E. Buffett, Chairman and CEO of Berkshire Hathaway, Inc.
Miguel Fidalgo Founder and Portfolio Manager, Triarii Capital Management LP Miguel Fidalgo is the Founder and Portfolio Manager of Triarii Capital. Prior to founding Triarii Capital in 2015, Mr. Fidalgo was a Managing Director at Baupost, where he worked for seven years. While at Baupost, Mr. Fidalgo spearheaded Baupost’s investments in the Icelandic banks, SwissAir, Greece, and Argentina, amongst others. From 2004 through 2008, Mr. Fidalgo was an Investment Professional at Farallon Capital Management, LLC and its affiliate Noonday Asset Management, L.P. Prior to Farallon/Noonday, Mr. Fidalgo worked at Salomon Smith Barney/Citigroup as an Investment Banking Analyst in the Financial Institutions Group from 2002 through 2004. Mr. Fidalgo received a B.A. in Economics and Computer Science from Macalester College.	David E. Marcus CEO and CIO, Evermore Global Advisors LLC Beginning his career in 1988 at Mutual Series Fund, where he was mentored by renowned value investor Michael Price, David rose to manage the Mutual European Fund and co-manage the Mutual Shares and Mutual Discovery Funds, representing over $14 billion in assets. In 2000, David founded Marcstone Capital Management, LP, a long-short Europe-focused equity manager, largely funded by Swedish financier Jan Stenbeck. After Mr. Stenbeck passed away in 2002, Mr. Marcus closed Marcstone, co-founded a family office for the Stenbeck family, and advised on the restructuring of a number of the public and private companies the family controlled.
Cheryl Einhorn, Author and Professor Cheryl Einhorn is the creator of the AREA Method, a decision making system for individuals and companies to solve complex problems. Cheryl is the founder of CSE Consulting and the author of the award-winning book Problem Solved, a Powerful System for Making Complex Decisions with Confidence & Conviction. Cheryl teaches as an adjunct professor at Columbia Business School and has won several journalism awards for her investigative stories about international political, business and economic topics. Her new book Investing In Financial Research, A Decision-Making System for Better Results is scheduled to be published in January 2019.	Michelle Kelner, Sandglass Capital Advisors Michelle Kelner is a founding partner of Sanglass Capital Management LLC and the strategist for the Sandglass Opportunities Fund, an emerging markets fund. She was previously a senior partner and portfolio strategist with Prince Street Capital, a New York and Singapore-based investment firm specializing in emerging and frontier markets. Prior to this, she was an emerging markets specialist, portfolio manager and trader at SAC Capital, Tudor Investments and Hermitage Capital. She graduated with honors from the University of Virginia’s McIntire School of Commerce.

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Our team has organized several sold-out value investing conferences which received consistently good feedback, including the Annual Benjamin Graham Conference in NYC back-to-back years. We expect the Punch Card conference to be similar to these events.

Chair:	Michael Oliver Weinberg, CIO Protégé Partners & MOV37, Adjunct Professor of Finance and Economics, Columbia Business School
Vice-Chair:	Henry Patner
Vice-Chair:	Jeffrey Hamm
Vice-Chair:	Vishal Mishra
Lead Sponsor:	Gabelli Center at Fordham