LAI Sample - Timestamps



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Interviewer: We’re gonna continue our lecture series on investing. Today we have the president of Logic Gate Capital, Mike Robey. Mike, thanks for coming in today.

Interviewee:  No problem.

Interviewer: I just really wanted to take a top-down look at what you do. I know just from doing a little research that you do a lot of value investing. Is that correct?

Interviewee: Yeah. We definitely consider our firm of value investors much along the

[01:00] lines of Benjamin Graham, Walter Schloss, and Warren Buffett. Probably closer to the Buffet of the early 1960s than the Buffet that many of us know from the 1980s to present.

Interviewer: Okay. Well, maybe a good place to start then would be talking how you came to be a believer in that system. Then we can move into how you utilize that. Because I think in the past, in your investing career, you used to have a more technical approach to investing. Is that correct?

Interviewee: Yeah. We’ve moved ways of doing things, partly just driven by experience, and the results from our investing techniques. I came across the probably, what is deemed the bible of value investing, probably about

[02:00] seven or eight years now ago, called Security Analysis: the 1940 edition. It was written by a guy named Benjamin Graham and David Dodd, who were both professors at Columbia, during the '50s, when Warren Buffet went there. That’s how he met Benjamin Graham.

Benjamin Graham, just a quick history, was a Jewish immigrant, worked on Wall Street. I believe from the late 19— let’s say, 1918 up until 1955 to when he retired, and he rode the great wave up to 1929, then experienced the crash in 1930, which prompted him to write the first edition of Security Analysis: The 1934 Edition, about how to value invest because he essentially almost got wiped out in the crash. He did survive. I think he was down 70-something percent during the crash.

 

That really scared him. That made him think, we really need to come up with a way to invest safely our money and really not take on as much risk to avoid—when these crashes do happen to avoid the situation he got into, where he used down a lot of money. He wiped a lot of people out. He wrote a second edition of the book, the 1940 edition which is the '34

[03:00] edition cleaned up a bit.

[End of Audio]

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