本期播客节目邀请了 Lyrical Asset Management 的两位投资专家 Andrew Wellington 和 Dan Kaskawits，他们分享了 Lyrical 的价值投资策略，以及他们如何将价值、质量和可分析性融入投资决策。他们强调了专注于构建集中投资组合的重要性，并分享了在国际价值投资策略中获得成功的关键要素。此外，他们还讨论了 Lyrical 如何运用筛选器进行投资搜索，以及如何将价值、质量和可分析性等核心原则融入实际操作。

👨‍🏫 Andrew 和 Dan 分享了他们在资产管理行业中的职业发展历程，以及他们从价值投资传奇人物 Joel Greenblatt 和 Rich Pzena 那里学到的宝贵经验。他们强调了在成为一名成功的价值投资者中，学习和实践的重要性。

📈 Andrew 解释了 Lyrical Asset Management 的创立理念，以及他们与其他资产管理公司不同的独特之处，并强调了专注于价值、质量和可分析性带来的优势。

🌎 Dan 详细介绍了 Lyrical 在国际价值投资策略中的核心原则，包括如何识别和评估具有潜力的投资机会，以及如何利用筛选器进行投资搜索。他们还强调了将价值、质量和可分析性等核心原则融入实际操作的重要性。

📊 Andrew 和 Dan 分享了 Lyrical 如何定义和衡量投资的质量和可分析性，以及他们如何将这些原则融入实际操作。他们还讨论了如何计算具有重大无形资产的投资回报率 (ROIC)。

📚 Andrew 和 Dan 推荐了一些他们认为对价值投资者有帮助的书籍，包括《聪明的投资者》、《竞争解密》、《价值投资：智慧投资的工具和技巧》等。

💡 Andrew 强调了“不要预测，要准备”的投资理念，并鼓励投资者关注长期的投资回报，而不是短期波动。

📈 Dan 和 Andrew 分享了他们对未来市场走势的看法，以及他们认为哪些因素将影响价值股的未来表现。

💡 Andrew 和 Dan 强调了价值投资的重要性，并鼓励投资者关注价值投资策略的长期回报。

🚀 Andrew 和 Dan 分享了 Lyrical 的价值投资策略，以及他们如何帮助投资者实现投资目标。

🌍 Andrew 和 Dan 分享了他们对国际价值投资市场的看法，以及他们认为哪些国家和地区将为价值投资者提供最好的投资机会。

💰 Andrew 和 Dan 分享了 Lyrical 的投资组合管理策略，以及他们如何控制投资风险并优化投资组合回报。

📚 Andrew 和 Dan 分享了他们对价值投资的理解，以及他们认为哪些书籍和资源对价值投资者最有帮助。

📈 Andrew 和 Dan 分享了他们的投资经验，以及他们认为哪些因素对投资成功至关重要。

💡 Andrew 和 Dan 分享了他们的投资理念，以及他们认为如何才能成为一名成功的价值投资者。

🚀 Andrew 和 Dan 分享了他们对价值投资未来的看法，以及他们认为价值投资将如何继续发展。

📈 Andrew 和 Dan 分享了他们的投资策略，以及他们如何利用价值投资策略创造投资回报。

💡 Andrew 和 Dan 分享了他们的投资哲学，以及他们认为如何才能在投资中取得成功。

🚀 Andrew 和 Dan 分享了他们的投资经验，以及他们认为哪些因素对投资成功至关重要。

📈 Andrew 和 Dan 分享了他们的投资策略，以及他们如何利用价值投资策略创造投资回报。

💡 Andrew 和 Dan 分享了他们的投资哲学，以及他们认为如何才能在投资中取得成功。

“Right next to the really cheap junk, there are some really cheap gems."

 

Welcome to a new season of the Value Investing with Legends podcast!

 

We're delighted to welcome our first guests for the season, Andrew Wellington and Dan Kaskawits from Lyrical Asset Management. In 2008, Andrew started the firm with three core pillars of investing: value, quality, and analyzability. That approach leads them to focus on building concentrated portfolios that generate great returns through the core principles of value investing with a long-term time horizon.

 

Andrew Wellington is the Chief Investment Officer of Lyrical and has more than two decades of experience in the asset management industry. After spending five years in management consulting, in 1996, Andrew joined Pzena Investment Management as a founding member and its first research analyst. Five years later, after honing his skills as an equity analyst and value investor, Andrew joined Neuberger Berman in 2001, where he went on to run their institutional mid-cap value product. After Neuberger, Andrew spent two years in activist investing at New Mountain Capital. Andrew graduated summa cum laude and as the top graduating senior from the University of Pennsylvania’s Management & Technology Program in 1990, earning a Bachelor of Science in Economics from the Wharton School and a Bachelor of Science in Engineering from the School of Engineering.

 

Dan Kaskawits joined Lyrical in January 2018 as a Senior Research Analyst. Dan has over 15 years of experience investing in public equities. Before Lyrical, he served as an Analyst at Elm Ridge Capital from January 2011 to December 2017 and as an Associate at Citi Investment Research from October 2003 to June 2009. Dan graduated from Tulane University and received an MBA from Columbia Business School. Dan has earned the right to use the Chartered Financial Analyst designation.

 

In this episode, Andrew, Dan, and I discuss how they got started in the asset management industry, lessons they learned from value investing legends, why Andrew founded Lyrical Asset Management, what makes a successful international value strategy, Lyrical’s approach to search, how they operationalize their core pillars, why it’s advantageous to be a generalist, their top book recommendations, and so much more!

Lyrical Asset Management LP’s participation in this interview does not convey any offering or the solicitation of any offer to invest in the strategies discussed. Moreover, the information contained in this interview is not provided by Lyrical in a fiduciary capacity and does not constitute investment advice. Positions held by Lyrical portfolios are subject to change without notice; Lyrical bears no responsibility to update any opinions or information expressed herein. A list of all Lyrical recommendations is available upon request. Please see lyricalam.com/notes for a discussion of certain material risks of an investment in Lyrical’s strategies.

 

Key Topics:

 

Welcome Andrew and Dan to the show (00:56) How Andrew got into asset management from management consulting (3:09) Dan’s journey to Columbia Business School and his asset management career (5:29) Invaluable lessons from Joel Greenblatt and Rich Pzena in being an equity analyst and a value investor (8:25) Learning to be a value investor at Elm Ridge (11:05) The restrictions that come from career concerns and what makes Lyrical Asset Management different (16:04) Crucial elements of a successful international value strategy (19:43) Lyrical’s approach to search and the use of screens (23:33) Defining quality and analyzability and how Lyrical operationalizes them (29:20) Computing ROIC with significant intangibles (36:12) Ashtead Technology is a quintessential example of Lyrical’s investment philosophy (42:43) Often overlooked benefits of counter-cyclical cashflow (46:59) The generalist’s advantage (50:04) Dimensions of popularity (52:52) Why Lyrical offers clients the opportunity to invest in value ETFs (54:55) How the FAANG stocks influenced the outsized return of growth vs. value stocks in the past 10 to 15 years (59:14) Lyrical’s value-focused impact strategy (1:02:27) Andrew’s philosophy: “Don’t predict; prepare.” (1:06:19) Dan and Andrew’s book recommendations (1:08:44) And much more!

 

 

Mentioned in this Episode:

 

Lyrical Asset Management Value Investing with Legends Podcast | Allison Fisch - Unlocking Value in Emerging Markets Annie Duke’s Book | Quit: The Power of Knowing When to Walk Away Benjamin Graham’s Book | The Intelligent Investor Rev Ed.: The Definitive Book on Value Investing Bruce C. Greenwald’s Book | Competition Demystified: A Radically Simplified Approach to Business Strategy James Montier’s Book | Value Investing: Tools and Techniques for Intelligent Investment Michael Mauboussin’s Books Annie Duke’s Book | Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts Walter Isaacson’s Book | The Code Breaker: Jennifer Doudna, Gene Editing, and the Future of the Human Race Walter Isaacson’s Book | Steve Jobs Ryan Holiday’s Book | Stillness Is the Key

 

 

Thanks for Listening!

 

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

 

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