Value Investing with Legends · Columbia Business School

The Multi-Faceted Future of Value Investing with Henry Ellenbogen and Anouk Dey

·1 hr 11 min·5 clips

Tano Santos reveals why value investing is more than a strategy—it's a fundamental way of thinking about finance.

This episode features Tano Santos, a Columbia Business School professor and director of the Heilbronn Center for Graham and Dodd Investing, interviewing the founder of a notable new asset management firm. Santos argues the future of value investing must integrate public, private, and social markets with a flexible, disruption-embracing approach. He emphasizes the need for long-term committed capital partners to handle market volatility and high-duration opportunities. Santos introduces his guest as a founder who has pursued a multifaceted investment approach throughout his entire career. The guest's firm is described as one of the most exciting new names in asset management, built on this forward-looking philosophy. The conversation centers on how value investing principles must evolve beyond traditional public equity markets. A core topic is combining investment analysis across social impact, private capital, and public securities. The discussion explores the necessity of flexibility in both valuation methodologies and idea generation. Santos believes embracing technological and economic disruption should be central to a modern investment process. The guest's firm reportedly operationalizes this by seeking partners who provide stable, long-term liability structures. This stability is presented as crucial for capturing value from investments with longer payoff horizons. One key insight is that the investment opportunity set now inherently carries a higher duration profile. The episode suggests successful future practitioners must be comfortable with significant market volatility. Santos posits that the rigid, siloed approaches of the past are becoming obsolete. The guest's career path is presented as a practical blueprint for this evolution. The tone is academic and forward-looking, grounded in Santos's role as an educator and industry thinker. The style is a conversational interview aimed at exploring high-level strategic philosophy. Listeners interested in the theoretical evolution of value investing and its application to modern markets would appreciate this episode. Those seeking specific stock picks or tactical advice might find it too conceptual.

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