Welcome!

4th Value Intelligence Conference 2008
Thursday, July 17 and Friday, July 18, 2008
Bayern LB / Large Conference Hall (Großer Sitzungssaal)
Brienner Strasse 18, 80333 Munich

This year’s list of speakers will again include academic researchers, internationally renowned value investors and independent sector experts. The conference offers an excellent opportunity to introduce leading value experts to an audience of approximately 200 institutional investors.

Programme Highlights

Jean-Marie Eveillard, First Eagle Funds, New York
Jean-Marie Eveillard is a legend in the world of value investing. He is widely recognized as the first truly global value investor. Since its inception in 1979, his Global Value Fund has achieved an average annual performance of 15.33%. His current portfolio composition appears defensive: 10% in gold, 15% in cash & only little exposure to financials. Jean-Marie Eveillard will talk about his investment approach, his current view on the overall market and selected stock-picking ideas.

Professor Bruce Greenwald, Columbia Business School, New York
Bruce Greenwald directs the Heilbrunn Center for Graham & Dodd Investing and the academic program in value investing at Columbia Business School, the birthplace of value investing. Described by the New York Times as “a guru to Wall Street’s gurus” Greenwald teaches value investing courses to MBAs, executives and professional investors and has authored several books on value investing. Bruce Greenwald will present valuation case studies on companies, currently controversially discussed among leading value investors.

Professor Josef Lakonishok, Founding Partner, LSV Asset Management, Chicago
Formed in 1994, LSV is a quantitative value equity manager for institutional clients. In only 14 years since its foundation, LSV has been able to build up an outstanding track record of long-term performance and to grow assets under management to USD 66 billion. Prof. Lakonishok will talk about the underperformance of the value style in 2007, his latest academic findings on how to choose the right benchmark to measure the quality of asset managers and will give some rare insights into the investment process of one of the most successful quantitative value asset management companies worldwide.

Professor Thorsten Hens, Swiss Banking Institute, University of Zurich
Professor Hens is considered to be one of Europe's leading experts in behavioural finance and evolutionary finance. In 2007 he became the director of the prestigious Swiss Banking Institute (ISB). Prof. Hens will talk about the formation of credit bubbles due to human behaviour, the historical learning curve of investors with respect to bubbles and his idea to hedge value portfolios with volatility indices.

Caesar Bryan, Gabelli & Co Inc, New York
Inflation is one of the biggest concerns of top value investors for the coming years. Gold has traditionally served as a protection against inflation. In USD terms, the price of gold is up significantly, making this insurance more expensive. Caesar Bryan, highly successful portfolio manager of the GAMCO Gold Fund Inc., will talk about the role of gold in the world, the difference between investing in physical gold and gold stocks and will introduce some of his favourite international picks.