Swen Lorenz had the pleasure to take notes during the presentations of Eileen Murray and Pat Dorsey at the Project Punch Card Conference 2019. Here you can enjoy them:
Eileen Murray – Co-CEO of Bridgewater Securities – Interviewed by Meredith Trevedi – Managing Director, Heilbrunn Center for Graham and Dodd Investing at Columbia Business School
Eileen Murray is Co-CEO of Bridgewater Associates, which has USD 160bn AUM. The firm is famous through its founder and CIO, Ray Dalio. She oversees one of the preeminent value investing programmes in the US.
The session focussed on Eileen’s career, and her experience with subjects such as diversity, mentoring and sponsoring.
The talk was very much aimed at providing inspiration and career guidance for the students in the audience. Anyone interested in the subject should wait for the video of the discussion to come out on Project Punch Card’s website (everything was filmed).
Pat Dorsey – Founder & Portfolio Manager at Dorsey Asset Management
Pat Dorsey was widely known as Morningstar’s Director of Equity Research between 2000 and 2011. During his tenure, he was instrumental in developing the Morningstar economic moat rankings as well as the methodology for Morningstar’s framework for analysing competitive advantage.
Pat Dorsey’s company currently manages USD 680m, which is invested in a concentrated (10-15 position) global equity strategy, focussed on businesses with economic moats and reinvestment runways.
His slides are an exemplary summary of his views on the importance of moats, reinvestment and capital allocation. These slides can be read without my accompanying notes.
Pat didn’t reply to a request for a soft copy of the presentation. However, he does keep the 2017 version of the same presentation available for download on this website. The presentation is fundamentally the same, and a more useful as well as more visually pleasing read than my notes would be. I recommend you download it from his website’s download section.