Allison Fisch's guest appearances

Allison Fisch

[i3] Institutional Investment Podcast

Value Investing with Legends

Michael Mauboussin

Jason Zweig

Joseph Cohen

Chris Davis

Bruce Greenwald

Jack Bogle

Howard Marks

Richard Lawrence

Rob Arnott

Corey Hoffstein

Tobias Carlisle

Michael Recce

Fred Schebesta

Joel Greenblatt

Bill Mitchell

OwlTail

Welcome back to Season 7!   From the move to Manhattanville to the new curriculum for the value investing program at The Heilbrunn Center, there have been many changes since we wrapped our last season at the end of 2021.   Outside of that, a lot has happened in the markets. We’ve seen significant drawdowns in some growth stocks, conversations are centered around inflation and stagflation, and the geopolitical situation is bleak after the atrocious Russian invasion of Ukraine.   For our upcoming episodes, we’re exploring different aspects of how to navigate these difficult times. Joining us today to discuss the international dimension of investing in this situation is our guest, Allison Fisch.   Allison is Principal and Portfolio Manager at one of the great names in value, Pzena Investment Management. Pzena was founded in 1995 by Richard Pzena as a value-oriented investment management company and now has more than $50 billion of assets under management. Allison joined Pzena in 2001 after starting her career as a business analyst at McKinsey &amp; Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College where she was a member of the Phi Beta Kappa and Psi Chi national honor societies.   In this episode, Allison and I discuss how starting in management consulting created a great foundation for her investing career, how she developed her investing philosophy, why she’s excited about opportunities for value in emerging markets, her approach to idea sourcing, risk management, and portfolio construction in emerging markets, and so much more!   Key Topics:    Welcome Allison to the show (1:27) Where Allison’s interest in investment management started (2:46) The skills that often make management consultants great portfolio managers (4:01) Managing the transition from McKinsey to asset management (6:21) Being a generalist versus a specialist (8:39) How Allison developed her investment philosophy (11:27) Allison’s journey from analyst to co-portfolio manager at Pzena (12:55) Pzena’s idea sourcing strategy (15:52) Getting to the underlying value of businesses across geographies (17:39) Portfolio construction in emerging markets (21:49) Why value works better in emerging markets (27:27) How Allison thinks about policy and currency risk in emerging markets (30:52) Managing geopolitical risks in times of crisis (34:25) How to approach reentry into historically unstable markets (38:47) Integrating ESG into your investment philosophy (41:24) Huge opportunities for value investors (44:15) What Allison is reading right now (46:17) And much more!    Mentioned in this Episode:    Pzena Investment Management    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.   Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!

Welcome back to Season 7! From the move to Manhattanville to the new curriculum for the value investing program at The Heilbrunn Center, there have been many changes since we wrapped our last season at the end of 2021. Outside of that, a lot has happened in the markets. We’ve seen significant drawdowns in some growth stocks, conversations are centered around inflation and stagflation, and the geopolitical situation is bleak after the atrocious Russian invasion of Ukraine. For our upcoming episodes, we’re exploring different aspects of how to navigate these difficult times. Joining us today to discuss the international dimension of investing in this situation is our guest, Allison Fisch. Allison is Principal and Portfolio Manager at one of the great names in value, Pzena Investment Management. Pzena was founded in 1995 by Richard Pzena as a value-oriented investment management company and now has more than $50 billion of assets under management. Allison joined Pzena in 2001 after starting her career as a business analyst at McKinsey &amp; Company. She earned a B.A. summa cum laude in Psychology and a minor in Drama from Dartmouth College where she was a member of the Phi Beta Kappa and Psi Chi national honor societies. In this episode, Allison and I discuss how starting in management consulting created a great foundation for her investing career, how she developed her investing philosophy, why she’s excited about opportunities for value in emerging markets, her approach to idea sourcing, risk management, and portfolio construction in emerging markets, and so much more! Key Topics: <ul> <li>Welcome Allison to the show (1:27)</li> <li>Where Allison’s interest in investment management started (2:46)</li> <li>The skills that often make management consultants great portfolio managers (4:01)</li> <li>Managing the transition from McKinsey to asset management (6:21)</li> <li>Being a generalist versus a specialist (8:39)</li> <li>How Allison developed her investment philosophy (11:27)</li> <li>Allison’s journey from analyst to co-portfolio manager at Pzena (12:55)</li> <li>Pzena’s idea sourcing strategy (15:52)</li> <li>Getting to the underlying value of businesses across geographies (17:39)</li> <li>Portfolio construction in emerging markets (21:49)</li> <li>Why value works better in emerging markets (27:27)</li> <li>How Allison thinks about policy and currency risk in emerging markets (30:52)</li> <li>Managing geopolitical risks in times of crisis (34:25)</li> <li>How to approach reentry into historically unstable markets (38:47)</li> <li>Integrating ESG into your investment philosophy (41:24)</li> <li>Huge opportunities for value investors (44:15)</li> <li>What Allison is reading right now (46:17)</li> <li>And much more!</li> </ul> Mentioned in this Episode: <ul> <li><a href="https://www.pzena.com/" rel="nofollow" target="_blank">Pzena Investment Management</a></li> </ul> Thanks for Listening! Be sure to subscribe on <a href="https://podcasts.apple.com/us/podcast/value-investing-with-legends/id1459993408" rel="nofollow" target="_blank"> Apple</a>, <a href="https://www.google.com/podcasts?feed=aHR0cHM6Ly92YWx1ZWludmVzdGluZ3dpdGhsZWdlbmRzLmxpYnN5bi5jb20vcnNz%20" rel="nofollow" target="_blank"> Google</a>, <a href="https://open.spotify.com/show/54wcTJS0kYranEJYHjF0Du" rel="nofollow" target="_blank">Spotify</a>, or wherever you get your podcasts. And feel free to drop us a line at <a href="mailto:valueinvesting@gsb.columbia.edu">valueinvesting@gsb.columbia.edu</a>. Follow the <a href="https://www8.gsb.columbia.edu/valueinvesting/" rel="nofollow" target="_blank">Heilbrunn Center</a> on social media on <a href="https://www.instagram.com/heilbrunncenter/" rel="nofollow" target="_blank">Instagram</a>, <a href="https://www.linkedin.com/groups/88752/" rel="nofollow" target="_blank">LinkedIn</a>, and more!

Allison Fisch - Unlocking Value in Emerging Markets

MarketFox columnist Daniel Grioli speaks with Allison Fisch, a Portfolio Manager and Senior Analyst at Pzena Investment Management, about how you can apply a value strategy in emerging markets. Is it possible in the first place? Fisch believes so, but some adjustments are necessary to make it successful. Overview:4:00 – Value investing is really all about psychology, the psychology of markets.8:00 – Can you use value strategies in emerging markets? Yes, but with some differences. 11:00 – Country selection hasn’t mattered buch in developed markets, but in emerging markets it does13:00 – Using quant tools to screen the universe.15:30 – You are looking for companies that are sick and you want to know whether they are having a cold or whether they are terminal16:00 The sweet spot is where there is something bad going on in a company, but they have the ability to recover from it.17:00 – We look at the 20 per cent cheapest companies.21:00 – We are in the worst cycle for value strategies. Is there something broken?22:00 – The bigger the high, the worse the hangover.25:00 – How do you deal with technology stocks in a value strategy?29:30 – The biggest change in emerging markets in the last 10 years is the make-up of the market32:00 – State-owned enterprises are trading at a discount. How do you get comfortable with these companies?34:30 – Disruption and value strategies, do they mix? And the ‘Death by Amazon’ index.35:30 – In emerging markets you don’t have incumbents, so it is just the disruptors getting more expensive.38:00 – Today’s environment is like a bathtub; which company gets flushed down the drain?41:30 – The moat of brand is not what it used to be.

MarketFox columnist Daniel Grioli speaks with Allison Fisch, a Portfolio Manager and Senior Analyst at Pzena Investment Management, about how you can apply a value strategy in emerging markets. Is it possible in the first place? Fisch believes so, but some adjustments are necessary to make it successful. Overview: 4:00 – Value investing is really all about psychology, the psychology of markets. 8:00 – Can you use value strategies in emerging markets? Yes, but with some differences. 11:00 – Country selection hasn’t mattered buch in developed markets, but in emerging markets it does 13:00 – Using quant tools to screen the universe. 15:30 – You are looking for companies that are sick and you want to know whether they are having a cold or whether they are terminal 16:00 The sweet spot is where there is something bad going on in a company, but they have the ability to recover from it. 17:00 – We look at the 20 per cent cheapest companies. 21:00 – We are in the worst cycle for value strategies. Is there something broken? 22:00 – The bigger the high, the worse the hangover. 25:00 – How do you deal with technology stocks in a value strategy? 29:30 – The biggest change in emerging markets in the last 10 years is the make-up of the market 32:00 – State-owned enterprises are trading at a discount. How do you get comfortable with these companies? 34:30 – Disruption and value strategies, do they mix? And the ‘Death by Amazon’ index. 35:30 – In emerging markets you don’t have incumbents, so it is just the disruptors getting more expensive. 38:00 – Today’s environment is like a bathtub; which company gets flushed down the drain? 41:30 – The moat of brand is not what it used to be.

12: Pzena's Allison Fisch - Value Investing and Emerging Markets