Allen C. Benello - Concentrated Investing: Strategies of the Worlds Greatest Concentrated Value Investors

Allen Carp Benello, CFA, is the founder and general partner of White River Investment Partners, LLC, a private investment firm based in San Francisco, California, which he founded in 2000. Allen previously worked in the investment management division of PICO Holdings, Inc. Allen graduated with a BA in History from Tufts University in 1988, and received an MA in International Relations from the Paul H. Nitze School of Advanced International Studies (SAIS) at Johns Hopkins University in 1992, where he was an Olin Fellow in Strategic Studies. Allen has lectured at investing seminars and conferences in North America, South America, and Europe. From 1999 to 2003, Allen served on the board of the ICA Group in Boston, Massachusetts. The ICA Group is a non-profit organization fostering employee ownership. He currently serves on the board of GiveSurf, whose mission is to provide surfing equipment for underprivileged youths around the world.

Michael van Biema is the founder and managing principal of van Biema Value Partners, LLC. Michael established the firm in October 2004. Michael was previously a faculty member of Columbia Business School from 1992 to 2004, where he taught value investing, general corporate finance, capital markets, securities analysis, and entrepreneurial finance in both the regular and executive MBA programs. He also served as director of a multi-year, multi-million dollar research project into productivity in the service sector funded by the Alfred P. Sloan Foundation. Michael received his BS in Electrical Engineering from Princeton University and his PhD in Computer Science from Columbia University. Michael is the author of numerous publications, including an article in the Harvard Business Review titled Managing Productivity in the Service Sector (Summer 1998), and coauthor of the book Value Investing from Graham to Buffett and Beyond (John Wiley & Sons, June 2001), and continues to lecture internationally on value investing.

Tobias E. Carlisle is a founder and managing partner of Carbon Beach Asset Management LLC, and serves as chief investment officer. He is best known as the author of the websites greenbackd.com, and the acquirersmultiple.com, and the books Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations (2014, Wiley Finance), and Quantitative Value: A Practitioners Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012, Wiley Finance). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law. Prior to founding the forerunner to Carbon Beach in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions, he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

• Adidas
• A.D. Investment Trust Limited
• Allied Crude
• American Express
• American Motors
• Angelakis, Michael
• Arison, Micky
• AT&T
  • Bell Laboratories
  • Kelly Criterion and
• Austin Motors
• AutoZone

• Baby Bells
• Bahamas Cruise Line
• Beat the Dealer (Thorp)
• Beat the Market (Thorp)
• Bell Laboratories
• Bell System Technical Journal
• Berkshire Hathaway, Inc.
  • American Express and
  • Blue Chip Stamps and
  • Grinnell College and
  • Jane and
  • Keynes' influence on
  • Simpson and
  • See also Buffett, Warren; Munger, Charles
• Berlekamp, Elwyn
• Bermuda Star Line, Inc.
• bet sizing
  • overview
  • Shannon on
  • Simpson at GEICO and
• binary digits (bits), advent of
• bin Talal, Prince Alwaleed (Saudi Arabia)
• Bloomsbury Set
• Blue Chip Stamps
• Borgsten Dolphin
• Brandt, Henry
• Brave Warrior Advisors
• Brave Warrior Capital Management
• Breeders' Cup Classic (1984)
• Brown & Williamson Tobacco
• Buffalo Evening News
• Buffett, Warren
  • American Express and Sanborn Map investments of
  • Blue Chip Stamps and
  • on diversification versus concentration
  • Greenberg and
  • Grinnell College and
  • Kelly betting and
  • Keynes and
  • Munger on diversification versus concentration (See also Munger, Charles)
  • Munger's early career and
  • number of positions recommended by
  • overview of portfolio concentration used by
  • Simpson and
  • S&P 500 sampling example
  • temperament for investing
  • undervalued stocks
  • views on Singleton
  • on wonderful companies at fair prices
• Buffett Partnerships
• Burlington Northern Santa Fe Corporation
• Bush, George H. W.
• Byrne, John Jack, Jr.

• Cal Dive
• Carnival Corporation
• Carr, David R., Jr.
• Carr, Fred
• Cassel, Sir Ernest
• Central National-Gottesman
• Chambers, David
• Chemical Bank
• Chest Fund (King's College, University of Cambridge)
• Chieftain Capital Management
• Chua, Jess
• Citibank
• closet indexers
  • defined
  • example
• Coca-Cola
• Codex Corporation
• Coface
• Comcast
• Common Brothers
• Common Stocks and Uncommon Profits (Fisher)
• Common Stocks as Long-Term Investments (Smith)
• concentrated value investing
  • Buffett on
  • diversification versus
  • Greenberg on
  • Keynes and (See also Keynes, John Maynard)
  • overview
  • permanent impairment of capital for (See also long-term investment)
  • Shannon's Demon and
  • Thorp on
• Convertible Hedge Associates
• Cook, J. Michael
• credit cycle theory of investment
• Crown Cork & Seal
• Curzon, F. N.

• Daily Journal Company
• Damn Right! (Lowe)
• Davidson, Lorimer
• Davy Shipbuilding
• De Angelis, Anthony Tino
• delta-neutral portfolio
• Den Norske Bank (DnB)
• Diamon M. Dragon (drill ship)
• Dimson, Elroy
• diversification
  • Buffett on diversification versus concentration
  • closet indexers
  • diversification versus concentration, overview
  • Graham on
  • Keynes on
  • Munger on diversification versus concentration
  • Simpson on
• Diversified Retailing
• Dodd, David
• dollar cost averaging
  • Keynes on
  • Shannon's Demon and
• Dolphin
• Drake, George
• Drexel Burnham Lambert
• DSND Subsea
• Durbin Amendment (Dodd-Frank)
• Dutch auction
• Dutton, Gardiner

• earnings yield
• EBIDTA (earnings before interest, taxes, amortization, and depreciation)
• Economic Consequences of Peace, The (Keynes)
• edge/odds
• Edgewater Funds
• efficient market theory
  • Munger on
  • overview
• Effjohn
• Elton, E. J.
• equally weighted
• ESL Investments
• exchange traded funds (ETFs), Simpson on

• Falk, Oswald Toynbee Foxy
• Federal Home Loan Mortgage Corporation (Freddie Mac)