I have taught value investing at Columbia University since 1992 and have been obsessed with trying to develop tools to assess the value of growth. These videos are my insights.
Benjamin Graham taught at CBS from 1927 to 1956 and is best known for articulating the difference between price (P) and value (V). He argued that it is when price and value deviate that creates investment opportunities.
Roger Murray taught at CBS from 1956 to 1977. His most important contribution was the importance of a disciplined and rigorous investment process, particularly as the investment business became more institutionalized.
Bruce Greenwald taught at CBS from 1993 to 2018. Greenwald's most important contribution was the realization that if a portion of the cash flows used to determine a company’s Earnings Power Value (EPV) are derived from excess returns on capital, then accessing a company's sustainable competitive advantage is critical.
The last Holy Grail of investing is valuing growth.