James Grant, Grants Interest Rate Observer, New York

“Why the central bankers cannot safely undo what they have done – and what it means for value investors.”

For more than 40 years, Jim Grant, perhaps the most renowned financial journalist in the US, has been following and commenting on Federal Reserve policy and its impact on the economy and markets. He believes that the Fed is currently running out of options, talks about possible consequences for the financial markets and identifies the assets that could work best and worst for long-term value investors.

Prof. Tano Santos, Columbia Business School, New York

"The Magnificent Seven & Stagflation: The valuation of compounders in times of changing average future conditions” 

Prof. Santos is the director of the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School, the world´s leading authority on value investing. In his lecture, he will present his valuation techniques and address what is probably the most important question within the value community: Are Microsoft & Co. still good investments or overvalued quality growth stocks, especially in a world with structurally higher inflation, lower economic growth and more regulation?

Edward Chancellor, Financial historian, London

"History rhymes: A contemporary version of the 70s asset allocation playbook" 

Chancellor, a former member of Jeremy Grantham's legendary asset allocation team at GMO, Boston, draws parallels between the current investment environment and the stagflationary period of the 1970s, highlights the differences and presents a contemporary playbook for asset allocation based on the Capital Cycle Model. Edward is the author of several books and writes an investment column for Reuters Breakingviews. His latest book, "The Price of Time: The Real Story of Interest" is particularly relevant in the current investment environment.

Mark Pearson, Arcus Investment, Tokyo/London

"Japan´s Governance Reform - An equities opportunity 25 Years in the making” 

Arcus is a value house with an excellent track record and particular expertise in Japan. Tasker and Pearson are well-known Japan investment veterans and now see the opportunity to exploit the enormous potential of the Japanese equity market. A presentation on Japan's corporate governance reform and the most attractive opportunities in the Land of the Rising Sun. Mark Pearson co-founded Arcus in 1998. He previously managed portfolios of Japanese equities at Kleinwort Benson Investment Management in Tokyo and Buchanan Partners in London and is fluent in Japanese.

Peter Tasker, Arcus Investment (via Live Video), Tokyo/London

"Japan´s Governance Reform - An equities opportunity 25 Years in the making” 

Arcus is a value house with an excellent track record and particular expertise in Japan. Tasker and Pearson are well-known Japan investment veterans and now see the opportunity to exploit the enormous potential of the Japanese equity market. A presentation on Japan's corporate governance reform and the most attractive opportunities in the Land of the Rising Sun. Peter Tasker co-founded Arcus in 1998. He is a recognized commentator on Japanese economic issues and writes for numerous publications, including the Financial Times and the Wall Street Journal Asia. Peter speaks fluent Japanese, is the author of several books and has lived in Japan for many years.

Georg von Wyss, BWM, Wollerau (CH)

„Global Value- & ESG-Investing made in Switzerland” 

Georg von Wyss is one of Switzerland's most renowned value investors and has been working as a financial analyst and portfolio manager since 1993. He is a member of the Swiss Financial Analysts Association (SFAA) and a partner at BWM AG, which he founded in 1997 together with Thomas Braun and Erich Müller. For him, volatility is by no means a suitable indicator of risk. Instead, he makes a disciplined distinction between the value and price of a company and only invests when he can "get the franc for 60 centimes". Presentation of a very contemporary value approach with ESG analyses based on in-house research.

Alissa Corcoran, Kopernik Global Investors, Tampa (USA)

„Energy transition & Commodity stocks – A value opportunity or trap for the second half of the 20s?” 

Kopernik is a global value house known for its contrarian style and preference for stocks with low multiples. A current investment focus is commodities, which are critical to the energy transition. Corcoran will present Kopernik's favorite commodities, particularly those at the intersection of value and sustainability, and Kopernik's differentiated approach to valuing commodity stocks. Alissa Corcoran, CFA is Deputy CIO, Director of Research, Healthcare Analyst and Co-Portfolio Manager of Kopernik's Global All-Cap and International Strategy. She has been in the investment industry since 2012 and joined Kopernik as an analyst in 2013.

Prof. Thorsten Hens, University of Zurich & VIA  Advisory Board

“Value Investing & ESG – A match made in heaven?”

Prof. Hens is Vice Director of the Institute for Banking and Finance (IBF) at the University of Zurich, one of the most renowned economists in the German-speaking world and a member of the VIA Advisory Board. In his lecture, he will address the question of whether sustainability actually leads to a "double dividend" or whether there is a latent danger of neglecting the distinction between value and price and equating good companies with good investments across the board.

Caesar Bryan, Gabelli Asset Management, New York

"Quality gold miners - the sweet spot in a stagflationary future" 

Caesar Bryan works for Gabelli Asset Mgmt, New York, and has managed the Gabelli Gold Fund since its inception in 1994. He has one of the best and longest track records in the gold mining sector. He is also a sub-advisor to the Value Intelligence Gold Company Fund. He favors high quality gold mining companies in safe jurisdictions and has beaten his benchmark and the best known ETFs in the past. He believes that the best is yet to come and that gold mining stocks could be one of the few beneficiaries if "central bankers are not able to safely undo what they have done in the past."

Gregor Mast, The Market, Host

The Market / NZZ Asset Allocation Panel: "The asset allocation playbook for a potential stagflation – Time to adapt or “much ado about nothing”?”

Despite higher interest rates and a moderate economic outlook, many asset classes are still trading close to their all-time highs. While Buffett is piling up cash, most private and professional investors are still extrapolating the past. A discussion of the pros and cons of bucking the momentum in the fall of 2024.

Gregor Mast, the co-founder and editor of The Market, started his career as a portfolio and relationship manager for UBS, then as an equity strategist for Swiss Re. From 2009, Gregor headed the equity strategy and later the strategy and analysis team at the private bank Clariden Leu. In 2012, he switched to journalism and joined "Finanz und Wirtschaft". He specializes in equity strategy, the value approach, asset allocation and interviews with investment strategists and economists.

Stefan Rehder, VIA, Munich

„Don´t lose money - Mental models for value-oriented asset allocation and stock selection in stagflationary times“

Value investors in the tradition of Buffett and Munger use a variety of mental models to achieve superior results. An introduction to the "tools" used by VIA's asset-managing equity funds to ensure that sustainability, capital preservation and the pursuit of returns are in alignment even in stagflationary times.

Stefan Rehder is the founder and portfolio manager of VIA GmbH. He has over 35 years of capital market experience, including seven formative years in New York, and is a protagonist of a value-oriented and principle-based investment style in which capital preservation always comes first.

Thomas Wiedemann, VIA, Munich

The Market / NZZ Stock Picking Panel: „Quality value at low prices – Investment ideas off the beaten track”

Thomas Wiedemann, CFA has been working for VIA since 2012. His main focus is on value-oriented company analysis. In addition to the CFA, he rounded off his value-specific training by participating in various value investing seminars with Prof. Bruce Greenwald and Prof. Tano Santos, Columbia Business School, among others.

Thomas Wiedemann answers questions from Gregor Mast and the audience together with Alissa Corcoran, Mark Pearson, Georg von Wyss and Caesar Bryan.

Maximilian Herde, VIA, Munich

Contact person for organizational matters 

Maximilian Herde has been working for VIA in Business Development & Research since April 2020. Prior to this, he had already spent two years at VIA as a working student during his studies. He began his career in 2013 with a degree at the Technical University of Munich. He learned the principles of value investing early on in the TU Investment Club. During his studies, he also gained practical experience in the areas of private equity, M&A and alternative investments before successfully completing his Master's degree in Management & Technology in 2020. At the beginning of his professional career at VIA, he expanded his value-specific education through the Value Investing Seminar of Prof. Tano Santos (Columbia University).

Portfolio Management Program, Department of Banking and Finance, University of Zurich

„Stock-Picking Ideas at the intersection of Value and Sustainability“

The renowned Portfolio Management Program (PMP), led by Prof. Thorsten Hens, offers students the unique opportunity to apply current developments from academic research to real-world asset management. PMP members present their favorite ideas for stock selection that combine value with ESG criteria.