Bruce Greenwald - Staying on the Right Side of the Trade

In this podcast, Bruce Greenwald shares insights on the evolution of value investing at Columbia Business School. He delves into its fundamental principles and discusses how it must adapt to changing markets. Greenwald stresses the significance of specialization in value investing, merging economic insights with valuation techniques tailored to different business types, such as competitive versus moat businesses. He also underscores the vital role of risk management, advocating for a dual approach that addresses risk at both the individual investment and portfolio levels. Additionally, he explores the transition from manufacturing to services, highlighting its economic impact and the opportunities it creates for value investors who grasp local market dynamics and recognize the importance of service elements in businesses.