With the support of:
PROGRAMME:
September 29th 2016
8:30 9:00 Registration
9:00 9:15 Welcoming speech by organizers
9:15 10:15 Meet the participants: Speed dating
10:15 10:30 Coffee Break
10:30 11:00 Investment Idea No.1 & Quant Value (Japan - Tim du Toit)
11:00 11:30 Biases that can negatively affect returns (Sophocles Sophocleous)
11:30 12:00 Investment Idea No.2,3,4 (United Kingdom - Simon Caufield)
12:00 12:30 Investment Idea No.5 (U.S. Value David Kessler)
12:30 13:00 Investment Idea No.6 (Eastern Europe - Steve Gorelik)
13:00 14:00 Lunch
14:00 14:30 Investment Idea No.7 & 8 (Global Banks - Charis Charalambous)
14:30 15:00 Coffee Break
15:00 15:30 Q&A Session with Christos Patsalides Deputy CEO Bank of Cyprus
20:30 24:00 GALA MEZE DINNER by the Pool
September 30th 2016
09:00 09:30 Networking Morning Coffee
09:30 10:00 One on One with Bob Robotti CEO Robotti & Company
10:00 10:30 Investment Idea No.9 (Europe Diego Moreno)
10:30 11:00 Coffee Break
11:00 11:30 Investment Idea No.10 (Greece - Florentzos Kassoumis)
11:30 12:00 Investment Idea No.11 (Small and Mid-Cap Global - Pasi Havia)
12:00 12:30 Investment Idea No.12 (U.S. Short - Sophocles Sophocleous)
12:30 13:00 Investment Idea No.13 (U.S. Value - Raman Minhas)
13:30 14:00 Lunch
14:00 14:30 Panel Discussion: The Seven Sins of Fund Management
14:30 15:00 Coffee Break
15:00 15:30 Investment Idea No.14 (Latin America - Pavel Begun)
SPEAKERS
Robert (Bob) Robotti
Robert Robotti is the President and CEO of Robotti & Company. Prior to forming the firm in
1983, Bob was a vice president and shareholder of Gabelli & Company, Inc. He worked in
public accounting and is currently an inactive CPA. Bob holds a BS from Bucknell University
and an MBA in Accounting from Pace University. Bob currently serves on the Board of
Directors of Panhandle Oil & Gas Company, a NYSE-listed diversified mineral company
located in Oklahoma City; as Chairman of the Board of Directors of Pulse Seismic Inc., a
seismic data licensing business located in Calgary, Alberta; and was previously on the Board
of Directors of BMC Building Materials Holding Corporation, prior to the completion of its
merger with Stock Building Supply Holdings, Inc. in 2015. In addition, he serves on the
Boards of many non-profit organizations where he generously donates his time and
expertise. Previously, Bob was a member of the SEC's Advisory Committee on Smaller Public
Companies, established to examine the impact of Sarbanes-Oxley Act and other aspects of
the federal securities law.
Dr. Christos Patsalides
Dr. Patsalides currently serves as Deputy CEO and COO of the Bank of Cyprus and is also an
Executive member of the Board of Directors. From 1989 to 1996, Dr.Patsalides worked for
the Central Bank of Cyprus in the Management of Government External Debt and Foreign
Exchange Reserves Department. In 1996, Dr. Patsalides joined the Bank of Cyprus where he
has held a number of positions in corporate banking, treasury and private banking, among
others, and acted as Finance Director from December 2013 to April 2016. He holds a PhD in
Economics from the London School of Economics.
Pavel Begun from Canada
Pavel co-founded 3G Capital a concentrated value investment fund manager. He has over
sixteen years of experience in value investing and is a board member of AlarmForce
Industries Inc. (Canadian listed USA residential alarm company) and a director at Grafenia
PLC (UK listed short-run on-demand printer). Pavel has an M.B.A. from the University of
Chicago and is a Chartered Financial Analyst. He has been a guest speaker at a number of
universities and also at various investing conferences since 2001.
Sbastien Lemonnier from France
Sbastien runs the European fund at the French asset manager Mansartis which has a total
of 950m in assets under management. Before that he worked at fund manager Tocqueville
Finance where he outperformed the index for a number of years with low volatility. This led
to him being ranked A & AA by Citywire from 2009 to 2012. Sbastien follows a
common sense value investment approach.
Steve Gorelik from the USA
Steve is a Portfolio Manager with Firebird Management, a value oriented asset manager
with over 20 years of experience investing in the Eastern European and North American
markets. Steves investment experience includes both public and private equity investments
in Eastern Europe with particular focus on Baltic Countries, Romania, Georgia and banks
across the whole region. Steve is also lead portfolio manager of Firebird U.S. Value Fund.
Steve is a graduate of Value Investing Program at Columbia University Graduate School of
Business and is a CFA (chartered financial analyst).
Pasi Havia from Finland
Pasi works for Helsinki Capital Partners (HCP), which is one of the fastest growing asset
managers in Finland. In 2016, HCP received Fund Manager of The Year Finland reward from
The European. Pasi is a Portfolio Manager of the HCP Quant fund, a global small and mid-
cap quantitative value fund. It uses systematic, quantitative and statistical methods to
identify stocks that are undervalued, by using financial modelling. Pasis personal blog was
ranked the second most popular economic blog in Finland in 2011 and 2014. He is also a co-
author of a best-selling personal finance book in Finland.
Simon Caufield from the UK
Simon has been a professional investor since 2007 and manages family capital and has a
private client advisory business. He specialises in deep value, cyclical and cheap
compounders in the industrial, consumer discretionary and non-bank financial sectors. He is
an active member of the value investing special interest group of the CFA in the UK and a
regular visitor to value investing events.
Diego Moreno from Germany
Diego is an Investment Associate at Forum Family Office, an investment company based in
Munich, Germany. Forum Family Office manages the wealth of a German industrial family
and has returned 17% p.a. since its inception 25 years ago. Forum also advises a fund for
institutional investors under the same value investing, long-term oriented philosophy.
Previously, Diego held various management positions in the aerospace and automotive
industries. During this period, he also studied and applied the value investing principles in
the management of his private wealth before deciding to become a professional investor.
He holds a MSc. in Industrial Engineering by the University of Zaragoza (Spain) and a BSc. in
Economics and Management by the LSE/UoL (UK). Diego speaks Spanish, English, German
and French.
Raman Minhas from UK
Manages a small private fund which focuses on Growth At Reasonable Price (GARP) and
value. Opportunities are sourced from US and UK, and are sector and size agnostic. He is a
contributor to SumZero, Gurufocus and Seeking Alpha. Previously an ER doctor and life
sciences analyst.
David Kessler from the U.S.
David Kessler is a Senior Investment Associate with Robotti & Company Advisors, LLC. Prior
to joining the firm in 2009, he was a Research Analyst Consultant with Aquamarine Capital
(Guy Spiers firm) and a Portfolio Management Associate with Rochdale Investment
Management. David received a BS in Finance and Marketing from the University of
Maryland and an MBA from Columbia Business School where he was a member of
Columbias Applied Value Investing Program.
Tim du Toit from Germany
Tim du Toit was born in South Africa in 1967 and moved to Germany in 2001. In between he
completed a B. Com. Hons. and MBA (Indiana USA) degree, worked in banking and asset
management in South Africa and Germany for 15 years. Since 2010 he manages his own
money, writes investment newsletters (focus on Europe) and started an investment
screening service (www.quant-investing.com).
Charis Charalambous from Cyprus
Charis Charalambous is currently the fund manager of the Active Banking Sector Fund, an
equity fund which invests exclusively in large cap banks in the United States and Western
Europe. Previously he worked for six years for Citigroup in London where he was Vice
President of M&A activities in the EMEA region. At Citigroup, Charis worked on multiple
M&A deals with transaction values ranging from $100mn to $6bn. He has also worked in the
Treasury Departments of the Bank of Cyprus (London) Ltd and the Cyprus Development
Bank Ltd. He holds a B.A. in Economics from Cambridge University, an M.Phil. in Economics
from Oxford University and an MBA (with distinction) from London Business School.
Florentzos Kassoumis from Cyprus
Florentzos Kassoumis is founder and CEO of FAMco, a financial intermediary firm which puts
fundamentals first. A value investor with over twenty years of experience in asset
management and advisory services, Florentzos currently supervises the wealth management
and financing activities for private clients. Previously Florentzos was Head of Wealth and
Asset Management at WSFIS Ltd, while he held positions at Sharelink Securities & Financial
Services Ltd, as Head of Asset Management, CDB Bank and Hellenic Bank as Analyst, while
he was also an advisor to the Government of Cyprus. He has a BSc and MSc. (Government
of Cyprus scholarship) in finance from the University of Cyprus and is a recipient of several
awards in Investment Games and Projects.
Sophocles Sophocleous from Cyprus
A Fulbright scholar and Chartered Financial Analyst, he currently manages institutional
money based on his proprietary equity strategy (known as FatAlpha) which combines
quantitative value methods with qualitative analysis. He spent over 11 years with London-
based EM fund manager Argo Capital Management as Executive Director. Previously, he
was employed in the brokerage and the investment banking industry. Sophocles graduated
from the University of Illinois at Urbana-Champaign with a double major in Economics and
Finance.
