Columbia Business School AT THE VERY CENTER OF SUS NESS Inside this issue: 25th Annual Graham & Dodd Breakfast Craig Effron Jeff Gramm Shane Parrish Jon Salinas Student Ideas P. 3 P. 5 P. 19 P. 30 P. 39 P. 47 Editors: Brendan Dawson MBA 2016 Scott DeBenedett MBA 2016 Anthony Philipp MBA 2016 Brandon Cheong MBA 2017 Eric Laidlow, CFA MBA 2017 Benjamin Ostrow MBA 2017 Visit us at: www.csimaAnfo Heilbrunn : IurGraham&Docks INO csi ma CI UMBIA SI UUL N I INVESTMENT MANAGEMENT ASSOCIATION Jon Salinas Jeff Gramm Graham & Doddsville An investment newsletter from the students of Columbia Business School Issue XXVI Winter 2016 Craig Effron of Scoggin Capital Management Craig Effron is the co-portfolio manager of Scoggin Capital Management, which he founded with partner Curtis Schenker in 1988. With approximately $1.75 billion in assets under management, Scoggin is a global, opportunistic, multi-strategy Craig Effron event-driven fund. Scoggin focuses on identifying fundamental long/short investments through three primary strategies including event driven equities with a catalyst, special situations, and distressed credit. Mr. Effron began his career as a floor trader on the New York Mercantile Exchange and New York Commodity Exchange. Mr. Effron received a BS in Economics from the (Continued on page 5) Jeff Gramm '03 of Bandera Partners Jeff Gramm manages Bandera Partners, a value hedge fund based in New York City. He teaches Applied Value Investing at Columbia Business School and wrote the upcoming book "Dear (Contotsed on par I?) Shane Parrish Shane Parrish of Farnam Street Shane Parrish is the curator behind the popular Farnam Street Blog and founder of the Re:Think Workshops on Innovation and Decision Making. !Continued on page 30) Jon Salinas '08 of Plymouth Lane Capital Management Jonathan Salinas founded Plymouth Lane in April 2013 and acts as sole portfolio manager to the Fund. Prio