Columbia Business School AT THE VERY CENTER OF BUSINESS Inside this issue: CSIMA Confer- ence & Pershing Square Challenge John Phelan Alex Magaro Adam Wyden '10 Marc Cohodes Pershing Square Challenge Ideas P. 3 P. 4 P. 14 P. 25 P. 33 P. 44 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 ut>'t• wwwcsimainfn HeilbrunnCenter for Graham&Dodrt I CCCCC I NO csima COLUMBIA STUDENT INVESTMENT MANAGEMENT ASSOCIATION Marc Cohodes Alex Magaro Graham & Doddsville An investment newsletter from the students of Columbia Business School Issue XXVII John Phelan Spring 2016 John Phelan of MSD Capital Mr. Phelan is Co-Managing Partner of MSD and Co-Founder of the firm. Prior to forming MSD, he was a Principal from 1992 to 1997 at ESL Investments, a Greenwich, Connecticut based investment firm. At ESL, Mr. Phelan was responsible for ESL's Special Situation Investments and helped grow the firm from $50 million to over $2.0 billion in assets under management. Prior to ESL, Mr. Phelan was Vice President in charge of Acquisitions (Western Region) for the Zell-Merrill Lynch Real Estate Opportunity Funds. Mr. Phelan began his career at Goldman, Sachs & Co. where he (Continuo:Ian page 4) Alex Magaro of Meritage Group Alex Magaro is a Co-President of Meritage Group, a fundamentally- oriented investment firm, managing approximately $10B primarily on (Conenued 00 page (4) Adam Wyden Adam Wyden '10 of ADW Capital Adam Wyden founded ADW Capital in January 2011 and acts as sole portfolio manager to the Fund. The Fund is focused on maintaining a concentrated portfolio of high-quality and high- (Continued on page 25) Marc Cohodes formerly of Rocker Partners/Copper River Marc Cohodes is a former General Partner of Rocker Partners/ Copper River from 1985-2009. He began his career at the Northern Trust Compan