The Ben Graham Centre for Value Investing at the Ivey Business School, Western University, held its annual Value Investing Conference on April 8, 2025, in Toronto, Ontario, Canada.
Embracing Benjamin Graham's Legacy
The mission of the Conference is to pay tribute to the pioneering work of Benjamin Graham by upholding the timeless principles of value investing. We are committed to empowering participants with insights into the diverse methods employed by practitioners and to nurture academic research and study in the area of value investing.
Learning and Networking Opportunities
No matter if you're an individual investor, a seasoned professional, or an executive in the investment management or financial services industries, our Conference provides a platform to explore, discuss, and deliberate on the principles, practices, and diverse applications of value investing on a global scale. It's a unique opportunity to engage and connect with experts and enthusiasts alike, sharing knowledge and experiences.
Value Investing in a Global Context
We believe in value investing as a universal concept. As we gather in Toronto, investors from around the world will unite to explore its vast potential and discuss how it resonates across different markets and cultures.
Media Coverage
“These investors love cheap stocks. Finding them is still tricky, though”
The Globe and Mail, April 11, 2025.
“100-Page Analysis of Ivey's Ben Graham Centre's 2025 Value Investing Conference and International MBA Stock Picking Competition”
Hedge Fund Alpha Media Coverage, April 11, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Desmond Kingsford of Highwood - Case Study of a Polish Auto Stock”
Hedge Fund Alpha Media Coverage, April 10, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Adam Waterous Likes This”
Hedge Fund Alpha Media Coverage, April 10, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Ajit Dayal of Quantum: Value Investing In Emerging Markets”
Hedge Fund Alpha Media Coverage, April 9, 2025.
“Ben Graham Centre's 25 Value Investing Conference - Lorne Steinberg On Lessons Learned From Ackman's J.C. Penny Fiasco"
Hedge Fund Alpha Media Coverage, April 9, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Michael Mauboussin: How To Value Intangibles"
Hedge Fund Alpha Media Coverage, April 8, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Tim McElvaine - Avoid "Mike Tyson" Stocks"
Hedge Fund Alpha Media Coverage, April 8, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Robert Gill of Fairbank Likes This Ancient Canadian Stock"
Hedge Fund Alpha Media Coverage, April 8, 2025.
“Ben Graham Centre's 2025 Value Investing Conference - Scott Phillips: Templeton Insights Applicable Right Now, And A Stock Pick"
Hedge Fund Alpha Media Coverage, April 8, 2025.
“Ivey 2025 Value Conference - Josef Lakonishok of LSV: Major Opportunity For Active Value Managers In These Markets"
Hedge Fund Alpha Media Coverage, April 8, 2025.
Lineup, Videos and Slides
Conference Organizer and Chair
Dr. George Athanassakos, Founder & Managing Director, Ben Graham Chair in Value Investing, Ivey Business School
Topic: "How to Determine the Quality of a CEO?"
In his opening remarks, among other things, Dr. Athanassakos expressed, once again, his frustration with academics who have paid little attention to value investing and stock picking over the years and thus lack a basic understanding of what value investing is. As Dr. Athanassakos explained, an area of considerable importance in value investing, and something that academics totally dismiss in their diversification dogma, is understanding management. He referred to the two roles that CEO perform. One is that of an operator and the other is that of a capital allocator. One can judge the characteristics of good operators in two ways: quantitatively and qualitatively. The quantitative part is easier to carry out. One needs to examine several of the company's financial ratios over time and compare them to the ratios of peers. The better the company's ratios compared to those of key competitors, the better job the CEO has done as an operator. The qualitative examination focuses on the manager's character. Dr. Athanassakos argued that a good operator must demonstrate discipline and integrity. Discipline means he/she can put up with the short term pain for long term gain. Integrity means: say what he/she means and mean what they say. Enron's managers, for example, had discipline but no integrity. And most importantly good operators understand the business. Examination CEOs background, experience, and education can tell one a lot of his/her ability to understand the business. This is of make-or-break importance for the business. The other role of a CEO, equally or even more important, is to be a good capital allocator. A good capital allocator CEO has the skills necessary to take the cash that the company generates and deploy it to the best value maximizing opportunity for the company, be it buying another company, buying back shares, paying higher dividends, reinvest within the company and so on. These are all investment decisions. In other words, the best CEOs are those who are good value creators, as well as good value seekers, i.e., good investors, more importantly value investors. Moreover, superior capital allocator CEOs attract what Lawrence Cunningham calls quality investors. These are shareholders with the longest average holding periods and most concentrated portfolios. And it turns out that good capital allocators tend to attract quality investors and vice versa, i.e., Berkshire Hathaway and Fairfax Financial. The bottom line of Dr. Athanassakos' introductory comments was that best CEOs are those who are efficient operators (i.e., value creators) and diligent capital allocators (i.e., value seekers). And that unlike what academics believe understanding if the CEO is right for the job is not a wasted effort. Stock by stock analysis is important, and diversification will not save us all. Dr. Athanassakos discusses management quality in great depth in his recently published book "Value Investing: From Theory to Practice".
Video Not Available.
PowerPoint Presentation Not Available
View link to Book
Morning Keynote Speaker
Presenter: Josef Lakonishok, Founder/CEO/CIO, LSV Asset Management, Chicago, Illinois, USA
Topic: "Opportunities in Equity Markets"
Video Forthcoming
PowerPoint Presentation
Luncheon Keynote Speaker
Presenter: Michael Mauboussin, Head of Consilient Research, Counterpoint Global, Morgan Stanley Investment Management, New York, New York, USA
Topic: "Intangibles and Modern Value Investing"
Video Forthcoming
PowerPoint Presentation
Afternoon Keynote Speaker
Presenter: Adam Waterous, Managing Partner and Chief Executive Officer, Waterous Energy Fund, Calgary, Alberta, Canada
Topic: "Value Investing in a Commodity Sector - Using a Margin of Safety Approach in a Historical Growth Equity Industry"
Video Forthcoming
PowerPoint Presentation
Value Investor Session
Presenter: Scott Phillips, Principal and Chief Investment Officer, Templeton and Phillips Capital Management, Lookout Mountain, Tennessee, USA
Topic: "Investing the Templeton Way"
Presenter: Robert Gill, Portfolio Manager, Fairbank Investment Management Ltd., Toronto, Ontario, Canada
Topic: "The Investment Process"
PowerPoint Presentation Not Available
Presenter: Tim McElvaine, Founder and President, McElvaine Investment Management Ltd., Victoria, British Columbia, Canada
Topic: "The Day I Almost Fought Mike Tyson and Other Value Investing Tall Tales"
Presenter: Lorne Steinberg, President and Portfolio Manager, Lorne Steinberg Wealth Management Inc., Montreal, Quebec, Canada
Topic: "Value: I'll Know It When I See It ..."
Presenter: Desmond Kingsford, Founder and Portfolio Manager, Highwood Value Partners, Whistler, British Columbia, Canada
Topic: "Fishing Where the Fish Are"
Presenter: Ajit Dayal, Founder, Quantum Advisors India, Mumbai, India
Topic: "Value(s) Trump Growth?"
PowerPoint Presentation Not Available
Selective Testimonials
"I enjoyed attending the 2025 Value Investing Conference. Thanks for providing me with the opportunity to attend as a member of the Press."
~ David Aston, Toronto Star.
"That was a great conference, well done."
~ Reyer Barel, Oak Bay Capital.
"Congratulations on a very successful conference. Speaking at the Ivey Ben Graham Value Investing Conference was a tremendous honour and an experience I enjoyed very much."
~ Robert Gill, Fairbank Investment Management.
"I took George's course in Value Investing at the Ivey Business School last year, so this conference was well-time to help me network with fellow investors in the Hedge Fund, Family Office and Industry. Excellent content"
~ Amin Jagani, York University.
"Thank you for your work in organizing this year's conference ... I enjoyed (the) day's discussions."
~ Nicholas Kahnert, Western University.
"I thought it was a great gathering of a community with many shared interests and collective values. The best of these conferences, like the Berkshire AGM, are about sharing and learning for the greater good, and I felt that at your conference. Your conference alongside the Fairfax AGM has a rightful place as the value investors congregation of the North, and I was happy to participate and honoured to contribute."
~ Desmond Kingsford, Highwood Value Partners.
"I was a first time attendee today and my son is in HBA1 at Ivey. Great conference today."
~ Paul Manders, Fairway Wealth Management Team.
"I appreciated the invitation, and it was a pleasure to join you and present to your attendees. I enjoyed the interactions and discussions with other presenters and attendees in the days that followed. Congratulations on creating a great conference."
~ Scott Phillips, Templeton & Phillips Capital
"Fantastic work this year with the event, I and many of the other guests had a terrific experience."
~ Grant Robertson, University of British Columbia.
"I wanted to extend my sincere thanks for the opportunity to attend the recent Value Investing Conference. It was a truly enriching experience-filled with insightful discussions, thoughtful analysis, and a strong sense of community among fellow long-term investors."
~ Michelle Wang, Medech.
Conference Photo Gallery
Coming Soon
Thank you to our Donors
We would like to thank our donors for their generous support. Platinum Donors: Burgundy Asset Management Ltd., Robotti & Company Advisors, Turtle Creek Asset Management Inc. and Waterous Energy Fund. Gold Donors: The Center for the Advancement of Value Investing Education, LSV Asset Management, Orbis Investment Management Ltd., and Wincrest Capital. Silver Donors: Lyrical Asset Management, Sionna Investment Managers, and Tweedy, Browne Company LLC.
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