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Bruce Greenwald

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How has Bruce influenced you?

The Heilbrunn Center for Graham & Dodd Investing
Peter Eliott '02, vice president and analyst at Capital Research Company and Heilbrunn Center adjunct faculty member writes "Bruce positively impacted my career in several ways. More than anything else I appreciate what a wonderful teacher he is. I vividly remember this (and it happened many times): A student threw a hardball question at Bruce. A smile illuminated Bruce's face as he turned on a dime and smashed a home run into the bleachers. The room erupted with laughter and Bruce had made a point that his students will never forget. THAT is teaching."
The Heilbrunn Center for Graham & Dodd Investing
Tano Santos, Heilbrunn Center academic co-director writes "1. Bruce has influenced me in many different ways. First and foremost it is through him that I have learned the remarkable wealth of ideas in the field of value investing, a field to which he has contributed many original ideas himself. Second, he is, as we all know, a pedagogical genius. His classes are simply a superb learning experience, and incredibly entertaining, and I am afraid I keep lifting “tricks” from his classes for my own teaching. Third, Bruce is simply terrific at going from academia to the world of practice and back. Like all the great economists, he knows how to use this remarkable tool that is micro to understand the world around us and also to interpret it and bring it back to the classroom. This commitment to disciplined thinking is a constant lesson to me. But perhaps there is one aspect in which Bruce has had a unique impact on me and it is in the subtle lesson that in order to succeed one needs to be willing to stand alone. Bruce has a gift for seeing things in a uniquely original way. He thinks by himself, and if he is completely alone in that view so much the better, and in the business of value investing I cannot think of a more valuable trait. It is this example, that of his originality and willingness to defend his views without any apologies, which I strive to imitate. "
Hugues Le Bras
I first learned about investing from Bruce. His knowledge and passion for understanding investing and value inspired my passion for the subject. He has been an invaluable mentor.
But more important than investing, Bruce has taught me the importance of being generous. He is one of the most generous people I know, and remains very discreet about it. First of all, he believes in what he calls “private socialism”, which means taking responsibility as a private citizen to take care of the family, friends, institutions and communities that matter the most to you. Secondly—though he likes to claim the contrary—he is very generous with his time. He spends many hours speaking with students, meeting with alumni and sharing his knowledge in conferences with fellow investors. He has inspired me to make my primary goal what I believe is his ultimate goal: to make the people he cares about happy.
The Heilbrunn Center for Graham & Dodd Investing
Paul Hilal '92 writes "Bruce’s passion for investing inspires all around him, and the insights he shares help one see things in a different, deeper light. It is always a pleasure listening to him present or moderate. I personally have been a great beneficiary of his generous advice, and am deeply grateful for that!"
The Heilbrunn Center for Graham & Dodd Investing
Khachig Tölölyan, professor and director, College of Letters at Wesleyan University writes "I am not an economist. He not only taught me some economics, but above all he showed me how he thinks as an economist, indeed how economics thinks, what makes it powerful – not just the victory of capitalism in the globe but the triumph of economics as a mode of thought among others. We have also spent a lot of time discussing how various academic disciplines think, even how literature and art and movies think. And think they do, though their thought is elusive and not instantly recognizable. I have also had my perceptions reshaped by Bruce’s. He can be tough, even harsh, because in argument he does not take prisoners or give quarter, and yet he is at heart a generous optimist whereas I am a grumpy pessimist about the human condition. Once we were discussing ethics – Kantian, consequentialist, also duty ethics and what is now called “deontology,” and after Bruce shot down every view of possibly normative ethics I offered, I said “well, I suppose we at least still agree that the best starting point for any ethics is to do unto others as you would have them do unto you” and without missing a beat he said “I have my own version of that. I try to behave in such a way that after I am dead, people will say 'no one was worse off for knowing Bruce Greenwald and at least a few were better off.' I am one of those fortunate few."
Aude Thibaut
Aude Thibaut de Maisieres '03: Bruce's value investing impact goes much beyond the field of finance. I wish he compiled some of his other teachings I've come to treasure over the years, for example on partner selection: choose someone who will age like a good wine; on kids education: respect even the tiniest of children's intellect to grow them into thinkers; and on general life: you will never regret having been generous. All of which he has perfectly put into practice himself.
The Heilbrunn Center for Graham & Dodd Investing
Louisa Schneider, former Heilbrunn Center director writes "Bruce took straight from the Warren Buffett playbook of management. Buffett buys a company and keeps the management in tact. He empowers his owner-managers by giving them autonomy but but also giving them access to him and support. Bruce does this with those who work for him and it was such a glaring example of how micromanagement stifles growth and creativity. Bruce believes in people and he supports them and because of that, people will work harder for him than they would for almost anyone else."
The Heilbrunn Center for Graham & Dodd Investing
Ken Shubin Stein of Spencer Capital and Heilbrunn Center adjunct faculty member writes "He is a great teacher, thinker and friend. In all these ways he has taught me valuable lessons and set examples to emulate."
The Heilbrunn Center for Graham & Dodd Investing
Erin Bellissimo , former Heilbrunn Center director writes "Working directly with him for so long, there are too many to list. However, Bruce has most influenced me in his views on philanthropy, leadership and management. In spite of the fact that I have spent most of my hours with Bruce listening to his lectures on economics, strategy, and investing, Bruce has deeply influenced my thinking about how to manage people and incent them to deliver excellence. Bruce respects and appreciates management talent. Anyone who knows him knows that among his tribe (other economists and finance professors), he likes to be the smartest person in the room! But, when it comes to management, Bruce is thoughtful and effective. He delegates easily, provides necessary guidance and is fun to work with. He lives a motto of "have fun, all the time", which really translates his belief that you should always follow your passions and do things you enjoy in your professional life. It is a great motto for life and formula for success. He implemented a "no a$$hole" policy and gave us the authority to not deal with individuals who don't meet that standard, no matter how smart and successful they are. I remember one time when we had lunch with a very important and successful money manager who wanted to be an Adjunct in the investing program at CBS. We brought our college intern to the lunch and after, Bruce decided that the portfolio manager would not be allowed to teach at Columbia, given the fact he ignored the intern and was borderline rude to him. He had bright lines and he followed them and I think of him often whenever I make people decisions at my firm. Lastly, Bruce is quietly philanthropic. He donates all of his speaking fees and has given more to charity in my name and his friends names than anyone I know. He taught me to give for my own pleasure, no matter how small the amount and to give often. I treasure the years I worked with Bruce and the partnership we had. I look forward to many years of being mentored by Bruce!"
The Heilbrunn Center for Graham & Dodd Investing
Peter Bowley '14 writes "Ask tough questions and have a good sense of humor."