💼 职业转型与投资理念：Phil Ruvinsky 从法律行业成功转型至投资领域，其职业发展深受商学院教育的影响。他强调了建立清晰的投资理念的重要性，并推荐了多本有助于培养新团队成员投资思维的书籍，如《竞争的优势》和《预期投资》。

📊 竞争优势与行业分析：文章深入探讨了如何利用竞争战略分析进行投资决策，特别关注了科技、媒体和电信（TMT）行业的独特性。通过分析不同商业模式下的投入资本回报率（ROIC），以及运用多种估值工具，来评估企业的长期价值和可持续性。

🤖 人工智能的影响与投资应用：节目重点讨论了人工智能（AI）和生成式AI对竞争格局的颠覆性影响。Phil Ruvinsky 分享了AI在投资流程中的具体应用，以及市场集中度趋势及其对投资策略的启示。他还探讨了指数化和规则化投资对市场的影响。

📈 投资组合构建与宏观考量：在投资组合构建方面，Phil Ruvinsky 强调了风险管理的重要性，并阐述了分析师与投资组合经理之间的区别。同时，他也指出在投资决策中需要综合考虑宏观经济因素和监管变化，并对未来市场发展表达了看法。

In this episode, Michael Mauboussin, adjunct professor at Columbia Business School, hosts Phil Ruvinsky, Managing Director and Head of the Fundamental U.S. Growth Team at BlackRock. With extensive experience in the investment industry, Phil shares his journey from law to finance, discusses his investment philosophy, and explains the importance of sustainable competitive advantages. The conversation explores the evaluation of management, the impact of AI on the competitive landscape, and the nuances of portfolio construction. Phil also highlights the role of macroeconomic factors and regulatory changes in investment decisions, shares his thoughts on the future of active management in an increasingly indexed market, and much more!

Key Topics:

• Introduction to Phil's career and background (1:06)

• Transition from law to investment and early career challenges (2:15)

• Importance of business school in shaping investment philosophy (3:47)

• Recommended books for new team members (4:22)

• Utilizing competitive strategy analysis in investment decisions (5:50)

• Unique characteristics of technology, media, and telecom sectors (7:03)

• Analysis of return on invested capital in different business models (9:10)

• Approaches to valuation and use of different tools (10:25)

• Evaluating the importance of management in investment decisions (12:15)

• Impact of AI and generative AI on the competitive landscape (14:17)

• Application of AI in the investment process (18:07)

• Trends in market concentration and their implications (20:26)

• Effects of indexing and rules-based investing on markets (23:27)

• Corporate governance, capital allocation, and executive compensation (25:35)

• Differences between being an analyst and a portfolio manager (28:02)

• Portfolio construction and risk management (29:38)

• Considering macroeconomic factors in investment decisions (32:00)

• Concerns and excitement about the future (34:21)

• Phil's book recommendations (35:58)

• And much more!

Mentioned in this Episode:

• Digital Empires: The Global Battle to Regulate Technology by Anu Bradford

• Expectations Investing: Reading Stock Prices for Better Returns by Michael Mauboussin

• Competition Demystified: A Radically Simplified Approach to Business Strategy by Bruce Greenwald

• The Platform Delusion: Who Wins and Who Loses in the Age of Tech Titans by Jonathan Nee

• Napoleon Unleashed: A History of the Revolutionary, Emperor, and Military Genius who Reshaped Europe and Defined Modern Leadership by Aeon History

• Meditations by Marcus Aurelius

• Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke

Thanks for Listening!

Be sure to subscribe on Apple, Google, Spotify, or wherever you get your podcasts. And feel free to drop us a line at valueinvesting@gsb.columbia.edu.

Follow the Heilbrunn Center on social media on Instagram, LinkedIn, and more!