Kellogg’s Ravi Jagannathan to be honored for contributions to value investing
1/31/2014 - Professor Ravi Jagannathan recommends using the value investing process and exercising caution when betting against the market.
Jagannathan, Kellogg’s Chicago Mercantile Exchange/John F. Sandner Professor of Finance, has been named a winner of the Graham & Dodd, Murray, Greenwald Prize for Value Investing for 2013. It’s an honor bestowed by Gabelli Funds in conjunction with Columbia University Graduate School of Business for contributions to the field of value investing.
Value investing involves identifying and evaluating potential investment opportunities taking into account the fact that for every security you buy or sell there is another investor in the market who is taking the opposite position and you could be wrong. Value investing, most associated with masters like Buffett continues to evolve as the economic environment and investment opportunities keep changing over time.
“There are a number of investors watching the market, and their collective knowledge is reflected in prices” Jagannathan said. “The market is generally efficient and it is difficult to beat the market. You need a process for evaluating why you may be right and all others in the market are wrong. Value investing provides one such process.”
He, along with co-recipient William Simon of the UCLA Anderson School of Management, will receive the award May 16 in New York City.
“The thing that’s unique about Ravi is that he is able to take a tremendous amount of scholarly work and use it to create a course which is very useful for a practitioner,” Finance Department Chair Kathleen Hagerty said.
Jagannathan's value investing course looks at the value-investing framework as it evolved over time, from its formulation by Benjamin Graham and David Dodd during the Great Depression to Buffett and beyond.