ed after philosophy and structure of Buffett Partnership, Ltd (managed by Buffett from '56 to '69) • Similar partnerships include Joel Greenblatt's Gotham Partners and ESL Investments, Inc. • Evaluate all investment ideas as if one were buying the entire company while thinking about "long term franchise value

, but they are particularly important on the short side. After business school I went to work at Festina Lente for David Berkowitz, who had run Gotham Partners with Bill Ackman. It was a very concentrated long-only fund that had about six investments in total. They focused on very high quality, durable

ed after philosophy and structure of Buffett Partnership, Ltd (managed by Buffett from '56 to '69) • Similar partnerships include Joel Greenblatt's Gotham Partners and ESL Investments, Inc. • Evaluate all investment ideas as if one were buying the entire company while thinking about "long term franchise value