Yesterday hundreds of investors got together for the last day of the Value Investing Congress in New York City, an elite conference for investors that love to dig deep into equities.
It being the last day, attendees also watched one of their super smart peers win $US50,000 for their investing idea. We’ve got the presentation — on chemicals company Ashland Inc. — in full for you right here.
This was a part of the Value Investing Challenge a contest held by the VIC, along with partner SumZero. It was a pretty simple competition — the best investing idea wins. The panel of judges was stacked with industry pros, and the top two of the three finalists presented a the conference.
Hundreds of investors submitted ideas, but it was Daniel Lawrence, managing partner and founder of Elmrox Investment Group, who took home the gold.
A few things about Lawrence: He’s a 32 year-old New Yorker, born and raised in the Bronx and Yonkers. His grandfather drove a Frito Lay truck, and when he was a kid, he remembers watching CNBC with his grandfather, waiting for the Pepsi ticker to show up.
That’s probably when the seed was planted, but Lawrence had a ways to go first. He won a scholarship to go to Iona Prep and from there went on to be the first person in his family to go away to college (University of Virgina — Paul Tudor Jones, of course, is an idol).
At UVA, he fell in love with stock picking and contrarian ideas. He ended up at Merril Lynch for a while, but ultimately, Lawrence says, he’s an entrepreneur. He had to head out on his own. That’s why he started Elmrox.
Now he’s expecting his first child (a son… any day now), and spends his free time working with Services for the Underserved, a charity that helps housing and other support for homeless veterans, the mentally and physically disabled, those with HIV and more.
He also now has $US50,000 extra dollars. Don’t forget that too.
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