Advisory Board

ADVISORY BOARD

The following members of the Ivey Community serve as the Advisory Board for the Ben Graham Centre for Value Investing:

Charles Brandes
Chairman, Brandes Investment Partners LP.

Charles is the founder and managing partner of Brandes Investment Partners LP, an investment advisory firm serving institutional and private clients, which he founded in 1974. He is Chairman of the firm’s five-member Executive Committee where he shares responsibility for driving strategic decisions and monitoring implementation of the firm’s vision and objectives. He is also a member of the Investment Oversight Committee and a voting member of the Mid-Cap Investment Committee. He has a BA in economics from Bucknell University. A CFA charterholder for more than 25 years, Charles had the tremendous fortune early in his career to meet and learn from Benjamin Graham, the farther of value investing. He was able to learn firsthand the techniques Ben Graham used to uncover bargain securities. He has had over 38 years of investment experience and has published three books on value investing.

Peter Cundill
Chief Investment Officer of The Cundill Division, Mackenzie Cundill Investment Management Ltd.

Peter Cundill is Chief Investment Officer of The Cundill Division of Mackenzie Financial Corporation (“MFC”).

Prior to October 2006, Peter was the Principal of The Cundill Group. After positions at Greenshields Inc. in Montreal and the Yorkshire Group in Vancouver, Peter became president of AGF Vancouver Investment Management Ltd., a position he held from 1972-1975. The All-Canadian Venture Fund was formed in 1967. In 1975, Vanan Financial Management Ltd. took over management of this fund. Peter Cundill was a partner in the company and in April 1977, the fund was renamed the Cundill Value Fund. In 1977, Peter founded his own firm, Peter Cundill & Associates Ltd. ("PCA"). In 1998, PCA entered into a strategic partnership with MFC to serve the needs of Canadian mutual fund shareholders. In August 2006, Peter entered into a strategic alliance with MFC. MFC acquired all of the assets of The Cundill Group. Peter and the investment team now manage USD15 billion in assets.

Peter graduated from McGill University with a Bachelor of Commerce degree in 1960. Peter is a Chartered Accountant (1963) and a Chartered Financial Analyst Charter Holder (1968). Throughout his career, Peter has earned many distinctions. In December 2001, Peter was presented with the Analysts' Choice Career Achievement Award as the greatest mutual fund manager of all time. In January 2004, he was elected to be a Fellow (FCA) by the Institute of Chartered Accountants of British Columbia (ICABC) for service to the profession and the community.

Roger Lace
President, Hamblin Watsa Investment Counsel Ltd.

Roger is currently President of Hamblin Watsa Investment Counsel Ltd., a wholly-owned subsidiary of Fairfax Financial Holdings Limited, a publicly listed insurance holding company. In this capacity, he and his team are responsible for managing Fairfax’s global investment assets. He leads the equity management group in uncovering investment opportunities worldwide using the value investing approach.

He has served in the investment industry since 1975, initially receiving his training as a research analyst at Confederation Life under the tutelage of value investing specialist John H. Watson (cofounder of Sprucegrove Investment Management Ltd.) He subsequently worked in portfolio management at Scotia McLeod and has been a portfolio manager and principal at Hamblin Watsa since 1986.

He received his SB in management from the Alfred P. Sloan School, MIT in 1973, his MBA from Ivey in 1975, and CFA in 1979.

Lisa Pankratz
President, Mackenzie Cundill Investment Management Ltd.

Lisa Pankratz is President of Mackenzie Cundill Investment Management Ltd. in Vancouver, Canada.

Prior to October 2006, she was the President of Cundill Investment Research Ltd. (2002-2006); an independent Corporate Advisor and Consultant (2000-2002); Chief Financial Officer/Turnaround Specialist of Evans Forest Products Ltd. (1997-1999); and an investment banker with Bankers Trust (BT Bank of Canada), Swiss Bank Corporation and Ernst & Young (1991- 1996).

In 2005, Ms. Pankratz was appointed Director of CanWest Global Communications Corp. and serves on the Audit and Pension Committees. The same year she became an advisor to the investment committees of Pacific Blue Cross and BC Life and Casualty Company. Since 2001, she has been a Director of the Insurance Corporation of British Columbia (ICBC) and serves as Chair of the Investment Committee, is a member of the Audit Committee and previously served on the Governance Committee (2001 – 2004). Between 2002 and 2004, Ms. Pankratz was also a member of the Accounting Policy and Advisory Committee advising the Ministry of Finance for the Province of British Columbia.

In 2005, Ms. Pankratz was awarded the Peak Award for Performance and Excellence from the Association of Women in Finance.

Ms. Pankratz attended the University of Western Ontario and achieved an Honours Bachelor of Arts in Business Administration from the Richard Ivey School of Business. She is a member of the Institute of Chartered Accounts of British Columbia, the Institute of Chartered Accounts of Ontario, the Vancouver Society of Financial Analysts, and the CFA Institute.

Richard Rooney
President, Burgundy Asset Management Ltd.

Richard began his career at Price Waterhouse in 1981 and qualified as a Chartered Accountant in 1984.

He then joined Sun Life as an Investment Analyst specializing in Canadian Equities. Following a period as Portfolio Manager for Canadian Equities, he was given responsibility for all non-Canadian equity investments at Sun Life’s Sunimco Investment counselling subsidiary. Richard joined AMI Partners in 1989, where he had extensive responsibilities for Canadian Equities research. He joined Burgundy Asset Management Ltd. in February 1995, and was appointed President and Chief Investment Officer in September 1997. He is currently primarily responsible for EAFE, Global and Large Cap US Equity mandates at Burgundy.

Richard is a Director of Empire Life Insurance and Dominion of Canada General Insurance. He is a Vice-Chair of the Stratford Festival of Canada, a Trustee of The Art Gallery of Ontario Foundation, and a Director of The Hearing Foundation of Canada.

He received a B.A. Degree from the University of Toronto in 1977, and an MBA degree from the University of Western Ontario in 1981. He obtained his Chartered Financial Analyst designation in 1987.

Prem Watsa
Chairman and Chief Executive Officer, Fairfax Financial Holdings Ltd.

Mr. Watsa is the Chairman and Chief Executive Officer of Fairfax Financial Holdings Ltd., a financial services holding company, which he took over in 1985. The company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance, as well as investment management.

Mr. Watsa is a Chartered Financial Analyst, a graduate of the prestigious Indian Institute of Technology with a degree in Chemical Engineering and a holder of an MBA from the Richard Ivey School of Business of the University of Western Ontario. He is a member of the Board of Trustees of the Hospital for Sick Children, a member of the Advisory Board for the Richard Ivey School of Business and a member of the Board of Directors of the Royal Ontario Museum Foundation, as well as Chairman of the Investment Committee of St. Paul’s Anglican Church.

Martin Whitman
Founder and Co-Chief Investment Officer, Third Avenue Management LLC.

Martin is a veteran value investor with a long, distinguished history as a control investor who has identified value securities for more than 50 years. He began his career as a security analyst at Shearson, Hammil in 1950. For the next twenty years, he held positions as director of research and corporate finance at several firms. In 1974, he founded M.J. Whitman & Co., Inc. Martin entered the asset management business in 1984, when he became President and CEO of Equity Strategies Fund, Inc., an open-end investment company. He has managed the flagship Third Avenue Value Fund since its inception in 1990. Third Avenue Management invests predominantly in the equities of well-capitalized companies, priced at a significant discount to their takeover value.

Martin serves on the board of Nabors Industries, Inc., a New York Stock Exchange-listed company which is one of the largest in the land drilling and oil services industry. For over 30 years, Martin has been a Distinguished Management Fellow at the Yale School of Management. He has also taught at the Columbia University Graduate School of Business, as well as Syracuse University’s Whitman School of Management, which is named in his honour. Martin was named Mutual Fund Manager of the Year by Morningstar in 1990.

He is the author of the Aggressive Conservative Investors and Value Investing - A Balanced Approach. Martin received a Masters degree in Economics from the New School for Social Research and graduated from Syracuse University magna cum laude. He is also a CFA Charterholder.