Key Takeaways
- • The 2025 Value Investing Seminar convened July 3-4 as a two-day intensive conference now in its 21st year of operation, drawing top fund managers to discuss investment philosophy and stock selection strategies.
- • The seminar is hosted by Ciccio Azzollini, Whitney Tilson (founder of Empire Finance Research in New York City), and Il Valore Conta, an Italian independent investment advisory platform, with the event founded in 2004.
- • Each speaker delivered a structured 20-minute presentation format covering investment opportunities, favorite stock ideas, lessons from past mistakes, book recommendations, and audience Q&A.
- • Christoph Hilfiker, Senior Fund Manager at LLB Asset Management AG, presented a value investing framework centered on identifying companies with durable competitive advantages or "moats," outlining seven distinct moat types including strong brands, proprietary technology, and high customer switching costs.
- • A comprehensive 135-page report covering the full seminar proceedings is available in both standard PDF and interactive flipbook formats for institutional investors seeking detailed speaker insights.
Summary
The 2025 Value Investing Seminar took place July 3-4, marking the 21st annual iteration of this established institutional conference. Founded in 2004, the event brings together leading fund managers and investment professionals to discuss value investing principles rooted in the academic and practical legacies of Keynes, Graham, Buffett, Fisher, Singleton, and Munger, informed by insights from over 1,000 historical participants.
The seminar is organized by Ciccio Azzollini, Whitney Tilson (founder of Empire Finance Research in New York City), and Il Valore Conta, an Italian independent investment advisory and e-learning platform. The structured format allocates 20 minutes per speaker to cover four core components: identification of current investment opportunities, presentation of specific stock ideas, analysis of lessons learned from past investment mistakes, and discussion of influential recent readings. This framework is designed to balance practical deal sourcing with intellectual rigor and risk management.
Among the featured speakers, Christoph Hilfiker, Senior Fund Manager at LLB Asset Management AG, articulated a value investing philosophy centered on the identification and acquisition of companies protected by enduring competitive advantages, commonly referred to as "moats." Hilfiker delineated seven categories of moats—including strong brand value, proprietary technology, and elevated customer switching costs—as a systematic framework for evaluating business durability and pricing power. This approach reflects institutional best practice in moat analysis among sophisticated value investors.
The full proceedings, comprising 135 pages of speaker coverage and detailed presentations, were made available in both standard and interactive PDF formats as of July 7, 2025. This documentation serves as a comprehensive reference for institutional investors, hedge funds, and family offices seeking direct access to the investment theses and analytical methodologies of top-tier fund managers participating in the 2025 seminar.
The seminar is organized by Ciccio Azzollini, Whitney Tilson (founder of Empire Finance Research in New York City), and Il Valore Conta, an Italian independent investment advisory and e-learning platform. The structured format allocates 20 minutes per speaker to cover four core components: identification of current investment opportunities, presentation of specific stock ideas, analysis of lessons learned from past investment mistakes, and discussion of influential recent readings. This framework is designed to balance practical deal sourcing with intellectual rigor and risk management.
Among the featured speakers, Christoph Hilfiker, Senior Fund Manager at LLB Asset Management AG, articulated a value investing philosophy centered on the identification and acquisition of companies protected by enduring competitive advantages, commonly referred to as "moats." Hilfiker delineated seven categories of moats—including strong brand value, proprietary technology, and elevated customer switching costs—as a systematic framework for evaluating business durability and pricing power. This approach reflects institutional best practice in moat analysis among sophisticated value investors.
The full proceedings, comprising 135 pages of speaker coverage and detailed presentations, were made available in both standard and interactive PDF formats as of July 7, 2025. This documentation serves as a comprehensive reference for institutional investors, hedge funds, and family offices seeking direct access to the investment theses and analytical methodologies of top-tier fund managers participating in the 2025 seminar.
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