Value Intelligence Conference

We would like to thank all the participants who attended the Value Intelligence Conference 2019 and look forward to seeing you again in 2021.

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Value Intelligence Conference 2019

The Value Intelligence Conference 2019 for institutional investors took place on June 4 at the Hotel Bayerischer Hof in Munich. We had again been able to line up a number of leading international value investors and academics. The presentations focused on ideas for value-oriented fund and stock selection. The event was targeted at long-term oriented institutional fund investors.

The overarching topic was: "Risks, risk management and opportunities in times of secular trend change". We presented to you renowned academics and a number of high-caliber "contrarians" who – with their decades of experience – have repeatedly found particularly suitable answers to complex questions around asset allocation and stock selection, especially in volatile and demanding markets.

We could win some top-class speakers for our event: Felix Zulauf, Zulauf Asset Management; Dave Iben, Kopernik Global All-Cap Fund; Caesar Bryan, Gabelli Gold Fund and Crispin Odey, founder and well-known contrarian hedge fund manager at Odey Asset Management. Furthermore, we present our advisory board member, Prof. Thorsten Hens, University of Zurich; Prof. Xuewu Gu, a designated East Asia expert from the University of Bonn and Boris Hofmann, research advisor and author of the study "The rise of zombie firms: causes and consequences" from the Bank for International Settlements.

Speakers & Topics



Felix Zulauf, Zulauf Asset Management

“Global Asset Allocation – radical changes, high risks, big opportunities“. A longtime member of the Barron's Roundtable shares his pointed opinions on currencies, bonds and commodities.

Felix Zulauf is considered one of the most internationally renowned asset managers. In 1990, he founded Zulauf Asset Management AG to implement his investment philosophy free of conventional institutional restrictions. He also works for his consulting clients across all continents on macro trends and asset allocation.



Dave Iben, Kopernik Global Investors

“The Price of ‘Certainty’; Finding value in an uncertain world”. A value investor who does not shy away from extremely contrarian positions, presents his ideas around the globe.

David Iben is a highly regarded, deep-value-minded contrarian investor with 37 years of investment experience. As the CIO, founder and Lead Portfolio Manager of Kopernik Global Investors he is responsible for more than USD 3.5 billion of assets. His long-term performance has led to recognition by internationally known publications such as Bloomberg and Morningstar, and to several awards by Lipper and others for top performance in global equity fund management.



Crispin Odey, Odey Asset Managment

“Global Asset Allocation – Things without remedy should be without regard”. A well-red expert on history and hedge fund manager presents a contrarian investment strategy that was up 53% in 2018.

Crispin Odey established Odey Asset Management in 1991 and today heads Investment Management. He applies an industrialist’s approach to investing and is looking out for out-of-favour but fundamentally strong companies where management and Crispin share a vision for recovery. He is active in all asset classes, all regions and all currencies. He does not limit himself to a single style such as growth or value but aims to pick the right style, as an analytical template, for the specific time.



Prof. Xuewu Gu, University of Bonn

“China vs. the US - Thucydides-trap or trade war?“.                  A researcher of global power shifts with profound insights into the Chinese perspective raises the question of whether Trump knows what he is doing.

Prof. Dr. Xuewu Gu holds the chair in International Relations and is director of the Center for Global Studies at the University of Bonn. Professor Gu’s main topics of research encompass theories of international relations and global power shift. In this capacity, he actively shapes China’s reception of the public as well as the forming of opinion concerning Asian politics within the German-speaking countries.



Prof. Thorsten Hens, University of Zurich

“Human, asset manager, banks – What is risk?“. The director of the Swiss Banking and Finance Institute on the question of how timely the current risk models are.

Prof. Thorsten Hens, director of the Swiss Banking and Finance Institute at the University of Zurich, is among the top academic authorities in the German-speaking world and also on the advisory board of Value Intelligence Advisors GmbH. In his scientific work, Prof. Hens addresses the question of how investors make decisions and what impact human psychology and biology have on developments on the capital markets. 



Caesar Bryan, Gabelli Funds

“Opportunities in Gold Mining Companies”. A plea for well-managed gold mines in safe jurisdictions as a valuable investment and effective hedge against today's extreme risks.

Caesar Bryan has worked for Gabelli Funds since 1994 and manages the GAMCO Gold Fund. He is also a member of the global investment team which is responsible for the GAMCO Global Growth Fund, the GAMCO Global Opportunity Fund and, in addition, for two closed-end funds. Prior to joining Gabelli Funds Caesar was responsible for managing the Lexington Gold Fund.



Boris Hofmann, BIZ

“The rise of zombie firms in the age of low interest rates“. Boris Hofmann points out the secret behind the phenomenon of  zombie firms and how it is related to low interest rates.

Boris Hofmann first joined the Bank for International Settlement (BIS) in 2011. Before taking up his current assignment as a Research Adviser in 2018, he was Principal Economist in the BIS's Monetary Policy Unit. Prior to joining BIS, he was Senior Economist in the ECB's Monetary Policy Strategy Division, Economist in the Economics Department of the Deutsche Bundesbank and Research Officer at the Centre for European Integration Studies of the University of Bonn.



Gregor Mast, The Market, Moderator

"Global Asset Allocation Panel" & "Global Equities & Best Ideas Panel"

Gregor Mast is co-founder and editor of The Market, started his career first as portfolio and relationship manager for UBS, then as equity strategist for Swiss Re. From 2009, Gregor led the equity strategy and later the strategy and analysis team at the private bank Clariden Leu. In 2012 he switched to journalism and joined “Finanz und Wirtschaft”, where he most recently worked as head of division. His specialties include equity  strategy,  value  approach,  asset  allocation  and  interviews  with  investment strategists and economists.



Stefan Rehder, VIA 

“Don’t lose money – Risk management 2019 with pricing power, gold and ESG". VIA's differentiating features and the current route of our funds at attractive risk-adjusted returns.

Stefan Rehder is founder and managing director of VIA GmbH and passionate vale investor. He has over 32 years of investment experience and is fund advisor of the Value Intelligence Fonds AMI as well as the Value Intelligence ESG Fonds AMI.



Thomas Wiedemann, VIA

“Value investing opportunities in technology stocks: network effects - an underrated moat”. Tech stocks split the value community. Arguments for a constructive, value-oriented perspective.

Thomas Wiedemann joined Value Intelligence Advisors as research analyst in May 2012. He is a certified Chartered Financial Analyst (CFA). In 2013 he rounded off his value-specific education with a value investing seminar of Prof. Bruce Greenwald at Columbia University, New  York.


The Value Intelligence Conference is an event for institutional fund investors and limited to 120 participants. The conference has always been fully booked. Therefore, we can only confirm attendance for people who are not institutional investors four weeks prior to the conference.


Gold Sponsor
Kopernik Global Investors, LLC
Odey Asset Management LLP

Silver Sponsor

Media Partner
The Market

In Cooperation with 
University of Zurich


Hotel Bayerischer Hof 
Promenadeplatz 2 - 6 
D - 80333 Munich 
Phone: +49 89 2120 - 0