October 1, 2021
13:00 - 21:00

Time Zone: Athens, Greece

The Ben Graham Centre for Value Investing (Europe) in collaboration with the Greek Centre for Value Investing held its 1st European Value Investing Conference, virtually (Zoom), on October 1, 2021 (Time Zone: Athens, Greece).

The mission of the Conference was to promote the tenets of value investing as pioneered by Benjamin Graham, to expose Conference participants to the various value investing methods used by practitioners, and to encourage and support academic research and study in the area of value investing.

The Conference provided a forum to explain, discuss and debate the principles, practices and various applications of value investing from a global context with emphasis on the European markets.

Conference Organizer and Chair

George Athanassakos, Founder & Managing Director, Ben Graham Centre for Value Investing, Ivey Business School and Greek Centre for Value Investing

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In his opening statements, among other things, Dr. Athanassakos compared the performance and drivers of performance of various styles of investing over periods of low and high inflation between 1930 and 2020 and concluded that we may be at the threshold of a golden period for value investing once more. You can further view his research in the following article (cowritten with Reyer Barel) titled “What is an investor to do if high inflation is here to stay?” published in The Globe and Mail:


Dr. George Athanassakos was delighted to welcome keynote speaker, Mr. Fokion Karavias, Chief Executive Officer at Eurobank, who gave attendees a view of the Greek Banking world, which is different from what we are exposed to in our everyday norm. He then proudly welcomed the panel of professional value investors (Mr. Guy Spier; Mr. Francisco García Paramés; Mr. Thomas Konstantinidis; Mr. Jose Luis Jimenez Guajardo-Fajardo; Mr. Goran Vasiljevic; and Mr. Richard Oldfield), who spoke about value investing around the world, with emphasis on European Value Investing. Dr. Athanassakos added that each member of the panel puts what he detailed in his opening statement into practice in their own portfolios in a global setting. Similarly, he proudly welcomed the panel of corporate executives (Mr. Eftichios Vassilakis; Mr. Apostolos Georgantzis; and Mr. Alexander Sarrigeorgiou), who discussed how they look for and create value for their shareholders. He highlighted that, “As investors, we all want to buy companies that create value and these are well run companies with executives, who themselves are value investors, and know how to create value.”

After the presentations were completed, in his closing remarks, Dr. Athanassakos thanked all speakers, generous sponsors and contributors and expressed his gratitude to all those who attended virtually from all over the world.

Keynote Speaker

Presenter: Fokion Karavias, Chief Executive Officer, Eurobank S.A., Athens, Greece
Topic: “The Challenges and Opportunities for the Greek Banking System”

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Value Investor Session

Presenter: Guy Spier, Founder and Managing Partner, Aquamarine Capital, Zurich, Switzerland
Topic: “Thinking about Return on Invested Capital: A Framework”

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Presenter: Francisco García Paramés, Chairman and CIO, Cobas Asset Management, Madrid, Spain
Topic: “Is it Value or is it Growth?”

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Presenter: Thomas Konstantinidis, Managing Director, European Reliance Asset Management, Athens, Greece
Topic: “Value Investing During an Economic Crisis: The Case of Greece”

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Presenter: José Luis Jiménez Guajardo-Fajardo, Chief Investment Officer, MAPFRE, Madrid, Spain
Topic: “Is Football the Most Interesting Under-the-Radar Value Investing Story at the Moment?”

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Presenter: Goran Vasiljevic, Chief Executive Officer and Chief Investment Officer, Lingohr & Partner Asset Management, Düsseldorf, Germany
Topic: “Identifying Value – Focus on Facts not Fiction”

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Presenter: Richard Oldfield, Chairman, Oldfield Partners LLP, London, UK
Topic: “Patience, Patience, Patience”

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Corporate Executive Session

General Topic: Looking for and Creating Shareholder Value – Industry Perspective

Presenter: Eftichios Vassilakis, Chairman, AEGEAN and Olympic Air and Chief Executive Officer Autohellas S.A. / Hertz, Athens, Greece

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Presenter: Apostolos Georgantzis, Chief Executive Officer Quest Holdings and Vice President, Quest Technologies, Athens, Greece

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Presenter: Alexander Sarrigeorgiou, Chairman and Chief Executive Officer, Eurolife FFH Insurance Group, Athens, Greece

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Selective Testimonials

“Thank you for the excellent Conference, I enjoyed all the sessions. It was an amazing line-up of speakers and topics discussed.”
-Ioannis Ignatiadis, Germany

“Congratulations for organizing an excellent event. It had a wonderful line up of speakers who provided a well-rounded, current, and thoughtful view on value investing.”
-Thomas Konstantinidis, Greece

“Congratulations on such an interesting Conference and panel of speakers! Looking forward to next year.”
-Luis García, CFA, Spain

“A few words to congratulate you for the Conference. I’ve greatly enjoyed being a part of it and wanted to thank you for that.”
-José Luis Jiménez Guajardo-Fajardo, Spain

“Congratulations on the event. The first ever Value Investing Conference of the Ben Graham Centre in Europe! It must have been hard to organise a quality event during the pandemic but now that it’s over you can be really happy for the achievement.”
-Davide Diana, Italy

“Thank you very much for the Conference today. I thoroughly enjoyed it and feel invigorated. It was great!”
-Reyer Barel, Canada

“Congratulations for the Conference! The speakers were great. Thank you for your time working for us!”
-Javier Frachi, Argentina


2021 Virtual Value Investing Conference Gallery

Athanasakos George




Thank you to our Sponsors

We would like to thank our sponsors Eurobank S.A., Eurolife FFH, Centre for the Advancement of Value Investing Education and Turtle Creek Asset Management Inc. for their generous support.