Phil Goldstein: The Bulldog's passion for value investing

Phil Goldstein is co-founder and principal of Bulldog Investors, a well-known value investing group of funds that uses activist investing practices to unlock intrinsic value in publicly traded equity and debt securities.

Before his career as an investment manager he worked for the city of New York as an engineer for 25 years. Value investing remained a private passion for Phil until a chance meeting with Steve Samuels, where at a conference they discussed their mutual passion for closed-end funds. Unlike Phil, Steve was an investment professional who had started his own brokerage, Samuels Chase. Realizing the benefits of a business partnership, the two formed Bulldog Investors in December, 1992.

Bulldog Investors’ flagship fund, Opportunity Partners, has become a consistent alpha generator, returning 5-6% gains per annum above the S&P over the 18 year life of the fund. In 2001 Andy Dakos came on board as a principal of Bulldog to help expand their focus to asset classes outside of closed-end funds.

In this Opalesque TV interview, we sit down with Phil Goldstein and Andy Dakos, fellow principal of Bulldog Investors, to discuss the roots of the Bulldog.

Learn about:
• Phil Goldstein: Transition from civil engineer to legendary “value investor”
• Foundation of Bulldog Investors
• How do you define yourselves as “activist investors”?
• To what extent can activist investors act as “catalysts” to help unlock value in an asset?

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