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Michael I. Schwartzman, President and Founder of ValueSearch Capital Management
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Michael Schwartzman founded VCM in 1987 and became an experienced and market-tested money manager. He possesses excellent knowledge of statistics, academic studies of investment theory, the history of past stock markets booms and busts, and a proven ability to lead investment research steeped in mathematics.
At the core of VCM’s success is Mr. Schwartzman’s ability to apply his mathematical mindset to the understanding and creation of complex computer models for investment frameworks.
He is motivated by creating systems and strategies that work. The laws of financial markets present a special challenge because, unlike the laws of physics and mathematics, they change with time, slowly but do change. Understanding the laws of financial markets is challenging enough; understanding how the laws change, the scope of the parameters within which they are valid, and predicting the parameters’ evolution is the challenge on which Mr. Schwartzman and his associates thrive.
The ValueSearch Equilibrium Strategy (“Strategy”) was developed under Mr. Schwartzman's guidance and with his active participation. It is the result of VCM research and insight into new investment instruments, computer modeling, and strategy simplification methods. The Strategy combines the major precepts of long-term investing with research into new investment instruments that have appeared in the last 10 years.
His disciplined and well-researched approach to investing has allowed Mr. Schwartzman to outperform the market significantly in the past twenty years, and has placed him among the top US money managers.
A rising star in the Soviet Academy of Sciences, an intellectual and a scientist, Michael Schwartzman left the Soviet Union in 1973, among the first who dared to do so. He came to the United States with the help of Jacob T. Schwartz, the genius mathematician and Chairman of the Computer Science Department of New York University in the 1970s, and began his long and successful career.
Before becoming an outstanding money manager, Mr. Schwartzman had significant achievements in mathematics and computer science. His work was primarily in math logic and the theory of optimization of programming languages. The high-technology start-up he founded in 1980 was a pioneer in producing the most advanced system software of that time. Read more about that company in Herding Cats, i.e., Running R&D.
Educated at one of the best science universities in Russia, Novosibirsk University, Mr. Schwartzman holds a MS degree in Computer Science and a BS degree in Mathematics. He attended the MBA program at Boston University from 1977 to 1979 and is an affiliate member of the CFA Institute and the Boston Security Analysts Society.
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