DOCSLIB.ORG

Value Partners Classic Fund

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Value Partners Classic Fund Value Partners Classic Fund USD/RMB classes and Morningstar RatingTM1 AUD/CAD/NZD/RMB/HKD hedged classes* As at 30-09-2016 available for C unit Q4 2016 • Value Partners Classic Fund (The “Fund”) primarily invests in markets of the Asia-Pacific region, with a Greater China focus. • The Fund invests in China-related companies and emerging markets which involve certain risks not typically associated with investment in more developed markets, such as greater political, tax, economic, foreign exchange, liquidity and regulatory risks. • The Fund is also subject to concentration risk due to its concentration in Asia-Pacific region, particularly China-related companies. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. • The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses. • You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. A Leader of Value Investing in Asia The concept of value investing was first outlined in Security Analysis in 1934. It is the strategy of investing in securities that are underpriced according to fundamental analysis. For over two decades, Value Partners has aimed to become the Temple of Value Investing in Asia, and gained extensive experience in identifying undervalued investment opportunities. , Value Partners’ Chairman, Co-Chief Investment Officer Dato’ Seri Cheah Cheng Hye About Graham and Dodd & Acting Chief Executive Officer, is recognized globally as one of the most iconic value investors in the industry. He was the first Asian being invited to speak at the world- The renowned economist Benjamin Graham is considered the first renowned Graham and Dodd Breakfast Seminar organized by the Columbia Business proponent of value investing, which School in New York in 2010, as well as the 4th London Value Investor Conference in was refined later in the authoritative May 2015. publication Security Analysis - co- In the July/August 2015 fund manager ranking compiled by Citywire, a London-based authored with his colleague at the prestige industry publication, Dato’ Seri Cheah is ranked the first# among his peers in Columbia Business School, David Dodd. Since then, it has drawn a great the Greater China equity sector in Asia. With over 23 years of experience in investing in following, including Graham’s most Greater China equities, he is also the most experienced fund manager among his distinguished disciple Warren Buffett. 44 peers. Why invest in Value Partners Classic Fund? 1 The flagship value investing product • Launched in 1993 when Value Partners was established, it is one of the longest standing Greater China equity funds • The fund size of this product has grown from less than US$5 million at its inception to around US$1.6 billion to date, which is one of the largest Greater China equity funds2 • A deep-value fund investing in the stockmarkets of the Asia Pacific region, with a Greater China focus. Well recognized in the industry and have won many awards over the years • Managed by the investment team led by Co-CIOs Dato’ Seri Cheah Cheng Hye and Louis So Proven track record 2 • Recorded a solid cumulative return of +2,636% (A Units)3 since the fund’s inception on 1 April 1993. For reference, Hang Seng Index recorded a return of +447% over the same period • Achieved 17 years of positive calendar year return in the past 23 years3 • Relatively low volatility and high return compared with other Greater China equity funds2 • Resilient performance during market volatility and strong rebound during periods of economic recovery Annualized Annualized 1 year 3 years 5 years 10 years return4 volatility4 Value Partners Classic Fund (A Units)3 +10% +30% +58% +131% +15% 22% Hang Seng Index5 +16% +14% +60% +88% +8% 27% Fund performance is quoted as of 30 September 2016. Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, in USD, NAV to NAV, with dividends reinvested. Performance data is net of all fees. * The fund may invest in financial derivative instruments (“FDI”) for hedging purposes. In adverse situations, the fund’s use of FDI may become ineffective in hedging and the fund may suffer significant losses. Each hedged share class will hedge the fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the fund’s base currency may be higher than that of the equivalent class denominated in the fund’s base currency. Risks associated with FDI include counterparty risk, credit risk and liquidity risk. Such exposure may lead to a high risk of capital loss. The AUD/CAD/NZD/RMB/HKD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies. # Source: Citywire’s Fund Manager Ranking was published in July/August 2015 issue. Citywire tracks 44 Asian fund managers in the Greater China Equity sector among which 17 managers have more than 7 years’ risk-adjusted performance history. 1. © 2016 Morningstar. All Rights Reserved. Morningstar RatingTM as of 30 September 2016. 2. AUM, annualized return and annualized volatility as of 30 September 2016. Greater China equity funds refer to funds in Morningstar Greater China Equity Fund Category. 3. The Fund (A Units) was launched on 1 April 1993. Calendar year return of A Units: 2011: -17%; 2012: +14%; 2013: +11%; 2014: +14%; 2015: -2%; 2016 (year-to-date): +4%. The Fund (C Units) was launched on 15 October 2009. Calendar return of the C Units: 2011: -18%; 2012: +13%; 2013: +11%; 2014: +13%; 2015: -2%; 2016 (year-to-date): +4%. Investors should note that figures for A Units shown above may differ from those of classes currently available for subscription (C Units), due to differences in launch date of these classes. For C Units, the since launch return is +56%. The Manager does not accept any application for A Units until further notice. New investors and existing unitholders who wish to top up may subscribe in C Units. 4. Annualized return and volatility are calculated from inception. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa. Value Partners Classic Fund | Q4 2016 Value Partners Classic Fund (A Units) has performed well through several market cycles6 1 April 1993 to 30 September 2016 Year of positive return (17 years of positive return since inception) % Emerging Pre-handover of Failure of Dot-com bubble SARS outbreak in U.S. housing market Markets crashed in Global European US tapering China’s market Hong Kong, red Long-Term burst in 2001 Greater China, peaked in 2005, Financial Crisis, recovery debt crisis and emerging A-share boom chips’ rally, to be Capital subsequent foreclosure surged began in 2009 triggered market capital correction and followed by the Management, market recovery market outflows. 3,600 and followed by the Management, market recovery market outflows. 3,600 the 1994 Asian financial default of Russian in 2004 volatility Global Tequila crisis government bonds markets 3,200 crisis stabilized after 2,800 mid-2013 plunge 2,400 2,000 +2,635.5% 1,600 Value Partners Classic Fund (A Units) 1,200 800 +447.2% Hang Seng Index 400 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Performance of Value Partners Classic Fund and Hang Seng Index 1 January 2001 to 30 September 2016 Post global Post tech Post SARS bubble and credit crisis 911 incident 2016 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Value Partners +46% +21% +84% +6% +16% +42% +41% -48% +83% +20% -17% +14% +11% +14% -2% +4% Classic Fund (A Units) Hang Seng Index5 -24% -16% +34% +13% +10% +35% +45% -47% +57% +8% -17% +28% +7% +6% -4% +10% Strong on-the-ground research 3 • A team of over 50 investment professionals as one of the biggest local research teams focused on Asian and Greater China equities • Conduct a large number of company visits every year to identify stocks which are undervalued • 360° cross-checking visit with proprietary and original research • Strong capability to identify companies that have strong fundamentals and are under-researched Due diligence process Over 3,500 • Quantitative research (proprietary High listed financial modeling) conviction companies • Qualitative research (on-site company value stocks visits, meeting suppliers) A unique portfolio to capture market growth potential Flexible asset allocation which may include: 4 • Without following any benchmark indices, the portfolio is able to allocate to non-indexed stocks purely based on our original research Equities • Expertise in identifying Greater China stocks with sound fundamentals yet under-researched Dynamic allocation to equity and cash without a preset limit • Others Cash (e.g. index futures7 etc.) 5. Index refers to Hang Seng Price Return Index up to 31 December 2004, thereafter it is the Hang Seng Total Return Index. Hang Seng Total Return Index includes dividend reinvestment whereas Hang Seng Price Return Index does not take into account reinvestment of dividends. 6.on Source: on Value Partners ( 8 and) CICC.143 7. 88The investment | S managerinapore currently (65 intends) 18 to use 38 Folloindex futures us foron hedging purposes only. valuepartners-roupcom Value Partners Classic Fund | Q4 2016 Investment objective and strategy Geographical exposure by listing10 The Fund aims to achieve consistent superior return and uses a Hong Kong 28% bottom-up approach to invest in value stocks in the Asia Pacific H Shares 17% region, particularly those in Greater China region, which the Taiwan 12% Manager believes are being traded at deep discounts to their China A Shares 10% intrinsic value.
Load more

Recommended publications
  • 29:390:470:01 & 02 COURSE TITLE: Security Analysis
    Department of Finance and Economics COURSE NUMBER: 29:390:470:01 & 02 COURSE TITLE: Security Analysis COURSE MATERIALS Lecture notes and assignments will be distributed via Blackboard. Required Textbooks: 1) “Value Investing – from Graham to Buffett and Beyond”, Bruce Greenwald, Judd Kahn, Paul Sonkin and Michael Biema. Wiley Finance. ISBN 0-471-46339-6 2) “The Warren Buffett Way”, 3rd Edition, Robert Hagstrom, Wiley Other readings (buy used copies): 3) “The Intelligent Investor”, Benjamin Graham. Revised Edition 2006 by Harper Collins Publishers. ISBN-10 0-06-055566-1 4) “Security Analysis”, 1951 Edition”, Benjamin Graham & David L. Dodd by McGraw Hill. ISBN 0-07-144820-9 5) “The Essays of Warren Buffett: Lessons for Corporate America”, First Revised Edition, by Lawrence A. Cunningham, ISBN-10: 0-9664461-1-9 6) “Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions”, Joshua Rosenbaum, Joshua Pearl and Joseph R. Perella (Wiley Finance) 2009. ISBN 978-0-470-44220-3 FINAL GRADE ASSIGMENT Grades Mid-Term: 40% Equity Challenge competition: 60% (team work) Teams: Each student must be part of a team of 4 members. Please take advantage of student diversity in your class. Your team is expected to work on class assignments and the equity challenge competition. 1 Department of Finance and Economics (29:390:470) COURSE SCHEDULE Course Outline Week 1: Principles of Security Analysis Lectures 1A & 1B Buying a business Lecture 1C Read Accounting Clinic 1 Appendix 1 Week 2: Balance Sheet, Income Statement Lectures 2A & 2B Appendix
    [Show full text]
  • Ba7021 Security Analysis and Portfolio Management 1 Sce
    BA7021 SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT A Course Material on SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT By Mrs.V.THANGAMANI ASSISTANT PROFESSOR DEPARTMENT OF MANAGEMENT SCIENCES SASURIE COLLEGE OF ENGINEERING VIJAYAMANGALAM 638 056 1 SCE DEPARTMENT OF MANAGEMENT SCIENCES BA7021 SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT QUALITY CERTIFICATE This is to certify that the e-course material Subject Code : BA7021 Subject : Security Analysis and Portfolio Management Class : II Year MBA Being prepared by me and it meets the knowledge requirement of the university curriculum. Signature of the Author Name : V.THANGAMANI Designation: Assistant Professor This is to certify that the course material being prepared by Mrs.V.THANGAMANI is of adequate quality. He has referred more than five books amount them minimum one is from abroad author. Signature of HD Name: S.Arun Kumar SEAL 2 SCE DEPARTMENT OF MANAGEMENT SCIENCES BA7021 SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT CONTENTS CHAPTER TOPICS PAGE NO INVESTMENT SETTING 1.1 Financial meaning of investment 1.2 Economic meaning of Investment 7-25 1 1.3 Characteristics and objectives of Investment 1.4 Types of Investment 1.5 Investment alternatives 1.6 Choice and Evaluation 1.7 Risk and return concepts. SECURITIES MARKETS 2.1 Financial Market 2.2 Types of financial markets 2.3 Participants in financial Market 2.4 Regulatory Environment 2 2.5 Methods of floating new issues, 26-64 2.6 Book building 2.7 Role & Regulation of primary market 2.8 Stock exchanges in India BSE, OTCEI , NSE, ISE 2.9 Regulations of stock exchanges 2.10 Trading system in stock exchanges 2.11 SEBI FUNDAMENTAL ANALYSIS 3.1 Fundamental Analysis 3.2 Economic Analysis 3.3 Economic forecasting 3.4 stock Investment Decisions 3.5 Forecasting Techniques 3 3.6 Industry Analysis 65-81 3.7 Industry classification 3.8 Industry life cycle 3.9 Company Analysis 3.10Measuring Earnings 3.11 Forecasting Earnings 3.12 Applied Valuation Techniques 3.13 Graham and Dodds investor ratios.
    [Show full text]
  • Security Analysis: an Investment Perspective
    Security Analysis: An Investment Perspective Kewei Hou∗ Haitao Mo† Chen Xue‡ Lu Zhang§ Ohio State and CAFR LSU U. of Cincinnati Ohio State and NBER March 2020¶ Abstract The investment CAPM, in which expected returns vary cross-sectionally with invest- ment, profitability, and expected growth, is a good start to understanding Graham and Dodd’s (1934) Security Analysis within efficient markets. Empirically, the q5 model goes a long way toward explaining prominent equity strategies rooted in security anal- ysis, including Frankel and Lee’s (1998) intrinsic-to-market value, Piotroski’s (2000) fundamental score, Greenblatt’s (2005) “magic formula,” Asness, Frazzini, and Peder- sen’s (2019) quality-minus-junk, Buffett’s Berkshire Hathaway, Bartram and Grinblatt’s (2018) agnostic analysis, and Penman and Zhu’s (2014, 2018) expected return strategies. ∗Fisher College of Business, The Ohio State University, 820 Fisher Hall, 2100 Neil Avenue, Columbus OH 43210; and China Academy of Financial Research (CAFR). Tel: (614) 292-0552. E-mail: [email protected]. †E. J. Ourso College of Business, Louisiana State University, 2931 Business Education Complex, Baton Rouge, LA 70803. Tel: (225) 578-0648. E-mail: [email protected]. ‡Lindner College of Business, University of Cincinnati, 405 Lindner Hall, Cincinnati, OH 45221. Tel: (513) 556-7078. E-mail: [email protected]. §Fisher College of Business, The Ohio State University, 760A Fisher Hall, 2100 Neil Avenue, Columbus OH 43210; and NBER. Tel: (614) 292-8644. E-mail: zhanglu@fisher.osu.edu. ¶For helpful comments,
    [Show full text]
  • Notes from Security Analysis Sixth Edition Hardcover
    Ronald R. Redfield CPA, PFS Notes to book “Security Analysis” 6th edition Written by: Benjamin Graham and David Dodd I thought these quotes from Security Analysis Sixth Edition Hardcover might be food for thought. Benjamin Graham and David Dodd first wrote security Analysis in 1934. The first edition was described by Graham as a “book that is intended for all those who have a serious interest in securities values.” The book was not designed for the investment novice. One must have an intermediate to advanced understanding of financial statements, accounting and finance for the book to be understood. The book emphasizes logical reasoning. Graham wrote, “It is the conservative investor who will need most of all to be reminded constantly of the lessons of 1931 –1933 and of previous collapses.” On Page [xiv] Seth Klarman wrote: ”Losing money, as Graham noted, can also be psychologically unsettling. Anxiety from the financial damage caused by recently experienced loss or the fear of further loss can significantly impede our ability to take advantage of the next opportunity that comes along. If an undervalued stock falls by half while the fundamentals – after checking and rechecking – are confirmed to be unchanged, we should relish the opportunity to buy significantly more “on sale.” But if our net worth has tumbled along with the share price, it may be psychologically difficult to add to the position.” On Page [xviii] Klarman wrote: ”Skepticism and judgment are always required.” “Because the value of a business depends on numerous variables,
    [Show full text]
  • Value Investing Program Student Information Session
    Value Investing Program Student Information Session February 20, 2020 ⧫ 12:30 p.m. Uris 301 ………………………………………………………………………………………………………………………………………… Agenda • Introduction to the Heilbrunn Center • Center Overview • Our Team • Our Courses • The Value Investing Program • Overview of the Program • Application Process • Debunking Myths • Testimonials: Q&A with current Value Investing Program students ………………………………………………………………………………………………………………………………………… 2 Heilbrunn Center: Overview ………………………………………………………………………………………………………………………………………… 3 Heilbrunn Center: Our Team Tano Santos Meredith Trivedi David L. and Elsie M. Dodd Managing Director Professor of Finance Julia Kimyagarov Caroline Reichert Director Associate Director ………………………………………………………………………………………………………………………………………… 4 Heilbrunn Center Courses (2020) Spring 2020 Tentative Fall 2020 Course Name Professor Course Name Professor Accounting for Value ~* Stephen Penman Advanced Investment Research #* Kian Ghazi Advanced Investment Research ^* Kian Ghazi Applied Value Investing #* Mark Cooper/Jonathon Luft Applied Security Analysis ~* Anuroop Duggal Applied Value Investing ~* Eric Almeraz/ David Horn Applied Value Investing #* T. Charlie Quinn Applied Value Investing (EMBA) ~+ Tom Tryforos Applied Value Investing #* Rishi Renjen/Kevin Oro-Hahn Art of Forecasting (B Term) ~* Ellen Carr Applied Value Investing #* Scott Hendrickson/ Matt Fixler Compounders *^ Anouk Dey/ Jeff Mueller Applied Value Investing ~* Anuroop Duggal Distressed Value Investing #~*+ Dan Krueger Art of Forecasting (B Term) ~* Ellen
    [Show full text]
  • Security Analysis and Investment Management
    M.B.A IV Semester Course 406 FM-02 SECURITY ANALYSIS AND INVESTMENT MANAGEMENT LESSONS 1 TO 6 INTERNATIONAL CENTRE FOR DISTANCE EDUCATION AND OPEN LEARNING HIMACHAL PRADESH UNIVERSITY, GYAN PATH, SUMMERHILL, SHIMLA-171005 Contents Sr. No. Topoc Page No. LESSON-1 STOCK MARKET 1 LESSON-2 NEW ISSUE MARKET 15 LESSON-3 VALUATION OF SECURITIES 26 LESSON-4 FUNDAMENTAL ANALYSIS 37 LESSON-5 TECHNICAL ANALYSIS 58 LESSON-6 PORTFOLIO MANAGEMENT 80 LESSON-1 STOCK MARKET Structure 1.0 Learning Objectives 1.1 Introduction 1.2 Financial Market 1.3 Components of Financial Market 1.4 Stock Exchange 1.5 Nature and Characteristics of Stock Exchange 1.6 Function of Stock Exchange 1.7 Advantages of Stock Exchange 1.8 Organisation of Stock Exchange in India 1.9 Operational Mechanism of Stock Exchanges 1.10 Listing of Securities 1.11 Self-check Questions 1.12 Summary 1.13 Glossary 1.14 Answers: Self-check Questions 1.15 Terminal Questions 1.16 Suggested Readings 1.0 Learning Objectives After going through this lesson the learners should be able to: 1. Understand the financial market. 2. Discuss the components of financial market. 3. Understand the function of stock market. 4. Describe the operational mechanism of the stock exchange. 1.1 Introduction Stock market or secondary market is a place where buyer and seller of listed securities come together. This market is one of the important components of financial markets. In order to understand stock markets in detail, we shall understand the structure of financial market in an economy. Sections of this unit explain briefly the financial markets, components of financial markets, nature and functions of stock market, its Organization and statutory regulations for listing securities on stock markets.
    [Show full text]
  • Security Analysis by Benjamin Graham and David L. Dodd
    PRAISE FOR THE SIXTH EDITION OF SECURITY ANALYSIS “The sixth edition of the iconic Security Analysis disproves the adage ‘’tis best to leave well enough alone.’ An extraordinary team of commentators, led by Seth Klarman and James Grant, bridge the gap between the sim- pler financial world of the 1930s and the more complex investment arena of the new millennium. Readers benefit from the experience and wisdom of some of the financial world’s finest practitioners and best informed market observers. The new edition of Security Analysis belongs in the library of every serious student of finance.” David F. Swensen Chief Investment Officer Yale University author of Pioneering Portfolio Management and Unconventional Success “The best of the past made current by the best of the present. Tiger Woods updates Ben Hogan. It has to be good for your game.” Jack Meyer Managing Partner and CEO Convexity Capital “Security Analysis, a 1940 classic updated by some of the greatest financial minds of our generation, is more essential than ever as a learning tool and reference book for disciplined investors today.” Jamie Dimon Chairman and CEO JPMorgan Chase “While Coca-Cola found it couldn’t improve on a time-tested classic, Seth Klarman, Jim Grant, Bruce Greenwald, et al., prove that a great book can be made even better. Seth Klarman’s preface should be required reading for all investors, and collectively, the contributing editors’ updates make for a classic in their own right. The enduring lesson is that an understand- ing of human behavior is a critical part of the process of security analysis.” Brian C.
    [Show full text]
  • Security Analysis (B8368-01) Spring 2020- Bidding Syllabus
    Security Analysis (B8368-01) Spring 2020- Bidding Syllabus PROFESSOR: Michael J. Mauboussin TEACHING ASSISTANT: TBD Phone: 917-617-0950 Phone: TDB E-mail: [email protected] E-mail: TBD Classroom Location: TBD Wednesdays: 5:45 – 9:00 pm Office Hours: By appointment Communications from professor and teaching assistants about the course will take place through Canvas. Students should make sure they regularly check for announcements and messaging notifications. COURSE DESCRIPTION The course has two parts. The first part (14 to 16 lectures) develops the essential tools that a security analyst needs to come to a thoughtful investment recommendation. These tools include basic capital market concepts, analysis of competitive advantage, valuation methods, and techniques for proper decision making. The second part (8 sessions) allows the students to apply these lessons by presenting an analysis of a company and an investment conclusion regarding the shares of the company. A senior executive of a corporation will join the class toward the end of the first section to discuss competitive advantage. This session will give students the opportunity to question a management team directly on all facets of corporate strategy. Further, accomplished portfolio managers will attend student presentations to provide constructive feedback, to share their insights into the security analysis process, and to answer questions. The learning objective of the course is to combine various analytical frameworks and mental models into an investment recommendation. Further, students will learn to make a clear and persuasive presentation based on well-reasoned analysis. This course will be of most value to students who intend to pursue a career in investment management.
    [Show full text]
  • A Leader of Value Investing in Asia
    A Leader of Value Investing in Asia Value Partners is a leading Why Value Partners? Experienced and stable team We have one of the largest asset management Pioneer value investor in Asia on-the-ground investment teams We were one of the first fund with around 40 professionals firm in Asia. Since its managers in Asia to apply strict conducting in-depth company value investing principles in the early research and analysis. Many of establishment in 1993, 90s, and started investing in the them have been working together and under the leadership China domestic market when it had for more than 10 years. just begun to open up. of its Chairman and co-CIO Strong operational support and Greater China expertise stringent risk management Mr. Cheah Cheng Hye, the We are Greater China specialists Our clients are supported by a with extensive investment experience strong business operation team of company has successfully and in-depth local knowledge. over 100 professionals as well as As part of our research process, solid risk management systems. developed from a start-up our team conducted a large number boutique into one of of company visits every year. Asia’s most respected Proven track record and investment process asset managers. Over the years, we have delivered robust risk-adjusted absolute returns while maintaining low volatility throughout different market cycles. “Our employees pledge to put clients’ interest first and put our pride, not our ego, into our work.” Our product suite Value Partners offers a wide spectrum of investment solutions, ranging from actively managed products to passively traded index funds.
    [Show full text]
  • Valuation and Security Analysis (Pdf)
    Valuation and securities analysis E. Beccalli, P. Frantz AC3143 2016 Undergraduate study in Economics, Management, Finance and the Social Sciences ThisThis is is an an extract extract from from a a subject subject guide guide for for an an undergraduate undergraduate course course offered offered as as part part of of the the UniversityUniversity of of London London International International Programmes Programmes in in Economics, Economics, Management, Management, Finance Finance and and thethe Social Social Sciences. Sciences. Materials Materials for for these these programmes programmes are are developed developed by by academics academics at at the the LondonLondon School School of of Economics Economics and and Political Political Science Science (LSE). (LSE). ForFor more more information, information, see: see: www.londoninternational.ac.uk www.londoninternational.ac.uk This guide was prepared for the University of London International Programmes by: E. Beccalli, Visiting Senior Fellow in Accounting, The London School of Economics and Political Science. P. Frantz, Lecturer in Accounting and Finance, The London School of Economics and Political Science. This is one of a series of subject guides published by the University. We regret that due to pressure of work the authors are unable to enter into any correspondence relating to, or arising from, the guide. If you have any comments on this subject guide, favourable or unfavourable, please use the form at the back of this guide. University of London International Programmes Publications Office Stewart House 32 Russell Square London WC1B 5DN United Kingdom www.londoninternational.ac.uk Published by: University of London © University of London 2013 Reprinted with minor revisions 2016 The University of London asserts copyright over all material in this subject guide except where otherwise indicated.
    [Show full text]
  • Security Analysis B8368-01
    SECURITY ANALYSIS B8368-01 (** Tentative spring 2017 syllabus: All information below is subject to change**) Professor: MICHAEL J. MAUBOUSSIN Phone: (917) 617-0950 E-mail: [email protected] Class location: Uris 141 Wednesday: 5:45 – 9:00pm Office Hours: By appointment Teaching Assistant: MATT LEVINE Phone: (xxx) xxx-xxxx E-mail: [email protected] COLUMBIA CORE CULTURE This course adheres to Columbia Core Culture. Students are expected to be: Present: ● On time and present for every session ● Attendance tracked Prepared: ● Complete pre-work needed, expect cold calling ● Bring nameplates and clickers Participating: ● Constructive participation expected and part of grade ● No electronic devices unless explicitly called for by the instructor Page 1 of 14 REQUIRED COURSE MATERIAL Arthur, W. Brian, “Complexity in Economic and Financial Markets” Complexity,1995. ——— , “Increasing Returns and the New World of Business,” Harvard Business Review, July/August 1996. Bernstein, Peter L., “Are Financial Markets the Solution or the Problem?” Financial Analysts Journal, November/December 1991. Crist, Steven, “Crist on Value,” Bet with the Best, 2001. Ellis, Charles D., “The Loser’s Game,” Financial Analysts Journal, July/August 1975. Heuer, Richards, Chapters 4-12, Psychology of Intelligence Analysis, 1999. Keynes, John Maynard, “The State of Long-Term Expectation,” The General Theory of Employment, Interest, and Money, 1936. Klarman, Seth A., “The Timeless Wisdom of Graham and Dodd,” Security Analysis, 6th edition, 2009. Malkiel, Burton G., “Firm Foundations and Castles in the Air,” A Random Walk Down Wall Street, 1996. Mauboussin, Michael J., Alexander Schay, Patrick McCarthy, “Competitive Advantage Period ‘CAP’ – At the Intersection of Finance and Competitive Strategy,” Credit Suisse First Boston, October 4, 2001.
    [Show full text]
  • FIN 3020-01 – Investment Analysis
    High Point University Earl N. Phillips School of Business Course Syllabus Fall 2016 Course: Investment Analysis, FIN 3020-01, 4.0 hours credit Semester: Fall 2016 Professor: Steven Lifland, Ph.D. e-mail: [email protected] Phone: 841-4633 Office: Wilson – Room #326 Office Hours: Mon-Wed-Fri 1:00pm – 2:00pm Tuesday-Thursday 1:30pm – 2:30pm Meeting Location: Wilson Trading Room Meeting Times: Tuesday & Thursday 11:40am -1:20pm Prerequisite: FIN 3010; minimum grade of C Required Text: Investments Bodie, Kane, & Marcus 10th edition McGraw-Hill 2015 Optional Material Text: Barron's Dictionary of Finance and Investment Terms, newest edition Course Description: This course emphasizes fundamental security analysis as a tool for debt and equity valuation. The essential financial assets of stocks, bonds, and derivatives are analyzed. The student is exposed to what comprises the essential features of the instrument; the possible rewards, risks, and basic determinants of value. Students learn about margin trading and short selling as well as technical equity analysis. Students participate in a stock market portfolio simulation where they learn how securities are bought and sold, and how security markets operate. Excel is used extensively in the security analysis. Course Goals & Objectives: This course seeks to provide the student with an introduction to the major techniques of investment analysis, their evolution, and practical application. The course is designed to be helpful to individual investors, managers, and prospective managers, and to provide a framework for future studies in financial management. By the end of the course, students should be able to: Calculate expected return and standard deviation of returns of an individual security and of a multi-asset portfolio.
    [Show full text]