DOCSLIB.ORG

Graham & Doddsville

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Graham & Doddsville Graham & Doddsville An investment newsletter from the students of Columbia Business School Inside this issue: Issue XI1 Spring 2011 Pershing Square P. 2 “It Is The Judgment That Counts” — Michael Price Capital Challenge Mr. Price began his ca- had small amounts of stock. We could not influence Motorola P. 22 reer in 1973 when he joined Max Heine at Mu- proxy fights. We always had Solutions tual Series. In 2001, he value and we always had left the firm to begin his situations involving corpo- Quest P. 24 own fund, MFP Investors, rate control. When the Diagnostics LLC. He earned a funds got bigger, we realized Bachelor in Business Ad- that we could use our signifi- 2010 Graham & P. 26 cant influence for the better- ministration from Uni- Michael Price Dodd Breakfast versity of Oklahoma. ment of our position, and that of all the other share- don‟t take controlled posi- G&D: You have been in- holders. We did that for a tions. We don‟t try and while, and then I got out of force things to happen any- volved in distressed and spe- cial situation investing for a the fund business. Now I am more. long time. How has your back to a small, family office Editors: strategy evolved and what is kind of fund, where we don‟t G&D: Activism is the new the mix today? have that clout, but we try buzzword. What do you Garrett Jones and influence directors and think about it? MBA 2011 Michael Price (MP): It officers just because of our Daniel Kaskawits has evolved indeed. As a point of view that we think is MP: There is nothing new well thought out. That is MBA 2011 small mutual fund at Mutual under the sun. We used Series, we had no say. We how it has evolved. We (Continued on page 4) Anna Baghdasaryan MBA 2012 “Big Companies In Small Industries” — Paul Johnson Joseph Jaspan MBA 2012 Paul Johnson manages G&D: Tell us a little about Nicusa Capital, a long- your background and how term concentrated fun- you got into value investing. Contact us at: damental value hedge [email protected] fund. He began his ca- Paul Johnson (PJ): In the Visit us at: reer as a sell-side analyst early part of my career, I was www.grahamanddodd.com at several Wall Street a sell-side technology analyst. www0.gsb.columbia.edu/students/ firms. He has previously I worked for various firms organizations/cima/ taught Security Analysis on Wall Street for twenty and Value Investing at years. I was one of the sen- Columbia Business ior technology analysts on School as an adjunct pro- the Street during the tech fessor. bubble of the late '90s and Paul Johnson watched that market crash, Mr. Johnson holds a B.A. which had a big impact on ultimate performance of a from UC Berkeley and my thinking. That experi- stock. One can try to play an M.B.A. from Whar- ence reinforced how critical the game of outguessing ton. the intrinsic value of the un- where a stock price is going, derlying company is to the (Continued on page 13) Page 2 Welcome to Graham & Doddsville We are pleased to present investing career, shares his investment ideas that are you with Issue XII of Gra- perspective on activist in- relevant today. The current ham & Doddsville, Columbia vesting and gives us insight issue includes two invest- Business School‟s student- into a few of his fund‟s posi- ment ideas by student led investment newsletter tions. teams, who were the finalist co-sponsored by the Heil- and the runner up of the brunn Center for Graham & The issue also features an Pershing Square Capital Pictured: Bruce Greenwald, Dodd Investing and the Co- interview with Paul Johnson, Challenge. named the “Guru to Wall lumbia Investment Manage- who manages Nicusa Capi- Street‟s Gurus,” at the Columbia Investment Management Con- ment Association. tal. Mr. Johnson describes Please feel free to contact ference in February 2011. his value-focused, research us if you have comments or This issue features an inter- intensive approach and gives ideas about the newsletter view with Michael Price, some examples of recent as we continue to refine this portfolio manager of MFP investments. publication for future edi- Investors. Mr. Price de- tions. Enjoy! scribes the evolution of his We aim to offer specific Pershing Square Value Investing and Philanthropy Challenge in Pictures Page 3 Pershing Square Value Investing and Philanthropy Challenge Students and alumni gath- pared presentation of the ered on April 8, 2011 for idea that they had chosen, the Fourth Annual Pershing followed by 20 minutes of Square Value Investing and Q&A with the finalists. Philanthropy Challenge, a value oriented stock pitch The five finalists were se- competition, co-sponsored lected from a pool of 33 by the Heillbrunn Center of teams, which enrolled in the Value Investing at Columbia Applied Security Analysis Business School and Per- class at Columbia Business shing Square Capital Man- School. The course was agement. The competition taught by Professors An- is anchored by their com- drew Brenner (Morgan of investment management Our deepest gratitude to mitment to produce tal- Stanley), Daniel Yarsky firms which provided feed- them all for their sup- ented, knowledgeable indi- (Morgan Stanley) and back and suggested further port of Columbia Busi- viduals ready to take on Naveen Bhatia (Keffi areas of research. ness School. leadership roles as value Group). Students were Pershing Square Challenge Finalists investors. taught various search and valuation strategies based First Place Cristiano Amoruso'12 Long Rick Carew'12 Motorola Solutions (MSI) In a surprise but welcomed on the Graham & Dodd Matthew Robinson'12 move, Pershing Square in- value framework. Runner-up Anuj Aggarwal'12 Long creased the cash prize for Rahul Lulla'12 Quest Diagnostics (DGX) First place was awarded to the competition to Josh Saltman'11 $100,000, half of which is the team of Cristiano Allen Choi'11 Long directed to the school for Amoruso (‟12), Rick Stanley Fourteau'12 Aéropostale (ARO) philanthropic purposes, and Carew (‟12) and Matt Kyoo Lee'11 the remainder to the win- Robinson (‟11) who pre- Robert Bergan'12 Long ning team. The prize struc- sented Motorola Solutions Joseph Jaspan'12 Lender Processing Services (LPS) Adam Kramer'12 ture supports the goals for (MSI). The judges were impressed by the clarity of Peter Lawrence'11 Long value investors of doing well Melissa O'Connor'12 Marsh & McLennan (MMC) their thesis, depth of re- and doing good. Grant Smith'12 search, and strong under- Bill Ackman, of Pershing standing of the underlying Square, kicked off the com- business (see write-up on Judges petition by introducing the page 22). William Ackman Pershing Square Capital Management team of judges. Each team Paul Hilal '92 Pershing Square Capital Management Practitioners in the invest- then gave ten minute pre- Anand Desai Eton Park ment management industry Daniel Schuchman MSD Capital generously donated their time and worked closely Craig Nerenberg Brenner West Capital Partners LP with the teams to prepare David Berkowitz Ziff Brothers Investments them for the competition. Mick McGuire Marcato Capital Throughout the semester, Scott Pearl Seneca Capital each team had multiple chances to present in front Issue XII Page 4 Michael Price (Continued from page 1) (which goes up from 5% to weather a bad market very activism at Mutual Series to 25-30% depending on the well. The key in the busi- represent our interests and opportunities available), and ness is weathering the bear it turned out to be a good special situations, such as markets, not outperforming marketing mechanism. If we pre or post-bankruptcy in- the bull markets. That would get active in a situa- vestments, spinoffs, merg- structure that has been in tion and the New York ers, liquidations, etc. Those place since the mid 1970‟s, Times or Fortune or Forbes assets tend to move with which I learned from Max would write about it, it the situation, not with the Heine, has held up very would bring money to the market, and cash will not well, other than 2008, when fund because we were doing move with the market. If we went down with every- interesting things. People you have 40% of your port- one else but came right have now realized that ac- folio that doesn‟t move with back. Our portfolio went tivism is good for the the market. The other 60% down less than the market, money management busi- is in very carefully selected but never in my career had ness, but activism is not a value stocks, and if you buy my portfolio ever been business strategy. You them right, with a big dis- down 30%. The most I was should only get active when count to intrinsic value, they down was 5 or 6% - only you have a position that twice in 35 years. The port- someone else is trying to folio with that structure will take advantage of and then “The business is do well in a bear market you stick up for your rights. and not as well in a bull Some of these new hedge really about market, but over a long pe- fund managers who brag buying companies riod of time, it should com- about how they made some pound at 15%. It used to computer company sell out cheaply, and compound at almost 20%. are not real activists. The That is the goal, to com- business is really about buy- letting the pound at 15%. ing companies cheaply, and letting the management and management and G&D: Has it become more board run it.
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]
  • 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.
    [Show full text]