Value ue Inv nvestin ting g Prog ogram ram Stud udent ent - - PowerPoint PPT Presentation

Value ue Inv nvestin ting g Prog

• gram

ram Stud udent ent Inf nfor

• rmation

mation Session ion

Uris 301, , 12:30 30 p.m. m.

March 23, 2017

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Agenda da

• Introduction to the Heilbrunn Center: Who we are and what we do
• Investing at Columbia: Something for everyone
• The Value Investing Program

– Overview of the Application Process: Steps to Apply – Testimonials: Q&A with current Value Investing Program students

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Heilbru lbrunn nn Cent nter er Lead aders ership hip

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Bruce Greenwald ald, Robert Heilbrunn Professor of Finance and Asset Management, directs the Heilbrunn Center for Graham & Dodd Investing and the academic program in value investing. Tano Santos, David L. and Elsie M. Dodd Professor of Finance, is the research director

• f the Heilbrunn Center for Graham & Dodd Investing.

Meredith ith Trived edi, director of the Heilbrunn Center for Graham & Dodd Investing, is responsible for all operational aspects of the Center.

Executiv utive Advisory

• ry Board

William von Mueffling ’95, Chair, Cantillon Capital Management Lauren Krueger ’02, Drivetrain, LLC Michael l Blizt izter ’04, Kingstown Capital Thoma

• mas

s Russ sso, Gardner Russo & Gardne,r LLC Will l Brow

• wne, Tweedy, Browne Company, LLC

Jennif ifer er Wallac lace e ’94, Summit Street Capital Management Budge e Collin lins, Collins/Bay Island Securities David Gree eenspan an ’00, Slate Path Capital Andrew S. Gundlach ’01, Arnhold & S. Bleichroeder Advisors, LLC

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Introduction: tion: Heilbr lbrunn Team am

• Meredi

edith th Trivedi edi, Director: 212-851-5992

• Jennifer

er Aaron, Associate Director: 212-851-0150

• Julia Kimyagar

agarov, Associate Director: 212-854-1933

• Caroline

ne Reicher ert, Program Manager: 212-851-9558

• Contact Info:

– Email: valueinvesting@gsb.columbia.edu – Offices: Centers’ Suite, 2M – Office Hours: Email for appointment – Website: www.grahamanddodd.com – LinkedIn Group: Value Investing Network of Heilbrunn Center at Columbia Business School

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Heilbr lbrunn Center: r: Overvi view ew

• Our mission is to lead the theory and practice of investing
• Our approach:

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• VI Program for

MBA students

• 40+ investors

teaching as adjunct faculty

• Investment Ideas

Club (IIC)

• CSIMA

education series

• Class speakers
• Pershing Square

Challenge

• Heilbrunn Center

Stock Pitch Competition

• Sonkin Prize
• Practitioner

Chair

• Walter Schloss

Investing Archives / Library

• Newsletter – Graham

& Doddsville

• Heilbrunn Research

Board

• Heilbrunn Center

Annual Letter

• Graham and Dodd Breakfast
• CSIMA Conference
• Omaha Dinner—”From Graham to

Buffett and Beyond”

• Annual Omaha Student Trip
• Networking events
• Discussion forums
• Recruiting support – mentors, etc.
• Recognition of excellence
• Industry Partnerships – NYSSA, etc.

Educa cation tion Research ch Initia tiativ tives s & Special al Projects ts Outreach ch

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“Graham & Dodd” Investing

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Approa roache ches s to I Inv nvestin sting

• Asset Allocation
• Cost Minimization

Efficient Markets Short Term Fundamental (Value) Technical Fundamental (Value)

• Momentum
• Price/Volume

Patterns

Changes Levels

• Current Price

+ Forecast Change (Micro and Macro)

• Market Price vs.

Intrinsic Value

Long Term We are here = “Graham & Dodd”

Long only funds, Hedge funds, Mutual funds, Private Equity, separate accounts, etc.

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Value e Inv nvest stin ing g Facul ulty ty Affilia liations tions

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Arnaud Ajdler, Engine Capital LP Peter Lawrence ’11, Arlington Value Capital Gavin Albert, Soros Fund Management Mike Kimpel ’12, Permian Investment Partners Eric Almeraz ’02, Apis Capital Advisors, LLC Terrence Kontos ’05, TIAA-CREF Charles Angelucci, Columbia Business School Dan Krueger ’02, Owl Creek Asset Management, LP Christopher Begg, East Coast Asset Management, LLC Lauren Krueger ’02, Drivetrain, LLC Naveen Bhatia, Blackstone Group LP Jonathon Luft ’08, Eagle Capital Ethan Binder ’06, Slate Path Capital Keith Luh ’03, Franklin Mutual Series Ryan Brown, Davis Selected Advisers Michael Mauboussin, Credit Suisse Ellen Carr, Weaver C. Barksdale & Associates, Inc. Justin Muzinich, Muzinich & Co Jeff Cino ’06, Columbia Business School Kevin Oro-Hahn ’10, Ingalls & Synder Mark Cooper ’02, First Eagle Investment Management Stephen Penman, Columbia Business School Mike Corasaniti ’92, Tourmalet Advisors

• T. Charlie Quinn ’06, Gardner, Russo, & Gardner

Wouter Dessein, Columbia Business School Eli Rabinowich ’04, Pzena Investment Management Cheryl Einhorn, CSE Consulting Rishi Renjen, Maverick Capital Peter Eliot ’04, Capital World Investors Jon Salinas ’08, Hound Partners Michael Gatto ’93, Silver Point Capital Tano Santos, Columbia Business School Kian Ghazi, Hawkshaw Capital Management Guy Shanon ’99, Kingstown Capital Management, LP Jefferson Gramm ’03, Bandera Partners, LLC Ken Shubin Stein, Spencer Capital Joel Greenblatt, Gotham Asset Management Joseph Stiglitz, Columbia Business School Bruce Greenwald, Columbia Business School Tom Tryforos ’84, Columbia Business School Scott Hendrickson ’07, Permian Investment Partners Artie Williams ’02, Summit Street Capital Management David Horn ’02, Kiron Advisors, LLC Dan Yarsky ’06, Moore Capital Paul Johnson, Nicusa Capital Partners

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Heilbr lbrun unn n Cent nter r Cour urses es (2016 16-20 2017 17) )

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Fall 2016 Course se Name Profess essor Advanced Investment Research ^* Kian Ghazi Applied Value Investing #* Mark Cooper/Jonathon Luft Applied Value Investing #* Artie Williams/T. Charlie Quinn Applied Value Investing #* Rishi Renjen/Kevin Oro-Hahn Applied Value Investing #* Scott Hendrickson/ Mike Kimpel Applied Value Investing ~* Jeff Gramm/Terrence Kontos Applied Value Investing ~* Anuroop Duggal Credit Markets and Leveraged Buy-Outs (MBA) ~*+ Margaret Cannella Economics of Strategic Behavior #~*+ Charles Angelucci Mental Models #^ * Jon Salinas Misunderstood Securities #^ * Lauren Krueger Security Analysis ~*+ Chris Begg Seminar in Value Investing (EMBA) ~*+ Paul Johnson Special Situations #* Joel Greenblatt/Dan Yarsky Value Investing (EMBA) ~+ Tano Santos Value Investing Block Week (EMBA) ~+ Tano Santos Value Investing in Credit Markets ~* Justin Muzinich Course se Key: :

• * MBA Courses, + EMBA Courses, # Value Investing Program

Application, ~ Bidding, ^ Additional Screening Required Notes: es:

• All Value Investing Program classes have two pre-requisites:

Capital Markets & Corporate Finance

• In some cases, Capital Markets can serve as a co-requisite (contact

the Heilbrunn Center for more information)

• All courses depend on availability and are subject to change

without notice. Spring 2017 Course se Name Profess essor Accounting for Value ~* Stephen Penman Advanced Investment Research ^* Kian Ghazi Advanced Investment Research ^* Cheryl Einhorn/ Peter Lawrence Applied Security Analysis I & II ~* Naveen Bhatia/Rishi Renjen Applied Value Investing ~* David Horn Applied Value Investing (EMBA) ~+ Paul Johnson Applied Value Investing (EMBA) ~+ Arnaud Ajdler Applied Value Investing (EMBA) ~+ Tom Tryforos The Art of Forecasting~*+ Ellen Carr Distressed Value Investing #~*+ Dan Krueger Distressed Value Investing *~ Michael Gatto Economics of Strategic Behavior #~*+ Wouter Dessein Economics of Strategic Behavior (EMBA) ~*+ Bruce Greenwald From Feast to Famine and Back Again ~* Ellen Carr Security Analysis ~*+ Michael Mauboussin Security Analysis ~*+ Ryan Brown/Dale Wettlaufer Security Analysis ~*+ Eli Rabinowich Value Investing (EMBA) ~+ Tano Santos Value Investing (A Term) ~* Bruce Greenwald/ Tano Santos Value Investing with Legends #~* Bruce Greenwald/ Tano Santos Independent Study: Applied Horse Hunting *^ Yen Liow Summer er 2017 Course se Name Profess essor Advanced Investment Research Peter Eliot Globalization (EMBA) ~*+ Joseph Stiglitz/ Bruce Greenwald Security Analysis ~*+ Keith Luh Seminar in Value Investing (EMBA) ~*+ Paul Johnson

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Value e Invest stin ing g Progr gram am for You (201 017-2018) 2018)

• The VI Program will be one block: CY17 = 9

9,000 00 points ts

• The VI Program will consist of the following courses:

1.

• 1. Applied

ied Value Investin ing g (3 Credi dits) ) – Fall 2017 2.

• 2. Special

al Situation

• ns (3 Credits

its) ) – Fall 2017 3.

• 3. Economics of Strateg

egic ic Behavior

• r (3 Credits

its) ) – Fall 2017 or Spring g 2018 4.

• 4. Distressed

ed Value e Investin ing (3 Credits its) ) – Spring 2018 5.

• 5. Value

e Inves estin ing with Legends ds (3 Credits its) ) – Spring g 2018

• If you are admitted into the program you must complete all 5 classes to

be considered a Value Investing Program Graduate.

• All courses depend on availability and are subject to change without

notice.

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Value e Invest stin ing g Progr gram am Courses ses

• POINTS: You will be charged 9,000

00 points for the five program classes, which you will be pre-enrolled into upon acceptance into the program: 1.

• 1. Appl

plied d Value Investi ting 2.

• 2. Special Situations
• ns

3.

• 3. Economi

nomics of Strate tegi gic Behavi vior

• r

4.

• 4. Distre

ressed d Value Investing ting 5.

• 5. Value Investi

ting g with Lege gends nds

• If y

you have already dy compl mplet eted ed any of the progr gram am classes, ses, you will still be charged ed 9,000 00 points nts for the Value Investing ting Progra ram. m.

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Other Applic lication ation Based ed Value e Investin sting g Courses es

• All applic

icat ation ion based classes cost an addition

• nal

al 1,000 points

• Other classes that are limited to students applying for the VI Program but not

exclusive to the students in the VI program: – Mental l Models ls – TBD – Fall 2017 or Spring 2018 – Misunderstood

• od Securities

ies – Fall 2017

• Even if you are admitted

ed to the progr gram am, , you are NOT assured a seat in Mental l Models ls or Misunderstood

• od Securities

ies

• The professors for Mental Models and Misunderstood Securities will select

their rosters based on your program application

• Other classes that require application but are not part of the VI Program:

– Advan anced ed Inves estmen ent Research – Summer 2017, Fall 2017, Spring 2018

• In addition, the Heilbrunn Center may offer bidding only sections of Applied

Value Investing

• Please schedule an appointment with the Heilbrunn Center if you would like

information or advice regarding specific classes

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VI Sequen ence e – Admin inistr istrativ ative e Details ils

• Enro

rollmen ent t Capacit city: y: Maximum 40 students

• Inter

erview: view: You must sign up for and attend a mandato atory ry interview rview with the Heilbrunn Center. Inter erview view sign-ups ps begin in the e Heilbru runn Center ter 2M6: 6: 2:00 00 p.m., ., Thursday, sday, March ch 23, , 2017 17 Inter erview view slots s schedu eduled d between een: Thursd rsday, ay, April 6, 2017 7 – Friday, y, April 14, 2017 Deadl dline for Inter erview view Sign-Up: p: Friday, y, March ch 31,20 2017 17 at 5:00 00 p.m. **Ti Timeslots eslots will be filled ed on a f first st come e first rst serve e basis.* .**

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Value e Invest stin ing g Progr gram am Applicat lication ion

• Appl

plicat ation: n:

Submit your application electronically by Mond

• nday,

ay, April 24, , 2017, 7, 12:00 :00 p.m. . EST (no (no exceptions ptions) as a single e PDF file e named ed LastNa tName_ e_First rstNam ame.pdf e.pdf.

• Send it to valueinvesting@gsb.columbia.edu. You will receive confirmation

that we have received your submission.

• Applications must include:

1.

• 1. Application

cation Inform formati tion

• n Form – We will email form on Wedne

nesday day, March 29, 2017

2.

• 2. Cover

r Letter r (1 Page) – Explaining why you want to be in program 3.

• 3. Resum

sume (1 Page) 4.

• 4. Invest

estmen ment t Idea (2 Pages) ) – Idea options will be emailed on Wednesday

sday, , March 29, 2017

• In the application, it helps to demonstrate interest in the subject matter,

aptitude for investing, and commitment to the work.

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Value e Invest stin ing g Progr gram am Applicat lication ion: : Invest estmen ment Write-Up Up

• Investm

tment ent Write-Up Up: : Write a 2 page memo analyzing an idea based on the options the Heilbrunn Center provides on Wednesd nesday, y, March h 29, 2017.

– What t value e you assign gn to the compan any y and why – What t makes es this s idea attracti ctive e or unattr attractiv active – The e compet etitiv tive e situati tion

• n of the compan

any y (indu dustr stry y or peers) – Limit t the e text and finan anci cial al analysi ysis s (chart arts, s, tables, es, etc.) .) to 2 pages (singl gle-sided sided)

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Applic lication ation Review iew Process ess

• Consideration will be given to interest level, preparation (books read, knowledge
• f industry, value techniques, etc.), and demonstrated commitment to investing
• Application Review: Applied Value Investing professors and at least one

member of the Heilbrunn Center staff

• At the professor’s discretion, phone interviews may also be scheduled
• The review/selection process is conducted with best efforts to match

instructor/student preferences

• By applyin

ying to the Value e Investin ing Program am appli lican ants agree ee to accept the decision

• n rendered

ed on t their applic icat ation ion

• All decisio

ions are final

• We are unable to provid

vide e specifi fic feedbac ack on a any applic icat ation

• ns.

. By submittin ing an applica cation tion you acknowled edge e that you understan and this policy

• The courses offered as part of the Value Investing Program and the Heilbrunn

Center are subject to change at any time without advance notice due to unforeseen circumstances or change in teaching schedules or adjunct availability

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Debunki king g Myths s About The Applic licat ation ion Process ess

• This process is not one size fits all
• There is no

no set formula

• Highlight your interest and commitment to the subject

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VI Sequen ence e – Admin inistr istrativ ative e Details ils (Contin tinued) d)

Professor Request: t: Does not come into play until the class has been selected. Notifi fication:

• n: By the 2nd week of June via your official CBS email

account.

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Value e Invest stin ing g Progr gram am Student t Test stimon imonials ials

Q & A A with h current rent members ers of the Value ue Investing sting Progra gram: m: Maria Muller ’17, Renjen/Oro-Hahn Hahn Audun Nordtveit ’17, Williams/Quinn Tab Williams ’17, Hendrickson/Kimpel Dan Yu ’17, Cooper/Luft

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On behalf lf of the Heilb ilbrun runn Center for Graham m & Dodd d Investin sting g

Thank you!

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