Value Investing Program: Student Information Session February 2, 2010



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Agenda

  • Introduction – who we are and what we do
  • Investing at Columbia – something for everyone
  • The VI program
    • Who should apply
    • Disclaimers and fine print
  • The application process – what is entailed
  • Recruiting advice
  • Testimonials – advice from the second years
  • January 2010

Introduction: Heilbrunn Staff

  • Erin Bellissimo
  • Kevin Oro-Hahn: 212-851-0237
  • Karen Entwistle: 212-854-1933
  • Contact Info:
    • Email: valueinvesting@columbia.edu
    • Offices – 3rd floor of Uris 325 c, d & f
    • Office Hours (Kevin): Call or email for appointment
    • Website: www.grahamanddodd.com
    • Linked In group: Value Investing Network of Heilbrunn Center at Columbia Business School
  • January 2010

Heilbrunn Center: Overview

  • Our mission is to lead the theory and practice of investing
  • Our approach
  • Education
  • Research Initiatives & Special Projects
  • Outreach
  • VI Program for MBA students
  • 25+ investors teaching as adjunct faculty
  • Investment Ideas Club
  • CIMA education series
  • Class speakers
  • Sonkin prize
  • Practitioner chair
  • Graham and Dodd Breakfast
  • CIMA Conference
  • Networking events
  • Discussion forums
  • Recruiting support – mentors, etc
  • Recognition of excellence
  • Industry Partnerships – CIMA, NYSSA, etc.
  • Walter Schloss Investing Archives / Library
  • eNewsletter – Graham & Doddsville
  • Research Consortium - joint research efforts
  • Product development
  • January 2010

“Graham & Dodd” Investing

  • Asset Allocation
  • Cost Minimization
  • Long Term
  • Efficient Markets
  • Short Term
  • Fundamental
  • (Value)
  • Technical
  • Fundamental
  • (Value)
  • Momentum
  • Price/Volume Patterns
  • Changes
  • Levels
  • Current Price + Forecast Change
    • Micro
    • Macro
  • Market Price vs. Intrinsic Value
  • We are here = “Graham & Dodd”
  • Long only funds, Hedge funds, Mutual funds, Private Equity, separate accounts, etc.
  • January 2010

Value Investing Process

  • Cheap, Ugly, Obscure
  • Otherwise Ignored
  • Areas where you have expertise / ‘edge’ (circle of competence)
  • Asset coverage
  • Earnings Power
  • Franchise & growth analysis
  • Key Issues
  • Collateral Evidence
  • Personal Biases
  • Portfolio management
    • Insurance positions
    • Some Diversification
  • Margin of Safety
  • Patience – Default Strategy
  • SEARCH
  • VALUATION
  • REVIEW & RESEARCH
  • RISK MANAGMENT
  • Graham & Dodd Investing Framework
  • January 2010

Investing Electives* – Something for Everyone

  • Capital Markets requirement must be fulfilled
  • Economics of Strategic Behavior will be in EMBA
  • Turnarounds
  • Security Analysis
  • Applied Security Analysis I&II (Pershing Square)
  • Earnings Quality
  • Introduction to Value Investing (½ credit)
  • Legends of Value Investing (½ credit)
  • Distressed Value Investing
  • Advanced Investment Research (separate application)
  • Special Situations and Value Investing
  • Applied Value Investing
  • Increasing specificity & focus on value investing
  • *Courses in italics are not confirmed, all courses subject to change or be cancelled at any given time
  • January 2010

Investment Curriculum

  • Applied Value Investing
  • Security Analysis
  • S
  • V
  • R
  • RM
  • Distressed Value Investing
  • Advanced Investment Research
  • S
  • V
  • R
  • RM
  • S
  • V
  • R
  • RM
  • S
  • V
  • R
  • RM
  • S
  • V
  • R
  • RM
  • S
  • V
  • R
  • RM
  • S
  • V
  • R
  • RM
  • Objective:
  • Capacity:
  • Instructors:
  • Admission:
  • Bid points if in VI program:
  • Provide hands on analyst experience
  • Investing incubator
  • Search strategies – special situation
  • More analyst practice
  • Evaluate competitive advantages (franchises)
  • Graham & Dodd approach
  • Exposure to all levels in capital structure
  • Regulatory and other issues in distressed or bankruptcy investing
  • Research skills
  • Analyst edge
  • 40-50 MBAs
  • Blitzer/
  • Shanon
  • Cooper
  • Gaines
  • Williams/Quinn
  • Application only
  • 1,000
  • 40 MBAs
  • Greenblatt
  • Application only
  • 1,000
  • 266 MBAs & EMBAs
  • Greenwald
  • Market Rate
  • Application
  • Bidding
  • 200+ MBAs
  • Berg (summer)
  • Liang
  • Mauboussin
  • Nathani
  • Sonkin
  • Bidding only
  • NA
  • 40 MBAs
  • Krueger
  • Application
  • Bidding
  • 2,000
  • 100 MBAs
  • 60 EMBAs
  • Greenwald
  • Ajdler (EMBA)
  • Application
  • Bidding
  • 1,000
  • ~30 MBAs
  • Greenspan / Binder
  • Shubin Stein
  • Application only
  • 1,000
  • S
  • V
  • R
  • RM
  • Search Strategies & Valuation
  • Pitching to a PM
  • 120 MBAs
  • Francfort/Zweig
  • Bidding only
  • NA
  • Intro to VI
  • Legends of VI
  • Economics of Strategic Behavior
  • App. Sec. Analysis I
  • App. Sec. Analysis II
  • Fall/Sp
  • Fall
  • Fall
  • Sp
  • Sp
  • Sp
  • Sp
  • Sp
  • January 2010

Value Investing Faculty

  • Arnaud Ajdler
  • Gavin Albert
  • Avi Berg
  • Ethan Binder
  • Mike Blitzer
  • Jeff Cino
  • Mark Cooper
  • Greg Francfort
  • Brian Gaines
  • Joel Greenblatt
  • David Greenspan
  • Bruce Greenwald
  • Dan Krueger
  • John Liang
  • Michael Mauboussin
  • Neal Nathani
  • T. Charlie Quinn
  • Tano Santos
  • Guy Shanon
  • Ken Shubin-Stein
  • Tom Tryforos
  • Artie Williams
  • Caryn Zweig
  • Value Investing (Spring – EMBA)
  • Security Analysis (Fall – EMBA)
  • Security Analysis (Summer)
  • AIR; Case Studies Investment Frameworks (IS)
  • Applied Value Investing (Fall w/ Shanon)
  • Case Studies Investment Frameworks (IS)
  • Security Analysis (Fall)
  • Applied Security Analysis I & II (Spring)
  • Applied Value Investing (Fall w/ Rabinowitz)
  • Value & Special Situations Investing (Fall)
  • Advanced Investment Research (Spring)
  • Introduction to Value Investing + Legends in Value Investing (Spring)
  • Economics of Strategic Behavior (Spring in EMBA)
  • Distressed Value Investing (Fall)
  • Security Analysis (Summer)
  • Security Analysis (Spring)
  • Security Analysis (Fall)
  • Applied Value Investing (Fall w/ Williams)
  • Introduction to Value Investing + Legends in Value Investing (Spring)
  • Applied Value Investing (Fall w/ Blitzer)
  • Advanced Investment Research (Spring)
  • Applied Value Investing (Fall & Spring in EMBA)
  • Applied Value Investing (Fall)
  • Applied Security Analysis I & II (Spring)
  • January 2010

Application Process

  • January 2010
  • Preparation: Now
  • Interviews: April
  • Written Applications: May 12
  • Notification: June

VI Sequence – Administrative Details

  • Enrollment capacity ≤ 40 students
  • Application process for Applied Value Investing (AVI), Special Situations & Distressed Value Investing
    • Interview required in late April/early May (sign up schedule will be posted after info session outside Heilbrunn offices)
    • Written applications due by Wed, May 12, 2010 to faculty & administration
    • Applicants chosen based on: interest in the subject matter, aptitude for investing, and demonstrated commitment to the industry
      • A cover letter or one page essay explaining why you want to take this class
      • Submit resume
      • Investment idea (2 pages)
  • January 2010

Application Procedure for Fall 2010: Class of 2011

  • Deadline - submit electronically, by May 12th at 5pm EST (no exceptions).
  • Professor request – does not come into play until the class has been selected
  • By completing this application, you are ALSO applying to Value & Special Situations Investing with Joel Greenblatt, for Fall 2010
  • Interview. You must sign-up for and attend a mandatory interview with the Heilbrunn Center staff. There will be interview slots on the following days:
    • April 20th, 21st, 26th, 27th, May 5th
  • Starting February 2nd you can sign up for an interview slot on the sign-up sheets outside Uris Hall Room 325F. Time slots will be filled on a first come first serve basis. Be sure to sign up by April 1st.
  • Notification - June 9, 2010 via email on application
          • (Application Procedure continued on next slide)
  • January 2010

Application Procedure: Administrative

  • Your full application should consist of the following:
    • Completed interview. 15 minute interviews will be scheduled with Heilbrunn staff.
    • Completed “Applicant Information” form. Including relevant contact information for notification in June.
    • Resume. Include your summer position.
    • Cover Letter or One-page Essay.
    • Investment write up
  • January 2010

Application Procedure: Investment Idea

  • Investment Write-Up. Choose a company that you believe is a compelling short or long investment idea and write a two-page memo analyzing your idea, including:
    • How you found the idea, your search strategy, etc. (this is critical)
    • What value do you assign to the company and why
    • What makes this idea compelling
    • Competitive situation of the company (industry or peers)
    • Please limit the text and financial analysis (charts, tables, etc) to two pages (single-sided)
  • January 2010

Application Review Process:

  • Consideration will be given to interest level, preparation (books read, knowledge of industry, value techniques, etc.), and demonstrated commitment to investing courses.
  • 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 our best efforts to match instructor/student preferences.
  • By submitting this application, you agree to the process and will accept the final decisions of the professors reviewing the applications.
  • By submitting this application, you agree to have 1,000 bid points deducted for Applied Value Investing and Special Situations. For additional classes offered to you in the spring, you will have approximately 2,000 bid points deducted per class that you chose to pre-enroll in.
  • January 2010

Disclaimers and Fine Print

  • The courses offered are subject to change at any time without advance notice due to unforeseen circumstances or changes in teaching schedules or adjunct availability
  • Bid point deductions may be adjusted as we learn from the bidding system (currently = 1,000 for AVI, SS, & AIR; TBD for rest)
  • We promise to do our very best to get you the information you need for your course selection in a timely manner
  • If you have suggestions or concerns about this process – raise these issues NOW. Feedback provided to us at a later date will not be incorporated into this year’s application process
  • Recognizing that there are no ‘perfect solutions’ in life and in Business school, we have done our best to construct a process that is both fair to our students and incorporates the demands of our faculty
  • January 2010

AVI Sections: Valuation & Search Course

  • Section
  • Distinctives
  • Focus
  • Assignments
  • Blitzer/
  • Shanon
  • Special Situations: spinoffs, distressed, bankruptcy, rights offerings
  • Equity & Debt
  • No shorting
  • Whole class preps a live case study each week; final presentation is your own idea
  • Cooper
  • Become analyst on a specific sector ; search techniques within an industry
  • Equities only
  • Shorting
  • 4 presentations during semester
  • Gaines
  • General & opportunistic; include some portfolio management & decision making
  • Equities only
  • Shorting
  • Prep assigned idea each week (½ historical and ½ new ideas); final presentation is your own idea)
  • Williams/Quinn
  • Find, understand, value a wide variety of businesses; identifying franchise vs. “bad” businesses
  • Equities only
  • Pitch assigned idea every 2 weeks; some group work; pitch own ideas by end of semester

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