Transcript 1990 - Columbia Business School

Student Information Session
February 12, 2008
12:30- 2:00, room 142
Agenda
Introduction – who we are and what we do
 Disclaimers and fine print
 Investing at Columbia – something for everyone
 The VI program – who should apply
 The application process – what is entailed
 Testimonials – advice from the second years
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Recruiting advice
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Some Quick Points
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Recruiting feedback
Stock Pitch 201 – Valuation Session - February 15, 2008
 10:00-10:15 – Introduction - when DCFs can be used
 10:15-10:45 – Examples of real valuation cases – searching for the industry
driver
 10:45-11:30 – Trucking company valuation example
 11:30-11:45 – Break
 11:45-12:30 – CSX brainstorming session
Danilo Santiago: Partner at Rational Asset Management, a newly
launched value fund; formerly a Senior Analyst and Partner at Basswood
Capital covering retail, consumer products and transportation. Mr.
Santiago spent seven years at McKinsey & Co., the last four with the
Corporate Finance Practice. Mr. Santiago holds an MBA from Columbia
Business School and a B.S. in Electrical Engineering from Universidade
de Sao Paulo.”
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Introduction: Heilbrunn Staff
Erin Bellissimo
 Daniela Menghi
 Contact Info:
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Email: [email protected]
Offices – 3rd floor of Uris 325 c & 325 f
Email to make an appointment
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Introduction: The Heilbrunn Center Overview
Our mission is to lead the theory and practice of investing
 Our approach
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 Curriculum
enhancements &
course
development
 Class speakers
 Case studies
 Sonkin prize
 Practitioner chair
Education
Research
Initiatives &
Special Projects
 Walter Schloss
Investing Archives /
Library
 Intellectual property
development
 Joint research
efforts
 Product
development
Outreach
 Conferences
 Networking events
 Discussion forums
 Recruiting support
 Recognition of excellence
 Partnerships
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Disclaimers and Fine Print
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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, right now = 1,000 for AVI, SS, & SVI, 2,00 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
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Increasing specificity & focus on value investing
Investing Electives – Something for everyone
Capital Markets requirement must be full filled
2. Economics of Strategic Behavior will be in EMBA
3. Turnarounds
4. Security Analysis
5. Earnings Quality
6. Seminar in Value Investing
7. Distressed Value Investing
8. Special Situations and Value Investing
9. Applied Value Investing
10. Advanced Investment Research
1.
All open
through
bidding
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VI Sequence: MBA Curriculum details
Term:
Course:
Fall
Applied
Value
Investing
Value &
Special
Situations
Investing
Objective: • Provide ‘real • Expose students
life’ analyst
to search
experience
strategies special
• ‘Investing
situations
incubator’
• More analyst
practice
Capacity:
• 36 MBAs
Instructors: 1. Ramsden
Spring
Economics
of Strategic
Behavior
• Evaluating
competitive
advantage
(franchises)
• Convey
Graham &
Dodd
approach to
securities
analysis
Distressed
Value
Investing*
• Investing in
distressed
companies –
(bankruptcy
reorganizations
& failing
companies)
Seminar in
Value
Investing
Advanced
Investment
Research
• Modern day • Research
Graham &
skills / ‘edge’
Dodd
framework
• Exposure to
leading
investors
• 36 MBAs
• 270 MBAs
• 240+ MBAs
• 40 MBAs
• 100 MBAs
1. Greenblatt
1. Greenwald
in EMBA
1. Berg
(summer)
1. Blechman /
Krueger*
may move
to Fall
1. Greenwald 1. Griffin /
Greenspan
/ Marks
• Application
• Application
• Bidding
• Bidding
• 2,000
• 1,000
2. Sonkin
2. Corasaniti
3. Williams
Admission: • Application
only
• Application
only
• Application
Bid points if • 1,000
• 1,000
• 2,000
• Bidding
• Bidding
• You bid
• 17 MBAs
2. ShubinStein
3. Mauboussin
4. Cooper
in VI program
Security
Analysis
• Application
only
• 1,000
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Value Investing Faculty
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Arnaud Ajdler
Avi Berg
Dave Blechman
Jeff Cino
Mark Cooper
Michael Corasaniti
Joel Greenblatt
David Greenspan
Bruce Greenwald
John Griffin
Andrew Gundlach
Dan Krueger
Steven Marks
Michael Mauboussin
Dave Rabinowtiz
Eddie Ramsden
Guy Shannon
Ken Shubin-Stein
Paul Sonkin
Tom Tryforos
Thomas Vail
Artie Williams
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Value Investing (Spring – EMBA)
Security Analysis (Summer)
Distressed Value Investing (Fall)
Applied Value Investing (Fall w/ Cooper)
Applied Value Investing (Fall)
Security Analysis (Fall)
Value & Special Situations Investing (Fall)
Advanced Investment Research (Spring)
Seminar in Value Investing (Spring)
Advanced Investment Research (Spring)
Applied Value Investing (TBD)
Distressed Value Investing (Fall)
Advanced Investment Research (Spring)
Security Analysis (Spring)
Applied Value Investing (Fall w/ Ramsden)
Applied Value Investing (Fall)
Applied Value Investing (Fall w/ Williams)
Advanced Investment Research (Spring 2009)
Applied Value Investing (Fall)
Applied Value Investing (Fall & Spring EMBA)
Applied Value Investing (TBD- EMBA)
Applied Value Investing (Fall)
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Who Should Apply?
Our perspective
 Second year advice
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VI Sequence – Administrative Details
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Enrollment capacity < 40 students
Informational session held February 12, 2008 to answer questions about
courses
Application process for Applied Value Investing (AVI), Special Situations
& Distressed Value Investing
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Interview required in late April, early May (sign up schedule
will be posted in April)
Students apply by mid May 2008 to faculty & administration
Applicants chosen based on: interest in the subject matter,
aptitude for investing, and demonstrated commitment to the
industry
1.
2.
3.
A cover letter or one page essay explaining why you want to take this class
Submit resume
Investment idea
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Application Procedure Fall 2008: Overview
Deadline - submit electronically, by May 14th 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 2008
 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:
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April 16th, 17th, 22nd, 23rd, May 1st
Starting on Tuesday, February 12th you can sign up for an interview
slot on the sign-up sheets outside Uris Hall Room 325C. Time slots
will be filled on a first come first serve basis. Be sure to sign up by
April 13th.
Notification - June 9, 2008 via email on application
(Application Procedure continued on next slide)
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Application Procedure: Administrative
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Your full application should consist of the following:
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Completed interview. 15 minute interviews will be scheduled with
Heilbrunn staff.
Completed “Applicant Information” form. Including relevant
contact information for notification in June (see 2-pages below)
Resume. Including your summer position
Cover Letter or One-page Essay.
Investment write up
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Application Procedure: Investment Idea
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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:
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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)
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Application Review Process:
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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 enroll in.
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What 1st Years Can do to get ready for a
career in Investing
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Get involved in CIMA to meet 1st & 2nd years interested in this field
Read everything you can (Graham, Fisher, Greenwald, Buffett, etc.)
Start researching stock ideas, develop pitches, prepare reports (utilize
Analyst Cookbook on reserve at the library)
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Join Investment Ideas Club through CIMA
Look at the holdings of firms you respect for ideas
Get feedback from your CIMA mentor
Attend stock pitch training sessions sponsored by CIMA
Network, network, network – reach out the 2nd years, alumni, and people at
firms you are interested in.
Take initiative – this process depends on you being a good ‘analyst’ (even as
it relates to your job search)
Attend CIMA conference (Feb. 1, 2008 and all CIMA sponsored events)
Still have questions? Visit www.grahamanddodd.com for more
information or email [email protected].
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NOTICE: VI Program Schedule Change
 We
MAY move Distressed to the FALL
semester
 As
of February 12, 2008
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Application Download Instructions

The application will be available on the Heilbrunn Center
website under password protection. Follow these steps to
download:
(1)
(2)
(3)
(4)
Visit www.grahamanddodd.com
On the navigational bar click on “Courses & Faculty”
Follow the link that says “Applied Value Investing Fall ’08
application – Click to Download”
To access file use the following information:
Login: columbia
and
Password: avi2008app
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2007-2008 Value Investing Course Information
MBA Student Information Session
TUESDAY, FEBRUARY 12th
URIS 142 at 12:30pm
The Session will provide details on the application process for next Fall’s APPLIED
VALUE INVESTING course. Specific directions on how to obtain an application will
be provided at this info session. If you cannot make the info session be sure to make
arrangements with a fellow student to obtain all vital information for you.
This information session is open to FULL-TIME MBA FIRST YEARS ONLY. There will be a separate session for
EMBA students interested in taking value investing courses – EMBA students should look out for general email from EBMA
student affairs for more info.
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