Seminars

SEMINAR ON VALUE INVESTING AND THE SEARCH FOR VALUE

About the Seminar

•	Competition for portfolio management jobs and alpha is fierce
•	Search for value and valuation skills and a deep understanding of what creates value are essential
•	The seminar provides the skill set and an understanding of value necessary to beat the competition
•	This is done by bridging the gap between theory and practice and hands on training

Seminar Description

•	The seminar explores the underlying principles of value investing and sets guidelines for its successful application
•	The seminar covers

o	The search for value process, how to find possibly underpriced securities and why such underpricing exists in the financial markets
o	How to determine the intrinsic value of a stock and invest in truly undervalued stocks
o	Alternative methods for constructing a portfolio that controls for risk without restricting investment returns
o	Applications - Valuing and investing in real life companies

Students Learn

•	Simple rules to identify stocks that are possibly undervalued with upside potential
•	To put together simple mechanical strategies to form portfolios that in the long run will outperform the market portfolio
•	How value is created
•	In depth valuation techniques to further narrow down the universe of stocks to those that are truly undervalued with larger upside potential than the stocks identified with the simpler rules mentioned above
•	To use the concept of “Margin of Safety” to translate market and intrinsic value estimates into actual portfolio choices and limit risk in a way that goes beyond diversification
•	Click here to read a research paper by Dr. George Athanassakos that details the performance of the investing decision process taught in the Value Investing Seminar.

Seminar Structure

•	The seminar, which spans five days (and 30 contact hours), consists of two segments
•	The first segment is based on lectures, where the principles underlying the theoretical aspects of value investing are taught
•	The second segment provides an opportunity to apply these principles by working on, discussing and demonstrating their application through a number of valuations of real life companies
•	Break out groups of students work on each valuation exercise during class time for about an hour and a half
•	The class reconvenes for another hour and a half at which time the valuation of each company is discussed and a recommendation of “Invest” or “Not Invest” is made

Who Should Attend

•	MBAs and EMBAs
•	Portfolio Managers
•	Finance Professionals
•	Finance Executives
•	Individual Investors

Program Leader

Dr. George Athanassakos

•	Professor Athanassakos is a Professor of Finance and the Ben Graham Chair in Value Investing at the Richard Ivey School of Business, The University of Western Ontario
•	He has researched extensively the Canadian Capital Markets, Stock and Bond Market Anomalies, and Bond and Equity Valuation Issues Both From a Traditional Valuation and Value Investing Point of View
•	He has offered valuation seminars to Canadian and US valuator societies and in Australia, Chile, Colombia, Cyprus, Denmark, France, Finland, Italy, UK and Greece
•	His teaching ratings are among the highest given at the University, irrespective of whether the seminars taught were in Canada or abroad
•	He is the author of numerous academic research papers and of two books, Derivatives Fundamentals and Equity Valuation

Seminar Dates

June 14-18, 2010, Richard Ivey School of Business, The University of Western Ontario, London, Ontario, Canada

•	Registration Deadline: May 31, 2010.
•	Enrolment is limited to 25 participants, so please register early.

Participants

For lists and photos of past participants click here.

Testimonials

Participants have found this seminar to be an "invaluable tool [which] fills a key educational gap in the value investing field that has not been available since Ben Graham."

Read the entire testimonial along with others from past participants.

To read a review of the seminar in Canadian Business Online click here .

For registration information

Other Offerings

Alternative format and dates are available for groups of over 10 participants.

For more information contact Carly Vanderheyden