New York City - Optional Practical Training
The AI-Empowered Investment Analyst Training Program adheres to the concept of "AI empowering finance and leading future investments." Under the guidance of experienced Wall Street investment experts, participants systematically study the portfolios of internationally renowned financial masters. They apply cutting-edge AI financial technologies to enhance investment concepts and skills, building long-term sustainable investment strategies that meet the requirements of "wealth inheritance" and "outstanding performance." This program provides a solid foundation for participants to advance into Wall Street financial firms.
Since 2012, we have launched a series of investment study programs, attracting participation from over 500 schools and 22,000 students globally. For 11 consecutive years, we have organized students to attend the Buffett Shareholders Meeting, including forums and private sessions. Many outstanding alumni have successfully secured positions at top international financial institutions, such as Goldman Sachs, Morgan Stanley, Blackstone, and CLSA.
To apply for the position, please email your resume and a cover letter highlighting your qualifications to hr@larsonedu.com with the subject line "NYC-OPT."
The AI-Empowered Investment Analyst Training Program adheres to the concept of "AI empowering finance and leading future investments." Under the guidance of experienced Wall Street investment experts, participants systematically study the portfolios of internationally renowned financial masters. They apply cutting-edge AI financial technologies to enhance investment concepts and skills, building long-term sustainable investment strategies that meet the requirements of "wealth inheritance" and "outstanding performance." This program provides a solid foundation for participants to advance into Wall Street financial firms.
Since 2012, we have launched a series of investment study programs, attracting participation from over 500 schools and 22,000 students globally. For 11 consecutive years, we have organized students to attend the Buffett Shareholders Meeting, including forums and private sessions. Many outstanding alumni have successfully secured positions at top international financial institutions, such as Goldman Sachs, Morgan Stanley, Blackstone, and CLSA.
To apply for the position, please email your resume and a cover letter highlighting your qualifications to hr@larsonedu.com with the subject line "NYC-OPT."
The GreenFuture Scholars (GFS) advanced research course was established by the ACME Society and originated from the "Global Young Investors" project established in 2014. GFS is managed by New York based education company Larson International. This course recruits students who are committed to in-depth study and advanced research in the fields of finance, economics, social entrepreneurship, Fintech and leadership. It focuses on green investment and sustainable finance, and combines ESG investment and business competitions to guide students to achieve the 2030 United Nations Sustainable Development Goals.
GFS is supported by the GreenFuture Fund to carry out research and practice on carbon reduction, new energy and the United Nations Sustainable Development Goals. The investment of the fund is combined with the investment portfolio recommendations put forward by GFS scholars, with green sustainable development and carbon reduction as the main goals.
The program contains two levels of curriculum and certificate:
For more information, please email your resume to info@larsonedu.com
GFS is supported by the GreenFuture Fund to carry out research and practice on carbon reduction, new energy and the United Nations Sustainable Development Goals. The investment of the fund is combined with the investment portfolio recommendations put forward by GFS scholars, with green sustainable development and carbon reduction as the main goals.
The program contains two levels of curriculum and certificate:
- GreenFuture Scholars (GFS)
- Senior GreenFuture Scholars (SGFS)
- A cumulative GPA of 3.0 or above.
- Currently participating or have participated in the SIC Investment Competition, or similar international competition in the economics and financial category.
- Acknowledge and agree with the 2030 UN Sustainable Development Goals.
- Excellent knowledge of economics, finance and investing.
- No previous academic disciplinary charges and no previous disciplinary sanctions.
For more information, please email your resume to info@larsonedu.com
iShares Asset Allocation Alpha Contest ( Sponsored by Blackrock )
Trading Contest
iShares Asset Allocation Alpha Contest allows contestants to invest in 30 preselected iShares ETFs. Selling short is NOT allowed. This contest focuses on tactical asset allocation strategy.
Student Investment Contest ( "SIC" )
Trading & Strategy Contest
SIC allows contestants to invest in sustainability related companies. This contest focuses on strategy and ESG.
Value Investing Contest
Research Contest
Value Investing Contest allows participants to conduct fundamental research and make investments recommendations based on fundamental analysis.
VALUE INVESTING has been around since the beginning of investing history. Legendary investing author Benjamin Graham is the widely considered to be the father of modern security analysis and value investing. Graham and David Dodd, another Columbia academic, introduced the concept of intrinsic value and the wisdom of buying stocks at a discount to that value. Graham’s ability to find profitable investing ideas led him to start the Graham-Newman Partnership in 1926. The Graham-Newman partnership prospered, boasting an average annual return of 17% until its termination in 1956. It was at this firm that Warren Buffett worked early in his career, learning from the master. Graham also blazed trails for the profession of investing and helped start what would later become the CFA Institute.
Value Investing Defined
Value investing is the strategy of choosing stocks that are undervalued and investing in those for future profits. Markets overreact to both positive and negative news, resulting in stock price movements that do not correspond with the company's long-term fundamentals. The result is an opportunity for value investors to profit by buying when the share price is low. That is why value investors are often referred to as bargain hunters or even treasure hunters. Typically, value investors select stocks that trade at discounts to book value, have high dividend yields, have low price-to-earnings multiples or have low price-to-book ratios.
Value Investing is generally considered to be:
Graham’s Stocks Selection Criteria
It was in the first edition of Security Analysis that Ben Graham put his mind to converting his views on markets to specific screens that could be used to find undervalued stocks. Graham suggested that the first five are essentially valuation criteria, and the following five are criteria that ensure the financial health of the business.
Tenets of the Warren Buffett Way
Warren Buffett is considered to be one of the greatest investors of all time. Early on in his investing career, Warren Buffett took Ben Graham’s work as the bedrock upon which he would build his investing philosophy. In Chapter four of The Warren Buffett Way, Robert Hagstrom identifies Buffett’s set of basic principles, or tenets, that guide his decisions.
“…they naturally group themselves into four categories:
Margin of Safety
Warren Buffett calls them "the three most important words in all of investing." Benjamin Graham described the margin of safety for any asset to be the discount between conservatively calculated intrinsic value and the price you paid for that asset. The margin of safety protects the investor from both poor decisions and downturns in the market. Because fair value is difficult to accurately compute, the margin of safety gives the investor room for error. In example, if shares of ABC Inc. currently trade for $60, but the intrinsic value of the share is $100, then the margin of safety is 40%. On a related note, the potential upside of the share is 67%.
Conclusion
As Warren Buffett once said, “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” Value investors take advantage of the fluctuations of the market. They look for value companies with great futures at discount prices. Buying these undervalued stocks delivers outstanding returns over time as the price rises to catch up with the value.
Trading Contest
iShares Asset Allocation Alpha Contest allows contestants to invest in 30 preselected iShares ETFs. Selling short is NOT allowed. This contest focuses on tactical asset allocation strategy.
Student Investment Contest ( "SIC" )
Trading & Strategy Contest
SIC allows contestants to invest in sustainability related companies. This contest focuses on strategy and ESG.
Value Investing Contest
Research Contest
Value Investing Contest allows participants to conduct fundamental research and make investments recommendations based on fundamental analysis.
VALUE INVESTING has been around since the beginning of investing history. Legendary investing author Benjamin Graham is the widely considered to be the father of modern security analysis and value investing. Graham and David Dodd, another Columbia academic, introduced the concept of intrinsic value and the wisdom of buying stocks at a discount to that value. Graham’s ability to find profitable investing ideas led him to start the Graham-Newman Partnership in 1926. The Graham-Newman partnership prospered, boasting an average annual return of 17% until its termination in 1956. It was at this firm that Warren Buffett worked early in his career, learning from the master. Graham also blazed trails for the profession of investing and helped start what would later become the CFA Institute.
Value Investing Defined
Value investing is the strategy of choosing stocks that are undervalued and investing in those for future profits. Markets overreact to both positive and negative news, resulting in stock price movements that do not correspond with the company's long-term fundamentals. The result is an opportunity for value investors to profit by buying when the share price is low. That is why value investors are often referred to as bargain hunters or even treasure hunters. Typically, value investors select stocks that trade at discounts to book value, have high dividend yields, have low price-to-earnings multiples or have low price-to-book ratios.
Value Investing is generally considered to be:
- Conservative, relative to other investment disciplines (growth investing, momentum)
- Defensive – as a safeguard against adverse future developments encountered in the stock market
Graham’s Stocks Selection Criteria
It was in the first edition of Security Analysis that Ben Graham put his mind to converting his views on markets to specific screens that could be used to find undervalued stocks. Graham suggested that the first five are essentially valuation criteria, and the following five are criteria that ensure the financial health of the business.
- An earnings-to-price yield at least twice the AAA bond rate
- P/E ratio less than 40% of the highest P/E ratio the stock had over the past 5 years
- Dividend yield of at least 2/3 the AAA bond yield
- Stock price below 2/3 of tangible book value per share
- Stock price below 2/3 of Net Current Asset Value (NCAV)
- Total debt less than book value
- Current ratio great than 2
- Total debt less than 2 times Net Current Asset Value (NCAV)
- Earnings growth of prior 10 years at least at a 7% annual compound rate
- Stability of growth of earnings in that no more than two declines of 5 per cent or more in year-end earnings in the prior 10 years are permissible
Tenets of the Warren Buffett Way
Warren Buffett is considered to be one of the greatest investors of all time. Early on in his investing career, Warren Buffett took Ben Graham’s work as the bedrock upon which he would build his investing philosophy. In Chapter four of The Warren Buffett Way, Robert Hagstrom identifies Buffett’s set of basic principles, or tenets, that guide his decisions.
“…they naturally group themselves into four categories:
- Business tenets – three basic characteristics of the business itself.
- Is the business simple and understandable?
- Does the business have a consistent operating history?
- Does the business have favorable long-term prospects?
- Management tenets – three important qualities that senior managers must display.
- Is management rational?
- Is management candid with its shareholders?
- Does management resist the institutional imperative?
- Financial tenets – four critical financial decisions that the company must maintain.
- What is the ROE?
- What are the company’s “owner earnings”?
- What are the profit margins?
- Has the company created at least one dollar of market value for every dollar retained?
- Market tenets – two interrelated cost guidelines.
- What is the value of the company?
- Can it be purchased at a significant discount to its value?”
Margin of Safety
Warren Buffett calls them "the three most important words in all of investing." Benjamin Graham described the margin of safety for any asset to be the discount between conservatively calculated intrinsic value and the price you paid for that asset. The margin of safety protects the investor from both poor decisions and downturns in the market. Because fair value is difficult to accurately compute, the margin of safety gives the investor room for error. In example, if shares of ABC Inc. currently trade for $60, but the intrinsic value of the share is $100, then the margin of safety is 40%. On a related note, the potential upside of the share is 67%.
Conclusion
As Warren Buffett once said, “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” Value investors take advantage of the fluctuations of the market. They look for value companies with great futures at discount prices. Buying these undervalued stocks delivers outstanding returns over time as the price rises to catch up with the value.
The Oracle & Omaha: How Warren Buffett And His Hometown Shaped Each Other
If you are interested to purchase a limited signed edition, pleases contact us.
Online Resources
Berkshire Hathaway
http://www.berkshirehathaway.com/
Warren Buffett's letters to Berkshire shareholders, press releases and much more.
Value Investment Institute
http://www.valueinstitute.org/
The site has been set up by a group of Investment professionals and asset managers, all of whom share the core belief that value investment has the greatest chance of delivering strong performance over the long term.
Ben Graham Centre for Value Investing
http://www.bengrahaminvesting.ca/
This website provides some wonderful research and interviews with some value investing legends.
Value Investing Letter
http://www.valueinvestingletter.com/
A news portal providing up-to-the-minute business and value investing articles and videos from the world’s leading publications.
ValueWalk
http://www.valuewalk.com/
A news site covering all breaking financial news with an emphasis on value investing.
Investing for Beginners
http://beginnersinvest.about.com/
Articles, resources, lessons, guides, and other information on basic investments.
How Buffett Invests
http://www.buffettsecrets.com/category/techniques
Buffett FAQ
http://buffettfaq.com/
A compendium of Q&As with Warren Buffett.
Video lectures at Columbia Business School
http://www7.gsb.columbia.edu/valueinvesting/
The archived videos of guest lectures by world renowned investors such as Thomas Russo, Chris Browne, Michael Price, Glenn Greenberg, Mohnish Pabrai, Li Lu. The lectures are about 60-90 minutes in length and provide good insights into the investing styles and philosophies of these successful investors.
Silicon Live with Contest Winners
Wealthtrack Podcast
http://www.wealthtrack.com/
A variety of guests from equity and fixed income mutual fund managers, authors of best-selling books, economists, historians etc. An excellent weekly half hour program is available on the website as well as via iTunes.A Glossary Of Value Investing TermsBook Value: The value of an asset as declared in a company's accounts.
Discounted Cash Flow (DCF): A valuation method used to estimate the attractiveness of an investment opportunity. Discounted cash flow (DCF) analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one.
Discount Rate: An interest rate used to bring future values into the present when considering the time value of money.
Dividend Discount Model (DDM): A means of estimating (not calculating) the value of company based on its dividend payouts, assuming certain increases to the dividend and growth in the company.
EBITDA/EV Multiple: A financial ratio that measures a company's return on investment. The EBITDA/EV ratio may be preferred over other measures of return because it is normalized for differences between companies. Using EBITDA normalizes for differences in capital structure, taxation and fixed asset accounting. Meanwhile, using enterprise value also normalizes for differences in a company’s capital structure.
Generally Accepted Accounting Principles (GAAP): The common set of accounting principles, standards and procedures that companies use to compile their financial statements.
Gearing: A fundamental analysis ratio of a company's level of long-term debt compared to its equity capital.
Goodwill: An accounting concept meaning the value of an asset owned that is intangible but has a quantifiable "prudent value" in a business
Insider Trading: The buying or selling of a security by someone who has access to material, nonpublic information about the security.
Intrinsic Value: The actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors.
Margin of Safety: The difference between a stock’s price and its intrinsic value. This difference allows an investment to be made with minimal downside risk.
Mr. Market: An allegory created by Benjamin Graham. It explains the stock market tends to fluctuate, and that it is usually best to ignore these fluctuations when determining whether to buy or sell stocks.
Net-Net: A value investing technique in which a company is valued solely on its net current assets.
Off-Balance-Sheet: Contrast to loans, debt and equity, which do appear on the balance sheet.
Relative Value: A method of determining an asset's value that takes into account the value of similar assets.
Risk Management: The process of identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making.
Value Trap: Stock traps attract investors who are looking for a bargain because these stocks are inexpensive. The trap springs when investors buy into the company at low prices and the stock never improves.
Investment Education
- Financial Markets by Professor Robert Shiller of Yale University
This course's Copyright belongs to Open Yale Courses and the author. Link
Professor Robert Shiller was awarded the 2013 Nobel Prize for Economics. He was the keynote speaker to the GIC winners at 2014 Omaha Summit.
Professor Robert Shiller was awarded the 2013 Nobel Prize for Economics. He was the keynote speaker to the GIC winners at 2014 Omaha Summit.
- Becoming Warren Buffett HBO Documentary Films
- Everything You Need to Know About Finance and Investing in Under an Hour
- Financial Statement Analysis ( Income Statement, Balance Sheet, Cash Flow Statement)
- Ray Dalio breaks down his "Holy Grail"
- The CFA Institute Code of Ethics and Standards of Professional Conduct