FIN4121 Equity Research Seminar 2 (2 MC module) - NUS

FIN4121EquityResearchSeminar2(2MCmodule)
Instructor:JamesCheng
Email:bizchkkj
Office:BIZ2#02‐19
Class:Wednesday8am–11am,everyotherweekstarting21January2015
Venue:CAMRILab
CourseDescription
Thiscourseintroducesstudentstothetopdownapproachofofportfolio
managementandhowportfolioswithmultiplecountriescanbeconstructedin
additiontohigh‐lightingtheskillsneededforstockselectionusingfundamental
researchandhowthesequalitativeskillsareappliedtoportfoliomanagementin
theinvestmentindustrythroughaseriesofcompanyresearchreportwriting
andportfoliopositioningandconstruction.
CourseObjective
Theobjectiveofthiscourseistoprovideapracticalframeworkforstudentsto
understandhowtoconstructregionalportfoliosusingatop‐down
macroeconomicapproachandhowtoblendthetfundamentalstockresearch
fromthestudentsandthentoconstructaportfolio.Thecourseseekstoprepare
studentsforaninvestmentmanagementcareerbyprovidinganunderstanding
ofwhatgoesoninthemindsofinvestorswhentheyputcapitaltowork.Student
willlearntheimportanceofunderstandingbusinessmodelsandhowbusiness
createvalues.Theywillalsolearnhowportfoliosareconstructedfromstocks
theyhaveanalysed.
CourseFormat
Thecourseaimstosimulateanactual“buy‐side”researchenvironmentwith
classdiscussiononhowtohandlecountryanalysisandtakeintoconsideration
macroeconomicfactors.Studentswillalsoproduceresearchreportsonactual
companyresearchwritingwiththeobjectiveofputtingthemintoareallifeAsian
portfolio.TheclasswillconsolidatewhatislearnedinclasseslikeApplied
PortfolioManagement,ValueInvestinginAsiabyapplyingthemtotheresearch
reports.
Meetingsarefortnightly.Studentsareexpectedtoproduceoneindepth
companyresearcheverymonthinsectorteams(individualassessment)and
presentthereportinclass.Duringclasses,studentsareexpectedtoparticipate
activelyincritiquingpresentationsoftheirfellowstudents.Atotalofthree
companyreportswillbepresentedforthecourse,includingoneonsitecompany
researchreport.
Guestlecturers(portfolioandanalysts)willbeinvitedtoparticipateinthe
lecturestocritiquecaseandalsodelivershortlecturestosharetheirexperience.
Groupsandcasework
Studentswillworkincountry/sectorteamsandarerequiredtoproduce2
individualreportsand1teamreport.Wewillarrangeformeetingswith
managementsubjecttoavailability.
Attendance
Thisisa6‐weekmodule,studentsmustnotmissmorethanoncebutwillbe
disadvantagedbytheparticipationgrading(absenceonmedicalgrounds
supportedbymedicalcertificatesorcompassionatereasonsnotcounting).
Grading
1.ClassParticipationandresponds35%
2.ResearchReports35%
3.Others(fieldwork,presentations)30%
Therewillbenofinalexaminationforthiscourse.
RecommendedReadings:‐
Books
1. Manias,PanicsandCrashes–CharlesKindleberger
2. TheIntelligentInvestor–BenjaminGraham
3. UnconventionalSuccess–DavidFSwensen
4. ExpectationsInvesting–AlfredRappaportandMichealJ.Mauboussin
5. CapitalAccounts–EdwardChancellor(MarathonAssetManagement)
6. ThePsychologyofRisk–AriKiev
7. AgainsttheGods–PeterBernstein
Papers:
1. PerformanceMeasurement:AnInvestor’sPerspective,CharlesM.C.Lee,
StanfordUniversity
2. SevenSinsofFundManagement,JamesMontier

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