Equity Investing Workshop
Module 2 : Bottom Up, Fundamental Equity Investing (18 & 19 May 2016)
This four-day "Equity Investing" workshop is organized into two modules of two days each. Attendees may choose to attend to attend only Module 1 (Days 1 and 2), only Module 2 (Days 3 and 4), or both Module 1 and Module 2 (all four days).
Module 2 demonstrates bottom up equity investing by applying a disciplined investment process to evaluate, invest and risk manage individual opportunities. We introduce the practice of high conviction, focused investing through fundamental due diligence practiced by successful investors with long records, such as Warren Buffett, John Maynard Keynes and Mohnish Pabrai.
For part of Day 3 and all of Day 4, we will apply the bottom up framework to four real world case studies. Cases will be across a wide spectrum such as deep value opportunities, long-term compounders, special situations, value traps and short selling situations. The cases will be approached from the perspective of an unlevered, conviction investor with an absolute return perspective who intends to beat the market over the long term.
Who should attend?
Current or future investors in equities and equity funds, including individual investors, fund managers, wealth managers, private equity investors, equity sales professionals, investment bankers, entrepreneurs, and CFA candidates / charter holders with a personal and/or professional interest in becoming better equity investors.
Attendees are assumed to be comfortable with the basics of Microsoft Excel, but are not expected to have any background or experience in equity markets.
Day 1: Introduction to Bottom-up Security Selection
- Overview of compounders: Features of stocks that went up 10,000%. Portraits of super investors who built fortunes.
- Introduction to focused investing: Investing with an edge, position sizing, risk management and behavioral finance.
- Building the toolkit: understanding financial statements, building a circle of competence, quantifying moats, practical valuation, position sizing and controlling emotions.
- The investigative investor: Using financial statements to guide the research process, developing an edge through real world due diligence, applying multiple mental models, and deploying skepticism.
- Outlining a four-step investment process: Sourcing ideas, evaluating opportunities, margin of safety and position sizing, checklists and maintenance due diligence.
Course Outline / Modules:
1. Bottom up investing: The right and wrong ways. Who should do it and who should not? How to do it and is it worth it?
2. Case Study #1: Deep Value Investing. The business is a disaster but the investment is a success.
Day 2 - Three case studies in bottom-up Stock Selection
- Evaluating different types of investment situations using source information like Annual Reports
- Identifying mispricing and understanding the price vs. value gap
- Upfront risk management: margin of safety, position sizing, investment thesis
- Practical, step by step demonstrations using actual investing situations, done in group breakout sessions
Course Outline / Modules:
1. Case Study #2: Either a long term compounder, or a value trap case
2. Case Study #3: Special situations investing (spinoffs, mergers, bankruptcies)
3. Case Study #4: Short selling opportunity (fraud, failure or promotional stock)
Eligible for FTS and Skills Future Credit : Programme Code : P160310XPB
This workshop is eligible for 14 CE credit hours and 14 CPD hours
Requirement: Bring own PC laptop for the workshop
CFA Singapore member price : S$1,600* (Eary Bird fee) / S$1,900* (Standard fee)
Non-member price : S$1,900* (Eary Bird fee) / S$2,200* (Standard fee)
Course fee for 2 modules :
CFA Singapore member price : S$3,000* (Eary Bird fee) / S$3,600* (Standard fee)
Non-member price : S$3,600* (Eary Bird fee) / S$4,200* (Standard fee)
Early bird fee valid till 16 April 2017
* Prices before 7% GST
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