VALUE INVESTING (ONLINE)

MAKING INTELLIGENT INVESTMENT DECISIONS

 OVERVIEW
Value Investing (Online): Making Intelligent
Investment Decisions is a two-month online
program that teaches one of the most successful
investment strategies ever developed. Legendary
investors like Warren Buffett and Mario Gabelli
have been guided by the Value Investing principles
during their entire careers. It’s an investment
approach that helps investors identify, research,
and buy securities priced well below their true
market value.
This program is designed to give you a strong
foundation in the value investing process. We’ll give
you tools and strategies to collect and analyze
information as well as an integrated framework
that teaches you how to identify opportunities for
investment that others may miss.
We ask questions such as:
Does diversification create value?
How do economies of scale, first mover
advantage, and barriers to entry factor into the
equation?
When does the value investor know when to buy?
When does growth create value?
At the end of the program, you will be able to:
Apply the value investing principles to make smart,
rational investment decisions
Think independently about investment
opportunities without simply following the market
Learn to calculate asset value and earnings power
value to understand the underlying value of a
security
Be able to conduct a strategic analysis of a
company to understand its ability to produce
ongoing profits
Learn how to assess and value growth
opportunities and learn why many value investors
shun high growth businesses
Execute a method for making investments by
exploiting available data
Follow a process for systematic valuation
01 Strengthen your ability to evaluate growth and risk
Value investing was developed at
Columbia Business School in the
1920s by finance professors
Benjamin Graham and David Dodd.
Columbia Business School is known
as the center for value investing and
is home to the Heilbrunn Center for
Graham and Dodd Investing. The
school has many distinguished value
investor alumni including Warren
Buffett, Mario Gabelli, Glenn
Greenberg, Charles Royce, and John
Shapiro. Columbia Business School’s
value investing methodology is
taught in this program. While it is
admired globally, investors turn to
Columbia Business School to learn
from the source.
START DATE
November 13, 2019
DURATION
2 months,
6-8 hours per week
FORMAT
Online
PRICE
$3,750
*GST applicable to Singapore
residents.
WHO SHOULD ATTEND
Individual investors and portfolio managers will benefit from learning the value investing methodology,
uncovering opportunities that others miss. But beyond that, the analytical approach teaches critical
thinking about growth and profitability, which is valuable for all corporate decision makers.

PARTICIPANT PROFILE
On your journey to learning value investing principles with Columbia Business School Executive
Education, you’ll be in good company. Past participants come from a wide range of industries, job
functions, and management levels — from more than 40 countries around the world. This program
teaches investors and corporate decision makers one of the most successful investment strategy
ever developed.

Participants by Job Function

Participants include both entrepreneurs and intrapreneurs, individual contributors, and
cross-functional teams. Representative job functions and titles include:

CEOs & Managing Directors Full-time Investors

CFOs Fund Managers
CIOs Investment Directors
Chairpersons Investment Strategists
Financial Advisors Portfolio Managers
Financial Analysts Vice Presidents

Representative Companies
Participants include employees from companies like:

Accenture J.P. Morgan

Bank of Tokyo and Mitsubishi KPMG
Credit Suisse Merrill Lynch
Dentsu Morgan Stanley
Deutsche Bank PayPal
Goldman Sachs Philip Morris International
HSBC Private Banking Shell
Ipsos Volkswagen
Johnson & Johnson Wells Fargo
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 Participants by Industry
Others*
Banking & Financial
Services
27%

38%

1%
Retail
1%
Transport - Logistics 3%
3%

Education 4%
8%
4%
5% 6%
Energy
Industrial Goods
Healthcare
IT Services
Consulting Real Estate

Others* includes Advertising, Agriculture, Civil Construction, Ecommerce, Electronics & Hardware, FMCG, Human Resources,
IT Products, Media, Telecommunications, and Tourism.

Participants by Region
Value Investing knows no borders, nor does our classroom. Participants from over 40 countries have
joined the program, leveraging our advanced online learning platform. Connect to other value
investors around the world.

Others*
United States

25%
33%

Taiwan 2%

2%
India 4%

4% 7%

United Kingdom 4%
6% 6%
6%
Canada Hong Kong

United Arab Emirates

Singapore
Australia Mexico

Others* includes Argentina, Belgium, Brazil, China, Colombia, Costa Rica, France, Germany, Greece, Ireland, Italy, Japan,
03 Lebanon, Malaysia, Netherlands, Norway, Poland, Russia, Saudi Arabia, South Africa, Spain, Switzerland, and Taiwan.
WHAT PARTICIPANTS
SAY

“The best part was the dialogue between

“The program helped me understand a
new way of viewing investing.”
—Craig Kelley, Owner at KELLEY
Investments
USA
classmates, myself, and the TA. Being
able to get answers to long-held
questions is a huge value-add.”
—Britton Sorensen, Investment Analyst,
Sparrow Fund Management, LLC
USA

“Best part of the program was that

“The best part of the course for me was
concepts were introduced with good
the diversity of cases discussed such as
examples and case studies. The pace was
Walmart, Dollar General, Nestle, and
good and the teaching assistant was the
Amazon.”
best I have had”
—Kirit Modi, Managing Director,
—Chintan Desai, Deputy Director, NYC
Horizon Packs
Department of Buildings
INDIA
USA

04
 PROGRAM
EXPERIENCE

At Columbia Business School, peer-to-peer learning

and application are integral to a student’s learning
experience. We have replicated this approach in our
globally connected classroom.

Bite-Sized Real-world Case Studies

Learning Application

Cohort-based Grading and Pre–recorded

Evaluation Video Lectures

Application Capstone
of Learning Project

Note: Columbia Business School Executive Education reserves the right to change the curriculum and delivery of the program to improve the

03
05 participant experience.
BENEFITS TO
THE LEARNER

Intellectual Capital Brand Capital

Rigorous and experiential curriculum Certificate of Participation from Columbia

World-renowned faculty Business School Executive Education
Globally connected classroom
Action learning: learning by doing

Social Capital Career Capital

Build new networks through Personal acceleration through a proven

peer interaction investment strategy
Benefit from diverse class profiles Learn while you earn
Grow wealth by spotting opportunities

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 PROGRAM
HIGHLIGHTS

Our approach to this program is to teach the core value investing concepts and then take the learners
through in-depth case studies where they will apply these concepts. Key components include video
lectures, case studies, and application exercises so the methods are put to use with real-world
company examples.

175 8 8
Video Lectures Exercises Case Studies

YOUR LEARNING
JOURNEY
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SYLLABUS

The program pivots between teaching concepts and applying them to real-world case studies. Every two
weeks, participants learn a new set of concepts and have multiple opportunities to apply the learning.

Module 1 Module 5

Value Investing Framework Growth and Value

Foundations, framework, and introduction to Estimating future earnings and accounting
asset value: Overview of the valuation approach for growth using Walmart as an example.
and calculating asset value.

Module 2 Module 6

Earnings Power Value Amazon Case Study

The methodology to identify and buy securities Calculating the value of a high-growth
priced well below their true value. company in dynamic industry segments.

Module 3 Module 7

Strategic Analysis Risk Management

Understanding the value of scale economies and Managing the risks of individual stocks and
barriers to entry. portfolios through proven financial and
management strategies.

Module 4 Module 8

Magna International Case Study John Deere Case Study

Valuation exercise for the automotive market in Using the value investing approach to
the aftermath of the financial crisis. evaluate the attractiveness of John Deere.

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 CASE
STUDIES

We apply concepts by valuing real companies through case studies from Walmart, Amazon, Intel, John
Deere, and others. And we’ll tackle highly-debated topics such as: When does growth create value? How
can we measure competitive advantage? How should we value risk?

Walmart Hudson General

How does Walmart’s What does it mean when a
expansion into China company has a higher
affect our valuation Earning Power Value
estimates? (EPV) than its Asset Value
(AV)?

Intel Nestle
Does the shrinking market How has Nestle grown over
for personal computers the years — organically or
spell trouble for Intel? via acquisitions?

Amazon Magna International

How does one even How can we find value in
approach the valuation of an industry in deep
a market giant growing decline?
approximately 30 percent
per year?

John Deere Ferrovial

Capstone case study that When and how can an
cultivates understanding investor take advantage
by pulling all the pieces of a real estate bubble?
together.

Note: All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply

09 any affiliation with or endorsement by them.

PROGRAM
FACULTY

Tano Santos
David L. and Elise M. Dodd Professor of Finance
Faculty Co-Director and Head of Research
of the Heilbrunn Center for Graham & Dodd Investing

Tano Santos is an expert in value investing at Columbia Business School.

His current research focuses on two distinct areas: asset pricing, with an
emphasis on theoretical and empirical models that can account for the
predictability of returns, and applied economic theory, specifically, the
economics of financial innovations as well as theory of organizations.
Santos joined the Columbia Business School faculty in 2003.

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 CERTIFICATE

Upon completion of the program, participants will receive a certificate of participation from Columbia Business
School Executive Education.

Upon completion of this program, you will receive a digital verified certificate. This certificate also counts towards one day to
the Certificate in Business Excellence, which has select alumni and tuition benefits. Your digital verified certificate will be
issued in your legal name and emailed to you, at no additional cost, upon completion of the program, as per the stipulated
requirements. All certificate images are for illustrative purposes only and may be subject to change at the discretion of the
Columbia Business School Executive Education.
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ABOUT COLUMBIA
BUSINESS SCHOOL
Columbia Business School is one of the world’s leading business schools, and prides itself on its
excellent faculty, who provide students with superior knowledge and thought leadership across
divisions and disciplines. It was established in 1916 to provide business training and professional
preparation for undergraduate and graduate Columbia University students.

Ranked #3 Best Business School for Career Prospects (Forbes, 2015), Columbia Business School is
the only Ivy League business school located in the global business hub of New York City. The school has
more than 47,000 alumni in 133 countries and about 70 alumni clubs globally. Columbia Business
School is a part of Columbia University, which has produced 101 Nobel Prize winners, 5 Founding
Fathers of the United States, 9 Justices of the United States Supreme Court, 29 Academy Award
winners, and 29 heads of state, including 3 United States Presidents.

ABOUT EMERITUS
Columbia Business School Executive Education is collaborating with online education provider
EMERITUS Institute of Management to offer a portfolio of high-impact online programs. These
programs leverage Columbia's thought leadership in management practice developed over years of
research, teaching, and practice. By collaborating with EMERITUS, we are able to broaden access
beyond our on-campus offerings in a collaborative and engaging format that stays true to the quality of
Columbia Business School Executive Education and Columbia as a whole. EMERITUS' approach to
learning is formulated on a cohort-based design to maximize peer-to-peer sharing and includes live
teaching with world-class faculty and hands-on project-based learning. In the last year, more than
30,000 students from over 150 countries have benefited professionally from EMERITUS’ courses.

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 THE LEARNING
EXPERIENCE

Our programs are designed to meet the needs of individual learning styles, while also leveraging the power
of peer learning. This is achieved through a user-friendly learning platform that enables participants to
easily navigate the program content to achieve learning objectives.

KEEPING IT REAL
Our pedagogical approach is designed
to bring concepts to life, including:
• Bite-sized learning techniques
• Real-world application
• Peer learning discussions
• Live, interactive teaching

BUSINESS ANALYTICS
13 PROGRAM
THE LEARNING
EXPERIENCE

KEEPING IT INTERESTING
Our globally connected classrooms enable participants to seamlessly interact with their peers to
complete group assignments and stay on track toward program completion—having culturally enriching
encounters along the way.

KEEPING IT CONVENIENT
Access to program content is flexible and available through multiple devices, allowing working
professionals to easily manage schedules and learn remotely—anytime, anywhere. Participants
enrolled in the program obtain access to learning materials in a modular approach, with new content
released weekly. Program modules include a variety of teaching instruments, such as:

• Video lectures
• Discussions
• Class materials: articles, cases
• Quizzes
• Surveys
• Assignments

To further personalize the program modules, live teaching sessions are scheduled during the program,
often with Q&A. For participants who are unable to attend these sessions live, a recording is made
available so nothing is missed. Our industry-leading learning platform allows participants to create a
profile, connect and collaborate with peers, and interact with academic/industry experts such as program
leaders, coaches, and teaching assistants. Assignments are often linked to participants' real-world
situations, making concepts inherently practical.

PROGRAM REQUIREMENTS
Programs may necessitate the usage of various software, tools, and applications. Participants will be
informed about these additional requirements at the registration stage or when the program begins. Our
program advisors are also available to respond to any queries about these requirements.

To access our programs, participants will need the following:

• Valid email address
• Computing device connected to the internet:
PC/laptop, tablet, or smartphone
• The latest version of their preferred browser to
access our learning platform
• Microsoft Office and PDF viewer to access
content such as documents, spreadsheets,
presentations, PDF files, and transcripts
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 CONNECT WITH A
PROGRAM ADVISOR

Email: columbia@emeritus.org
Phone: +1 315-982-5094
+1 315-277-2746

Note: Information contained herein should not be considered professional financial investment advice. The ideas and strategies
should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.