Value Investing (Online)

Making intelligent investment decisions

 Overview

Value Investing (Online): Making Intelligent Investment

Decisions is a nine-week online program that teaches one Value investing was developed at
of the most successful investment strategies ever Columbia Business School in the 1920s
developed. Legendary investors like Warren Buffett and by finance professors Benjamin Graham
Mario Gabelli have been guided by the Value Investing and David Dodd. Columbia Business
principles during their entire careers. It’s an investment
School is known as the center for value
approach that helps investors identify, research, and buy
investing and is home to the Heilbrunn
securities priced well below their true market value.
Center for Graham and Dodd Investing.
This program is designed to give you a strong foundation The school has many distinguished
in the value investing process. We’ll give you tools and value investor alumni including Warren
strategies to collect and analyze information as well as an Buffett, Mario Gabelli, Glenn Greenberg,
integrated framework that teaches you how to identify Charles Royce, and John Shapiro.
opportunities for investment that others may miss. Columbia Business School’s value
investing methodology is taught in this
We ask questions such as: program. While it is admired globally,
Does diversification create value? investors turn to Columbia Business
How do economies of scale, first mover School to learn from the source.
advantage, and barriers to entry factor into the
equation?
When does the value investor know when to buy?
Duration
When does growth create value?
9 weeks,
6-8 hours per week
Key Takeaways:
Apply the value investing principles to make smart, Format
rational investment decisions Online
Think independently about investment opportunities
without simply following the market Fee*
USD 3,750
Learn to calculate asset value and earnings power
value to understand the underlying value of a security * GST applicable to Singapore residents.
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
Strengthen your ability to evaluate growth and risk

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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%

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

Education 4%
8%
4%
Energy 5% 6%

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, Lebanon,
Malaysia, Netherlands, Norway, Poland, Russia, Saudi Arabia, South Africa, Spain, Switzerland, and Taiwan.
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What Participants Say
“The program helped me understand a new
way of viewing investing.”
—Craig Kelley, Owner at KELLEY
Investments
USA
“The best part of the course for me was the
diversity of cases discussed such as Walmart,
Dollar General, Nestle, and Amazon.”
—Kirit Modi, Managing Director,
Horizon Packs
INDIA
“The best part was the dialogue between
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 concepts
were introduced with good examples and case
studies. The pace was good and the teaching
assistant was the best I have had”
—Chintan Desai, Deputy Director, NYC
Department of Buildings
USA
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 Program
Experience

At Columbia Business School Executive Education, peer-to-peer learning and application are integral to a student’s
learning experience. We have replicated this approach in our globally connected classroom, so you will learn from the
professor, program leaders, case studies, guest speakers, and each other — no matter where you are in the world.

Bite-Sized Real-World Case Studies

Learning Application

Cohort-Based Grading and On-Demand

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 participant experience.

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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

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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 affect company has a higher
our valuation estimates? Earning Power Value (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 an
approach the valuation of a industry in deep decline?
market giant growing
approximately 30 percent
per year?

John Deere Ferrovial

Capstone case study that When and how can an
cultivates understanding investor take advantage of
by pulling all the pieces 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 any affiliation with or endorsement by them.

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Program
Faculty

Tano Santos
David L. and Elsie 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 this program, you will receive a certificate of participation from Columbia Business School
Executive Education—a powerful testament to your management capabilities.

C olumbia Business School Executive Educ ation

hereby recognizes that

Participant Name
has participated in:

Value Investing (Online)

Date

Costis Maglaras
Dean and David and Lyn Silfen Professor of Business

This certificate also counts towards one day to the Certificate in Business Excellence, which has select alumni and tuition benefits. Your
verified digital 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.

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 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 100,000 students from over
80 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 • access our learning platform

• Computing device connected to the internet: Microsoft Office and PDF viewer to access
PC/laptop, tablet, or smartphone content such as documents, spreadsheets,
• The latest version of their preferred browser to presentations, PDF files, and transcripts
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 Easily schedule a call with a program advisor to
learn more

Schedule A Call

You can enroll for the program here

Enroll

Connect With A
Program Advisor

Email: columbia@emeritus.org
Phone: +1 718-550-0890

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.