Value Investing Across the Capital Structure

This course combines the methods and teachings of security analysis with practical buy-side methodologies to identify and research value investments across the capital structure. Emphasis will be placed on the development and implementation of a disciplined and repeatable research and catalyst-driven evaluation process. This course will leverage your theoretical learning in security analysis plus require you to develop business acumen and industry expertise. A combination of fundamental analysis and assessment of intrinsic value will be balanced with thematic thinking and business judgment. The course should arm you with the tools necessary to identify attractive value investments through a variety of methodologies for several alternative fund strategies, including event-driven and capital structure arbitrage. When reviewing capital structures, potential catalysts, and other elements related to the cross-asset investment process, dislocations, security mispricing, and hedging considerations will surface creating opportunities for the long and short sides. M&A catalysts stemming from corporate actions will be identified and vetted for their quality, timing, likelihood of occurrence, and estimated impact on securities across the capital structure. The class will be kept small to take advantage of the instructional method. Class sessions may be supplemented with visits from investment professionals from the long-only, hedge fund and private equity communities. In addition to the allotted class time students should be prepared to commit an additional 3-3.5 hours per day for reviewing material, completing group assignments, and preparing for classroom discussion.