Maya Synowiec on Turning Geopolitical Risk Into Investment Insight with Value Investing

My primary motivation was to build a systematic process that links my professional competencies to fundamental valuation. I wanted to see firsthand how leading practitioners approach valuation and the models they deploy in practice. I have attended both the Value Investing and Advanced Value Investing programs to master two skills: estimating intrinsic value and assessing the durability of growth and cash flows. The programs’ structure offered a comprehensive, highly practical path that I could apply immediately to professional and personal capital allocation.

Before attending, my key questions were which frameworks and mental models top investors use—and why so many companies appear overvalued under classical metrics today. The Value Investing program addressed the first by introducing frameworks such as Asset Value and Earnings Power Value, providing a clear method to decode balance sheets and analyze profitability through real-world cases. The Advanced Value Investing program then expanded on Franchise Value, providing a structured way to estimate the value embedded in a firm’s moat and its capacity to generate economic profits over time. This framework also clarified contemporary technology valuation multiples—linking unit economics, switching costs, network effects, recurring revenue, and reinvestment runways to warranted multiples.

Together, these three models have become essential in my work, enabling me to assess the future rather than merely speculate about it. Applying the learnings from day one mattered: the experience was genuinely practitioner-oriented and an excellent use of time and capital.

I was familiar with Professor Santos’s work before the program, including his co-authored book Value Investing: From Graham to Buffett and Beyond. From his writing, I had the impression of a rigorous and precise thinker with great analytical depth. The program revealed the person behind the analysis. Professor Santos translates that same rigor into a practical and accessible teaching style. He created an open, friendly environment, made time for conversations during breaks, and offered exceptional personal attention. His sense of humor and well-timed jokes made even the most complex valuation topics feel approachable and engaging. Moreover, his use of extensive real-world case studies—on companies like Adobe, Meta, and PayPal—made abstract concepts tangible and clear. This combination makes learning from him uniquely effective, especially in a condensed program format.

The two programs are designed to build a complete valuation skill set, with each focusing on a different part of the fundamental approach. The Value Investing program focuses on uncovering value in a company’s current reality, providing a step-by-step process for asset valuation. The class taught me to begin with classic intrinsic-value calculations. The Advanced Value Investing program then addresses the challenge of growth valuation by deep-diving into a company’s competitive moat and Franchise Value. As a direct continuation, the Advanced program concentrates on “new economy” challenges, such as valuing intangible assets and growth opportunities in technology stocks.

I recommend the Value Investing program to two audiences. First, to any professional directly involved in capital allocation and asset valuation. Second, to anyone collaborating with the first group, whose role is to make decisions based on the evaluation of financial data. I believe this class is invaluable for investors and managers.

I perceive the Advanced Value Investing program as a good choice for more experienced investors, portfolio managers, and analysts—those who need to elevate their current skills by learning to perceive dynamics in emerging sectors, define intangible assets, and assess the durability of competitive advantage and growth options, especially when working with technology companies.

It is very important to note that, in both programs, the collaborative environment and caliber of peers are a significant value-add. Thus, I recommend both programs to those who seek to expand their professional network meaningfully and elevate their perspective through valuable interactions. Even after the class, we stay in close contact through a WhatsApp group we created.