Global Value Investors Program: Master Capital. Shape Markets. Build Enduring Value.
Overview
Value investing originated at Columbia Business School.
Nearly a century ago, Benjamin Graham and David Dodd established the intellectual foundation for disciplined investing—grounded in intrinsic value, margin of safety, and independent judgment. Their work shaped generations of capital allocators, including Warren Buffett ’51, and continues to define how the world’s most enduring investors think.
Today, value investing is not merely a method for selecting securities. It is a framework for capital allocation.
It guides how leaders:
- Evaluate businesses
- Deploy capital
- Manage risk across cycles
- Integrate finance with strategy
- Preserve wealth across generations
In an era where industrial competition and financial markets are increasingly intertwined, strategic advantage depends not only on operational excellence but on the ability to allocate capital with discipline and conviction. Leaders who understand markets shape outcomes. Those who do not are shaped by them.
The Global Value Investors Program is Columbia Business School Executive Education’s flagship offering for senior leaders across Asia who seek mastery in finance, investment, and asset management.
This is the first time Columbia’s value investing legacy is delivered in a global, multi-city format designed specifically for Asia’s founders, principals, and capital stewards.
Through a rigorous 20-month curriculum spanning the world’s major financial centers, participants develop:
- Analytical rigor
- Global market perspective
- Investment judgment
- Coherent philosophy of capital allocation
The objective is not to create traders. It is to develop owners and long-term capital allocators.
Because in modern enterprise leadership, finance is not a support function. Capital allocation is a strategy.
Program Structure
The Global Value Investors Program is a 20-month, multi-city capital allocation journey delivered across leading global financial centers.
The program features nine integrated modules, each hosted in a major capital market hub, with direct institutional engagement across New York, Dubai, London, Shanghai, Hong Kong, Singapore, and San Francisco. Each module builds on a disciplined value-investing framework—progressing from philosophical foundations to implementation, macro interpretation, ownership influence, and private-market execution.
Launch Event
Dates: June 26–28, 2026
City: Beijing
Module 1: Philosophy — Foundations of Value Investing
Dates: July 20–24, 2026
City: New York
Module 2: Implementation — Portfolio Construction and Capital Allocation
Dates: Fall 2026
City: Dubai
Module 3: Growth & Uncertainty — Technology & Innovation Investing
Dates: January 20–22, 2027
City: San Francisco
Module 4: Downside & Structure — Credit/Fixed Income
Dates: January 25–28, 2027
City: New York
Module 5: System View — Economics for Asset Managers
Dates: Spring 2027
City: London
Module 6: Geopolitical Capital Reality — Value Investing in China
Dates: Summer 2027
City: Shanghai
Module 7: Ownership Power — Activism
Dates: September 6–10, 2027
City: Hong Kong
Module 8: Stewardship — Family Office Strategy and Wealth Stewardship
Dates: Late Fall 2027
City: Singapore
Module 9: Execution — Private Markets Investing
Dates: Spring 2028
City: New York
Key Learnings
- Applying the Value Investing Framework: Develop the discipline to distinguish price from intrinsic value and act with conviction under uncertainty. Participants learn how to estimate intrinsic value using rigorous analytical methods, identify durable competitive advantages, and evaluate opportunities independently of market sentiment—building the judgment required for long-term capital allocation across cycles.
- Allocating Capital Across Markets: Translate investment philosophy into a resilient portfolio strategy. Explore diversified portfolio construction across public, private, and alternative assets while strengthening risk management, liquidity planning, and cross-cycle capital deployment. This learning theme equips leaders to allocate capital with structure, balance, and discipline in dynamic global markets.
- Interpreting Global Economic Forces: Understand the macroeconomic systems that shape capital flows and market opportunity. Examine monetary and fiscal regimes, regulatory dynamics, geopolitical risk, and cross-border complexity—gaining the insight needed to anticipate policy shifts and position portfolios strategically in an interconnected global economy.
- Using Finance as a Strategic Lever: Elevate finance from a function to a driver of enterprise value. Participants learn how to structure financing to support growth, engage capital markets effectively, and align corporate strategy with disciplined capital allocation—ensuring that financial decisions reinforce long-term value creation.
- Preserving and Growing Wealth Across Generations: Integrate investment rigor with governance and legacy planning. Explore family office structures, stewardship frameworks, and succession strategies that protect capital while sustaining growth. This learning theme prepares leaders to institutionalize discipline, align investment decisions with long-term objectives, and steward wealth responsibly across generations.
Participant Profile
The program is designed for senior decision-makers with responsibility for capital allocation and enterprise growth.
Typical participants include:
- Founders, Chairmen, and CEOs
- Family business leaders and next-generation owners
- Family office principals and wealth stewards
- Institutional investors and asset managers
- Private equity, venture capital, and credit professionals
- Senior executives seeking deeper financial sophistication
Participants need not be finance specialists. What matters most is responsibility for capital and the ambition to allocate it more effectively.
Program Content
The Global Value Investors Program unfolds across a 20-month journey of immersive modules delivered in the world’s leading financial centers — including New York, Dubai, London, Shanghai, Hong Kong, Singapore, and Silicon Valley. From the philosophical foundations of value investing to portfolio construction, macroeconomic systems, governance, and private markets execution, each module is designed to strengthen disciplined judgment, refine capital allocation strategy, and expand long-term enterprise impact.
Global market immersion and sustained cohort engagement throughout the program deepen regional insight and cultivate a powerful community of capital stewards—equipping participants to shape markets, preserve capital, and build enduring value across cycles and borders.
Module 1: Philosophy - Foundations of Value Investing
This foundational module establishes investing as disciplined judgment under uncertainty. In New York, participants examine the intellectual roots of value investing—from Graham and Dodd to modern institutional practice—focusing on intrinsic value estimation, margin of safety, competitive advantage analysis, and behavioral inefficiencies. Through rigorous analytical frameworks, participants develop the ability to distinguish price from value and construct durable investment theses independent of market sentiment.
Participants will:
- Estimate intrinsic value using discounted cash flow, earnings power, and asset-based methods
- Apply margin of safety principles under uncertainty and volatility
- Identify durable competitive advantages and industry structure dynamics
- Translate fundamental analysis into actionable, long-term investment theses
Dates: July 20–24, 2026 | New York
Please note: Module dates are subject to change.
Module 2: Implementation - Portfolio Construction and Capital Allocation
This module translates investment philosophy into a structured portfolio strategy. In Dubai, participants explore long-horizon asset allocation, factor exposures, risk budgeting, liquidity management, and alternatives integration. The focus is on constructing resilient, multi-asset portfolios capable of navigating regime shifts and structural market changes.
Participants will:
- Design diversified, cross-asset portfolios
- Integrate public, private, and alternative investments
- Apply risk budgeting and drawdown management frameworks
- Implement governance structures that reinforce disciplined capital deployment
Dates: Fall 2026 | Dubai
Please note: Module dates are subject to change.
Module 3: Growth & Uncertainty - Technology & Innovation Investing
In San Francisco, participants apply value investing principles to high-growth and innovation-driven sectors. This module examines valuation under uncertainty, AI economics, platform dynamics, venture construction, and probabilistic modeling—balancing scalability with disciplined capital preservation.
Participants will:
- Evaluate high-growth companies using structured valuation frameworks
- Assess innovation risk, technological obsolescence, and competitive moats
- Analyze AI economics, network effects, and scalability dynamics
- Distinguish innovation cycles from speculative bubbles
Dates: January 20–22, 2027 | San Francisco
Please note: Module dates are subject to change.
Module 4: Downside & Structure — Credit/Fixed Income
Held in New York, this module focuses on asymmetric risk, capital structure investing, and downside protection. Participants examine distressed opportunities, structured credit markets, yield curve dynamics, and liquidity stress—developing a disciplined approach to managing volatility and preserving capital.
Participants will:
- Evaluate capital structures and relative value across debt tranches
- Structure downside protection and covenant safeguards
- Analyze distressed debt and special situations
- Apply credit discipline through a value-investing lens
Dates: January 25–28, 2027 | New York
Please note: Module dates are subject to change.
Module 5: System View — Economics for Asset Managers
In London, participants explore the macroeconomic forces shaping global capital flows. This module examines monetary regimes, fiscal sustainability, inflation dynamics, geopolitical risk, currency systems, and regulatory shifts—integrating top-down awareness with bottom-up investment discipline.
Participants will:
- Interpret monetary and fiscal policy transmission
- Assess geopolitical and cross-border capital risks
- Evaluate inflation regimes and currency dynamics
- Position portfolios strategically across macro cycles
Dates: Spring 2027 | London
Please note: Module dates are subject to change.
Module 6: Geopolitical Capital Reality — Value Investing in China
In Shanghai, participants examine capital allocation within policy-driven markets. This module explores industrial policy, governance complexity, valuation under state influence, cross-border listings, currency controls, and structural reform—strengthening long-term discipline in volatile and transitional environments.
Participants will:
- Analyze valuation under regulatory and state-influenced frameworks
- Assess cross-border pricing gaps and capital controls
- Interpret industrial policy and sector prioritization
- Apply value discipline in politically sensitive markets
Dates: Summer 2027 | Shanghai
Please note: Module dates are subject to change.
Module 7: Ownership Power — Activism
In Hong Kong, participants examine investing as governance and strategic influence. This module explores shareholder engagement, capital allocation discipline within corporations, ESG integration, board dynamics, and value creation through ownership.
Participants will:
- Evaluate governance quality as an investment signal
- Structure activist strategies and shareholder engagement
- Align management incentives with long-term value creation
- Integrate stewardship principles into capital allocation
Dates: September 6–10, 2027 | Hong Kong
Please note: Module dates are subject to change.
Module 8: Stewardship — Family Office Strategy and Wealth Stewardship
In Singapore, participants focus on intergenerational capital preservation and governance. This module examines family office structures, risk governance, succession planning, philanthropy, and institutionalized investment processes—aligning discipline with legacy objectives.
Participants will:
- Design governance and family office frameworks
- Implement structured succession and stewardship strategies
- Align portfolio construction with perpetual capital objectives
- Integrate risk governance across financial and geopolitical domains
Dates: Late Fall 2027 | Singapore
Please note: Module dates are subject to change.
Module 9: Execution — Private Markets Investing
The program concludes in New York with a focus on ownership, control, and long-term value creation in private markets. Participants examine private equity governance, venture economics, deal structuring, secondary markets, and integration into total portfolio strategy.
Participants will:
- Evaluate private market deal structures and governance models
- Conduct due diligence and downside scenario analysis
- Assess illiquidity premiums and portfolio trade-offs
- Integrate private markets into disciplined, total portfolio strategy
Dates: Spring 2028 | New York
Please note: Module dates are subject to change.
Faculty Director
Tano Santos
Robert Heilbrunn Professor of Asset Management and Finance
Finance Division
Director
Heilbrunn Center for Graham and Dodd Investing
Teaching Faculty
Distinguished guest faculty and thought leaders bring fresh perspectives and cutting-edge insights from diverse fields, enriching your learning with globally recognized expertise. Specialized experts, selected to address key themes and challenges, offer targeted knowledge and practical experience tailored to your needs. Together, this extraordinary team empowers you to develop the skills, mindset, and strategies to lead with confidence and purpose.
Patrick Bolton
Barbara and David Zalaznick Professor Emeritus of Business and Professor Emeritus of Economics
Finance Division
Kent Daniel
Jean-Marie Eveillard/First Eagle Investment Management Professor of Business
Finance Division
Wouter Dessein
Eli Ginzberg Professor of Finance and Economics
Economics Division
Eli Ginzberg Professor of Finance and Economics
Heilbrunn Center for Graham and Dodd Investing
Bruce Greenwald
Robert Heilbrunn Professor Emeritus of Asset Management and Finance
Accounting Division
R. Glenn Hubbard
Dean Emeritus; Russell L. Carson Professor of Finance and Economics
Director and Chazen Institute Board at Jerome A. Chazen Institute for Global Business
Michael Johannes
Mario J. Gabelli Professor of Finance; Chair of Finance Division
Finance Division
Stijn G. Van Nieuwerburgh
Earle W. Kazis and Benjamin Schore Professor of Real Estate, Finance Division and Faculty Co-Director, Paul Milstein Center for Real Estate, Columbia Business School
Joseph Stiglitz
Professor at Heilbrunn Center for Graham and Dodd Investing
Executive Director and Co-Founder, Initiative for Policy Dialogue
Paul Tetlock
Alexandra Morgan Ciardi Professor of Finance and Economics
Finance Division
Senior Vice Dean for Curriculum and Programs
Dean's Office
Stephen Zeldes
Frank R. Lautenberg Professor of Economics and Public Policy
Economics Division
Affiliated Faculty
Please Note: Faculty and speakers featured are affiliated with Columbia Business School. Some may not teach in every session of the program. Individuals included may be referenced to reflect the research, thought leadership, or academic perspective that informs the program’s design and content.
Heilbrunn Center Executive Advisory Board
The Heilbrunn Center for Graham and Dodd Investing at Columbia Business School is the intellectual home of value investing and a global leader in advancing its study and practice. Through rigorous research, practitioner dialogue, and world-class education, the Center bridges theory and real-world capital allocation—strengthening Columbia’s role as a premier authority in investment management.
The faculty affiliated with the Heilbrunn Center are distinguished scholars and experienced practitioners whose work continues to shape modern finance and disciplined investing worldwide.
Select Adjunct Faculty Affiliated with the Heilbrunn Center
Please Note: Faculty and speakers featured are affiliated with Columbia Business School. Some may not teach in every session of the program. Individuals included may be referenced to reflect the research, thought leadership, or academic perspective that informs the program’s design and content.
Application Process
Admission to the Global Value Investors Program is selective and designed to ensure a highly accomplished cohort of senior leaders responsible for meaningful capital allocation. We seek founders, family office principals, institutional investors, and executives who demonstrate disciplined judgment, long-term perspective, and a commitment to responsible capital stewardship.
- Application: Submit a detailed application by invitation or recommendation, including a comprehensive resume and company profile outlining your role in capital allocation and strategic decision-making. Applicants may provide a letter of recommendation from an industry peer or senior partner to further demonstrate professional standing and investment experience.
- Interview: Qualified applicants will be invited to participate in a multi-stage interview process. A panel of faculty and industry experts will assess investment philosophy, analytical rigor, leadership capacity, governance mindset, and global perspective.
- Review and Evaluation: Applications and interview performance undergo a rigorous evaluation focused on capital responsibility, strategic impact, market sophistication, and alignment with the program’s long-term value orientation.
- Admission: Successful candidates will receive a formal offer of admission and payment instructions. Enrollment is confirmed upon completion of tuition payment within the designated timeframe.