Global Value Investors Program: Master Capital. Shape Markets. Build Enduring Value.
Overview
Capital Allocation Is Strategy.
This program is designed for enterprise leaders to master the capability of deploying capital globally—using the foundational logic of value to transform capital into a strategic engine for long-term growth and decision-making across cycles.
Today, what ultimately determines the fate of a company is no longer just operational excellence, but the ability to allocate capital effectively.
For decades, competitive advantage was driven by products, efficiency, and execution.
But in an era defined by rapid technological disruption, industry and capital are deeply intertwined. Financing, M&A, investment, and exit strategies are redefining the boundaries of growth.
Increasingly, the most critical decisions leaders face are no longer about how to run the business better, but how to allocate resources, deploy capital, and make long-term decisions under uncertainty.
Yet while many entrepreneurs are highly sophisticated operators, they still rely on experience and intuition when it comes to capital allocation.
This is the most underdeveloped—and most consequential—capability gap in modern enterprises.
The Global Value Investors Program, rooted in Columbia Business School’s century-long tradition of value investing, is not designed to train investors.
Its core purpose is to equip top decision-makers with a disciplined framework for capital allocation—and to build the capability to operate capital on a global scale.
This framework does not depend on market sentiment or short-term opportunities.
Instead, it is grounded in a deep understanding of value—enabling leaders to maintain clarity, discipline, and conviction in complex and uncertain environments.
Through the program, participants evolve from operators into capital allocators:
- Reframing companies and industries through an investor’s lens
- Identifying true value and risk across market cycles
- Integrating financing, M&A, and investment decisions into a unified strategic logic
- Building long-term balance across growth, risk, and return
- Engaging deeply with global capital networks to optimize cross-border capital deployment
This program does not offer a set of financial tools.
It builds a foundational logic that informs every major decision a leader makes.
It enables leaders to:
- Remain resilient to short-term market noise
- Make high-quality decisions at critical moments
- Turn capital into a sustained engine of growth
- Build enduring competitive advantage through global capital allocation in a VUCA world
In an era where industry and capital are fully integrated, true strategic advantage no longer comes solely from operational capability—
but from the discipline and judgment to allocate capital effectively.
Only those who understand markets can navigate them.
The Global Value Investors Program is designed for this class of leaders.
It does not train traders.
It develops long-term decision-makers—leaders who take responsibility for both enterprise and capital, and who leverage global capital to build globally competitive organizations.
Because at the highest level of competition:
It is not the best operators who win—but the best capital allocators.
Only those who are not driven by the market can ultimately shape it.
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, 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 16-17, 2026
City: Beijing
Module 1: Value Investing and the Evolving Global Capital Landscape
Dates: July 20–24, 2026
City: Hong Kong
Module 2: Corporate Value Creation and Capital Strategy
Dates: September 2026
City: New York
Module 3: Cross-Border Capital Strategy and Global Expansion
Dates: January 2027
City: New York
Module 4: Macroeconomic Cycles and Global Asset Allocation
Dates: April 2027
City: London
Module 5: Geopolitical Capital Reality: Value Investing in China
Dates: July 2027
City: Tokyo
Module 6: Ownership and Long-Term Value Creation
Dates: September 2027
City: Shanghai
Module 7: Wealth Stewardship and Cross-Border Allocation
Dates: November 2027
City: Singapore
Module 8: Technology, Capital Integration, and Growth Strategy
Dates: Spring 2028
City: San Francisco
Module 9: Family Wealth, Succession, and Industrial Investment
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, London, Shanghai, Hong Kong, Singapore, and San Francisco. 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: Value Investing and the Evolving Global Capital Landscape
Building a disciplined global capital allocation framework grounded in value investing, while strengthening investment judgment under conditions of uncertainty.
- Foundations of Value Investing – Integrating the Graham and Dodd framework with contemporary market practice
- Margin of Safety in Dynamic Markets – Managing risk and identifying opportunities amid volatility
- Competitive Advantage Analysis – Evaluating moats, industry structure, and sustainability of returns
- Global Opportunity Identification – Allocating across Hong Kong, ADRs, and offshore markets
- Behavioral Finance and Mispricing – Identifying structural and psychological inefficiencies
- Offshore Asset Allocation – Translating fundamental analysis into actionable global investment decisions
- Family Capital Globalization – Structuring family offices for integrated asset, identity, and governance planning
Dates: July 20–24, 2026 | Hong Kong
Please note: Module dates are subject to change.
Module 2: Corporate Value Creation and Capital Strategy
Examining how capital allocation and financial strategy drive enterprise value creation, with a focus on integrating market-based tools with long-term corporate development.
- Enterprise Valuation: Building multi-dimensional valuation frameworks beyond financial metrics
- M&A Strategy: Driving disciplined integration and industrial synergies
- IPO and Market Value Management: Structuring listing pathways and long-term valuation mechanisms
- Strategic Asset Allocation: Aligning asset structure with operating objectives and risk control
- Alternative Investments: Enhancing portfolio resilience through diversified allocation
- Governance and Risk Management: Strengthening governance frameworks and forward-looking risk oversight
- Cash Flow Optimization: Improving operating cash flow efficiency through value-based principles
- Capital Structure Design: Optimizing leverage and equity mix to enhance ROE and resilience
- Value Realization Strategies: Unlocking shareholder value through spin-offs, restructuring, and buybacks
Dates: September 2026 | New York
Please note: Module dates are subject to change.
Module 3: Cross-Border Capital Strategy and Global Expansion
Cross-border capital operations and global risk governance through the New York hub.
- Cross-Border Investment Frameworks: Regulatory and market structures in the U.S. and Europe
- International M&A: Integrating acquisitions with localized operations
- Global Financing Strategies: Multi-currency fundraising and investor relations
- Corporate Structuring: Optimizing ownership, tax, and capital flows
- Overseas Investment Analysis: Responding to geopolitical and market volatility
- Global Risk Governance: Managing compliance, currency, and geopolitical risks
- Capital Mobility: Building global liquidity and treasury systems
- Post-Investment Management: Enhancing overseas asset value
- Exit Strategies: Designing diversified and secure exit pathways
Dates: January 2027 | New York
Please note: Module dates are subject to change.
Module 4: Macro Cycles and Global Asset Allocation
Interpreting macroeconomic forces that shape global capital flows.
- Monetary Policy Analysis: Interest rate cycles and transmission mechanisms
- Fiscal and Debt Sustainability: Evaluating structural risks and long-term value
- Inflation Strategy: Real asset allocation and inflation hedging
- Geopolitics and Supply Chains: Strategic positioning in a fragmented global system
- Commodities and Energy: Cycle analysis and allocation strategies
- Currency Strategy: FX risk management and capital controls
- Liquidity Cycles: Implications for asset pricing and financial markets
- Regulatory Impact: Adapting investment strategies to policy shifts
- Cycle Timing: Asset rebalancing based on macro cycle positioning
Dates: April 2027 | London
Please note: Module dates are subject to change.
Module 5: Geopolitical Capital Reality — Value Investing in China
Allocating capital within policy-driven markets and evolving economic systems.
- Market Structure: Structural characteristics and investment anchors in China
- Valuation Frameworks: Policy-driven pricing mechanisms
- Industrial Policy: Sector prioritization and capital allocation strategies
- Financial Disclosure and Analysis: Interpreting accounting signals under evolving regulation
- Governance Structures: Ownership models and capital behavior differences
- Mispricing Opportunities: Identifying and correcting cyclical valuation distortions
- Cross-Market Valuation: A-shares, Hong Kong equities, and ADR comparisons
- Technology and Supply Chains: Strategic positioning in domestic innovation
- Private Sector Capital: Resilience and adaptation under regulatory transition
Dates: July 2027 | Tokyo
Please note: Module dates are subject to change.
Module 6: Ownership and Long-Term Value Creation
From ownership to influence: investing as governance and strategic engagement.
- Ownership Strategy: Control, alignment, and long-termism in global markets
- Governance Models: Best practices from mature market systems
- Strategic Shareholding: From financial investment to industrial control
- Board Leadership: Governance decision-making and strategic oversight
- ESG Integration: Aligning sustainability with value creation
- Stakeholder Alignment: Structuring incentives across shareholders, management, and founders
- Industrial Ecosystems: Leveraging ownership for value co-creation
- Multi-Capital Governance: Maximizing ownership value under regulatory frameworks
- Value Assessment: ROIC- and cash flow-based ownership evaluation models
- Enduring Enterprises: Governance principles behind long-term corporate success
Dates: September 2027 | Shanghai
Please note: Module dates are subject to change.
Module 7: Wealth Stewardship and Cross-Border Allocation
Integrating investment discipline with legacy, governance, and continuity.
- Regional Capital Networks: Southeast Asia as a hub for global allocation
- Wealth Trends: Emerging wealth creation in Asian entrepreneurial economies
- Liquidity Event Planning: Managing wealth across the full lifecycle
- Family Investment Models: Private banking and family office structures
- Risk Management: Currency, geopolitical, and regional risk hedging
- Asia-Pacific Investments: Digital economy and cross-border opportunities
- Wealth Governance: Compliance-driven global asset management frameworks
- Tax and Succession Planning: Structuring efficient and stable inheritance solutions
- Regional Asset Allocation: Capturing growth in Southeast Asian markets
Dates: November 2027 | Singapore
Please note: Module dates are subject to change.
Module 8: Technology, Capital Integration, and Growth Strategy
Exploring how emerging technologies and capital strategies converge to reshape growth models under uncertainty.
- Value Investing Principles: Strategic anchors for navigating growth uncertainty
- Technology-Driven Growth: AI, big data, cloud computing, blockchain, and advanced manufacturing
- Tech-Capital Integration: Aligning digital infrastructure, capital, and industrial ecosystems
- Commercialization Pathways: Translating frontier technologies into scalable growth
- Global Capital Strategies: Cross-border M&A, digital assets, and industrial funds
- Value Strategy Transformation: Market value management and digital asset operations
- Risk and Growth Balance: Investment decision-making across technology and capital markets
- Applied Strategy Simulation: Designing growth models and capital pathways for tech enterprises
- Intangible Asset Valuation: Assessing patents, data, algorithms, and brand equity
Dates: Spring 2028 | San Francisco
Please note: Module dates are subject to change.
Module 9: Family Wealth, Succession, and Industrial Investment
Creating value through ownership, control and long-term capital deployment.
- Global Wealth Trends: Intergenerational transition and evolving capital needs
- Industrial Investment Portfolios: Building cross-cycle, cross-border portfolios
- Family Investment Strategy: Balancing internal management and external partnerships
- Risk Frameworks: Multi-dimensional risk identification and mitigation
- Succession Planning: Aligning capital, governance, and family values
- Family Office Design: Institutionalizing governance and operations
- Holding Structures: Preserving control through ownership design
- Alternative Investments: Private equity, real estate, and art allocation
- Next-Generation Development: Building investment and governance capabilities
Dates: Spring 2028 | New York
Please note: Module dates are subject to change.
Inside the Program: Faculty Perspectives
Hear directly from the faculty who lead the program as they explore the key ideas behind each module.
Private Equity
Emerging Market Real Estate
Private Debt
Shareholder Activism
Faculty Director
Tano Santos
Robert Heilbrunn Professor of Asset Management and Finance
Finance Division
Director
Heilbrunn Center for Graham and Dodd Investing
“In a world shaped by uncertainty—economic, geopolitical, and structural—disciplined capital allocation becomes essential. The Global Value Investors Program equips leaders to preserve, grow, and transfer wealth across generations through the enduring principles of value investing.”
Tano Santos
Faculty DirectorMeet The Faculty Director
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.
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