Value Investing
- Requirements
- Attendees need to have a basic understanding of finance and accounting terms and knowledge to benefit from attending.
- Requirements
- Attendees need to have a basic understanding of finance and accounting terms and knowledge to benefit from attending.
Value Investing
- Requirements
- Attendees need to have a basic understanding of finance and accounting terms and knowledge to benefit from attending.
Overview
Based on the Ben Graham or Warren Buffett approach to allocating capital, this exclusive value investing program will teach the frameworks and processes of investing that some of the most successful investors in the world employ to manage and preserve capital.
What is Value Investing?
Value investing focuses on the economic analysis and the valuation of the business operations of the firm with the aim of obtaining an estimate of its fundamental value. It calls to invest in the firm if the fundamental value is sufficiently above the market value so that there is a margin of safety to protect the investor against unforeseen contingencies. The approach is integrated, with the economic analysis of the business operations of the firm, and the valuation of those business operations inform and support each other. In this way, the value investor obtains a coherent view of the firm.
With unmatched access to Wall Street, renowned finance and accounting divisions, and the Heilbrunn Center for Graham and Dodd Investing resources, Columbia Business School is the only school to offer this unparalleled program in value investing.
Please contact our Learning Solutions Specialists at +1 212-854-3395 for a personal conversation to learn more.
“If you don't believe in value investing, what do you believe in?”
Warren Buffett '51
Faculty director Tano Santos introduces the program.
Impact
Participants in Value Investing program are exposed to an intense introduction to value investing, taught by thought leaders in the field. You'll walk away with a coherent view of investing, one that integrates a sound understanding of the economics of the business operation of the firm, a robust valuation approach, and a toolbox of risk management techniques beyond mindless diversification.
Hear from Faculty Director Tano Santos on What Distinguishes the Value Investing Approach
"The valuation approach in value investing differs from DCF-like calculations that are standard in the industry. While correct, the DCF method is both difficult to implement and tries to do “too much.” It starts by positing a model of the dynamics of cash flows. These cash flows, properly discounted, are then added up to provide an estimate of the value of the firm. Operationally, these models typically start with an assumption regarding the rate of growth of earnings and the payout policy of the firm. DCF models are notoriously unreliable and, moreover unnecessary in most situations.
In contrast, the value investing approach starts with the economics of the firms and, in particular, with the competitive position of the firm in the industry in which it operates. Assumptions on the rate of growth of earnings are needed if and only if the business operations of the firm are protected by barriers to entry. Otherwise, we can simply forget about modeling (real) earnings growth for the simple reason that there is none. In that case, an investor should not be willing to pay for any growth option just for the existing operations of the firm. This is the earnings power value calculation. But how does the valuation support that conclusion: because if the business operations of the firm are not protected by barriers to entry, the asset value of the firm should be equal to the earnings power value."
—Tano Santos, David L. and Elise M. Dodd Professor of Finance at Columbia Business School
Program Structure
The Value Investing program familiarizes you with the principles and techniques of value investing through a combination of formal lectures and in-class valuation discussions.
Hands-On Tools and Exercises
A key component of the value investing process is the assessment of the existence of barriers to entry. In this program, participants develop a protocol to assess the competitive position of the firm and what kind of evidence they should be looking for to ascertain the existence of competitive advantages. In the presence of barriers to entry, they develop a valuation approach that estimates the expected rate of return of investing in the company — an approach pioneered by Charlie Munger and Warren Buffett at Berkshire.
To illustrate the approach, participants will use a hands-on valuation tool to look at a set of companies in different industries: Walmart and Dollar General in the retail industry, Deere in equipment manufacturing, Nike in sports apparel, Nestle in food and beverage, and finally, Facebook in Big Tech.
Schedule
In-Person: Three consecutive full days of in-person sessions on the Manhattanville campus in NYC. Includes breakfast, lunch, and all materials for the in-person program.
To view an agenda for either format of this program, please connect with a Learning Solutions specialist. Contact us.
Dates, fees, and locations are subject to change.
Download Sample Lecture
To view a sample lecture from the program, please download the program materials.
“A practical framework and process. Applicable at the workplace from day one.”
Sudeep Srikantaswamy
Director at o3securities“In just three days, I learned more on valuation than a couple of years in university, plus more than a decade of work experience.”
Francisco Errandonea
Head of Equities, Santander Corredores de Bolsa“The Value Investing class has resulted in my personal investments outperforming the market and has enabled me to better advise my clients in their business strategy.”
Alexander Sharpe
Principal at Sharpe Consulting LLC“Forget FCF or highly complex valuation methods. Value investing offers a simple method for looking at investments.”
Maria Teresa Mata
Manduca Management“This course is well worth the 20 hours of travel to get to New York from New Zealand.”
Bruce Robertson
Managing Director, JBWere“Tano Santos was outstanding and very clear. Great presenter with a great sense of humor and terrific content.”
Donald B. Craven
Attorney and Energy ConsultantParticipant Profile
Value Investing is appropriate for executives at all levels who want to refine their understanding of value-based investing principles for professional and personal use.
Industry
Job Function
Faculty
Tano Santos
Robert Heilbrunn Professor of Asset Management and Finance
Director of the Heilbrunn Center for Graham and Dodd Investing
FAQ
Certification
I’m interested in the Certificate in Business Excellence (CIBE), how do I get started?
At Columbia Business School Executive Education, you’ll be able to customize a unique learning experience by selecting programs that best interest you and are most suited for your needs. Any completed program, regardless of format (live online, in-person, or online), will count towards the Certificate in Business Excellence.
Which programs qualify for the CIBE?
Any completed executive education program, regardless of format (live-online, in-person, or online), will count towards the Certificate in Business Excellence. Partner programs will also count towards the certificate.
What programs are considered partner programs?
Executive education programs developed and administered with our educational partners, bring the best of our combined knowledge, thought leadership, resources, and expertise. Kindly find a list of our partners here on our partnership page.
What are the costs of the certificate?
There’s no set cost associated with the certificate path since you’re able to customize your learning journey with in-person and online programs (price will vary depending on the program type and length).
Are there any tuition assistance or scholarships?
At Columbia Business School Executive Education, we offer non-degree and non-credit-based professional development programs to the global business community. As our programs are non-degree and non-credit, they do not qualify for financial aid.
How are CIBE credits determined?
Credits for a program are determined by the program duration and total learning hours.
Where do I find information on the credit value for a program?
You will find this information on each program page. Credits range from 0.5 credits – 26 credits per program.
How do I get enrolled in the CIBE?
Your certificate journey will start with your first program, and you have 4 years to complete your CIBE. You may register for any of our executive education programs on each program page. You may enroll using the “Enroll Now” button, and the application process should take 5-10 minutes.
How do I receive credits?
You are required to fully attend a program and complete all necessary coursework in order to receive CIBE credits. Credits are only awarded after you complete a program.
How do I check the status of my Certificate completion?
Kindly reach out to a Learning Solutions representative for any questions on the status of your CIBE credit count.
Do CIBE credits expire?
Credits are only valid for four years (Please note: While we are not able to offer in-person programming due to the COVID-19 pandemic, the duration to complete the programming has been extended to five years.). If you have not completed your CIBE within four years, we will only count non-expired credits towards your CIBE credit total.
Does the Certificate in Business Excellence expire?
Your Certificate in Business Excellence does not expire. Once you become a certificate recipient, you will join the greater alumni community at Columbia Business School.
I’ve reached 18 CIBE credits, what’s next?
Congratulations! You should receive a digital copy of your certificate at the end of your program. If you do not receive a copy from your program manager, kindly contact your Learning Solutions representative or your program manager for next steps.
Will I receive a physical certificate?
Upon completion, you will receive a secure, digital certificate through Accredible. Within the platform you will have the option to print your credential, post it to your LinkedIn feed, or display it on your profile as a certification. Please contact your program manager for the status of your digital certificate.
How do I get access to my alumni benefits?
Once you complete your CIBE, we kindly ask for your patience as we process your alumni credentials. The processing time can take anywhere from 8 to 10 weeks long.
Can I add the Certificate in Business Excellence to LinkedIn?
Yes! We will provide you with instructions on how to add your certificate to your LinkedIn profile after you become a Certificate recipient.
Preferred Pricing and Tuition Benefits for Alumni
Are there preferred pricing options available for live online programs?
Yes, preferred pricing is available for groups of two or more. To inquire, email execed@gsb.columbia.edu.
As a Columbia Business School alumni am I eligible for tuition benefit?
When you earn a Certificate in Business Excellence you will receive a 25 percent tuition benefit for full-price Executive Education in-person programs lasting three and four days and all full-price online programs. Exclusions apply**Which programs do not qualify for a 25 percent tuition benefit?
- Advanced Management Program
- Chief Executive Officer
- Chief Financial Officer
- Chief Marketing Officer
- Chief Investment Officer
- Developing Black Leaders in Financial Services
- Digital Business Leadership Program
- Emerging Leader Development Program
- Executive Development Program
- Executive Program in Management
- Finance and Accounting for the Nonfinancial Executive
- Global Banking Program: Fintech, Digital, and Analytics
- High Impact Leadership
- Leadership Essential
- Leading Strategic Growth and Change
- Strategic Wealth Manager
- Venture Capital Private Equity
Assignments
Will there be any homework or assignments?
For select programs, there will be some assignments to complete after the end of select program sessions. Assignments will typically consist of readings, self-reflections, and brief assessments. This approach is designed to help you practice your learnings.
How long will assignments take?
We do not expect that homework assignments will take up a large amount of time to complete.
Will there be any examinations or grades?
There will be no examinations or grades for our live online programs.
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