This course is designed to develop the approach to investments and security analysis pioneered by Benjamin Graham and David Dodd. The course details the comprehensive statistical evidence in favor of such an approach and the types of investments that are likely to be fruitful targets of a value approach. The course focuses on an approach to determining intrinsic values in practice that has the advantage of segregating valuation information by reliability level and using only the most reliable information as a basis for investment decisions in order to obtain a "margin of safety." The course consists of lectures and visiting speakers who are successful practicing value investors.
Professor Johnson runs Nicusa Investment Advisors, an advisory firm focused on helping CEOs and Boards of Directors deal with strategy, capital allocation, shareholder value creation, and corporate governance. Johnson applies his 30 years of experience as an investment professional, combined with his more than 20 years as a business school professor, to help senior managers sort through these critical strategic issues.
Johnson is an...