“An investment operation is one which, upon thorough analysis, promises safety of principal and a satisfactory return. Operations not meeting these requirements are speculative.”— Security Analysis, Graham and Dodd
This course will use the sixth edition of Graham and Dodd’s Security Analysis as a framework for building up to a full appreciation of what the authors meant by this statement and ultimately a road map for a successful investing approach.
We will explore:
Financial Statement Analysis
Behavioral Aspects of Investors and Security
Tips and Tools For The Research Process and
Consistent with the approach taken in Security Analysis, this course will examine both stocks and bonds, but will focus mostly on stocks. The above-mentioned areas will be addressed through a combination of short lectures that incorporate sections from Security Analysis, brief and full-blown case studies of companies to bring real-world meaning to the lecture concepts, guest lecturers, and group and individual assignments. Specifically, homework will be comprised of:
Examples of companies and their financials (both dated and live) to reinforce concepts discussed in lecture for that week
Two company case studies that are more fully developed than the above. These will comprise two class sessions towards the end of the course
A final group project that students will begin to work on at the midpoint of the course, culminating in a presentation to the class at the end of the course
Guy Shanon is a managing partner at Kingstown Capital, a concentrated special situations fund that invests across the capital structure. Before joining Kingstown, Guy was Portfolio Manager at Hudson Street Capital Management where he invested primarily in small-cap, value-oriented equities. Guy was founder and CEO of Cityfeet.com, a leading commercial real estate listings and industry news content portal, that was sold to Loopnet...