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課程資訊

課程名稱	全球價值投資實務 Global Value Investment
開課學期	106-2
授課對象	管理學院管理學院企業管理碩士專班(GMBA)
授課教師	許心達
課號	GMBA7086
課程識別碼	749EM1080
班次
學分	1.0
全/半年	半年
必/選修	選修
上課時間	第9,10 週
上課地點
備註	本課程以英語授課。密集課程。日期：4/15，4/27 14:20-17:20，4/28 09:10-14:10。管一402 限學士班三年級以上總人數上限：50人
Ceiba 課程網頁	http://ceiba.ntu.edu.tw/1062GMBA7086_
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課程概述	密集授課。上課日期：4/15 09:10-18:00; 4/27 14:20-17:20及4/29 09:10-14:20。
課程目標	• To prepare students to understand, evaluate, and invest using a Global Value Investment Philosophy in all asset classes (i.e. securities, real estate, hard assets, etc). Students will be exposed to value investing valuation methods, strategies and techniques. • Students are guaranteed to be better investors over their lifetimes or their money back!
課程要求
預期每週課後學習時數
Office Hours	另約時間備註： by appointment
指定閱讀
參考書目
評量方式 (僅供參考)

課程進度

週次	日期	單元主題
Week 1	April 15	Session 1- Introduction and Overview What is value investing and does it work History of value Investing (value investing pioneers) Principals of Value Investing - Graham's tenets of value investing (concept of Mr. Market, Margin of Safety) Efficient market hypothesis and the notion that value investing is out of date Warren Buffett's response to the Efficient Market Hypothesis [Reading] Aswath Damodaran, Value Investing: Investing for Grown Ups?..................…..…………………………………………………….Page 3 Burton Malkiel, A Random Walk down Wall Street • Chapter 7 – How Good is Fundamental Analysis?........................................................Page 82 John Train, The Craft of Investing…...……………………….Page 97 • Section 1 – The Craft • Section 2 – The Nature of Markets David Einhorn, Fooling Some of the People All of the Time, A Long Short Story……..................................................Page 142 • Chapters 1-4
Week 2	April 27	Session 4 - Global Value Investing Value investing in emerging markets Focus on global competitive advantages Economic growth not always correlated with stock market performance (importance of being selective) Political/FX considerations Outside interests, privately held assets, transfer pricing SOEs vs. entrepreneurs How to invest in China through Hong Kong/Taiwan/Japan-listed companies [Reading] Baupost’s letters to the partnership……………………….Page 476 • 1996, 1999, 2001, 2002, 2006, 2007 Third Avenue Fund’s letters to investors……….………Page 575 • Q4 2004, Q4 2007, Q4 2008, Q4 2009, Q4 2010
Week 3	April 28	Session 6 - Final Exam: Investment Pitch & Evaluation
Week 4	April 28	Session 5 - Practice of Value Investing in Asia Challenge of investing in Asia Investment philosophy Tools and instruments [Reading] OTS Capital Management letters to investors ………………………………………..………Page 731 • 06 2016, 10 2015 white papers • The Case for Value in Asia …………….………….Page 734 • Activism in Asia – a Shifting Wind……….…….Page 744
Week 1-2	April 15	Session 2- Analytical Process and Valuation Investing vs. speculating (discussed in Margin of Safety) Alignment of interests (“skin-in-the-game” concept) Competitive advantage (moat) Contrarian vs. groupthink (Sir John Templeton) Alignment of management interests with shareholders Mechanics of valuation [Reading] Seth Klarman, Margin of Safety….…………………….…..Page 176 • Chapter 1 – Speculators and Unsuccessful Investors • Chapter 6 – Value Investing: The Importance of a Margin of Safety • Chapter 7 – At the Root of a Value-Investment Philosophy Charles MacKay, Memoirs of Extraordinary Popular Delusions….………………………………………………………..….Page 202 • Chapter 3 – The Tulipomania Burton Malkiel, A Random Walk down Wall Street…………………………………………………………………….Page 208 • Chapter 2 – The Tulip-bulb Craze Benjamin Graham, The Intelligent Investor..............Page 219 • Chapter 7 – Portfolio Policy for the Enterprising Investor: The Positive Side • Chapter 8 – The Investor and Market Fluctuations • Chapter 20 – "Margin of Safety" as the Central Concept of Investment
Week 1-3	April 15	Session 3 -Real Life examples of Value Investing Buffett’s investment examples Net-nets, discount to intrinsic value/liquidation value Tangible book value and balance sheet analysis (accounting for goodwill, etc) Portfolio construction and diversification Screens/monitor list Value traps and short selling [Reading] Warren Buffett, Berkshire Hathaway Annual Letters…………………………………………………………........…Page 266 • Acquisition and Investments: Same Rules for Both – 1978 & 1981 letter • Dividend Policy – 1984 letter • Swimming against the Tide: When Nothing Works – 1985 letter • Capital Allocation, Control Investment and taxes –1987 letter • Why Good Businesses are Better Than Poor Ones – 1989 letter • Increase Wealth is NOT the same as Increasing Size – 1992 letter • Diversification and Concentration; Risk and Return – 1993 letter Warren Buffett, The Superinvestors of Graham & Doddsville…..………………………………………………………….Page 440 Martin S. Fridson, Financial Statement Analysis: A Practitioner's Guide • Chapter 2: Balance sheet Analysis (Including Goodwill) ……………………….…….………………….Page 453