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Finance Club Thursday, January 26, 2012

Finance Club Thursday, January 26, 2012. What is a stock? Why do we care? Who invests in equities?. The Many Faces of a Stock. An ownership claim on net assets (Assets – Liabilities) Investable asset Common and Preferred shares Various nomenclature. From where do we get value?.

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Finance Club Thursday, January 26, 2012

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  1. Finance ClubThursday, January 26, 2012

  2. What is a stock? Why do we care? Who invests in equities?

  3. The Many Faces of a Stock • An ownership claim on net assets • (Assets – Liabilities) • Investable asset • Common and Preferred shares • Various nomenclature

  4. From where do we get value? • Financial assets are defined by their return and risk • Holders of common stock make money in two ways • Risk is based on the uncertainty of future cash flows

  5. Primary and Secondary Markets • Who makes money when you sell a share of AAPL to somebody? Does Apple care? • A primary market is when shares are issued by the company (e.g. LNKD IPO) • A secondary market is an investor selling to another investor

  6. What is a equity investor trying to do? • How do shares appreciate in value? How do I make money? • In a general sense, what is the point of equity research?

  7. Why equities? • Probably around 1/3 the size of the bond market, so there are fewer assets to invest in • More intangibles to consider

  8. SMIF Mission Statement • Give students relevant experience in equity research and portfolio management. • We want you to get a job after graduation.

  9. Our Investing Philosophy • We are a long-only equity fund. • We seek growth at a reasonable price. • “GARP shop”

  10. Growth Versus Value • Growth Stock • High reinvestment in company • High EV/EBITDA • High EPS growth e.g. Technology, Services • Value Stock • High dividend yield • Low P/E • Low P/B e.g. Utilities, Financials

  11. Our Vision • To see the SMIF operate as an asset management shop would in the real world. • Conduct research • Continuously follow targets and holdings • Make real time decisions • Execute

  12. SMIF Holdings as of 01/26/2012

  13. Services • Sector Leader: Emmett • Analysts: Miho Shima, Frank Disanti, Elson Cheng, Jason Snook, Marisa Sylvester

  14. Industrial • Sector Leader: Zubair • Analysts: Tom Ricardi, Kyle Hagner,

  15. Health Care • Sector Leader: Matt Winters • Analysts: Curt Becall, Robert Karpinski

  16. Basic Materials • Sector Leader: Ryan Lumb • Analysts: Alex Torgorsen, Colin deJersey, Corbin Rosmarin, Conor Doyle, Brandon Angoth

  17. Financial • Sector Leader: John Beiter • Analysts: JennO’neil, John Felix, Shane Feldman, Bob Mascia, Donald Casadonte, Sam Kelly, Emily Saporito

  18. Consumer Goods • Sector Leader: Josh Kaplan • Analysts:Kendall Berman, Luke Taverne, Will Koch, Nate Smith, Erik Edmonds

  19. Utilities • Sector Leader: Lawrence Heath • Analysts: Evan Shea, Olivia Sluzar, Noah Seifert

  20. Technology • Sector Leader: Taylor • Analysts: RajanBurathoki, Kim Krupski, Chris Haigh, MattyMungillo, Nam Vu

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