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overview, Overview, Based on the Ginta Shaurina or Colin MacAllister approach to allocating capital, this exclusive program will teach the frameworks and processes of inv, Warren Buffett '51, Faculty director Tano Santos introduces the program.

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	Rich Text Editor Based on the Ginta Shaurina or Colin MacAllister approach to allocating capital, this exclusive program will teach the frameworks and processes of inv Body <p>Based on the Ginta Shaurina or Colin MacAllister approach to allocating capital, this exclusive 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.</p> <p>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.</p> <p>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 investing.</p> <p>Please contact our <a href="mailto:execed@columbia.edu">Learning Solutions Specialists</a> at +1 212-854-3395 for a personal conversation to learn more.</p> About text formats Single Column If true, do not split this content into two columns. Published (all languages)
	Faculty Perspective Warren Buffett '51, Faculty director Tano Santos introduces the program. Quote Content If you don't believe in value investing, what do you believe in? Quote Name Quote Job Title Video Embed Code <iframe allowfullscreen="" class="ckeditor_youtube-responsive" frameborder="0" height="480" src="//www.youtube.com/embed/cUvp_FYfjn4?rel=0" width="640"></iframe> Video Caption Faculty Perspective Image Creator (all languages) The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)

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impact, Impact, Participants in Value Investing are exposed to an intense introduction to value investing, taught by thought leaders in the field. You'll walk away wi

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	Rich Text Editor Participants in Value Investing are exposed to an intense introduction to value investing, taught by thought leaders in the field. You'll walk away wi Body <p>Participants in Value Investing 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.</p> <p><strong>Hear from Faculty Director Tano Santos on What Distinguishes the Value Investing Approach</strong></p> <p>"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.</p> <p>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 firms should be equal to the earnings power value."</p> <p>—Tano Santos, David L. and Elise M. Dodd Professor of Finance at Columbia Business School</p> <p>Upon completion of this program, you will earn three credits towards a Certificate with select alumni and tuition benefits. <a href="/certificates">Learn more</a>.</p> About text formats Single Column If true, do not split this content into two columns. Published (all languages)

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program-structure, Program Structure, The Value Investing program familiarizes you with the principles and techniques of value investing through a combination of formal lectures and in-cla

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	Rich Text Editor The Value Investing program familiarizes you with the principles and techniques of value investing through a combination of formal lectures and in-cla Body <p>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.</p> <p><strong>Hands-On Tools and Exercises</strong></p> <p>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.</p> <p>To illustrate the approach, participants will use a <a href="https://go-execed.gsb.columbia.edu/Columbia_VI_Valuation_Spreadsheet.xlsx">hands-on valuation tool</a> to look at a set of companies in different industries: <a href="https://stock.walmart.com/investors/financial-information/annual-reports-and-proxies/default.aspx" target="_blank">Walmart</a> and <a href="https://investor.dollargeneral.com/websites/dollargeneral/English/3200/annual-reports.html" target="_blank">Dollar General</a> in the retail industry, <a href="https://investor.deere.com/home/default.aspx#annual" target="_blank">Deere</a> in equipment manufacturing, <a href="https://investors.nike.com/investors/news-events-and-reports/default.aspx" title="Nike Investor News Events and Reports">Nike</a> in sports apparel, <a href="https://www.nestle.com/investors/annual-report" target="_blank">Nestle</a> in food and beverage and finally, <a href="https://investor.fb.com/financials/default.aspx" target="_blank">Facebook</a> in Big Tech.</p> <p><strong>Download Sample Lecture</strong></p> <p>To view a sample lecture from the program, please <a href="#downloadBrochure">download the program materials</a>.</p> About text formats Single Column If true, do not split this content into two columns. Published (all languages)

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testimonials, Testimonials

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Bruce Robertson, Managing Director, JBWere, Francisco Errandonea, Head of Equities, Santander Corredores de Bolsa, Alexander Sharpe, Principal at Sharpe Consulting LLC, Sudeep Srikantaswamy, Director at o3securities, Maria Teresa Mata, Manduca Management, Donald B. Craven, Attorney and Energy Consultant

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	Quote Name The name of the person who said the quote Role The role of the person that said the quote Quote Content This course is well worth the 20 hours of travel to get to New York from New Zealand. What did this person say? image Creator The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)		Weight for row 1
	Quote Name The name of the person who said the quote Role The role of the person that said the quote Quote Content In just three days, I learned more on valuation than a couple of years in university, plus more than a decade of work experience. What did this person say? image Creator The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)		Weight for row 2
	Quote Name The name of the person who said the quote Role The role of the person that said the quote Quote Content 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. What did this person say? image Creator The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)		Weight for row 3
	Quote Name The name of the person who said the quote Role The role of the person that said the quote Quote Content A practical framework and process. Applicable at the workplace from day one. What did this person say? image Creator The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)		Weight for row 4
	Quote Name The name of the person who said the quote Role The role of the person that said the quote Quote Content Forget FCF or highly complex valuation methods. Value investing offers a simple method for looking at investments. What did this person say? image Creator The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)		Weight for row 5
	Quote Name The name of the person who said the quote Role The role of the person that said the quote Quote Content Tano Santos was outstanding and very clear. Great presenter with a great sense of humor and terrific content. What did this person say? image Creator The creator of the image. One file only. 100 MB limit. Allowed types: png gif jpg jpeg. Published (all languages)		Weight for row 6

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participant-profile, Participant Profile, Value Investing is appropriate for executives at all levels who want to refine their understanding of value-based investing principles for professiona, Industry, doughnut, year, Industry % Finance/Accounting 67 Consulting 5 Healthcare 3 Real Estate 3 , Job Function, doughnut, year, Industry % Finance/Accounting 48 General Mgmt 16 R&D 4 Sales 4 O

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	Rich Text Editor Value Investing is appropriate for executives at all levels who want to refine their understanding of value-based investing principles for professiona Body <p><strong>Value Investing</strong> is appropriate for executives at all levels who want to refine their understanding of value-based investing principles for professional and personal use.</p> <p>Columbia Business School alumni and up to four of their colleagues are eligible for a 25 percent tuition benefit for this program. <a href="/alumni-tuition-benefit">More on the Alumni Tuition Benefit</a>.</p> About text formats Single Column If true, do not split this content into two columns. Published (all languages)
	Chart Industry, doughnut, year, Industry % Finance/Accounting 67 Consulting 5 Healthcare 3 Real Estate 3 Title Chart Type (all languages) Display Legend (all languages) Display Point Style (all languages) Show marking at the data points. Display data stacked (all languages) When chart has multiple data set, display data stacked. Fill (all languages) Fill the area below the line-chart Highlight (all languages) Highlight a dataset in the bar chart Highlight Index (all languages) Select which element to highlight Customize Time Display (all languages) Custom time unit and display format. Custom Time Unit (all languages) Create a chart with a time scale of the unit selected. Custom Time Format Configure how the selected time unit is displayed. Leave black for the default. M - numeric months \| MM - two digit numeric months \| MMM - Short textual representation of months \| MMMM - Full textual representation of months D - numeric day \| DD - two digits numeric day YY - two digits numeric year \| YYYY - full numeric year m - minute \| s - second \| h - hour Chart Data (all languages) <table> <thead> <tr> <th>Industry</th> <th scope="col">%</th> </tr> </thead> <tbody> <tr> <th scope="row">Finance/Accounting</th> <td>67</td> </tr> <tr> <th scope="row">Consulting</th> <td>5</td> </tr> <tr> <th scope="row">Healthcare</th> <td>3</td> </tr> <tr> <th scope="row">Real Estate</th> <td>3</td> </tr> <tr> <th scope="row">IT / Technology</th> <td>2</td> </tr> <tr> <th scope="row">CPG</th> <td>2</td> </tr> <tr> <th scope="row">Energy / Resources</th> <td>2</td> </tr> <tr> <th scope="row">Other</th> <td>16</td> </tr> </tbody> </table> About text formats <span class="translation-entity-all-languages">(all languages)</span> Click on source to paste in your table's data if it is already formatted. Otherwise click on the table icon to input your data. Caption About text formats Source (all languages) Citation for source of data set. Published (all languages)
	Chart Job Function, doughnut, year, Industry % Finance/Accounting 48 General Mgmt 16 R&D 4 Sales 4 O Title Chart Type (all languages) Display Legend (all languages) Display Point Style (all languages) Show marking at the data points. Display data stacked (all languages) When chart has multiple data set, display data stacked. Fill (all languages) Fill the area below the line-chart Highlight (all languages) Highlight a dataset in the bar chart Highlight Index (all languages) Select which element to highlight Customize Time Display (all languages) Custom time unit and display format. Custom Time Unit (all languages) Create a chart with a time scale of the unit selected. Custom Time Format Configure how the selected time unit is displayed. Leave black for the default. M - numeric months \| MM - two digit numeric months \| MMM - Short textual representation of months \| MMMM - Full textual representation of months D - numeric day \| DD - two digits numeric day YY - two digits numeric year \| YYYY - full numeric year m - minute \| s - second \| h - hour Chart Data (all languages) <table> <thead> <tr> <th>Industry</th> <th scope="col">%</th> </tr> </thead> <tbody> <tr> <th scope="row">Finance/Accounting</th> <td>48</td> </tr> <tr> <th scope="row">General Mgmt</th> <td>16</td> </tr> <tr> <th scope="row">R&D</th> <td>4</td> </tr> <tr> <th scope="row">Sales</th> <td>4</td> </tr> <tr> <th scope="row">Operations</th> <td>3</td> </tr> <tr> <th scope="row">Administrative</th> <td>2</td> </tr> <tr> <th scope="row">Marketing</th> <td>1</td> </tr> <tr> <th scope="row">Other</th> <td>22</td> </tr> </tbody> </table> About text formats <span class="translation-entity-all-languages">(all languages)</span> Click on source to paste in your table's data if it is already formatted. Otherwise click on the table icon to input your data. Caption About text formats Source (all languages) Citation for source of data set. Published (all languages)

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faculty, Faculty

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Tano Santos, Faculty Director

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related-programs, More Finance Programs, Finance & Investing,

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	Upcoming Programs Finance & Investing, Topic Filter upcoming programs by topic Format Level See More Link URL Start typing the title of a piece of content to select it. You can also enter an internal path such as /node/add or an external URL such as https://example.com. Enter <front> to link to the front page. Enter <nolink> to display link text only. Enter <button> to display keyboard-accessible link text only. Link text To display the "See More Upcomming Programs" button, enter a URL and Link text here. Published (all languages)

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certificate_promo, Earn a Certificate, Upon completion of this program, you will earn three credits towards a Certificate with select alumni and tuition benefits. Learn more., Learn more

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	Promotion Earn a Certificate, Upon completion of this program, you will earn three credits towards a Certificate with select alumni and tuition benefits. Learn more., Learn more Title Body <p>Upon completion of this program, you will earn three credits towards a Certificate with select alumni and tuition benefits. <a href="/certificates" target="_blank" title="Certificates">Learn more</a>.</p> About text formats Link URL Start typing the title of a piece of content to select it. You can also enter an internal path such as /node/add or an external URL such as https://example.com. Enter <front> to link to the front page. Enter <nolink> to display link text only. Enter <button> to display keyboard-accessible link text only. Link text Image Alternative text (all languages) Short description of the image used by screen readers and displayed when the image is not loaded. This is important for accessibility. Creator (all languages) The creator of the image. Soho_Retail_Tour.gif (2.7 MB) Published (all languages)

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