Bruce Greenwald
Robert Heilbrunn Professor of Finance and Asset Management
Value Investing (Munich)
About the Program:
For the first time, The Heilbrunn Center for Graham & Dodd Investing at Columbia has partnered with the Frankfurt-based Center for Value Investing e.V. to offer Value Investing in Europe.
Columbia Business School is the birthplace of Value Investing and offers a world class curriculum in the field. The Value Investing program upholds the traditions of Graham and Dodd's value-based theory established at Columbia Business School and its successful applications. For the Munich Program, our local partner, the Center for Value Investing e.V. is additionally developing exclusive case material on European companies.
You will be exposed to a combination of:
- Quantitative valuation techniques such as asset value and earnings power method to calculate intrinsic value.
- Strategic methodologies for estimating franchise value.
Three real-world case studies enable more precise estimation of investment risk and
improve your ability to manage a value portfolio.
We are pleased to offer this seminar at the offices of Bayern LB, one of the largest banks in Germany, with a concentration in European equities. The equities divison’s main goal is the promotion of authentic value investing within Europe. BayernLB implemented a Columbia School-style value approach in equity advisory, research and asset management at the bank over the past years.
A key aspect of BayernLB’s value resources are the annual Value Intelligence Conferences. The conferences showcase the work of well known academics and some of the most successful value investors worldwide. The events provide a rare opportunity for European investors to be exposed to the best value investing minds in the world. The fourth Value Intelligence Conference will take place on July 17-18 in Munich after the Value Investing program.
Faculty Director:
Bruce Greenwald, the Robert Heilbrunn Professor of Finance and Asset Management, directs the Heilbrunn Center for Graham & Dodd Investing and the academic program in value investing. Described by the New York Times as “a guru to Wall Street’s gurus,” Greenwald teaches value investing courses to MBAs, executives and professional investors.
His book Value Investing: From Graham to Buffett and Beyond earned immediate acclaim from both individual and professional investors. Greenwald received the 2000 Columbia University Presidential Teaching Award and the 1997 Margaret Chandler Memorial Award for Commitment to Excellence in Teaching. He also is a two-time recipient of the Singhvi Prize for Scholarship in the Classroom.
European Faculty - Munich Program
Max Otte
Professor of Finance, FH Worms University of Applied Sciences Executive Director, Center for Value Investing
Max Otte is full Professor of Finance at the FH Worms University of Applied Sciences and one of the academic pioneers of Value Investing in Europe. Inspired by Columbia’s Value Investing Program, he founded the Center for Value Investing to promote and teach value investing in Europe.
Max Otte has written over a dozen books. His Deutsche Superinvestoren aus Graham- und Doddsville (German Superinvestors of Graham and Doddsville) - applies Bruce Greenwald´s approach to value investing, especially the separation of asset value, earnings power and growth analysis to European companies.
Otte holds an M.A. in Economics from the University of Cologne, and an M.A. and Ph.D. from the Woodrow Wilson School at Princeton University. Before his current position, he was associate professor at Boston University.
Participant Profile:
This program is appropriate for executives at all levels who want to refine their understanding of value-based investing principles for professional and personal use.
Preparation:
Readings and case studies are sent prior to the program. This program fills quickly. We recommend that you apply as early as possible.
Value Investing: History
Value investing was developed in the 1920s at Columbia Business School by finance professors Benjamin Graham and David Dodd, MS ’21. The authors of the classic text Security Analysis, Graham and Dodd were the very pioneers of their field.
In the early 20th century, investors were guided mostly by speculation and insider information. Graham believed, however, that the true value of a stock could be determined through research. He worked with Dodd to develop value investing—a methodology to identify and buy securities priced well below their true value. Graham and Dodd’s security analysis principles provided the first rational basis for investment decisions.
The Heilbrunn Center for Graham & Dodd Investing at Columbia Business School leads the advancement of new theories in value investing by developing intellectual property, joint research efforts, case studies and other products. It is a premier knowledge center for the practice and theory of investing. Building on Columbia Business School’s renowned history in value investing and finance, the center furthers new developments in investing and imparts the original principles of Security Analysis authors Graham and Dodd.
Click here to download a retrospective of Value Investing, courtesy of the Heilbrunn Center for Graham and Dodd Investing.
REQUEST COMPANY LIST
To request a list of companies that currently use this program, e-mail execed@columbia.edu.
Apply Now
Choose Session:
Location:
Bayern LB
Munich, Germany
Tuition:$5,200
Tuition includes breakfast, lunch, and all program materials
Location and Tuition Subject to Change
Next Steps
Program BrochureCertificate in Business Excellence
This program earns you 2 days toward your Certificate in Business Excellence.
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