Global Investment analysis | WST
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WALL STREET TRAINING

CURRICULUM

WALL STREET TRAINING

Global Investment analysis

Introduction

Top-tier private equity firms and hedge funds expect high quality case studies being done from candidates. Submitting a college or Sell-side level analysis won’t get you the job in this highly competitive Buy-side job market. This 2-day Buy-side case study prep session will equip you with the same analyses being conducted at the top-tier fundamental hedge funds and private equity funds.

Dates
– Sun Jan. 13, 2019 – Sun Mar. 10, 2019
   (No lectures on Feb. 3, Feb. 10)
Time
– Every Sunday 9:30 am – 12:30 pm
Pricing
1,400$
What to bring
– Laptop
Location
– Seoul, South Korea

Goal

Learn how to conduct a deep-dive industry, company and investment analyses as they are conducted at the top-tier global private equities and hedge funds.
Focus on the ‘next-level’, ‘beyond financial model’ analyses that will help the students outstand among many candidates for top-tier buyside shops.
Cover real-world case studies on companies in various regions (US, Korea, HK, etc).
Learn from the actual professionals currently in the buyside rather than from instructors who can only cover theories or limited subjects.

Cases that will be used in program

Recommended for

01

IB analyst, associates, RA’s at investment banks, research shops, etc

02

Junior professionals at buyside shops (pre-MBA’s)

Instructors

  Jay Ju

– Tiger grand cub(AUM $400 Million) Special Situations HF, NY
– Tandem Investors (Emerging Market Fundamental Hedge Fund, HK)
– Allard Partners (Long-only Fund, HK)
​- Columbia MBA (Value Investment Program)

For many years, I have worked in Seoul, Hong Kong and New York hedge funds, and conducted deep-dive research in many industries and companies in various countries (from Netherlands to Pakistan).

With MBA from Columbia University, I was able to acquire various tools and knowledge from not only scholars but also from actual fund managers (both PE and HF) in NYC. I prepared for this course by combining real buyside training and helpful practical case courses (taught by seasoned hedgefund professionals) I took at Columbia.

Many finance professionals only invest in a specific region or sector. However, I have looked at various industries/companies in both developed and emerging markets with strictly fundamental angle. Learning such skillsets will definitely give you a leg up during an interview or at the actual buyside workplace be it hedge fund or private equity.

Syllabus

1.Course Overview Core Tool Explanation

-Reasons for Fundamental Investment
-Screening potential targets
-ROIC & Growth → Valuation
-Difference between Corporate Value vs. Market Price
-3 Main causes of ‘Alpha’ generation
-Steps of Corporate analysis : Investment thesis (Case: Tata Motors)
-Idea note Structure and sample
-Idea note example (actual global hedge fund idea note)

2.Industry Analysis I

-Industry map: Relation among suppliers, competitors and distributors
-Calculating and using HHI index
-Finding ROIC per value chain (Case : Tire Industry)
-Market Monopoly (Case : Japan Cement industry)
-Calculating Industry ROIC (Case: Cosmetics Industry)
-Industry Demand vs. Supply Metrics → Resulting in different ROICs
-Supply Projection (Capital expense, sales and inventory)
-Industry ROIC vs. industry overall valuation level

3.Industry Analysis II

-Penetration and growth
-Growth per Industry Chain
-Industry Fluctuations and its Cycle (Case : U.S. Slot Machine Industry)
-Determining industry pie (Case : Global Automotive Industry)
-Industry ROIC vs. WACC → Value of growth (Case : Aviation Industry)
-Porter’s five forces
-Comparison of Industry Cost
-Operating Leverage
-Economy of Scale
-Prediction of Market Share (Case : Education Industry)
-Entry Wall

4.Company Analysis

* Competitiveness Analysis
-Checklist of company analysis
-Sales Forecast
-Fixed Cost vs. Variable Cost
-Sales vs. Cost Forecast
-Successful Business Model (5 Cases)
-Operating Leverage
-Price vs. Volume Effect

* Unit Economics Analysis
-Why is ‘unit’ important?
-Unit Economics (Store-level unit analysis case: Chipotle)
-Incremental Margin (Case: e-Credible)
-Fixed Cost vs. Variable Cost → Leverage Effect
-Analysis of Management
-Removing BIAS

5.VAR / Valuation

* Value Added Research
-VAR (Value added research) – Obtaining information from interview
-Competitor Visit (Case : Megastudy, Auto Industry)
-Partner Visit (Case : Buffalo Wings)
-Customer Visit (Case: Book Publisher)
-Management Visit
-Industry Experts
-Var Mosaic

* Valuation
-Industry specific valuation
-SOTP Examples

6.Accounting Fraud/Tunneling, Report Write-up (HF & PEF Investment Memos)

* Earning Quality / Accounting Fraud
-Case: ENRON
-Case: China Ocean Resources
-Case: Daewoo
-Case: Dentium

* Accounting Fraud Detection

* Report Write-up (HF & PEF Investment Memos)
-Investment Point, difference of Market View
-Valuechain of Company/Industry
-Detailed investment point / Risk / Valuation
-Valuation Scenario (Case : SGMS)
-Hook Write-up

7.Final Review

-Researching oppising view on report
-Creating Checklist
-Presentation of the report

FAQ

What was the reason why this course was created?
What are the content of this program and what forms the basi..
I am currently applying to sell side banking; Would this hel..
Would people in equity research need this course?

Pricing

Pricing

1,400$