As one of the world’s top business schools, Columbia Business School is well-known for its comprehensive and professional finance courses, especially the signature value investing curriculum. The legendary Value Investing Program (VIP) at CBS has cultivated numerous star alumni like Warren Buffett and shaped the value investing philosophies followed by the industry today. This article will analyze CBS’s value investing courses, explaining their rich theoretical frameworks, renowned professors, diverse global participants, as well as the program’s far-reaching influence. Multiple case studies and real-world applications will also be covered to showcase how CBS students can gain practical investing skills from the courses.
CBS’s value investing curriculum offers a complete 3-level structure combining concepts, tools and case studies
The value investing courses at CBS feature a meticulously designed 3-level structure. Firstly at the conceptual level, students learn foundational philosophies like how to identify undervalued securities. Next, key valuation tools are taught like WACC, EPV and Merchandise Value models. Lastly, famous real-world case studies are analyzed in detail, from classics like Walmart to new giants like Amazon. By applying the valuation tools learned earlier, students can make concrete investing decisions and recommendations just like practitioners. For instance, by revisiting Amazon’s financial statements today, it becomes clear that its major revenue is from governmental cloud services rather than e-commerce. This explains why Amazon can afford to decimate its cross-border merchant competitors in China. The courses place great emphasis on making proactive adjustments to valuations, which is a true hallmark of value investing versus other programs. Whether scrutinizing PP&E assets or intangible Goodwill, the attitude is to cut out biases and stick to the facts, in order to derive true value.
Renowned CBS finance professors and accomplished global peers maximize learning experience
The online value investing courses are led by Professor Tano Santos, a valuation expert at CBS. His meticulous coverage of Mr. Market psychology and uncompromising teardown of financial statements reveal a unique mix of humanism and financial rigor. Professor Santos believes successful value investors must remain solitary and detached like martial arts masters. He is assisted by two experienced teaching assistants from Wall Street. The student cohort is also stellar, since most participants already have finance backgrounds. My classmates came from all over the world, and I was constantly amazed reading their professional grade analyses and financial models in submitted assignments. It’s as if we were all martial arts masters gathered at some secluded monastery to quietly exchange notes. One French female classmate truly impressed me – she was juggling assignments alongside a newborn in London, but her work integrated theory and practice seamlessly. The CBS value investing courses assemble some of the world’s sharpest financial minds.
Extensive campus resources and events enable hands-on investing practice
The CBS value investing curriculum isn’t confined to textbooks – there are ample opportunities to apply the lessons. For instance, I work with industrial silica sales in my day job, so I decided to analyze the solar panel industry. Using the valuation techniques taught in class like WACC, EPV and Merchandise Value adjustments, I identified an undervalued stock – JinkoSolar. By scrutinizing its financial statements, I realized its cost leadership in polysilicon (which constitutes 50% of panel costs) was overlooked, leading to undervaluation. My portfolio returned over 20% by investing in JinkoSolar based on the CBS valuation principles. CBS also regularly hosts investing authorities as guest speakers. Recently I attended a webinar hosted by Professor Santos featuring Nobel laureate Richard Thaler. Entering the CBS value investing community opens doors to accomplished practitioners worldwide.
Columbia Business School’s Value Investing curriculum enables students to master concepts, tools and real-world practices through its meticulous 3-level structure. Participants also benefit immensely from learning alongside accomplished professors and global peers. The program’s extensive campus resources and events further link textbook theories to hands-on investing.