Latepost Shape Is Inward Session...
As some of you lot in all likelihood already know, I instruct at the Stern School of Business at NYU. Well, summertime is officially over as well as a novel semester is beginning. In a rite that I repeat at the start of every semester that I teach, I desire to invite you lot to live part of my flat this semester. Note, though, that this invitation is completely unofficial as well as approaching NYU for credit for taking the flat is a definite no no.
This semester's class:Valuation
The exclusively flat that I volition live educational activity this autumn is Valuation. H5N1 lilliputian history, though it may bore you, is inward society here. I came to NYU inward 1986 as well as the real foremost flat that I was asked to instruct was a Security Analysis course, a flat alongside deep as well as venerable roots (Ben Graham taught this flat at Columbia as well as Warren Buffett took it inward the 1950s). It was a flat on valuing securities of all types, bonds, futures, options as well as stocks, but it had outlived its useful life yesteryear the mid 1980s, partly because in that place were other electives that focused on bonds as well as derivatives as well as partly because in that place was no narrative left that check the class. I hijacked the class, revamped its content (without renaming it), as well as made it a semester-long flat on valuing businesses: pocket-size as well as large, world as well as privately owned, increase as well as mature as well as developed as well as emerging markets. About 4 years ago, the direction recognized the obvious as well as changed the advert of the flat to reverberate its content.
What is this flat about?
While the flat is centered around intrinsic valuation (or discounted cash menstruation valuation, if you lot prefer to utilization its applied form), as well as I am a trouble solid believer that intrinsic value matters, I endeavour (though I practice non ever succeed) to popular off along an opened upwardly heed as well as non forcefulness feed my views. Consequently, you lot volition hear me speak a lot nearly the limitations of discounted cash menstruation valuation as well as what I meet every bit its nighttime side. In addition, a meaning part of the flat is devoted to multiples as well as comparables (what I term relative valuation), since it is the dominant approach used yesteryear analysts to value companies. I practice also convey inward the purpose that choice pricing has played inward valuation, inward the shape of existent options. Thus, I endeavour to brand this flat every bit wide every bit possible inward price of approaches covered as well as businesses valued.. My objective is that you lot should live able to value whatsoever property or business, using whatsoever approach, as well as from whatsoever perspective (investor, acquirer, appraiser), yesteryear the goal of this class.
What background practice I demand to accept the class?
This flat is an elective that is taken primarily yesteryear instant twelvemonth MBAs, most of whom receive got had the misfortune to accept a total semester flat inward Corporate Finance from me inward the previous year. However, I practice brand the supposition that a summertime is all you lot demand to wipe out everything you lot receive got learned over the previous twelvemonth as well as the foremost iii or 4 weeks of this flat furnish a quick review of the corporate finance class.
I practice assume that you lot receive got some working noesis of accounting, acquaint value as well as statistics. If you lot practice not, I would recommend quick primers that I receive got online that may live useful to you:
http://people.stern.nyu.edu/adamodar/New_Home_Page/background.html
But fifty-fifty if you lot don't receive got fourth dimension to practice these things, why non only drib yesteryear as well as withdraw heed to a lecture or two?
How practice I accept this class?
a. The foremost thing to practice is to see the website for the class:
http://www.stern.nyu.edu/ adamodar/New_Home_Page/equity.html
This is the key repository for everything to practice alongside the class.
b. The instant is to download the lecture notes for the flat as well as picket the webcasts for the class. Both are available on this page:
http://people.stern.nyu.edu/adamodar/New_Home_Page/webcasteqfall11.htm
You receive got ii choices alongside the lecture notes. You tin impress them off on newspaper as well as utilization them inward conjunction alongside the webcasts. Alternatively, you lot tin download them every bit pdf files as well as read them on your iPad or Kindle (if you lot receive got one). On the webcasts, you lot receive got iii choices:
One lastly resources that you lot may desire to use. I am trying out a novel device seat together yesteryear a few real smart, enterprising immature people called coursekit. It essentially pulls together everything that is on the website for the flat as well as adds a social media factor (think Facebook embedded inward the course of report page). I similar the expect as well as you lot tin meet it yesteryear going to:
http://www.coursekit.com
Enter the code FHGN2P as well as you lot volition popular off part of the course of report online. I volition seat the emails that I transportation on hither as well as it volition allow you lot heighten questions/issues related to valuation that tin live discussed.
In closing, I promise you lot practice drib yesteryear as well as popular off part of this experience.... See you lot inward class!
This semester's class:Valuation
The exclusively flat that I volition live educational activity this autumn is Valuation. H5N1 lilliputian history, though it may bore you, is inward society here. I came to NYU inward 1986 as well as the real foremost flat that I was asked to instruct was a Security Analysis course, a flat alongside deep as well as venerable roots (Ben Graham taught this flat at Columbia as well as Warren Buffett took it inward the 1950s). It was a flat on valuing securities of all types, bonds, futures, options as well as stocks, but it had outlived its useful life yesteryear the mid 1980s, partly because in that place were other electives that focused on bonds as well as derivatives as well as partly because in that place was no narrative left that check the class. I hijacked the class, revamped its content (without renaming it), as well as made it a semester-long flat on valuing businesses: pocket-size as well as large, world as well as privately owned, increase as well as mature as well as developed as well as emerging markets. About 4 years ago, the direction recognized the obvious as well as changed the advert of the flat to reverberate its content.
What is this flat about?
While the flat is centered around intrinsic valuation (or discounted cash menstruation valuation, if you lot prefer to utilization its applied form), as well as I am a trouble solid believer that intrinsic value matters, I endeavour (though I practice non ever succeed) to popular off along an opened upwardly heed as well as non forcefulness feed my views. Consequently, you lot volition hear me speak a lot nearly the limitations of discounted cash menstruation valuation as well as what I meet every bit its nighttime side. In addition, a meaning part of the flat is devoted to multiples as well as comparables (what I term relative valuation), since it is the dominant approach used yesteryear analysts to value companies. I practice also convey inward the purpose that choice pricing has played inward valuation, inward the shape of existent options. Thus, I endeavour to brand this flat every bit wide every bit possible inward price of approaches covered as well as businesses valued.. My objective is that you lot should live able to value whatsoever property or business, using whatsoever approach, as well as from whatsoever perspective (investor, acquirer, appraiser), yesteryear the goal of this class.
What background practice I demand to accept the class?
This flat is an elective that is taken primarily yesteryear instant twelvemonth MBAs, most of whom receive got had the misfortune to accept a total semester flat inward Corporate Finance from me inward the previous year. However, I practice brand the supposition that a summertime is all you lot demand to wipe out everything you lot receive got learned over the previous twelvemonth as well as the foremost iii or 4 weeks of this flat furnish a quick review of the corporate finance class.
I practice assume that you lot receive got some working noesis of accounting, acquaint value as well as statistics. If you lot practice not, I would recommend quick primers that I receive got online that may live useful to you:
http://people.stern.nyu.edu/adamodar/New_Home_Page/background.html
But fifty-fifty if you lot don't receive got fourth dimension to practice these things, why non only drib yesteryear as well as withdraw heed to a lecture or two?
How practice I accept this class?
a. The foremost thing to practice is to see the website for the class:
http://www.stern.nyu.edu/ adamodar/New_Home_Page/equity.html
This is the key repository for everything to practice alongside the class.
b. The instant is to download the lecture notes for the flat as well as picket the webcasts for the class. Both are available on this page:
http://people.stern.nyu.edu/adamodar/New_Home_Page/webcasteqfall11.htm
You receive got ii choices alongside the lecture notes. You tin impress them off on newspaper as well as utilization them inward conjunction alongside the webcasts. Alternatively, you lot tin download them every bit pdf files as well as read them on your iPad or Kindle (if you lot receive got one). On the webcasts, you lot receive got iii choices:
- Streaming video (The file volition live streamed to your computer. This volition function exclusively if you lot receive got a skilful meshing connection, but should live of the best quality)
- Video podcast (The .m4v file volition live downloaded to your reckoner as well as you lot tin picket the video using Quicktime or video software or on your iPad or Smartphone)
- Audio podcast (The .mp3 file volition live downloaded every bit an well file as well as tin live played on whatsoever well player)
- Get emails: I transportation out emails almost every solar daytime for this class, relating to what's coming upwardly inward the flat as well as topics of full general interest. You tin read the emails yesteryear going to
- http://people.stern.nyu.edu/adamodar/New_Home_Page/eqemail.html
- Take quizzes/exam: I volition post the quizzes on the website, correct afterwards I laissez passer on it inward flat as well as the solutions the solar daytime afterwards (with grading guidelines). You tin accept the quizzes/exam as well as flat yourself (follow the accolade code).
- Valuation project: This flat has a large projection that is a valuation of a company. You tin pick whatsoever fellowship as well as follow along on the project. On this one, unfortunately, I cannot live a total service operation. While I practice laissez passer on feedback to those who are officially inward the class, I cannot practice the same alongside everyone who is taking the flat unofficially. If you lot practice acquire stuck on a concept, as well as I tin help, I volition try.
One lastly resources that you lot may desire to use. I am trying out a novel device seat together yesteryear a few real smart, enterprising immature people called coursekit. It essentially pulls together everything that is on the website for the flat as well as adds a social media factor (think Facebook embedded inward the course of report page). I similar the expect as well as you lot tin meet it yesteryear going to:
http://www.coursekit.com
Enter the code FHGN2P as well as you lot volition popular off part of the course of report online. I volition seat the emails that I transportation on hither as well as it volition allow you lot heighten questions/issues related to valuation that tin live discussed.
In closing, I promise you lot practice drib yesteryear as well as popular off part of this experience.... See you lot inward class!
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