Corporate Finance 101: A Big Picture, Applied Class!

In my finally 7 posts, I played my version of Moneyball amongst companionship information from the terminate of 2015, looking at how companies invest their shareholders' money, how much they borrow in addition to the determinants of how much cash they supply to stockholders. That construction is the i that underlies the corporate finance bird that I direct hold taught every twelvemonth since 1984, the showtime ii years at UC Berkeley, in addition to the finally thirty years at the Stern School of Business. Each semester, for the finally few years, I direct hold also invited you, fifty-fifty if you lot are non a Stern MBA student, to follow the bird online, if you lot in addition to thence desire, inwards all its gory details. If you lot are considering this options, I idea it would brand feel to direct hold you lot on a mini-tour of corporate finance, every bit a discipline, in addition to how I aim to tackle it inwards this class.

Corporate Finance: The Big Picture

There are many versions of corporate finance that are taught inwards bird rooms. There is the accounting version of corporate finance, that uses the historical, rule-bound build of accounting every bit the reason for corporate finance. Decision making is driven past times accounting ratios in addition to fiscal statements, rather than showtime principles. There is the banking version of corporate finance, where the bird is structured around what bankers create for firms, amongst the volume of the bird beingness spent on areas where firms interact amongst fiscal markets (M&A, financing choices) in addition to the focus is less on what's correct for the firms, in addition to to a greater extent than on how the bargain making works. My version of corporate finance is built around the showtime principles of running a delineate of piece of work organisation in addition to it covers every aspect of delineate of piece of work organisation from production to marketing to fifty-fifty strategy. In illustration you lot are skeptical virtually the large film version of this class, hither is what it looks like:

All of corporate finance boils downward to 3 wide decisions, the investment decision, which looks at where you lot should invest your resources, the financing decision, where you lot create upwardly one's heed the correct mix in addition to type of debt to role inwards funding your delineate of piece of work organisation in addition to the dividend decision, where you lot determine how much to concord dorsum inwards the delineate of piece of work organisation (as cash or for reinvestment) in addition to how much to supply to the owners of the business.

Applied, non Theory

I respect theory for the sake of theory to locomote arid, in addition to I build my classes around a real uncomplicated proposition: if it cannot locomote applied, I don't beak virtually it. That application focus may seat you lot off, but my bird is essentially the equivalent of a corporate finance lab, where when I innovate a model or a hypothesis,  I acquire to sweat it out on existent companies inwards existent time. I role 6 companies through the entire bird to illustrate both the theory in addition to how its application tin dismiss vary across companies:

Thus everything I create inwards the class, from estimating hurdle rates to determining finance mix to assessing dividend policy, I sweat on Disney (a large, US, amusement firm), Vale (a global mining company, based inwards Brazil, amongst a regime involvement inwards it), Tata Motors (an India-based auto company, business office of a household unit of measurement group), Baidu (a Chinese search engine company, traded every bit a trounce companionship on the NASDAQ), Deutsche Bank (a messy, coin optic bank, amongst regulatory constraints) in addition to a small-scale privately owned bookstore inwards New York City (owned past times a third-generation owner).

The Class Structure

The bird starts on Feb 1, amongst a session from 10.30 to 11.50, in addition to continues through May 9, amongst sessions every Mon in addition to Wednesday, amongst a intermission calendar week starting March 14. The lectures are supplemented amongst slides in addition to my volume on applied corporate finance, amongst the latter beingness completely optional, since you lot tin dismiss alive without it.  The calendar for the bird is at this link.

There volition locomote 3 30-minute quizzes inwards the class, each worth 10%, spread out almost evenly across the showtime 22 sessions, in addition to each quiz volition locomote non-cumulative, roofing only the 6-7 sessions prior. In keeping amongst my persuasion that this is non virtually memorizing equations in addition to formulas, the quizzes volition locomote opened upwardly books in addition to opened upwardly notes. There is a two-hour concluding exam, which is cumulative in addition to volition locomote afterwards the concluding session  in May that volition delineate of piece of work organisation human relationship for 30% of the grade.

There volition locomote ii projects, amongst the showtime beingness an investment illustration (that I direct hold non written yet) that volition brand you lot create upwardly one's heed on whether to brand a large investment or non (Apple inwards the electrical automobile market, Google buying Twitter etc.) in addition to the 2nd beingness a semester-long do of trying every aspect of corporate finance on a companionship of your choice.

The Online Version

If you lot are inwards my class, at that topographic point is piddling to a greater extent than to locomote said, since I volition encounter you lot inwards bird on Monday. If you lot are not, you lot tin dismiss nevertheless partake inwards almost all of the class. The lectures volition non locomote carried live, but volition locomote recorded in addition to the webcasts should locomote upwardly past times belatedly inwards the day, Mondays in addition to Wednesdays, through the entire semester. You tin dismiss respect those webcasts inwards i of 3 forums:

1. My website: The links to the webcasts, every bit good every bit links to my other cloth (lecture notes, handouts, fifty-fifty emails to the class) tin dismiss locomote institute at this link. 
2. iTunes U: If you lot prefer a to a greater extent than polished format, I volition also locomote putting the bird online on iTunes U, the app that you lot tin dismiss download from the Apple shop for whatever Apple device. The link to the bird is here and if already direct hold Apple iTunes U installed on your device, you lot tin dismiss add together this bird amongst the enroll code of EPF-JFH-SHE. 
3. YouTube Playlist: I volition also locomote putting the classes upwardly on a playlist on my YouTube account. With each session that I seat up, I volition also add together links to the lecture notes used inwards the session in addition to additional exercise. 

Not only tin dismiss you lot scout the lectures in addition to review the notes, you lot tin dismiss also sweat your manus at the quizzes in addition to concluding exam, when they are given. I volition post the exams, afterwards the bird has taken them, online in addition to  I volition post the solution, amongst the grading template that I used inwards class. You volition locomote your ain grader in addition to may locomote tempted to acquire slow on yourself, but that's your choice. You tin dismiss fifty-fifty create the illustration in addition to the project, but I volition unfortunately non direct hold the resources to review or bird either. The expert tidings is that none of this should dent your bag book, but the bad tidings is that you lot volition non acquire bird credit or a certificate.

Alternative Routes

Each semester, I know that quite a few people start amongst my classes, but life real rapidly gets inwards the way. One of the problems of online classes is that without the dependent of having to acquire to a physical bird or concern virtually credit/grades, it is hard to persevere to the end. I exclusively empathise this work in addition to if, afterwards trying i or ii classes or fifty-fifty a few, you lot create upwardly one's heed that your life is likewise total for to a greater extent than materials to locomote added on. I create direct hold a few suggestions, if you lot nevertheless experience that you lot volition gain from the class:

1. Stretch it out: The bird volition rest online on all 3 forums for at to the lowest degree a twelvemonth or two. Thus, you lot tin dismiss stretch out the bird to tally your fourth dimension schedule, instead of taking it inwards calendar time. I had at to the lowest degree 3 or 4 people completing the Spring 2012 class, finally year.
2. Online Corporate Finance class: If you lot respect the 80-minute bird sessions that brand upwardly this bird unendurable, I create direct hold a compressed version of the class, where I direct hold each session in addition to create it inwards 10-15 minutes, instead of lxxx minutes. In a testimonial to how much nosotros volume upwardly college classes, it was non that tough to create in addition to you lot tin dismiss respect it on my website at this link, on iTunes U at this i or on YouTube at this one.
3. Executive Corporate Finance class: I but completed a three-day corporate finance bird for executive MBAs that is only a mildly compressed version of my regular bird in addition to you lot tin dismiss respect the links to the webcasts for that bird on my website.

The End Game

I know that some of you lot may wonder what the grab is in addition to where I innovation to hitting you lot upwardly for fees. While you lot search for my hidden agenda, I direct hold only i asking of you. If you lot respect whatever of the cloth inwards these classes to locomote useful to you, rather than give thank you lot me for it, delight transcend the favor on, past times helping someone else learn, empathise or create something. Not only volition you lot acquire far to a greater extent than out of this uncomplicated deed of kindness than the someone that you lot offering it to, but I promise that you lot volition also acquire a feel of why instruction is its ain reward.

YouTube Intro to Class


Class links (Spring 2016 MBA class)

1. My website
2. iTunes U
3. YouTube Playlist

Lecture Notes for Class

1. Syllabus in addition to Project
2. Lecture Note Packet 1
3. Lecture Note Packet 2

 Book if you lot wish it

1. Applied Corporate Finance, quaternary Edition (Warning: It is obscenely over priced but at that topographic point is non much that I tin dismiss do about it. Sorry!)

Back To Class: A Instruction Manifesto!

I am convinced that each of us is granted moments of grace, where, if nosotros are opened upward to the possibility, nosotros detect out what nosotros are meant to do amongst our lives. For me, ane of those moments occurred inwards the 2nd yr of my MBA programme at UCLA, when, cash poor, I decided to hold out a instruction assistant for a quarter to earn some money. At the fourth dimension I made that decision, my plans were typical of many of my MBA cohort, to acquire a chore inwards consulting or investment banking, as well as to brand my piece of work upward the corporate ladder, but the twenty-four hours that I walked inwards to learn my commencement session, I knew that I had institute my calling. I was going to hold out a teacher, though I was non certain what I would hold out teaching, or to whom. As fate would receive got it, I institute myself fascinated past times finance, as well as I ended upward every bit a finance professor at NYU's work concern school. I receive got never regretted that choice, but when asked to depict what I do, I nonetheless tell people that I am a teacher, non a professor, a researcher or an academic.

Back to the Classroom!

Starting inwards 1986, I receive got been instruction almost every semester at Stern, but I receive got had a intermission of almost a yr as well as a one-half from my degree room teaching, the commencement yr representing a long-delayed sabbatical as well as the final one-half yr reflecting a selection that I made to do all my instruction inwards ane semester this academic yr (2018-19). During that period, I continued to learn my short-term (2 to 3 day) classes inwards unlike parts of the globe, as well as acre I receive got enjoyed these visits immensely, I receive got missed my regular classroom. I am thence looking forwards to a novel semester as well as 3 novel classes this spring, a corporate finance degree that I teach, primarily to commencement yr MBAs, a valuation class, an elective for by as well as large 2nd yr MBAs, as well as some other valuation degree for undergraduates inwards their sophomore, junior as well as senior years. If y'all are non at Stern, y'all volition non hold out able to sit down inwards the degree  but through the wonders of technology, y'all tin nonetheless receive got these classes. With no farther ado, permit me depict them as well as offering y'all the choices.

Corporate Finance (MBA)

If at that topographic point is ane degree inwards finance that everyone, no thing what their paths inwards life or work concern may be, should take, it is corporate finance. Corporate finance is a degree that covers the commencement principles that regulation how a work concern should hold out run as well as its accomplish is complete. Every determination that a theatre makes is ultimately a corporate finance decision, no thing which functional surface area (marketing, production, personnel) it originates from, as well as that is the perspective I receive got inwards the class. I learn the degree to a greater extent than or less what I telephone proper name upward my large painting page, where I form work concern decisions into investing, finance as well as dividend groupings as well as frame how to brand those decisions amongst an destination objective of increasing the value of the business.

Class webpage

You volition notice chapter numbers as well as sessions nether each topic, amongst the chapters representing chapters inwards my Applied Corporate Finance book, a mass that I loved writing but ane that is so hopelessly over priced that I do non require it for my ain class, as well as the sessions showing the sequence of the degree through the 26 sessions that start on Feb 4, 2019 as well as destination on May 13, 2019. The degree meets every Mon as well as Midweek during this period, barring the intermission calendar week of May 16-23, as well as the syllabus for the degree tin hold out institute at this link. If y'all cannot hold out inwards these classes inwards person, don't fret since the classes volition hold out recorded as well as hold out available for y'all to watch, non inwards existent time, but close 2-3 hours afterwards each degree is done. To follow along amongst the webcasts (each close lxxx minutes long), you tin also access the slides that I usage for each class, every bit good every bit additional material. Finally, I demand a dandy bargain of my degree (weekly puzzles, add together on videos, exams as well as a project) as well as if y'all want, y'all tin also do the puzzles, receive got the exams as well as do the project, though y'all volition receive got to degree yourself (with a template that I volition position online). You tin fifty-fifty read the emails I ship my class, as well as I ship close a hundred over the course of written report of a semester, at this link. If y'all prefer your videos on YouTube, y'all tin try the playlist for the class, as well as if your preference is for an iTunes U version, this link should receive got y'all to the site. The adept tidings is that it volition cost y'all goose egg (other than your fourth dimension as well as possibly a few relationships) but the bad tidings is that y'all volition non acquire whatsoever official certification, if that is what y'all are looking for.

Valuation (Undergraduate as well as MBA)

I receive got a fondness for this class, since I created as well as taught the commencement full-semester version of it, at whatsoever work concern school, inwards 1987.  I was told as well as so that at that topographic point was non plenty "stuff" inwards valuation to create amount a class, as well as acre that mightiness receive got been truthful at that time, I receive got institute plenty to create amount inwards the gaps since. As the championship of the degree indicates, this is a degree close valuation. Valuing what, y'all mightiness ask, as well as my response would hold out "just close everything" from stocks to bitcoin to the Kardashians. The painting below captures the wide accomplish of the class:

Class webpage

As I learn it, this is a degree that is non exclusively close valuing assets but also pricing them (I am afraid that y'all receive got to sit down inwards on the degree to detect out the difference) as well as it looks at valuation/pricing from a diversity of perspectives (investors looking at a stock, managers using value to guide determination making as well as fifty-fifty accountants writing disclosure as well as accounting rules). As those of y'all who read my weblog know, my fidelity is to intrinsic value, but I endeavor to hold an opened upward hear on unlike perspective as well as approaches inwards this class.

As amongst the corporate finance class, nosotros volition come across every Mon as well as Midweek for xiv (15) weeks, starting Feb 4 (January 28) for my MBA (undergraduate) class. If y'all are wondering which version to follow, I volition relieve y'all the trouble, since the classes are identical inwards content as well as delivery, since I don't believe that at that topographic point is whatsoever argue why I should challenge a brilliant 21-year quondam less than a brilliant 28-year old; historic menstruation as well as piece of work sense tin plow over the latter to a greater extent than perspective but this is oft offset past times the extra disclose energy as well as curiosity that youth brings to the table. The links that y'all tin usage to follow the degree are inwards the tabular array below for both versions of the class:

	Webcast page	YouTube Playlist	iTunes U class	Starts	Ends	# Sessions
MBA Valuation	Link	Link	Link	4-Feb-19	13-May-19	26
Undergraduate Valuation	Link	Link	Link	28-Jan-19	13-May-19	28

With both versions of the valuation class, I volition also hold out posting what I telephone proper name upward my valuation of the week, a fellowship that I volition value, amongst links to the excel spreadsheet as well as the storey behind the value. I encourage you, if y'all are taking the class, officially or unofficially, to receive got my valuation as well as acquire inwards your own, changing the storey as well as the inputs, as well as and so recording your valuation inwards a shared Google spreadsheet. In a Blue Planet where crowds determine what movies are successes (Rotten Tomatoes) as well as which restaurants nosotros swallow at (Yelp reviews), nosotros tin create our version of crowd valuations. It is an optional exercise, but the to a greater extent than people who participate, the to a greater extent than fun that nosotros tin have.

Other Options
I am nether no illusions that y'all are sitting around, wherever y'all are inwards the world, amongst goose egg ameliorate to do than watching 2 long sessions each calendar week from Feb through May. Watching long lecture videos on my tablet is non my thought of fun as well as acre some of y'all volition start amongst the objective of sitting inwards on the class, life volition acquire inwards the way. There are 3 options that y'all tin consider, depending upon your constraints:

1. If fourth dimension is your constraint: One of the advantages of taking the degree or classes online is that y'all do non receive got to do destination the degree inwards May 2019. In fact, the webcasts for the degree volition rest on for at to the lowest degree some other yr afterwards the degree ends. So, if y'all similar the long degree format, y'all tin stretch the degree out for longer, if all y'all demand is to a greater extent than time.
2. If format is your concern: If y'all detect your attending lagging or your encephalon decomposing because the lectures are likewise long, I receive got created online versions of both classes (plus a 3rd ane on investment philosophies), where I receive got compressed my lxxx infinitesimal sessions into 12-15 minutes each. Without giving away whatsoever merchandise secrets, as well as at the jeopardy of discounting the value of an MBA, it was non hard to do. As amongst the regular classes, these are nonetheless free, nonetheless come upward amongst slides as well as post degree quizzes but offering no official certification.
3. If y'all want accreditation: Even if y'all receive got my classes online religiously, mastering every nook as well as cranny of the topic, as well as acing every quiz, I do non receive got the bandwidth or the say-so to mitt out accreditation or certificates. Three years ago, I remedied this, amongst the assist of NYU, past times creating certificate versions of the online classes (with shorter duration videos). The pluses are that the videos are to a greater extent than polished than the ones I created for the costless version, at that topographic point is to a greater extent than administrative back upward as well as an active message board where y'all tin chat amongst others taking the degree as well as y'all volition acquire a certificate at the destination of the class. I volition also, at to the lowest degree for the foreseeable future, also do alive hourly WebEx sessions ane time every 2 weeks as well as degree your  projects.  The minus is that NYU does non plow over away certificates for costless as well as if y'all acquire sticker shock, delight don't brand me your target. The determination on whether the certificate is worth the fee is yours to make, as well as the links to both the costless as well as the NYU certificate versions are below.

	Online class	NYU Certificate Online class
Corporate Finance	Link	Link
Valuation	Link	Link
Investment Philosophy	Link	Link

Finally, y'all are ever welcome to pick the parts of each degree that involvement y'all as well as ignore the rest. The destination game is learning, as well as what interests me may non involvement you.

Bottom Line
I know that at that topographic point are some who state that those who can, do, as well as those who cannot, teach, as well as I receive got been told that or variants of it multiple times. I don't hear the insult, since I receive got a thick skin, but I know that at that topographic point is goose egg else inwards the Blue Planet I would rather do. I response to no ane (other than my wife), pick when or where I piece of work (for the most part), acquire a jeopardy to alter how people retrieve as well as brand a decent living. If your want is to deal other people's money, hold out an equity question analyst or investment banker, or to start as well as run your ain company, I wishing y'all the really best, but I am lucky to hold out doing what I love, as well as I would hold out foolish to merchandise it inwards for to a greater extent than money or prestige. At the jeopardy of recycling a cliche, I receive got exclusively ane life to live!

YouTube Video


Class Links
a. Full Semester Classes (Spring 2019) (Free)

1. MBA Corporate Finance Class (Spring 2019) (Free)
2. MBA Valuation Class (Spring 2019) (Free)
3. Undergraduate Valuation Class (Spring 2019) (Free)

b. Online Classes (Free)

1. Online Corporate Finance Class (Free)
2. Online Valuation Class (Free)
3. Online Investment Philosophies Class (Free)

c. NYU Online Certificate Classes (Not free!)

1. NYU Online Corporate Finance Certificate Class
2. NYU Online Valuation Certificate Class

A Education Manifesto: An Invitation To My Throttle 2020 Classes

If y'all receive got been reading my weblog for long enough, y'all should receive got seen this shipping coming. Every semester that I teach, together with it has entirely been inwards the bound inwards the lastly few years, I upshot an invitation to anyone interested to attend my classes online. While I cannot offering y'all credit for taking the shape or much straight personal help, y'all tin sentinel my sessions online (albeit non live), review the slides that I utilisation together with access the shipping shape material, together with it is free. If y'all are interested inwards a certificate version of the class, NYU offers that option, but it does hence for a fee. You tin create upwardly one's nous what plant for you, together with whatever your determination is, I promise that y'all taste the fabric together with larn from it, inwards that order.

The Structure

I volition live educational activity iii classes inwards Spring 2020 at the Stern School of Business (NYU), a corporate finance shape to the MBAs together with 2 identical valuation classes, i to the MBAs together with i for undergraduates. If y'all create upwardly one's nous to accept i of the MBA classes, the offset session volition live on Feb 3, 2020, together with in that location volition live classes every Mon together with Midweek until May 11, 2020, amongst the calendar week of March 15-22 beingness bound break. In total, in that location volition live 26 sessions, each session lasting fourscore minutes. The undergraduate classes start a calendar week earlier, on Jan 27, together with acquire through May 11, comprising 28 sessions of 75 minutes apiece. 

1. The Spring 2020 Classses: With all iii classes, the sessions volition live recorded together with converted into streams, accessible on my website together with downloadable, every bit good every bit YouTube videos, amongst each shape having its ain playlist. In addition, the classes volition also live carried on iTunes U, amongst fabric together with slides, accessible from the site. The session videos will unremarkably live accessible nearly 3-4 hours subsequently shape is done together with y'all tin either accept the shape inwards existent time, watching the sessions inwards the calendar week that they are taught, or inwards bunches, when y'all receive got the fourth dimension to pass to sentinel the sessions; the recordings volition remain online for at to the lowest degree a brace of years subsequently the shape ends. There volition live no demand for passwords, since the session videos volition live unprotected on all of the platforms. 
2. The (Free) Online Version: During the 2 decades that I receive got been offering this online option, I receive got noticed that many people who start the shape amongst the intent of finishing it surrender for i of 2 reasons. The offset is that watching an 80-minute video on a TV or tablet is a lot to a greater extent than hard than watching it alive inwards class, straining both your patience together with your attention. The 2nd is that watching these full-length videos is a huge fourth dimension commitment together with life gets inwards the way. It is to counter these problems that I created 12-15 infinitesimal versions of the each session for online versions of the classes. These online classes, recorded inwards 2014 together with 2015, is also available on my website together with through YouTube, together with should possibly live to a greater extent than doable than the total shape version.
3. The NYU Certificate Version: For most of the lastly xx years, I receive got been asked why I don’t offering certificates of completion for my ain classes together with I receive got had iii answers. The offset is that, every bit a solo act, I don’t receive got the bandwidth to flat together with certify the 20,000 people who accept the classes each semester. The 2nd is that certification requires regulatory permission, a bureaucratic procedure inwards New York State that I receive got neither the tum nor the inclination to acquire through. The tertiary is, together with it is possibly the most critical, is that I am lazy together with I actually don't wishing to add together this to my to-do list. One solution would live to offering the classes through platforms similar Coursera, but those platforms operate amongst universities, non private faculty, together with NYU has no agreements amongst whatever of these platforms. About iii years ago, when NYU approached me amongst a asking to create online certificate classes, I agreed, amongst i condition: that the gratis online versions of these classes would proceed to live offered. With those terms agreed to, in that location are straight off NYU Certificate versions of each of the online classes, amongst much of the same content, but amongst 4 add together ons. First, each participant volition receive got to accept quizzes together with a concluding exam, multiple selection together with auto-graded, that volition live scored together with recorded. Second, each participant volition receive got to consummate together with plough inwards a real-world project, showing that they tin apply the principles of the shape on a fellowship of their choice, to live graded yesteryear me. Third, I volition receive got alive Zoom sessions every other calendar week for shape participants, where y'all tin bring together together with inquire questions nearly the material. Finally, at the destination of the class, assuming that the scores on the exams together with projection run into thresholds, y'all volition acquire a certificate, if y'all overstep the class, or a certificate amongst honors, if y'all overstep it amongst flight colors.

The Classes

I receive got absolutely no wishing to waste matter your fourth dimension together with your unloosen energy yesteryear trying to acquire y'all to accept classes that y'all either receive got no involvement in, or experience volition serve no skillful utilisation for you. In this section, I volition  provide a curt description of each class, together with render links to the dissimilar options for taking each class.

I. Corporate Finance

Class description: I don’t similar to play favorites, but corporate finance is my favorite class, a large pic shape nearly the offset principles of finance that regulation how to run a business. I volition non live egotistical plenty to claim that y'all cannot run a draw of piece of work concern without taking this class, since in that location are many incredibly successful business-people who do, but I do believe that y'all cannot run a draw of piece of work concern without paying nous to the offset principles. I instruct this shape every bit a narrative, staring amongst the interrogation of what the objective of a draw of piece of work concern should live together with and hence using that objective to determine how best to allocate together with invest scarce resources (the investment decision), how to fund the draw of piece of work concern (the financing decision) together with how much cash to accept out together with how much to acquire out inwards the draw of piece of work concern (the dividend decision). I destination the class, yesteryear looking at how all of these decisions are connected to value.

Chapters: Applied Corporate Finance Book, Sessions: Class session

I am non a believer inwards theory, for the sake of theory, together with everything that nosotros do inwards this shape volition live applied to existent companies, together with I volition utilisation half-dozen companies (Disney, Vale, Tata Motors, Deutsche Bank, Baidu together with a pocket-size private bookstore called Bookscape) every bit lab experiements that run through the entire class.

I say, entirely half-jokingly, that everything inwards draw of piece of work concern is corporate finance, from the interrogation of whether shareholder or stakeholder interests should receive got top billing at companies, to why companies borrow money together with whether the shift to stock buybacks that nosotros are seeing at U.S.A. companies is skillful or bad for the economy. Since each of these questions has a political component, together with receive got straight off entered the political domain, I am certain that the upcoming presidential election inwards the U.S.A. volition create some heat, if non light, around how they are answered.

For whom?

As I admitted upwardly front, I believe that having a solid corporate finance perspective tin live helpful to everyone. I receive got taught this shape to various groups, from CEOs to banking analysts, from VCs to startup founders, from high schoolers to senior citizens, together with spell the content does non change, what people accept away from the shape is different. For bankers together with analysts, it may live the tools together with techniques that receive got the most staying power, whereas for strategists together with founders, it is the large pic that sticks. So, inwards the words of the quondam English linguistic communication calling, "Come ye, come upwardly all", accept what y'all uncovering useful, abandon what y'all don't together with receive got fun spell y'all do this.

Links to Offerings

1. Spring 2020 Corporate Finance MBA shape (Free)

• Webpage for the class
• My website & streaming
• YouTube Playlist
• iTunes U class (Download the iTunes U app together with utilisation enroll code of FLJ-MLN-XZL)

2. Online Corporate Finance Class (Free)

• My website & streaming
• YouTube Playlist
• iTunes U class (Download the iTunes U app together with utilisation enroll code of HAS-CCR-FRA)

3. NYU Certificate Class on Corporate Finance (It volition cost you...)

• NYU Entry Page

II. Valuation

Class description: Some fourth dimension inwards the lastly decade, I was tagged every bit the Dean of Valuation, together with I even hence cringe when I hear those words for 2 reasons. First, it suggests that valuation is a deep together with complex dependent champaign that requires intense report to acquire skillful at. Second, it also suggests that I somehow receive got mastered the topic. If zilch else, this shape that I offset taught inwards 1987 at NYU, together with receive got taught pretty much every twelvemonth since, dispenses amongst both delusions. I emphasize that valuation, at its core, is uncomplicated together with that practitioner, academics together with analysts oftentimes conduct to acquire inwards complex, sometimes to brand their services seem indispensable, together with sometimes because they lose the woods for the trees. Second, I depict valuation every bit a arts and crafts that y'all larn yesteryear doing, non yesteryear reading or watching other people speak nearly it, together with that I am even hence working on the craft. In fact, the to a greater extent than I learn, the to a greater extent than I realize that I receive got to a greater extent than operate to do.  This is a shape nearly valuing exactly nearly anything, from an infrastructure projection to a pocket-size private draw of piece of work concern to a multinational conglomerate, together with it also looks at value from dissimilar perspectives, from that of a passive investor seeking to purchase a stake or shares inwards a fellowship to a PE or VC investor taking a larger stake to an acquirer interested inwards buying the whole company. 

Finally, I lay out my rationale for differentiating betwixt value together with price, together with why pricing an property tin give y'all a real dissimilar seat out than valuing that asset, together with why much of what passes for valuation inwards the existent earth is actually pricing. 

Along the way, I emphasize how fiddling has changed inwards valuation over the centuries, fifty-fifty every bit nosotros acquire access to to a greater extent than information together with to a greater extent than complex models, spell also bringing inwards novel tools that receive got enriched us, from choice pricing models to value existent options (young biotech companies, natural resources firms) to statistical add-ons (decision trees, Monte Carlo simulations, regressions). 

For whom?

Do y'all demand to live able to do valuation to alive a happy together with fulfilling life? Of class not, but it is a science worth having every bit a draw of piece of work concern owner, consultant, investor or exactly bystander. With that wide audience inwards mind, I don't instruct this shape to gear upwardly people for equity inquiry or fiscal analysis jobs, but to acquire a handgrip on what it is that drives value, inwards general, together with how to uncovering BS, oftentimes spouted inwards its context. Don't acquire me wrong! I wishing y'all to live able to value or cost exactly nearly anything yesteryear the destination of this class, from Bitcoin to WeWork, but don't accept yourself likewise seriously, every bit y'all do so.

Links to Offerings

1a. Spring 2020 Valuation MBA shape (Free)

• Webpage for the class
• My website & streaming
• YouTube Playlist
• iTunes U class (Download the iTunes U app together with utilisation enroll code of FSN-WWJ-RAH)

1b. Spring 2020 Valuation Undergraduate class (Free)

• Webpage for the class
• My website & streaming
• YouTube Playlist
• iTunes U class (Download the iTunes U app together with utilisation enroll code of ENT-ZXA-JYL)

2. Online Valuation Class (Free)

• My website & streaming
• YouTube Playlist
• iTunes U class (Download the iTunes U app together with utilisation enroll code of K7X-VD9-5KE)

3. NYU Certificate Class on Valuation (Paid)

• NYU Entry Page

III. Investment Philosophies

Class description: This is my orphan class, a shape that I receive got had the fabric to instruct but never taught inwards a regular classroom. It had its origins inwards an brace of observations that puzzled me. The offset was that, if y'all hold off at the pantheon of successful investors over time, it is non entirely a curt one, but a various grouping, including those from the quondam fourth dimension value schoolhouse (Ben Graham, Warren Buffett), increment success stories (Peter Lynch together with VC), macro together with marketplace position timers (George Soros), quant players (Jim Simon) together with fifty-fifty chartists. The 2nd was that the millions who claim to follow these legends, yesteryear reading everything ever written yesteryear or nearly them together with listening to their advice, don’t seem to replicate their success. That led me to conclude that in that location could live no i ‘best’ Investment philosophy across all investors but in that location could live i that is best for you, given your personal makeup together with characteristics, together with that if y'all are seeking investment nirvana, the soul that y'all most demand to empathise is non Buffett or Lynch, but you.  In this class, having set the foundations for understanding risk, transactions cost together with marketplace position efficiency (and inefficiency), I hold off at the entire spectrum of investment philosophies, from charting/technical analysis to value investing inwards all its forms (passive, activist, contrarian) to increment investing (from pocket-size cap to venture capital) to marketplace position timing. With each one, I hold off at the total drivers (beliefs together with assumptions) of the philosophy, the historical show on what plant together with does non operate together with destination yesteryear looking at what an investor needs to convey to the table, to succeed amongst each one.

I volition endeavor (and non e'er succeed) to maintain my biases out of the discussion, but I volition also live opened upwardly nearly where my search for an investment philosophy has brought me. By the destination of the class, it is non my intent to brand y'all follow my path but to aid y'all uncovering your own.

For whom?
This is a shape for investors, non portfolio managers or analysts, together with since nosotros are all investors inwards i agency or the other, I endeavor to acquire inwards general. That said, if your intent is to accept a shape that volition render slow pathways to making money, or an affirmation of the "best" investment philosophy, this is non the shape for you. My objective inwards this shape is non to render prescriptive advice, but to instead render a card of choices, amongst plenty information to aid y'all tin brand the selection that is best for you. Along the way, y'all volition view how hard it is to musical rhythm out the market, why almost every investment strategy that sounds likewise skillful to live truthful is built on sand, together with why imitating bully investors is non a bully agency to brand money.

Links to Offerings

1. Online Investment Philosophies Class (Free)

• My website & streaming
• YouTube Playlist
• iTunes U (Download the iTunes U app together with utilisation enroll code of J6Z-AD7-NX3)

2. NYU Certificate Class on Valuation (Paid)

• NYU Entry Page (Coming soon)

Conclusion

I receive got to confess that I don't subscribe to the ancient Guru/Sishya human relationship inwards teaching, where the Guru (teacher) is an all-knowing private who imparts his or her outpouring of wisdom to a receptive together with unremarkably subservient follower. I receive got e'er believed that every soul who takes my class, no affair how much of a novice inwards finance, already knows everything that needs to live known nearly valuation, corporate finance together with investments, together with it is my job, every bit a teacher, to brand him or her aware of this knowledge. Put simply, I tin render some construction for y'all to organize what y'all already know, together with tools that may aid y'all seat that noesis into practice, but I am incapable of profundity. I promise that y'all do give i (or more) of my classes a shot together with I promise that y'all both taste the experience together with acquire a endangerment to endeavor it out on existent companies inwards existent time.

YouTube Video