Stock Investing for Professionals

During this 5-day course, participants gain both theoretical and practical experience in the challenges of stock investing. The investment process is very competitive and has grown more complex for professionals in terms of performance measurement, regulatory requirements and marketing. As a consequence, this course is essential for people working in this field or for those seeking careers in asset management.

No sessions currently available. Contact client services to get the next available date.
CPE CREDITS
36.0
Institutional portfolio managers, asset allocation specialists, high net worth managers, hedge fund managers, stock analysts, fund managers, asset management consultants and traders.
No advance preparation required.
Students will be able to:
  • Explain the concept of the efficient market hypothesis
  • Explain and calculate mean and variance measures
  • Determine the challenges of selecting an appropriate market index
  • Analyze the challenges of measuring competitor results against index returns
  • Determine major fundamental methods of stock picking
  • Determine major technical methods
  • Evaluate behavioral issues
  • Determine the use of quant strategies
  • Determine trading techniques
  • Locate, use and analyze data for stock valuation
  • Determine GAAP and non-GAAP earnings, as well as stated and adjusted cash flows
  • Determine various stock valuation models
  • Create stock screens to generate promising investments
  • Determine specialized valuations for private equity, SPACS, real estate and commodity based stocks
  • Analyze the challenges of field work and management interviews
  • Select, calculate and evaluate risk measures in determining stock outperformance
  • Determine various fund structures, fees, expenses and regulatory requirements
  • Deal with key requirements of fund consultants and gatekeepers
  • Plan a marketing strategy for a stock fund
  • Determine the key paths to getting a job as a stock analyst and portfolio manager
Basic knowledge of accounting, investments and quantitative methods. A familiarity with technical analysis and behavioral finance would also be helpful.
  • Fusion Analysis
  • Technical Analysis - Day
  • Advanced Corporate Finance
    • Disclaimer:
    While NYIF endeavors to provide programs that are current and up-to-date, these programs, and the associated courseware, are provided on an "as is" basis. To the maximum extent permitted by law, NYIF disclaims all warranties of any kind, either express or implied, including, without limitation, implied warranties of merchantability, or fitness for a particular purpose, or of a particular result. NYIF does not warrant that any program or its courseware will meet any particular requirements or needs, or that the content of or courseware for any program will be error-free. Neither NYIF nor its licensors shall have any liability with respect to any loss or damage caused or alleged to have been caused directly or indirectly by reliance on the content or any courseware. For any program provided by NYIF, including, but not limited to, loss of consulting or anticipatory profits, or consequential damages.
    Day 1 - Theory
    Review of the Efficient Market Hypothesis
    • Rational/behavioral considerations and the CAPM
    • Alpha, beta, portable alpha

    Efficient Frontier of MPT

    • Mean/standard deviation challenges and limitations

    Replicating the Market via Indexing and ETFs

    • Tracking errors, transaction costs

    Problems of Index Selection

    • Determining the correct index, index tilts, index biases

    Competitor Rankings and Measurement Challenges

    • Survivorship bias, instant history, luck, underperformance

                        This will cover a review of the general MPT considerations required in measuring performance results within the scope of an efficient market.

    Day 2 & 3 - Investment Methods
    Fundamental
    • Top down/bottom up approaches
    • Discounted cash flows, comparative valuation, arbitrage
    • Large versus small cap
    • Growth versus value
    • Domestic versus international

    Technical/Behavioral

    • Longer-term Longer-term technical indicators: patterns, waves, cycles, Dow Theory, point and figure
    • Trading indicators and techniques: stochastics, moving averages, various momentum indicators, volume considerations, Japanese candlesticks, fibonacci ratios, sentiment
    • Market timing challenges
    • Intermarket analysis

    Quant Strategies

    • Black box algorithms
    • Established fundamental criteria such as low P/E, etc.
    • Exotic criteria and anomalies

    Hedge Funds and Alternative Investments

    • Relative performance versus market neutral
    • Major hedge fund strategies
    • Real estate, commodities, private equity
    • Synthetically creating hedge funds/alternative investment strategies

    Trade Execution and Insurance Tactics

    • Best price versus best execution
    • Hyper-trading, algorithmic trading, neuro-science techniques
    • Derivative strategies

    Data Sources

    • GAAP earnings versus non-GAAP earnings for the investor
    • Accounting shenanigans including issues with revenue and cost timing, padding, omissions, cash flow tricks
    • Data base considerations
    • Field work considerations

                      This will cover an examination of leading investment valuation models and strategies used on Wall Street. Also covered will be an examination of the data sources and accounting issues that can cloud true earnings. In addition, technical and behavioral issues will be discussed.

    Day 4 & 5 - Reporting Results and Marketing
    Regulatory and consultant requirements

      GIPS and SEC guidelines

        Utilizing Excel and programming tools

          Means: arithmetic, geometric, harmonic

            Risk - adjusted measures such as:

            • Sharpe, treynor, jensen, M^2, t^2
            • Third and fourth movement risk measures, tail stress, VARS
            • R^2 considerations
            • Performance tricks and cheating
            • Special measures for hedge funds and alternative investments
            • Attribution analysis

            Guide to asset manager selection process

              Marketing techniques for asset managers

              • Vehicle selection
              • Marketing strategies, internal versus outsourcing, conferences
              • Fee determination
              • Proper marketing with GIPS/SEC/ consultant requirements

                              This will cover review of major reporting requirements for regulatory, consultants, and clients. A discussion of whether or not the asset manager delivered acceptable returns. Marketing techniques for asset managers.

    Day 5 (included in) - Career Paths
    Academic and professional designation routes

      Intern and job training paths

        Hands on experience

    Optional Supplemental Day(s) Workshop
      The workshop will be a project where students will create an investment approach, select stocks, choose a performance measurement method for consultants and gatekeepers, and select an appropriate marketing style and vehicle.

    Clients who register for this course will receive a complimentary 3 month subscription to the Financial Times and FT.com. The Financial Times is the world's most respected financial newspaper, providing a broad assessment on finance, business and the industrial sector. Subscriptions will start within 6-8 weeks of the application process and are limited to one per client. For questions about your subscription, call 800-628-8088 or email uscirculation@ft.com. U.S. enrollees only. (All non-U.S. enrollees will receive a subscription to FT.com only.) Lunch included for all students taking day classes.

    Lunch included for all students taking day classes.