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Value Investing Certificate

Context

The value investing philosophy has several key characteristics that distinguish it from other investment styles. The underlying theorem is that the market price of share often differs from the intrinsic value, as determined by the company’s assets and cashflows. Based on a fundamental analysis – a.o. of the firm’s financial statements, the firm’s products and markets – the intrinsic value can be estimated. If the share is trading below the intrinsic value, it appears on the radar screen of value investors. If the discount vis-à-vis intrinsic value offers a high enough margin of safety, and there is enough protection against downside risk, the investor will add it to her/his portfolio. Famous investors such as Warren Buffett mostly practice the value investing approach.
Academic research has shown that the value investing approach consistently outperformed other investment strategies, such as momentum or indexing. Researchers coined this outperformance the “value premium”.
The Faculty of Law, Economics and Finance of the University of Luxembourg now offers a high standard continuing education course built on the teaching and research experience of its faculty members combined with real-world insights of several local investment managers.

Target Audience

Individual investors and portfolio managers will learn to apply the value investing methodology and become better equipped to uncover opportunities that others may miss. Financial advisors and other professionals in the financial services industry as well as entrepreneurs and managers will benefit from the analytical methods and insights into value creation, growth and profitability.
The course does not require any prior knowledge or experience and is open to anyone with a keen interest in investing and learning more about financial markets and evaluating investment opportunities. 

Learning Outcomes

The course will be taught in the form of lectures, homework problems, case studies, and panel discussions with successful value investors. After this course, participants will:

  • Master the Value Investing approach, and understand why this strategy has earned above average returns over the last century.
  • Be able to assess the Enterprise Value of a business, from the market price of the firm’s shares and the financial claims on the company.
  • Be able to assess intrinsic value from careful analysis of a firm's assets, earnings power, and competitive environment.
  • Understand the difference between Going Concern value and growth opportunities, and understand why value investors shun growth stocks.
  • Increase their understanding of risk, liquidity, growth, and the (in)efficiency of financial markets.
  • Be less dependent on financial advisors and market commentators, and be able to confidently and independently assess investments.
  • Be able to methodologically gather and process publicly available information to screen, analyse and select investment opportunities.
  • Have grown their network in the value investing world.

Practical Details

Courses will be taught in English partly at the University of Luxembourg on Campus Limpertsberg over six Tuesday and Thursday evenings in March 2019. On-site parking is available. The price of €690 includes all course materials, and VAT. Registrations before 22 December 2018 benefit from an €100 ‘early bird’ discount and pay only €590.

Places are limited to 25 participants and the course may sell out at any time.

Download the Certificate's brochure here.

To register or request further information, please send an e-mail to value@uni.lu

Directeur d'études


Programme at a glance

  • 6 courses (Tuesday and Thursday evenings) in March 2019
  • lectures, homeworks, case studies
  • panel discussions with successful value investors
  • 25 participants max.
  • 690 € (590€ before 15th Dec.)
  • Teaching languages: English