Course Overview Video

Course Overview

This course represents a unique opportunity for students to apply the skills learned in the classroom to a real-world public-market investment setting. Students will partner with an investment firm to work directly and deeply on an investment theme or question. In conjunction with their sponsor, students will develop a process and plan and execute it during the 14-week semester.

Dynamic weekly seminars supplement the project work and allow the class to come together to engage with industry leaders, protagonists, and asset allocators.

Students will learn first-hand the challenges and issues surrounding the diligence of an investment idea, the sourcing of opportunities, implementation, and portfolio and risk management. Students will develop and refine their investment process organization, creating a framework for investing. This should allow them to better utilize and develop pattern recognition and allow them to ponder:

What is this firm's edge? How do they add alpha? How is the investment industry changing?

Is the industry in a crisis?

This experience will not only help students shape their skills as investors-- modeling, pitching, participating on an investment committee--but also continue to build perspective on the eco-system of investment management.

Learning Objectives

• Pattern recognition: Refine and develop a framework for investing
• Investment process organization: Expose students to the investment process beyond research, from sourcing to implementation
• Develop more robust modeling and pitching skills
• Participate in an investment committee setting
• Work and develop relationships with incredible investors

Course Content

Field-Based Work: Teams of three will work with an investment firm on a specific investment theme or question; students will be allowed to rank top choices from a curated list of projects. Students will meet with their sponsor at least three times during the semester-- an introductory meeting, an in-person, and a final presentation. Students are expected to check in weekly with their sponsor. A final presentation will be given to their sponsors-- presented in front of the investment committee and senior management team. Students are expected to use their time with sponsors to think through and develop a research process, to plan out time management, to better understand other issues surrounding an investment such as legal, trading and risk management. Students should also spend time shadowing other functions within the firm to better grasp the investment process.

The majority of the work on the projects will be done independently by the students using the resources at HBS and from the sponsoring firms. Students must be proactive and motivated; sponsors are giving their time for these projects and students must respect this commitment and deliver a strong product.

Classroom Setting: In addition to the project work, we will meet weekly over the course of the semester. Classroom time will be used for a mix of skill building, guests and time to come together to share challenges, learn from each other and seek feedback across teams. Interactive guest lectures will provide focus on building skills in the investment process from data sourcing and research to risk management and operations to asset allocation. The content of these sessions will help support project work and a deeper understanding of eco-system of investment management. Students will be expected to present once during the semester. There will be a presentation mid-way through the semester to update the class on the project and their firm. Presentations will simulate an investment committee, allowing peers to actively participate in an investment committee-like setting. Teams will be expected to have regular meetings with faculty.

Course Requirements and Grading

In addition to attending all the classroom discussions, students are expected to spend 3-5 hours a week working on their projects. Students will present once over the semester to their peers and give one final presentation to the investment committee of their sponsoring firm.

Students will be asked to submit their final presentation. These materials in combination with classroom participation will determine a student's grade.

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