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Global Small- and Mid-Cap Stock Investing - On-site Course
Global Small/Mid cap stocks (also called global SMIDs) are a specialized form of investing in the equity market. Over long time periods, it is felt that small cap stocks have good outperformance potential compared to large cap stocks. They can overcome adverse economic conditions by developing new markets and also growing with market share gains. Thus, they provide opportunities to generate risk-adjusted excess returns within the context of the Efficient Market Hypothesis. Also, they can provide very high absolute returns relative to other investments. However, they carry special investment challenges, such as information being spotty and business concepts being unseasoned for confident investment decisions.
There are hundreds of small-cap funds throughout the world, managing billions of dollars for many years. In general, the funds produce no real Alpha because of the challenges. The course deals with investment styles such as growth vs. value; discounted cash flow versus comparative analysis; as well as, fundamental, quant, behavioral and technical analysis strategies. Also discussed will be comparisons to emerging market stocks, venture capital/story stocks, and Blue Chip large cap stocks. The course will compare approaches used by novices and those used by proven professional.The course will require use of valuation models to an applied case and some exercises to determine a stock’s investment attractiveness. Subject to market conditions, an optional planned field visit will be made to a view a prospective company’s potential in terms of its products and services. Students will be required to make the necessary non-financial decisions that can affect investment value.
The course will also explore the challenges of investment approaches that include hands on, quant, and technical. For example, much money is managed on a quant basis as analysts feel there is little value in company visits; whereas, others feel kicking the tires is the only way to go.The instructor will guide the case analysis using actual Wall Street techniques, the demands of intern programs of major investment firms, and unconventional techniques.Participants in the case study will examine controversial issues that an analyst may experience on the job. This is a rare opportunity to use theoretical knowledge and apply it practically for everyday investment situations under a proven investment manager. Towards the end of the course, a screening method to find small cap ideas will be done. This will be a foundation for an eventual Buy/Hold/Sell decision on a stock and a strategy in managing a portfolio.
Who should attend?
This course is suitable for Portfolio managers, research analysts, client services staff, consultants, individual and institutional investors, private bankers and financial advisors, research staff members and asset allocators of pension boards and plan sponsors.
- Overview of the Capital Markets
- The Roles of Valuation Techniques
- The Firm’s Capital Structure
- Role of the Analyst: Gatekeeper or Cheerleader?
- A Look at the Financials
- Non-Financial Considerations
- What Type of Research Is Practical?
Participants of this program will receive 21 CPE credits.
Financial Markets World - Leading Financial Training
Financial Markets World (FMW) is a leading provider of financial training to the global financial community. FMW offers cutting-edge training courses that cover the breadth of the global financial services industry, and address current industry requirements. All of FMW's training...