Real Estate Cash Flow Model Template Excel PROFESSIONAL DEVELOPMENT Spring
Real Estate Cash Flow Model Template Excel document sample
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PROFESSIONAL DEVELOPMENT Spring 2009 Practical ... Hands-On ... Real-World ... Full- and half-day courses to increase effectiveness and optimize performance. NYSSA’s Professional Development courses address the ever-changing needs of our industry. Leave our cutting edge programs with tools designed to help you meet today’s demands. Course Level Date Page How to Analyze a 10(k) Basic February 17 2 Corporate Valuation Methodologies Basic/Intermediate February 18 2 Financial Modeling Using Excel Intermediate February 19 2 Financial Modeling with the Monte Carlo Simulation Basic March 4 2 Commodities Basic/Intermediate March 5 3 Credit Derivatives Basic March 25 3 Research Report Writing Basic April 1 3 Real Estate Investment and Income Analysis Basic/Intermediate April 7 3 Securitization and Mortgage-Backed Securities Basic April 15 4 New, advanced topics! Covered Call Writing—Advanced Strategies Advanced April 21 4 Advanced Financial Modeling—Core Model Advanced April 22 4 Advanced Excel for Data Analysis Advanced April 23 4 Linking Strategy to Valuation Intermediate April 28 5 New, in-depth, full-day format! Investing in Distressed and Defaulted Debt Basic/Intermediate April 29 5 Credit Analysis and Credit Risk Management Basic May 6 5 NEW! Asset Management with Technical Analysis Intermediate May 13 5 NEW! Managing Portfolios with Exchange Basic May 14 6 Traded Funds M&A Deal Structuring and Merger Modeling Basics Advanced May 20 6 Basic Leveraged Buyout Modeling Intermediate May 21 6 Hedge Funds Basic/Intermediate June 11 6 About the Instructors 7 Policies and Procedures 9 Calendar Multiple Program Discount Offer Register for any 2 professional development courses and save $50. Register for any 3 courses and save $75. To take advantage of these offers, fax your registration form to NYSSA Education at (212) 541-4677 and include all courses to which the discount will be applied. See policies and procedures on page 10 for details. Please visit www.nyssa.org/pd to register or for more information. 1 How to Analyze a 10(k) Corporate Valuation Methodologies* DATE: Tuesday, February 17, 2009 DATE: Wednesday, February 18, 2009 TIME: 1:00 p.m.–4:30 p.m. TIME: 9:00 a.m.–5:00 p.m. INSTRUCTOR: Hamilton Lin, CFA INSTRUCTOR: Hamilton Lin, CFA TUITION: Members $225 | Nonmembers $295 TUITION: Members $495 | Nonmembers $595 LEVEL: Basic LEVEL: Basic/Intermediate Don’t make the mistake of going directly to the Go beyond financial ratios and apply fundamental numbers and not reading the details of a company’s analysis and real-world methods of evaluating a form 10(k). Gain a greater understanding of account- company’s intrinsic value. Discover relative valuation ing and financial statement concepts to identify and methodologies (trading comps, deal comps) to analyze the key components of a 10(k) SEC filing. fundamental valuation (discounted cash flow analysis). Become more efficient by focusing on the manage- Then perform valuation modeling techniques in Excel. ment discussion, financial condition, and results, with Build trading comps analysis by inputting historical an emphasis on identifying the critical information results and analyst projections for comparable disclosed within the countless footnotes. companies. Calculate current standalone market Work in small groups to compare and contrast valuation multiples. Construct a detailed comprehensive several 10(k)s, then analyze and present the results. reference range and football field analysis that quantifies CREDITS: 3 CE/CPE valuation methodologies. Crystallize and appreciate the capital structure and the relationship between total enter- prise value, equity value and price per share. CREDITS: 7 CE/CPE Prerequisite: An intermediate proficiency using Excel. Financial Modeling Using Excel* Financial Modeling with the Monte Carlo DATE: Thursday, February 19, 2009 Simulation* TIME: 9:00 a.m.–5:00 p.m. DATE: Wednesday, March 4, 2009 INSTRUCTOR: Hamilton Lin, CFA TIME: 1:00 p.m.–4:30 p.m. TUITION: Members $520 | Nonmembers $620 INSTRUCTOR: Jack Yurkiewicz, PhD LEVEL: Intermediate TUITION: Members $225 | Nonmembers $295 LEVEL: Basic Model and project a top-down financial statement for valuation purposes or for analyzing mergers and Using the @RISK simulation program—an add-in to acquisitions. Focus on incorporating accounting Excel—learn to model various financial applications and knowledge into the mechanics of Excel, inputting run a Monte Carlo simulation to determine an optimal publicly available information and learning various strategy. This course is self-contained, and no knowledge shortcuts to construct a five-year income statement of probability or simulation is assumed. Topics covered projection model from revenue down to earnings per include option pricing, finding the value at risk (VAR) of a share. Model discounted cash flow analysis, current portfolio, evaluating an investment strategy in the stock market valuation, dilutive options, and a detailed depre- market, hedging with futures, comparing retirement invest- ciation build-up schedule. Return to the office with a mod- ment strategies, and simulating correlated investments. el that can be immediately applied to other companies. CREDITS: 3 CE/CPE CREDITS: 7 CE/CPE Prerequisite: Familiarity with Excel is required. Some knowledge of business statistics is helpful but not mandatory; essential concepts will be reviewed. Bonus! Receive a six-month copy of @RISK, Version 5.01, and step-by-step documentation on how to construct the various spreadsheet mod- els, run the simulation, and analyze the results. *Note: Bring your PC laptop with Microsoft Excel installed and a CD-ROM drive. Mac applications may not be as effective. 2 Spring 2009 Professional Development Commodities Credit Derivatives DATE: Thursday, March 5, 2009 DATE: Wednesday, March 25, 2009 TIME: 9:00 a.m.–12:30 p.m. TIME: 1:00 p.m.–4:30 p.m. INSTRUCTOR: Michael Martin INSTRUCTOR: Andrew Spieler, PhD, CFA, FRM TUITION: Members $225 | Nonmembers $295 TUITION: Members $225 | Nonmembers $295 LEVEL: Basic/Intermediate LEVEL: Basic Explore the intricacies of the commodities markets Examine the wide range of uses of credit derivatives with a professional commodities portfolio manager. including how they allow those with credit exposure Review the uses of commodity contracts from the to transfer default risk to others. Gain key insights into perspective of all parties: hedger, speculator, trader, the market trends, products, and pricing in this dynamic and investor. Analyze the risk and return of the invest- field. Evaluate the properties and pricing methodologies ment class and the leverage it provides. Compare the of credit default swaps, total return swaps, baskets, in- relationships of various commodity asset classes and dices, and other structures. Compare and contrast credit contracts. Focus on commodity relationships to clas- risk measurement approaches, identify collateralized debt sic debt and equity portfolios. Practice and expand obligations mechanics, and get up to date on the current your understanding of investing and trading strate- offerings of credit derivatives products, applications, and gies through classroom simulations of market trad- strategies in the market. CREDITS: 3 CE/CPE ing using bull, bear, and market-neutral scenarios. CREDITS: 3 CE/CPE Research Report Writing Real Estate Investment and Income DATE: Wednesday, April 1, 2009 Analysis* TIME: 1:00 p.m.–4:30 p.m. DATE: Tuesday, April 7, 2009 INSTRUCTOR: Carol Rudman, PhD TIME: 9:00 a.m.–5:00 p.m. TUITION: Members $225 | Nonmembers $295 INSTRUCTOR: Mark Bieber, CFA LEVEL: Basic TUITION: Members $495 | Nonmembers $595 LEVEL: Basic/Intermediate If you are a brilliant analyst but cannot write about your ideas convincingly, how effective are you go- What investments are worthwhile in today’s real estate ing to be? Write research reports that get attention! market? Through a back to basics approach, focus on Discover how to extract company information and property level economics and analysis, taking into ac- organize your thoughts to get started quickly and count the present market conditions. Identify the major spend less time writing. Become skilled at empha- property types, understand investment cash flow analy- sizing key concepts, differentiate them from second- sis, and delve into how different properties may fare in a ary ideas, and eliminating unnecessary language. recession. Examine the calculations and measurements CREDITS: 3 CE/CPE employed in the quantitative real estate investment and Note: This program’s emphasis is placed on the dy- income property analysis, including computer spread- namics of writing, not the fundamentals of research. sheet analysis and lease-by-lease analysis. Concepts Bonus! Bring a research report to covered will include property level operating statements, be reviewed and critiqued by peers. capitalization rates, discounted cash flow modeling, and the effects of mortgage leverage and income taxes. Apply your new skills to an actual multi-year real estate oppor- tunity in class. This comprehensive program is a must if you are contemplating entering into or broadening your real estate investment portfolio for clients or for yourself. CREDITS: 7 CE/CPE *Note: Bring your PC laptop with Microsoft Excel installed and a CD-ROM drive. Mac applications may not be as effective. Please visit www.nyssa.org/pd to register or for more information. 3 New, more advanced topics added! Securitization and Mortgage-Backed Covered Call Writing—Advanced Strategies Securities DATE: Tuesday, April 21, 2009 DATE: Wednesday, April 15, 2009 TIME: 1:00 p.m.–4:30 p.m. TIME: 1:00 p.m.–4:30 p.m. INSTRUCTOR: Bud Haslett, CFA, FRM INSTRUCTOR: Andrew Spieler, PhD, CFA, FRM TUITION: Members $275 | Nonmembers $345 TUITION: Members $225 | Nonmembers $295 LEVEL: Advanced LEVEL: Basic Covered call writing is one of the most popular option Securitized assets comprise some of the largest strategies in today’s market. However, rapidly changing and most important financial markets. Attain a solid equity prices and huge volatility swings result in unfore- foundation of the securitization process and the wide seen challenges in the quest to enhance returns. Discover variety of accompanying products. Examine the techniques for coping with these challenges and examine intricacies of modeling and valuation of securitized real-life case studies on what can go right and what can products such as mortgage-backed, asset-backed, go wrong with the positions. Explore how to choose be- and collateralized debt obligations (CDO). Analyze tween selling shorter-dated or longer-dated options and cash flow distribution of mortgage-backed securities whether to sell calls with higher or lower strike prices. (MBS), collateralized mortgage obligations (CMO), Determine whether volatility matters in the option sale, or interest-only and principal-only (IO/PO) strips, and whether the price of the stock is more important. Evalu- commercial mortgage-backed securities (CMBS). ate the importance of early exercise and how the return Identify the accompanying implications for pricing, metrics could mask what is really going on. Get the tools spread analysis, and prepayments. Pinpoint the risk and strategies to make you a more effective investor or factors, pricing and valuation challenges of the con- investment manager. stantly evolving securitization landscape. CREDITS: 3 CE/CPE CREDITS: 3 CE/CPE Prerequisite: Participants must understand delta, gam- ma, theta, and vega to achieve the full benefits of the pro- gram. Bonus! Send in a challenging option situation for exami- nation in class. Advanced Financial Modeling— Advanced Excel for Data Analysis* Core Model* DATE: Thursday, April 23, 2009 DATE: Wednesday, April 22, 2009 TIME: 9:00 a.m.–5:00 p.m. TIME: 9:00 a.m–5:00 p.m. INSTRUCTOR: Hamilton Lin, CFA INSTRUCTOR: Hamilton Lin, CFA TUITION: Members $545 | Nonmembers $645 TUITION: Members $545 | Nonmembers $645 LEVEL: Advanced LEVEL: Advanced Streamline your process and conduct more in-depth Build a fully integrated financial statement projection analysis with sophisticated number crunching. Develop model with income statement projections, self-balanc- more efficient ways to apply commonly used formulas. ing balance sheet, automated cash flow statement, Discover often overlooked Excel formulas. Analyze data balancing cash flow statement, and balancing cash using functions such as pivot tables, look-up, subtotals, flow sweep/debt schedule. Expand your knowledge and regression analysis. Maximize Excel functions with on how to auto balance the model without plugs, in- arrays and complex SUMIF construction. Enhance your tegrate the model via interest, and control for circular spreadsheets with drop boxes, data validation, and auto- references as well as best practices. Receive a fully mated alternate row shading; and more. constructed model that can be customized and ap- CREDITS: 7 CE/CPE plied to other companies. Prerequisite: Intermediate proficiency using Excel. CREDITS: 7 CE/CPE Prerequisites: Proficiency using Excel, knowledge of basic accounting ratios, and an understanding of how the major financial statements are interrelated. *Note: Bring your PC laptop with Microsoft Excel installed and a CD-ROM drive. Mac applications may not be as effective. 4 Spring 2009 Professional Development New, more in-depth full-day format! Linking Strategy to Valuation Investing in Distressed and Defaulted Debt DATE: Tuesday, April 28, 2009 DATE: Wednesday, April 29, 2009 TIME: 1:00 p.m.–4:30 p.m. TIME: 9:00 a.m.–5:00 p.m. INSTRUCTOR: Joel Litman, CPA INSTRUCTOR: Stephen G. Moyer, CFA, JD TUITION: Members $275, Nonmembers $345 TUITION: Members $495, Nonmembers $595 LEVEL: Intermediate LEVEL: Basic/Intermediate What businesses drive the highest valuations? Under- What are the unique considerations that investors in debt standing the correlation between strategy, execution, or equity do not normally confront when issuers become performance, and valuation is essential to truly ana- distressed and a reorganization process looms? Review lyze a company. Work with discounted cash flow mod- the causes of how a firm’s financial distress affects poten- els and strategy frameworks to examine businesses tial post-reorganization values, the basics of the bankrupt- with great products that may not be great businesses, cy process, the dynamics of the reorganization negotiation industry market leaders that remain stock market los- process, and recent trends in reorganization outcomes. ers, and firms with “first mover advantage” that may Examine credit default swaps and their use in portfolio still disappoint future cash flow. Learn how to link management. See how enterprise value can be affected company strategy to cash flow returns, growth rates, by the reorganization process. Understand capital struc- and quantitative analysis for more robust analyses. tures and the implications for securities valuation, and the CREDITS: 3 CE/CPE recovery implications of rejecting executory contracts. Bonus! A copy of Driven by Mark L. Frigo and Joel CREDITS: 7 CE/CPE Litman is included in the course fee and will be dis- Special Promotion: Order your copy of Stephen G. Moy- tributed on the day of class. er’s book Distressed Debt Analysis for $55.00 (50% off the retail price). Books will be distributed on the day of class. Credit Analysis and Credit Risk NEW! Asset Management with Technical Management Analysis DATE: Wednesday, May 6, 2009 DATE: Wednesday, May 13, 2009 TIME: 1:00 p.m.–4:30 p.m. TIME: 1:00 p.m.–4:30 p.m. INSTRUCTOR: Ehsan Nikbakht, DBA, CFA, FRM, PRM INSTRUCTOR: Barry M. Sine, CFA, CMT TUITION: Members $225 | Nonmembers $295 TUITION: Members $250 | Nonmembers $320 LEVEL: Basic LEVEL: Intermediate The current financial crisis is directly related to the Technical analysis can be used in stock and sector selec- issue of credit quality, credit risk assessment, and tion, in the timing of purchases and sales and, perhaps pricing the products. Identify mistakes made both by most importantly in today’s environment, as a risk man- the buy-side and the sell-side in the industry along agement tool. Explore the intricacies of uses for technical with corrective recommendations and implications of analysis in the portfolio management process and discov- the bailout. Uncover how the process of credit analy- er how it differs from yet complements fundamental analy- sis works by evaluating financial ratios, cash flows, sis. Construct charts and interpret patterns including head and the firm’s objectives compared to its industry and shoulders, and flags. Discover how to mitigate risk by peers. Assess hedging techniques and the suitabil- using technical analysis tools including support and resis- ity of credit derivative products to hedge credit risk. tance measures and momentum oscillators to gauge sen- Using both conceptual and numerical examples, timent. Leave with newfound skills to apply to all financial analyze the interaction among credit risk and other markets including equity, fixed income, options, futures, types of risk and identify accounting and financial and commodities. “shenanigans.” CREDITS: 3 CE/CPE CREDITS: 3 CE/CPE Please visit www.nyssa.org/pd to register or for more information. 5 New! Managing Portfolios with M&A Deal Structuring and Merger Exchange Traded Funds Modeling Basics* DATE: Thursday, May 14, 2009 DATE: Wednesday, May 20, 2009 TIME: 1:00 p.m.–4:30 p.m. TIME: 9:00 a.m.–5:00 p.m. INSTRUCTOR: Vincent Catalano INSTRUCTOR: Hamilton Lin, CFA TUITION: Members $225 | Nonmembers $295 TUITION: Members $545 | Nonmembers $645 LEVEL: Basic LEVEL: Advanced Exchange Traded Funds (ETFs) allow the investor to Utilize the advanced tools and analyses of M&A invest- diversify across all the major asset classes, such as ment bankers and acquirers. Review common structural U.S. equity, foreign equity and fixed income, and di- issues including cash versus stock upfront payments ver- versify into investments that have a low and/or nega- sus earn-outs, and stock versus asset deals and crucial tive correlation to the major asset classes. Explore merger consequence analysis including detailed accre- ETF holdings, tracking errors, and other important tion/dilution and analyses. Build dynamic models that ac- features and discover how portfolios built with ETFs count for different transaction structures. Sensitize finan- are often superior to those with equities. Evaluate key cial projections and the financial impact on a transaction, portfolio strategies including asset allocation and sec- and construct a simple pro forma merger model. Calculate tor/style tilting. Use this powerful investment vehicle estimated combined income statements for target and ac- to construct portfolios that produce consistent and re- quirer, key pro forma balance sheet items, cash flow for liable investment results with greater diversification, debt repayments and other relevant items in an M&A con- improved performance, decreased volatility, and low- text. CREDITS: 7 CE/CPE ered transaction costs. CREDITS: 3 CE/CPE Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting foundations. Corporate Valuation Methodologies is strongly suggested. Basic Leveraged Buyout Modeling* Hedge Funds DATE: Thursday, May 21, 2009 DATE: Thursday, June 11, 2009 TIME: 1:00 p.m.–4:30 p.m. TIME: 9:00 a.m.–5:00 p.m. INSTRUCTOR: Hamilton Lin, CFA INSTRUCTOR: Daniel Strachman and Guest Speakers TUITION: Members $250 | Nonmembers $320 TUITION: Members $495 | Nonmembers $595 LEVEL: Intermediate LEVEL: Basic/Intermediate Leveraged buyouts (LBOs) are among the most risky Master how to create, launch, and operate a hedge fund and complex financial transactions, and typically set in today’s competitive environment. Analyze the details of the floor or minimum valuation. Building a full-blown, fund creation and operation as well as marketing and as- complex LBO model may not be necessary, however, set gathering. Delve into hedge fund characteristics, types to quickly gauge the feasibility of an LBO. Receive a and styles. Identify the challenges and risks facing hedge condensed overview of LBO modeling that incorpo- fund managers and investors. Gain insight directly from rates all the major inputs and value drivers of an LBO industry experts and hedge fund managers into legal is- transaction including rationale and ideal candidates. sues, tax implications, and trading/investment strategies. Construct and sensitize a basic leveraged buyout If you are thinking about starting a hedge fund or going model from scratch. Analyze basic credit and lever- into the hedge fund field, this course is essential. age statistics and equity sources that drive the LBO CREDITS: 7 CE/CPE model. Build condensed IRR sensitivity analysis to Bonus! Receive a complimentary copy of Daniel Strach- evaluate financial sponsor returns. man’s book Getting Started in Hedge Funds. CREDITS: 3 CE/CPE Prerequisite: Intermediate proficiency using Excel and a solid grasp of basic accounting foundations. Corporate Valuation Methodologies is strongly sug- gested. *Note: Bring your PC laptop with Microsoft Excel installed and a CD-ROM drive. Mac applications may not be as effective. 6 Spring 2009 Professional Development About the Instructors Mark Bieber, CFA, is second vice president in the Real Estate Group of New York Life Investment Man- agement LLC, an associate member of the Appraisal Institute, and a state-certified general real estate appraiser. He is on the faculty of New York University’s School of Continuing and Professional Studies. Vincent C. Catalano is president and chief investment strategist with Blue Marble Research (formerly iViewResearch), which publishes The Sectors and Styles Strategy Report. Previously, he was a finan- cial consultant with Merrill Lynch for 25 years. He has taught a number of courses at NYSSA, and has organized conferences and events for NYSSA including the popular Market Forecast luncheon series. He has appeared on CNBC, has been quoted in The Wall Street Journal, and is a past president of NYSSA. Bud Haslett, CFA, FRM, is chief executive officer of Miller Tabak Capital Management and director of option analytics for Miller Tabak + Co., LLC where he is responsible for developing option-related prod- ucts, research and money management services. He previously founded a derivatives-based invest- ment management firm, and has spent two decades on the options trading floor. He is a board member of NYSSA, a member of the Institutional Investor Advisory Committee for the Chicago Board Options Exchange, and has conducted option presentations and workshops at over 45 CFA Institute Societies worldwide. A former president of the CFA Society of Philadelphia, he has taught options at New York University, Johns Hopkins and Rutgers and has been frequently quoted in The Wall Street Journal, Barron’s, Pensions and Investments, and Reuters. He received a Masters degree from the University of Pennsylvania and Drexel University. Hamilton Lin, CFA, has a broad background in investment banking, mergers and acquisitions, and leveraged buyouts. He is the founder of Wall St. Training, a corporate training firm that teaches hands- on, practical financial modeling, valuation, and analytic skills to investment banks, research firms, asset managers, private equity shops, commercial banks, and credit firms. He has worked at Goldman Sachs Investment Banking, Banc of America Securities’ Mergers and Acquisitions Group, Ryan Labs, and other boutique investment banks. He has served as an adjunct professor at Baruch and Hunter Col- leges, has taught CFA preparatory courses, and teaches at the largest CFA Institute member societies. He is a graduate of New York University Stern School of Business. Joel Litman works with institutional investors, particularly hedge funds, on ways to improve investment performance through enhanced fundamental analysis and quantitative investment styles. He has taught at Harvard, MIT, Wharton, University of Chicago, Kellogg, London Business School, UIBE Beijing, and CFA Societies in Tokyo and Hong Kong. He has coauthored several articles for the Harvard Business Review and Strategic Finance as well as the book Driven. He holds a BS degree in Accounting from DePaul University and an MBA from the Kellogg Graduate School of Management. Michael Martin is a proprietary trader for Victor Sperandeo, aka Trader Vic, at EAM Partners, LP which has over $2 billion in assets. Previously, he was the chief investment officer of Cordova Capital Hold- ings, LLC, where he oversaw the trading and risk management portfolio of domestic and international equities, derivatives, and commodities. Featured on CNBC, he is a frequent lecturer and consultant for tax exempt investors, associate editor of Trader Monthly, and contributing author to India Journal and TurtleTrader.com. He sits on the UCLA Department of Business and Accounting Advisory Board and teaches commodities and personal financial planning for the UCLA Adult Extension Program. Please visit www.nyssa.org/pd to register or for more information. 7 Stephen G. Moyer, CFA, JD, has more than 18 years of industry experience and has expertise with financial institutions and credit intensive areas of asset and mortgage backed securities. At Bank of America Securities, he was a founding member of the Montgomery Securities High Yield Research Group. Frequently called upon to speak at various industry events, he is also the author of the refer- ence book Distressed Debt Analysis. Ehsan Nikbakht, DBA, CFA, FRM, PRM, is professor of finance at the Frank G. Zarb School of Busi- ness at Hofstra University. He was chairperson of the Finance Department and associate dean of the Zarb School of Business. His area of expertise is capital markets, risk management, and derivatives. Hofstra voted him Executive MBA Teacher of the Year. His research book, Foreign Loans and Eco- nomic Performance, received a Stessin Prize for Outstanding Scholarly Publication. He served on the advisory board of the Association of International Financial Engineers and currently sits on the edito- rial board of Global Finance Journal. He received his doctorate in finance from George Washington University. Carol Rudman, PhD, has been a management development consultant and trainer since 1981. She has developed several courses for the American Management Association (AMA) and presents pro- grams on writing, leadership, management, and communication skills to a diverse client list. She is the author of Frames of Reference: How Men and Women Can Overcome Communication Barriers and Increase Their Effectiveness at Work. She holds a PhD and MA from the State University of New York at Stony Brook. Barry M. Sine, CFA, CMT, is the director of research of CapStone Investments where he utilizes fundamental, quantitative, economic and technical tools to identify promising investment opportunities. He has also held positions with JP Morgan, DLJ, and Oppenheimer. Past director of the Market Techni- cians Association, he is currently vice chair of NYSSA’s Career Development Committee. He holds an MBA in finance and international business from New York University Stern School of Business. Andrew Spieler, PhD, CFA, FRM, is associate professor of finance at the Frank G. Zarb School of Business at Hofstra University, where he was named Distinguished Teacher of the Year. His teaching experience includes graduate and undergraduate courses in finance, economics, and statistics, and executive education programs. He is the former research director at the Investors’ Rights Association of America, a shareholder advocacy group, and he currently serves as chair of NYSSA’s Derivatives Committee. He received his BS, MBA, and PhD from SUNY Binghamton and his MS from Indiana University. Daniel Strachman is a Wall Street professional who has been working in the money management industry for more then ten years. He has written extensively on the hedge fund industry and invest- ment strategy for publications including The Financial Times and The New York Post. He is the author of Getting Started in Hedge Funds, Essential Stock Picking Strategies, Julian Robertson: A Tiger in the Land of Bulls and Bears, The Fundamentals of Hedge Fund Management and the newly released The Long and Short of Hedge Funds. He previously taught a course on hedge funds at New York University School of Continuing Education. Jack Yurkiewicz, PhD, is a professor in the Management Sciences Department at Pace University, where he has taught MBA quantitative courses since 1985. He also taught quantitative methods courses at the Zarb School of Business at Hofstra University. He was voted “Distinguished Professor for Teaching” at Hofstra and received the “Kenan Award for Teaching Excellence” at Pace. He received his PhD in operations research from Yale University. 8 Spring 2009 Professional Development Policies and Procedures Registration Process To enroll in a course, you can register directly online from the Course Calendar. You can also download a Professional Development Courses registration form and fax it in along with your credit card number to (212) 541-4677. If you are paying by check, please mail the registration form along with your check to NYSSA Education, 1177 Avenue of the Americas, 2nd Floor; New York, NY 10036-2714. We are sorry that NYSSA cannot invoice your company nor hold space for you if your registration form is received without payment. Class Location Courses will be held at the New York Society of Security Analysts (NYSSA), 1177 Avenue of the Americas, 2nd Floor (between 45th and 46th Streets), New York, NY 10036. For security purposes, please bring a photo ID with you on the day of your class. Group Discounts Special rates are available for five or more people from one company who attend the same course. Please contact the Education Department for details at (646) 871-3428 or (646) 871-3407, or email firstname.lastname@example.org. Multiple Program Discount Offers Registration must be received for all relevant programs at the same time. Cancellation out of a course will result in loss of or adjustment to discount. Cancellations NYSSA reserves the right to cancel a course that does not meet the minimum enrollment. In the event a course is cancelled, 100% of your tuition will be refunded (less any cost of materials you may have already received). Please allow 30 days for your credit card refund to appear on your monthly statement. Membership Information For information or a membership application, visit www.nyssa.org or contact NYSSA’s Membership Department at (646) 871-3417 or email email@example.com. Withdrawals/Refunds All requests for refunds and course transfers must be issued in writing and dated. The date of such request will be the date it is received by NYSSA (or in the case of mail, the date of postmark). Requests may be faxed to (212) 541-4677, emailed to firstname.lastname@example.org, or mailed to NYSSA Education, 1177 Avenue of the Americas, 2nd Floor; New York, NY 10036-2714. Withdrawal from courses is subject to the following administrative fees: $25.00—seven or more days prior to first scheduled class $50.00—less than seven days prior to class* *No refund, credit or rescheduling for another class if the withdrawal is received less than 24 hours prior to the course. Please visit www.nyssa.org/pd to register or for more information. 9 Continuing Education Credits As a participant in the CFA Institute Approved-Provider Society Program, the New York Society of Security Analysts has determined that certain events qualify for credit for the CFA Institute CE Program. Credit hours are noted for informational purposes after each course description. For additional information on this program, contact CFA Institute at (800) 247-8132, 560 Ray C. Hunt Dr., Charlottesville, VA 22903- 0668, www.cfainstitute.org. As a courtesy to attendees, NYSSA will provide CFA Institute with a list of members who attended those courses eligible for CEs. The CE credit hours earned will be auto-entered into each CFA Institute member’s web-based CE diary. CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by NYSSA. CFA Institute, CFA®, and Chartered Financial Analyst® are trademarks owned by CFA Institute. NYSSA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the Na- tional Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, www.nasba.org. Some events/activities may qualify for continuing education credit depending upon the circumstances surrounding the event/activity and one’s unique professional responsibilities. If a program does not have credits assigned to it, you may still submit your participation in it to the recognizing organization, which has the final authority on acceptance for credit. Certificates of attendance are available for those members who need documentation of continuing education credits for their employer or another member organization. Email requests to education@ nyssa.org. Prerequisites and Advanced Preparation. See individual course descriptions. Unless otherwise stated, there are no prerequisites or requirements for advanced preparation. For more information regarding administrative and policies, complaints, or refunds, contact NYSSA at (646) 871-3428 or (646) 871-3429. 10 Spring 2009 Professional Development February 2009 March 2009 Su M T W Th F S Su M T W Th F S 1 2 3 4 5 6 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 8 9 10 11 12 13 14 15 16 17 18 19 20 21 15 16 17 18 19 20 21 22 23 24 25 26 27 28 22 23 24 25 26 27 28 29 30 31 Day Course Day Course 17 How to Analyze a 10(k) 4 Financial Modeling with the Monte Carlo 18 Corporate Valuation Methodologies Simulation 19 Financial Modeling Using Excel 5 Commodities 25 Credit Derivatives April 2009 May 2009 Su M T W Th F S Su M T W Th F S 1 2 3 4 1 2 5 6 7 8 9 10 11 3 4 5 6 7 8 9 12 13 14 15 16 17 18 10 11 12 13 14 15 16 19 20 21 22 23 24 25 17 18 19 20 21 22 23 26 27 28 29 30 24 25 26 27 28 29 30 30 31 Day Course Day Course 1 Research Report Writing 6 Credit Analysis and Credit Risk 7 Real Estate Investment and Income Analysis Management 15 Securitization and Mortgage-Backed Securi- 13 Asset Management with Technical Analysis ties 14 Managing Portfolios with Exchange Traded 21 Covered Call Writing: Advanced Strategies Funds 22 Advanced Financial Modeling: Core Model 20 M&A Deal Structuring and Merger Modeling Basics 21 Basic Leveraged Buyout Modeling 23 Advanced Excel for Data Analysis 28 Linking Strategy to Valuation 29 Investing in Distressed and Defaulted Debt June 2009 Su M T W Th F S 1 2 3 4 5 6 7 8 9 10 11 Day Course 11 Hedge Funds The New York Society of Security Analysts 1177 Avenue of the Americas, 2nd Floor New York, NY 10036-2714 Inside: How to Analyze a 10(k) ♦ Corporate Valuation Methodologies ♦ Financial Modeling Using Excel ♦ Financial Modeling with the Monte Carlo Simulation ♦ Commodities ♦ Credit Derivatives ♦ Research Report Writing ♦ Real Es- tate Investment and Income Analysis ♦ Securitization and Mortgage-Backed Securities ♦ Covered Call Writing: Advanced Strategies ♦ Advanced Excel for Data Analysis ♦ Linking Strategy to Valuation ♦ Investing in Distressed and Defaulted Debt ♦ Credit Analysis and Credit Risk Management ♦ Asset Management with Technical Analysis ♦ Managing Portfolios with Exchange Traded Funds ♦ M&A Deal Structuring and Merger Modeling Basics ♦ Basic Leveraged Buyout Modeling ♦ Hedge Funds Register for 2 or more courses and save up to $75! See page 1 for details.