Value Investing

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					                              Applied Value Investing Application, Fall 2009
                Application to Applied Value Investing, Value and Special Situations Investing
                  Applications are due by:       Wednesday, May 13, 2009 by 5pm (no exceptions)
                  Interview dates are:           April 21st, , 22nd , 29th , 30th , May 5th (interview mandatory)
                  Submit applications to:
                  Notification:                  June 9, 2009 via email on application

Application Procedure:
      In applying to Applied Value Investing you can either rank your instructor preference or indicate you
       are interested in all four sections equally (Mark Cooper, Mike Blitzer, Brian Gaines, or Artie Williams)
      By completing this application, you are ALSO applying to Value & Special Situations Investing with
       Joel Greenblatt, for Fall 2009 (if you do not wish to take this course, please indicate this in the space
      You must sign-up for and attend a mandatory interview with the Heilbrunn Center staff before your
       application can be considered COMPLETE. The interview slots have been scheduled prior to the
       application due date to better correspond with travel/summer job considerations. There will be interview
       slots on the following days: April 21 st, 22 nd, 29 th, 30 th, and May 5 th. Starting on Monday, April 6 th
       you can sign up for an interview slot on the sign-up sheets outside Uris Hall Room 325C. Time slots
       will be filled on a first come, first served basis. Be sure to sign up by April 13 th.
      Your full application should consist of the follow ing:
       1. Completed interview. 15 minute interviews will be scheduled with Heilbrunn staff.
       2. Completed “Applicant Information” form. Including relevant contact information for
            notification in June (see 2-pages below)
       3. Resume. Including your summer position
       4. Cover Letter or One-page Essay. Explain why you want to take these classes (including, but not
            limited to, why you came to Columbia, why you are interested in value investing, what you hope to
            do once you graduate and, how this class will help you meet those goals)
       5. Investment Write -Up. Choose a company that you believe is a compelling short or long investment
            idea and write a two-page memo analyzing your idea, including:
                1. How you found the idea, your search strategy, etc. (this is critical)
                2. What value do you assign to the company and why
                3. What makes this idea compelling
                4. Competitive situation of the company (industry or peers)
                5. Please limit the text and financial analysis (charts, tables, etc) to two pages (single-sided)
      We request that you submit your application electronically, PLEASE do the following:
       1. Delete the instructions page (this page), and combine the below “Applicant Information” form with
            your resume, cover letter, and investment write-up into ONE FILE. Insert proper page breaks for
            a total of 6 pages.
       2. Save the file as Last Name_ First Name_AVI application_2009 (.doc or .pdf)
       3. Send as an attachment to by the above deadline (NO EXCEPTIONS)

AVI Application                              Fall 2009                                          INSTRUCTIONS
Application Review Process:

      Consideration will be given to interest level, preparation (books read, knowledge of industry, value
       techniques, etc.), and demonstrated commitment to investing courses. Career switchers who have a
       strong interest in pursuing investing after graduation are encouraged to apply.
      Each application will be reviewed by all Applied Value Investing professors and at least one member of
       the Heilbrunn Center staff.
      At the professor's discretion, phone interviews may also be scheduled.
      The review/selection process is conducted with our best efforts to match instructor/student preferences.
      By submitting this application, you agree to the process and will accept the final decisions of the
       professors reviewing the applications.
      By submitting this application, you agree to have 1,000 bid points deducted for Applied Value
       Investing and Special Situations. For additional classes offered to you in the spring, you will have
       approximately 2,000 bid points deducted per class that you chose to enroll in. (This number may be
      The capacity for each Applied Value Investing section is approximately 10 students.

Applicant Information                                                                                    Page 1

                       Applied Value Investing Application
                                    Fall 2009

 Date of Graduation:
   Employe r Prior to
     Business School:
        Summe r 2009
            Employe r:
 (indicate if J Termer)

Contact Information

  Email #2(summe r):
      Home Phone #:
        Cell Phone #:
Preferred method of communication for all program correspondence:
    □ Email #1          □ Email #2         □ Phone      □ Either
Course Information
Which of the following courses are you interested in taking? ( please list    (Yes, No, Taken)
term & year that you plan to take or have taken:
1. Security Analysis(offered Summer, Fall & Spring w/various instructors):
2. Seminar in Value Investing (Prof Greenwald, Spring)
3. Economics of Strategic Behavior (Bruce Greenwald, Fall in EMBA)
4. Seminar in Advanced Investment Research: The Analyst’s Edge (Binder,
    Greenspan, Spring 2010 & Ken Shubin Stein Spring 2010)
5. Distressed Value Investing (Blechman, Spring 2010)
If accepted to AVI, do you want to be automatically placed in the following
class (with a deduction of 1,000 bid pts):
6. Value & Special Situations (Joel Greenblatt, Fall 2008) (must be
    enrolled in Applied Value Investing to be eligible)

Applicant Information                                                                            Page 2
Please indicate instructor preference by ranking 1 st, 2nd , 3rd , and 4th . If you have no preference and
would like to be considered for any of the four sections of Applied Value Investing, please indicate

Instructor Preference
                   Mark Cooper

                   Mike Blitzer

                   Brian Gaines

                   Artie Williams

□ Yes □ No         If I do not get my first choice, please consider my application for any

                                           OR (check box below)
                   Please consider me for any section of Applied Value Investing with no

Applicant Information                                                                                  Page 3

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