Program Outline
Day 1: Equity Analysis and Portfolio Management

1. Workshop Introduction

2. History of Portfolio Theory – Pre-Markowitz

3. Modern Portfolio Theory

• Markowitz Portfolio Theory
• Capital Asset Pricing Model
• Arbitrage Pricing Theory

4. Failure of Modern Portfolio Theory

5. Behavioral Finance

• Behavior Biases Impact on Investment Results
• Profiting from others' mistakes

6. Portfolio Construction and Rebalancing Techniques

• Maximizing Risk Adjusted returns
• Expected Returns and Transaction Costs

7. Financial Statement Analysis

• Ratio Analysis
• Red Flags
• Analysis of Business and Strategic Models

8. Sector Rotation Strategies

• Sector Performance in Economic Cycle
• Effective Sector Rotation Skill
  

• Benjamin Graham
• John Templeton
• Warren Buffett
• Peter Lynch
• David Dreman
• Others

11. Analysis of Business Models

• Enhanced Financial Statement Analysis
• Identifying Profit Drivers

12. Technical Analysis

• Moving Averages
• Oscillators
• Trading Ranges
• Breakouts

Day 2: Fixed Income, Derivatives and Alternative Investments

1. Macroeconomic Analysis

• Monetary Policy
• Fiscal Policy

2. Interest Rate Risk

• Duration
• Convexity

3. Bond Valuation

• Traditional/Floating Rate Pricing
• Bond Prices Sensitivity Analysis

4. Passive Fixed Income Strategies

5. Active Fixed Income Strategies

• Substitutions Swaps
• Inter-market Spread Swaps
• Rate Anticipation Swaps
• Pure Yield Pickup Swaps
• Tax Swaps

6. Portfolio Immunization

• Reducing Interest Rate Risk
• Changing Portfolio duration and convexity
• Balancing interest and reinvestment rate risk
  

8. Factors Affecting Option Prices

9. Options Valuation

• Black Scholes Model
• Binomial Model

10. Option Strategies

• Straddle
• Covered Call
• Protected Put
• Bull Spread
• Bear Spread
• Collars

11. Futures and Forward Contracts

• Pricing Financial and Commodity Contracts
• Speculation and Hedge Techniques

12. Valuation of Futures and Forward Contracts

• Commodity Futures
• Financial Futures

13. Hedge Funds

14. History of Hedge Funds

15. Hedge Fund Strategies

• Long / Short
• Market Neutral
• Statistical Arbitrage
• Fixed Income Arbitrage
• Activist
• Merger Arbitrage
• Event Driven
• Global Macro

16. Managing a Fund of Hedge Funds Portfolio

17. Carry Trades

18. Global Trends in Hedge Funds

19. Private Equity

• Leveraged Buyouts (LBOs)
• Mezzanine Financing
• Venture Capital
• J Curve Effect

20. Real Estate

• REITS
• Commercial Real Estate
• Timber

21. International Investing

• Characteristics of Global Markets
• Home Country Bias
• International Parity Theorems

22. Risk Management of Investments

• Risk metrics
• Risk Levers – Concentration, Liquidity, Quality, Leverage

23. Performance Evaluation Techniques

• Sharpe Ratio
• Treynor Measure
• Sortino Ratio
• Jensen Measure
• Appraisal Ratio
• Omega Ratio
• Value at Risk
• Upside to Downside Capture

24. Investment Mosaics / Dashboards

25. Developing a fluid Investment Strategy Game Plan

26. Class wrap up, Resources, Options