Course Syllabus Investment Strategies Professor: Richard Bernstein Course #: B40.3122.60 Wednesday Evenings from 6:00 p.m. to 9:00 p.m. Room: TBD This course will discuss various investment strategies utilized by professional investors. It aims to give you practical insights regarding how strategies are used, and to better understand the strategies’ strengths and weaknesses. Free copied materials are supplied by the professor and the guest lecturers. The course objective is to give you a subjective and anecdotal approach to securities analysis, relative valuation, industry and group rotation, asset allocation, market timing, “theme” investing, and quantitative analysis. Several guest lecturers will speak to explore some of these concepts. Both old and new market theories will be discussed within the context of financial history, including various sentiment, psychological, style, and cyclical influences on securities prices. Contrasts will be drawn between long-term and short-term strategies. Equity and fixed-income strategies will be investigated. A considerable portion of each class will be an interactive discussion relating the concepts covered in the classes to actual financial market events, and a written mid-term assignment will mimic such discussions. The final written examination will focus on the basic concepts learned in class. Grading for the course will be determined as follows: Mid-term assignment (40%), Final examination (40%), and class participation (20%). Sept 17 Introduction to the Course and Course Outline and Requirements The critical connection between macro- and micro-investing Asset Allocation Discussion of mid-term assignment/current financial event discussion Sept 24 Sector Rotation Style Investing Current financial event discussion Oct 1 Strategies for Individual InvestorsGuest Lecturer: Ash Rajan – Merrill Lynch Navigate the Noise Current financial event discussion **MID-TERM ASSIGNMENT DUE (in-class by Oct 1 or post-marked by Oct 8)** Oct 8 No Class Oct 15 Fixed-Income/Credit/Balance Sheet Analysis Equities viewed as Bonds “Quality” Corporate Governance/Shareholder Rights Current financial event discussion Oct 22 Guest Lecturer: Jose Rasco (Merrill Lynch) Long-term “Theme” Investing The Political Cycle and the Presidential Election Review of course by Prof. Bernstein Current financial event discussion Oct 29 **FINAL EXAMINATION 6:00 – 9:00 PM** Recommended Preparation: • Regularly read daily publications like the Financial Times and the Wall Street Journal, and weekly publications like The Economist. • Critically watch/listen to CNBC, Bloomberg TV, and Bloomberg Radio (WBBR). • View Consuelo Mack WealthTrack and Nightly Business Report on PBS. • No texts are required reading, but those students with further interest should consider reading Navigate the Noise (Bernstein), Style Investing (Bernstein), The Battle for the Soul of Capitalism (Bogle), and Devil Take the Hind Most (Chancellor). Students are expected to adhere to the School’s academic policies regarding attendance, academic conduct, and behavior. These can be reviewed online at http://w4.stern.nyu.edu/academic/affairs/policies.cfm?doc_id=7511. If you have question about this course contact the TA/grader, XXXXXX at (212) XXX-XXXX or at [email protected]. Administrative questions should be directed to Kuri Gill in the Department of Finance at (212) 998-0346 or