The Kellogg School of Management has established the Asset Management Practicum, an initiative that requires alumni support. Led by the Kellogg School's Finance Department, and supported by alumni and friend of the school, this experiential learning opportunity allows students to strengthen their analytical abilities while learning the day-to-day responibilities of managing a portfolio.

Asset Management Practicum Overview

The Asset Management Practicum (AMP) is a four quarter sequence of courses designed to provide students with practical investment management experience. The courses combine investment theory with exposure to leading practitioners, and enable students to work in a variety of different roles found in the investment management industry: industry analyst, trader, quantitative analyst, and portfolio manager. Today, AMP students are responsible for managing approximately $3 million of Kellogg's endowment.

Details for Applying for Finance 933: Asset Management Practicum I

Finance 933: Asset Management Practicum I - Spring 2009
Finance 934C: Asset Management Practicum II - Fall 2009
Finance 935: Asset Management Practicum III - Winter 2009

Students enrolled in this sequence of courses manage a portion of the Kellogg School’s endowment. The courses will combine investment theory with exposure to leading practitioners. Students will rotate across roles of industry analysts, traders, quantitative analysts, and portfolio managers. Students must take the entire sequence, FINC 933, 934-C, and 935.

Prerequisites for 933 : FINC 430 - Finance I and FINC 441 - Finance II (or FINC 440 - Finance I/II).

Corequisites for 933: Students registering for Finance 933 must have taken or be simultaneously registed for FINC 463 - Security Analysis or FINC 444 - Advanced Topics in Finance. Click here for additional corequisites..

Prerequisites for 934C: FINC 933.
Corequisites for 934C: Click here for additional corequisites.

Prerequisites for 935 : FINC 934C.
Corequisites for 935: Click here for additional corequisites.

Finance 936 or Finance 936C: Asset Management Practicum IV - Spring 2009

Asset Management Practicum IV is a continuation of Asset Management Practicum I, II, and III. Students in Asset Management IV will be responsible for using the analyses of students in Asset Management Practicum I, plus their own analyses, to determine portfolio positions, trading strategies, and asset allocations for the student-managed portfolio.

Prerequisites for 936 and 936C : FINC 935.

Tentative Schdule of Guest Speakers:

AMP II (Fall 2009)

Myron Scholes, Nobel Laureate and Chairman, Platinum Grove Asset Management: "Risk Management for Hedge Funds."

Brian Posner (NU '83): "Of Fundamentals and Fundamentalism."

William Wappler ('87), Director, SAC Capital Advisors: "What Portfolio Managers Want from Research Ananlysts."

Jeffrey Ubben ('87), Founder, Chief Executive Officer, and the Chief Investment Officer, ValueAct Capital: "Climbing the Wall of Worry."

Robert Dishner, Principal and Senior Portfolio Manager, Stark Investments "Neiman Marcus Credit Case Study."

Stacey Riddell ('89): President, PEAK 6 Asset Management, Ron Packard, Chief Executive Officer and Founder of K12 (LRN); Amy W. Junker, Senior Research Analyst, Education Services, Robert W. Baird & Co.: "Analyzing a public company/stock from A-Z."

AMP III (Winter 2010)

Michael Prober ('91), Founding Partner, Clovis Capital Management: "TBA."

Philip Furse ('00), Portfolio Manager, Alydar Capital: "Firm Valuation."

Bhaskaran Swaminathan, Director of Research, LSV Asset Management: "Implementing Quantitative Strategies."

AMP IV (Spring 2010)

David Garrity (’88): Principal, GVA Research: "TBA."

Aaron Brown: Chief Risk Officer, AQR Capital Management: "TBA."

Timothy Peterson (’87): Founder, President, and Chief Investment Officer, Regiment Capital Advisors: "High-Yield Leveraged Loan Credit Markets."

Past Visiting Speakers:

AMP I/IV (Spring 2009)

Scott Fearon ('83), Founder and President, Crown Capital Management: "TBA."

Michael Mauboussin, Chief Investment Strategist, Legg Mason Capital Management: "Think Twice: Harnessing the Power of Counterintuition."

M. Jane Buchan, Chief Executive Officer and Managing Director, Pacific Alternative Asset Management Company: "Hedge Funds: An Inside Look."

Alice Schroeder, Author: "Style Drift at Berkshire Hathaway."

AMP III (Winter 2009)

Louis A. Simpson, President and CEO, Capital Operations, GEICO Corporation: "Random Thoughts About Investing."

Michael Sacks ('88), CEO, Grosvenor Capital Management: "Alternative Investments in Marketable Securities."

Stacey Riddell ('89): President, PEAK 6 Asset Management, Stanley M. Bergman, Chairman and Chief Executive Officer, Henry Schein, Inc., and Steven Paladino Executive Vice President, Chief Financial Officer, Henry Schein, Inc., "Analyzing a public company/stock from A-Z."

AMP II (Fall 2008)

Philip Furse ('00), Portfolio Manager, Alydar Capital: "TBA."

Sam Zell, Chairman, Equity Group Investments, L.L.C.: "Perspectives on the Financial Crisis."

Jeffrey Ubben ('87), Managing Director, ValueAct Capital and Brian Posner (NU '83) CEO and CIO, ClearBridge Advisors LLC: "Investing During Times of Crisis."

David Kabiller ('87), Founding Principal and Head of Business Development, AQR Capital Management: "The Hedge Fund Industry and the Financial Crisis."

John Capelli, Managing Director Investments, Northwestern University: "Understanding Client Objectives - Endowment Portfolios."

AMP I/IV (Spring 2008)

Jerome Kenney ('67), Vice Chairman and Member, Executive Client Coverage Group, Merrill Lynch: "The Strategic Landscape of the Asset Management Industry"

Jack L. Treynor, President, Treynor Capital Management: "The Power to Spend."

Steven Milunovich ('87), Partner, Brunswick Group, LLP: "Secrets of a Wall Street Analyst"

Stacey Riddell ('89); Jamie Parisi, CFO, CME Group, John Pietrowicz (Managing Director, Corporate Finance & Treasury) CME Group, and John Peschier (Managing Director, Investor Relations) CME Group: "Analyzing a public company/stock from A-Z."

AMP III (Winter 2008)

Robin Yoshimura ('94) Sr. VP, Lehman Brothers: "Understanding Client Objectives - Taxable Investors."

James Ware, founder, and Jamie Ziegler, Principal, Focus Consulting Group, Inc: "High Performing Investment Teams."

Joel Tillinghast ('83), Portfolio Manager: Fidelity Low Priced Stock Fund, Fidelity Mgmt & Research Company: "Analyzing Low Priced Stocks."

AMP II (Fall 2007)

Donald Paiva ('93), Investment Strategist, Chevron Corporation: "Understanding Client Objectives - Pension Funds."

Avi Nash ('81), Founder, Avi Nash, LLC: "Topics in Security Analysis - Issues in Valuing Cyclical Firms."

Bettina Whyte ('75), Chair of Advisory Board, Bridge Associates, LLC: "Oppotunities in distressed investing."

Stacey Riddell ('89); David Demshur, Chairman, CEO, and President, Core Laboratories; Richard Bergmark, Executive Vice President, Core Laboratories: "Analyzing a public company/stock from A-Z."

Bhaskaran Swaminathan, Director of Research, LSV Asset Management: "Implementing Quantitative Strategies."

AMP I/IV (Spring 2007)

William McLean, VP and Chief Investment Officer, Northwestern University: "Understanding Client Objectives - Endowment Portfolios."

Jeffrey Ubben ('87), Managing Director, ValueAct Capital: "Creating Alpha Through Active Investing."

David Kabiller ('87), Founding Principal and Head of Business Development, AQR Capital Management: "The Evolution of the Hedge Fund Industry."

Other Information:

Syllabus for AMP I (Spring 2008)

Syllabus for AMP II (Autumn 2008)

Syllabus for AMP III (Winter 2009)

Syllabus for AMP IV (Spring 2009)

Suggested Readings

Sponsors of the Practicum

Journals

ITG, Inc.

Important/Interesting Links:

Kellogg Investment Management Club (Full-time program)

Kellogg Turnaround Management and Distressed Investing Club (Full-time program)

Private Equity & Entrepreneurship @ Kellogg Club (Full-time program)

Kellogg Hedge Fund Club (Part-time program)

Kellogg Investment Management Club Members Place in Four Cornell Stock Pitch Challenges out of Five Kellogg entries (Fall 2007 (second place), Fall 2006 (first place), Fall 2005 (first place), 2004 (first place)).

Kellogg Investment Management Club Members Place in One UNC Alpha Challenge out of Two Kellogg entries (Fall 2007 (first place)).

Student memberships to the CFA Institute of Chicago

Capital IQ

Capital IQ Training Video

Thomson One Training Video Part 1, Part 2, Part 3

Finance Department Seminars

Bogle Financial Markets Research Center

Finance 430: Finance I - Last taught Fall 2003

This course studies the effects of time and uncertainty on decision making. Topics include discounted cash flow valuation, stock and bond valuation, the term structure of interest rates, bond duration, capital budgeting under certainty and uncertainty, portfolio theory, asset pricing models and efficient markets. Prerequisites: Knowledge of (a) probability and statistics through linear regression and (b) financial accounting. Requirement (a) may be satisfied with prior or concurrent registration in DECS-434, sufficient previous course work in statistics or attending Finance I statistics tutorials (available fall quarter only). Requirement (b) may be satisfied with prior or concurrent registration in ACCT 430 or sufficient previous course work in financial accounting. MECN-430 is recommended.

Syllabus for FINC 430

Finance 520: Seminar in Finance: Liquidity and Asset Pricing - Last taught Spring 2004

This course studies the role of liquidity in the pricing of assets.  The topics to be discussed will include modeling household and firm demand for liquidity, the effects of trading costs on equilibrium asset returns, collateral, financial institutions, the effect of liquidity on pricing in fixed income markets, market microstructure, and related empirical evidence,.

Syllabus for FINC 520