GARP Investing Strategy for MIC Portfolio

Stock Analyst Program Fall 2008 Farid Guindo MIC VP Portfolio Management October 17 th 2008

Executive Summary ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Analyst Program 2008

SAP Portfolio Current Holdings Stock Analyst Program 2008

Current MIC Portfolio ,[object Object],Stock Analyst Program 2008

Current MIC Portfolio Benchmark Returns versus MIC portfolio MIC Portfolio CDN T-Bills S&P/TSX S&P 500 DJIA Stock Analyst Program 2008

How to Play the Game ,[object Object],[object Object],Semester End Stock Pitch ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Trading Challenge Stock Analyst Program 2008

Research Report Composition ,[object Object],[object Object],Stock Analyst Program 2008

Overview ,[object Object],[object Object],Stock Analyst Program 2008

Valuation Methodologies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Discounted Cash Flow (DCF) Comparable Transactions Precedent Transactions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Analyst Program 2008

Summary of Various Investment Styles ,[object Object],[object Object],[object Object],Value Investing Growth Investing Contrarian Investing GARP Investing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Analyst Program 2008

A Closer Look at Value Investing ,[object Object],1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008 Time Horizon Risk Level Effort

Fundamental Value Investing Benjamin Graham Warren Buffet 1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008

Growth Investing Time Horizon Risk Level Effort ,[object Object],[object Object],1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008

A look at Growth Investing William O’Neal ,[object Object],1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008

Value versus Growth Relative Price Performance Chart 1. Sourced to Bloomberg Financial. Both Value and Growth index are from BARRA. Stock Analyst Program 2008

Growth at a Reasonable Price (GARP) Time Horizon Risk Level Effort ,[object Object],[object Object],[object Object],1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008

Against Conventional Wisdom Time Horizon Risk Level Effort ,[object Object],1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008

Fundamental Value Investing ,[object Object],David Dreman 1. Sourced to John Reese, Todd Glassman; “Market Gurus.” Stock Analyst Program 2008

DCF – Methodology ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Discounted Cash Flow Method Stock Analyst Program 2008

DCF – Methodology (cont’d) The Discounted Cash Flow Method ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Analyst Program 2008

DCF – Methodology (cont’d) The Discounted Cash Flow Method ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Analyst Program 2008

Precedent Transactions – Basic Steps ,[object Object],[object Object],[object Object],[object Object],Precedent Transactions Method Stock Analyst Program 2008

Relative Valuation – Basic Steps ,[object Object],[object Object],[object Object],[object Object],[object Object],Precedent Transactions Method Stock Analyst Program 2008

IMPORTANT RATIOS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Stock Analyst Program 2008

Resources Brokers News Sources Literature Stock Analyst Program 2008

Important Dates Ø Sunday, Oct. 26 th First Day for Trading Challenge the following Monday - E-mail your trade for the week Ø Monday, Oct. 27th: Stock Analyst Program Stock Selection Deadline - E-mail me your stock picks for the Research Report - This date was revised from the 20 th to the 27 th Ø Monday, Nov. 3rd: Stock Analyst Program Mid-Analysis Meeting, time and location TBA Ø Friday, Nov. 21st: Stock Analyst Program Final Meeting and Presentations, time and location The Following Dates are Important Stock Analyst Program 2008

Contact Information Office Hours: Fridays from 1:00 pm to 3:00 pm in BRONF 038 Email: [email_address] Stock Analyst Program 2008

GARP Investing Strategy for MIC Portfolio

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