Trading and Money Management in a Student-Managed Portfolio by Brian Bruce & Jason Greene

Author:Brian Bruce & Jason Greene [Bruce, Brian & Greene, Jason]
Language: eng
Format: epub
ISBN: 9780080911939
Publisher: Elsevier Science
Published: 2013-11-06T05:00:00+00:00

Internal Presentations

For most student-managed investment funds, internal reports and presentations are a key step in making a decision to buy or sell a security. Indeed, some funds require votes under majority rules prior to making a trade. These votes are typically taken at some point after an analyst’s report is filed and/or a presentation is made. Given their prominent role, we discuss the elements of such presentations and provide several examples. As discussed earlier in this book, it is important that the content of such presentations be motivated by and consistent with the investment organization’s investment philosophy and process. Specifically, most fundamental investment processes should not have reports or presentations that contain quantitative analysis of stock price trends or discussion of elaborate factor models. Rather, reports from such processes would emphasize the fundamental elements that contribute to the investment thesis within the framework of the organization’s investment philosophy and process.

We begin by discussing the research report, which is also commonly referred to as an analyst report. Such reports are typical among investment organizations that employ a fundamental investment approach. Tulane University’s program employs an interesting twist on the student-managed investment fund through their Burkenroad Reports program. The primary activity of the program is to publish stock research reports. In essence, these reports provide research to support the selection of portfolio securities. The program is described in Exhibit 5.1, with additional notes about the program from the program’s faculty advisor, Prof. Peter Ricchiuti. We refer readers to the numerous examples from Burkenroad Reports that are available on the website listed in the exhibit.

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