The Email Chronicles (Equity Instruments 2001)

January 8, 2001

I hope you are some place where it is warm and sunny... Snow is great until you have to shovel it...Needless to say, I am looking forward to the equity class (I really am.. even the emails... and the grading... Well, maybe not the grading). While you probably have other things on your mind right now, you can visit the site for the class when you get a chance..
As you will see, this is a class on valuation and I have a feeling that we are in for some very interesting times in the next few weeks...
There are three lecture note packets for this class and you can get the lecture notes in the first packet in pdf format on my website:
You can print off the first packet (which is right on the top of the page) - do not print the other two packets since they will be updated in a few weeks. As for a text book, there is no required text book but you can buy "The Dark Side of Valuation" in the book store. Alternatively (and please do not let my publisher know this),you can download the second edition of my investment valuation book online. Have a fast modem and a speedy printer. The print version of the book should be available by the time school starts.
I look forward to seeing you again (if you were in my corporate finance class last year) and for the first time (if this is your first class with me). See you in class on January 28....

January 18, 2002

Ola! Only a week left before classes begin.. how the time flies when you are having fun ( I was... Were you?)... Anyway, I wanted to drop you a note about the lecture note packets. As my last email indicated (If you registered in the class in the last week, you can see the last email by going to the Emails at
you can download and print the pdf file for the first lecture note packet by going to
You can either print off one slide per page or two but please do it at home. You cannot use the school's printers to do this since it does create a bottleneck in the computer center. Do not print off packets 2 and 3 yet... they will be updated in the next few weeks.
An alternative (albeit a more expensive one) is to buy the lecture note packet in the bookstore. I have been told that they will be available by the end of the next week.... I will keep you posted.
See you in class in about a week. I am really looking forward to it and I hope you are too....

January 25, 2002

One more email before class on Monday. You are probably sick of hearing this but the lecture note packet 1 is available at the bookstore. If you want to print off the lecture notes yourself, go to
and print off packet 1 (at the very top of the page). I will let you know as soon as packets 2 and 3 are ready to be printed off.
Now, here is the good news (or bad news).... The second edition of Investment Valuation, which is the most relevant book for this class, has just been printed. The bookstore has ordered 75 copies for next week and Amazon has started carrying it. (The university edition which is paperback seems to be in stock but the hard covers have not made it in yet... the latter is cheaper by $ 16.. go figure.. ) Again, if you are short of funds, you can print off the chapters of the book right from my site, but it will be a pain for you to organize 1300 pages of printed material...
Until Monday....

January 28, 2002

Why wait? Let me start nagging you right away. Reviewing some the discussion from this morning,
1. Please let me know if you are not in a group by Wednesday.... You will be put in the pitiful orphan group but that might garner some sympathy.
2. If you are in a group, great... Start thinking about a company you might want to value (Even if you are not in a group, start thinking about a company that you would like to value). You can value a foreign company (even one with an ADR on it) but do the valuation in the local currency,.
3. If you have already picked a company (I am impressed...), you should proceed to the following steps:
a. Visit and download the latest 10K for your firm onto your computer. DO NOT print this off yet. You can get almost everything you need by leaving it on your computer.
b. Find a Bloomberg and use your seniority as a second year MBA to demand first dibs.... Then, download the following for your firm:
- DES (first 10 pages)
- FA (Print off the entire description)
If you are doing a firm with multiple listings (Nokia, Nestle etc...), finding your firm is an a process of trial and error. If it is a well known firm, I might be able to help you. If not, you have to keep trying different listings until you hit pay dirt (you will find a description that is more than just 2 or 3 pages ...) Find the data in the local market and not for the ADR. If you have never used a Bloomberg before, you might want to visit my site and check under
At the top of the page you will find a guide to using Bloomberg. (It is a pdf file and it is about 4.2 MB big)
Finally, for Wednesday's class, please do not forget to bring your lecture note packet 1.....

January 29, 2002

Talk about the perils of yelling "Sell".....
Attachment: A Sage on Enron