SEMESTER: Spring 2018

COURSE NUMBER: EWMBA 237-2
This course is dual-listed with the Full-time MBA Program.

COURSE TITLE: Asset Management

UNITS OF CREDIT: 2 units

INSTRUCTOR: Kenneth Jeffrey Marshall

E-MAIL ADDRESS:  kjm@post.harvard.edu 

PREREQUISITE(S): EWMBA 203/MBA 203 Introduction to Finance

CLASS FORMAT: Case method discussions and lectures. 

REQUIRED READINGS:  Pioneering Portfolio Management by David F. Swensen; primary sources such as SEC filings and outperforming investment manager performance reports.

BASIS FOR FINAL GRADE: 30% class participation, 30% midterm, 40% final exam.

CAREER FIELD: This course is designed to serve those interested in careers in asset management, equity research, financial advisory services, financial planning, hedge funds, investment committee work, mutual funds, portfolio management, proprietary trading, securities analysis, value investing, and wealth management.

ABSTRACT OF COURSE'S CONTENT AND OBJECTIVES: The objective of the course is to elevate to a superior level students’ abilities to manage investment portfolios over the long term.  Students will become confident allocating capital both as principals, working for themselves and for their families; and as agents; acting on behalf of clients as professional money managers.
Before each class, students will read selected primary sources as well as portions of Pioneering Portfolio Management, the value-oriented book by Yale’s longtime outperforming chief investment officer.  Each session will focus on a particular asset class such as equities, fixed income securities, cash, private funds like venture capital and private equity, and real assets such as commodities and timberland.  Attention will also be given to active vs. passive strategies, fundamental vs. technical analysis, portfolio construction, risk, and investor psychology.
The course is highly participatory.  Students should come to class prepared to discuss - - clearly and constructively - - their views on that day’s material.  Students are encouraged to make full use of any domain expertise they may have that can advance everyone’s understanding.

BIOGRAPHICAL SKETCH:  Kenneth Jeffrey Marshall has taught asset management at Haas since 2016.  He also teaches value investing in the masters in finance program at the Stockholm School of Economics in Sweden; and finance and industry analysis in the masters in engineering program at Berkeley.  He is the author of the 2017 McGraw-Hill book Good Stocks Cheap: Value Investing with Confidence for a Lifetime of Stock Market Outperformance.  He is chairman of Judicial Capital, a private investment firm; and Judicial Corporation, which he founded in 1995.  Mr. Marshall holds a B.A. in Economics, International Area Studies from the University of California, Los Angeles; and an M.B.A. from Harvard University.