COURSE NUMBER:  MBA237.2

Formerly numbered MBA233.1

This course is cross-listed with the Evening-weekend MBA Program.

COURSE TITLE: Asset Management

UNITS OF CREDIT: 3

MEETING DATES:  January 17, 24 & 31; February 7, 14, 21 & 28; March 7, 14 & 21.

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: Asset management, equity research, financial advisory, financial planning, hedge funds, investment committees, 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 is chairman of Judicial Capital, a private investment firm; and Judicial Corporation, which he founded in 1995.  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 the University of California, Berkeley.  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.