akamai initiative presentation
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AKAMAI Initiative PresentationTRANSCRIPT
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The AKAMAI Initiative
M. Maka Alves, Jr. Analyst Jonathan Fung, Jr. Analyst
October 2008 www.akamaiinitiative.org
Self-Determination from a Financial Perspective
Robert C. Howe, Chief Executive Officer, AKAMAI Capital, LLC
Louis F. Perez III, Chairman & CEO, The AKAMAI Foundation
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The AKAMAI Initiative
The name says it all…
Ala Haki [ascend] – Organize the Hawaii asset management industry; new heights
Kahea [call out] – Market Hawaii to Asia-focused asset managers
Alu [unite] – Bridge the gap between industry, academia, and government
Mahi [cultivate] – Grow a new industry, a new talent pool, and diversify our economy
Amo [oversight] – Bear the burden of oversight
Imi [seek] – The continual search for improvement to the process
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The AKAMAI Foundation
Hawaii-based non-profit organization
Sole Purpose: The AKAMAI InitiativePartnering industry, academia & public sector to enhance finance-related economic & educational opportunities for Hawaii
Two-Pronged Goal:Cultivate Asia-focused asset management industry in HawaiiDevelop world-class education program for growing human capital needs of the industry
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The AKAMAI Initiative
Cultivate an Asia-focused Asset Management Industry in HawaiiGOAL 1
October 2008 www.akamaiinitiative.org
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The Opportunity
Hong Kong
Japan
Singapore
Australia
Hawaii
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The OpportunityThe Rise of Asia:
Asia-Pac countries move to western capital market structure
Attracts capital seeking inefficiencies and new growth oppty’s
Lowers cost of capital for companies
Spurs economic growth
Rise of middle class, surge in new HNW’s
Pension/Insurance coffers fill; family offices sprout up
Need to deploy capital
Creates demand for asset management, investment banking and private equity
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The OpportunityAsia HNW’s Grow; Increase in AIS:
Asia-Pac home to 30% of world’s HNW population
Combined wealth increased to US$9.5T last year
Expected to reach US$13.9T by 2012 and replace Europe as 2nd largest regional repository of HNW
3rd straight year, region dominated world list of fastest growing HNW markets
In 2007 Asia-Pac “Ultra HNW’s” jumped 16.4% almost double the 8.8% global growth rate
Merrill Lynch – Cap Gemini Survey www.finalternatives.com 10.2.08
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Phase I Study
What’s Important?
Infrastructure
Critical mass of HF peers
Availability of skilled labor
Proximity to traded market
Access to capital
Quality of life
Other
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Phase II Study
What Will It Take?
Define the market niche
Ask those managers
Cost / benefit
How many will come?
Will it pencil?
Minimum efficient scale?
Must be value accretive for all parties to work
PHASE II
Underway
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The Solution
The AKAMAI Asset Management Center and Manager Recruitment Program
Financial Support ServicesPrime brokerAdministratorSeeder
Administrative Support Services (legal, audit, other)Established Asset ManagersIncubator Conferencing FacilitiesEducation Facilities
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Off-Shore Financial Hub Zone
What if facility was in an “Off-Shore” Zone?
We want to create an Off-Shore Financial Hub Zone
The AKAMAI Asset Management Center as the anchor facility in the Zone
Allows both Manager AND Fund to be in same location
Provides incredible advantage to Hawaii
Creates multitude of incentive options
Federal recognition of Native Hawaiians needed
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Value Proposition for Hawaii
Employment
Economic Diversification
Financially Self-sustaining
Education
AKAMAI Foundation
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Employment
Cultivating a New Industry in Hawaii:
High paying jobs
Kama’aina serving industry abroad return home
Multitude of ancillary support services & jobs
Opportunity for applied research
Articulates with Education: internships & training
Blue-chip cadre of partners; indy association
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Education
The AKAMAI Finance Academy:
Five Year Program: high school through college
Only program of its kind in the world
Utilizes host-culture learning modality
World-class curriculum committee
Reduces; reverses brain-drain
Articulates with Employment: internships & training
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Economic Diversification
Complements Hawaii and its Economy:
International investing, primarily Pan-Asia region
Uncorrelated with Hawaii economy
High income, high tax-base industry
Quick to market
Large multiplier effect
Clean & green
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Financially Self-Sustaining
AKAMAI Asset Management Center
Revenues
• Rents
• Incubator fees
• Performance fees
Business Operations Education Operations
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Value Proposition for Managers
Reduced Risk
Reduced Time to Market
Convenience and Quality of Life
Reduced Cost
Manager Program
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Reduced Risk
Operations, Execution, Financing:
Triple redundancy clean-power backup generators
Super high-speed fiber connectivity
Satellite link backup
Disaster Recovery Plan / Business Continuity Plan
Key Partner leading marketer/seeder worldwide
On-site Conferencing facility
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Reduced Cost
Suite of Discounted Services and Incentives:
Lease in customized high-tech finance facility
Seeding, Marketing
Prime Broker, Admin, P&L
Risk Management, Audit, Legal
Data, Connectivity, BCP
Tax Incentives, VISA Allotment, Other Infra
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Reduced Time to Market
Streamlined Startup / Standup Process:
Convenient, all-in-one online Manager Application
Manager Program Kit
Prequalify State regulatory review
Assistance with other regulatory bodies
Broad array of Manager Program packages
Preferred Vendor Partners
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Convenience and Quality of Life
Facility, Program, Life-Style:
State-of-the-Art Facility ~ leading edge efficiency
Manager Program ~ let surgeons focus on surgery
Easily trade Asia and New York in same day
Family-friendly Asia market hours
Ranked for cost of living, health, and climate
Social & cultural affinity toward Asia
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Phase III Study
Funding Plan
How will it be funded?
Taxpayer dollars?
SPRB?
Private Funding?
Beneficiaries?
PHASE III
$ $ $
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Phase IV: Implementation
The Takedown
Location, location, location
Architect & Engineering
Smart Design
Staffing
Marketing
Integration with Education
Now 1+1 = 3
PHASE IV
Build & Operate
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Phase V: Data Collection/Reporting
Staying the Course:
Transparency
Single data collection point
Accurate and real-time measurement & management of tactical and strategic action
Financial & Operating Metrics reporting to parties
AKAMAI Asset Management Center
andManager Recruitment Program
Financial & Operating Metrics Report for Month of January 2012
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Long-term Plan, Steady Progress
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Long-term Plan; Steady Progress
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Long-term Plan, Steady Progress
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The AKAMAI Initiative
Develop world-class education program for growing human capital needs of the industryGOAL 2
October 2008 www.akamaiinitiative.org
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AKAMAI Capital, LLC
The AKAMAI Finance Academy October 2008 www.AKAMAICapital.com
Smart Money.
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Uphill battle…Want a job at a hedge fund, bulge-bracket investment bank or private equity firm?
Why?
What’s the big deal?
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Why IB, PE & HF?The Rewards:
The epitome of career options within the Finance field
Rewarding and challenging work environment, with high compensation
Very high profile deal execution
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Career Trajectory…The typical career path:
Investment Banking Analyst Programs (2 yrs)
Private Equity Firms (3 yrs)
Hedge Funds
35 slots 3K to 5K applicants
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2009 HF Compensation ReportValidates AKAMAI Initiative Thesis:
Validates the link between Investment Banking, Private Equity, and Hedge Funds
Validates the Asia focus due to growing demand for Analysts with Asia expertise
Validates Equity Long/Short as the dominant fund strategy
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Why Asia-focused?Asia is the place to be:
Asia-based funds stepped up hiring of research analysts and portfolio managers
China, Korea, Japan and India coverage needed
The majority of the hiring has come from US-based funds with a physical presence in Asia
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Why Long/Short Equity?By far the largest number of firms
Among the top in terms of performance
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Why Long/Short Equity?By far the largest number of firms
Among the largest in terms of size…
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Demand for Talent…Poaching:
Over the last several years, increasing demand for talent forced PE shops to accelerate recruiting efforts one year into investment banking programs
To ensure access to this talent pool, HF’s have begun approaching Analysts mid-way through the first year of their investment banking programs
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Demand for Talent…Geography Doesn’t Matter:
Pay aligned with quality of candidate regardless of fund domicile
Investment professionals with bulge-bracket investment banking experience are typically paid at the higher end of the comp spectrum regardless of where the hiring firm is located
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Demand for Talent…More Experienced Hires:
Although demand for more senior level hires has been outpaced by the need for junior level support, hedge funds continue to hire more seasoned candidates out of private equity funds
The shortage of IB modeling and valuation skills is so great that funds are relegated to hiring MBA’s and are starting to recruit on campus
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Demand for Talent…Reasons for hiring MBA’s good news for us:
Need less training…
Experience…
The possibility of a history in a specific sector and related contacts…
five years experience
we train, five year program
program structure designed todevelop sector-specific expertise and contacts
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Demand for Talent…Jr. Analysts, 1-2 Years Experience:
Small Med Large V Large
Bottom Performing 159K 178K 209K 224K
Middle Performing 175K 196K 252K 269K
Top Performing 200K 240K 280K 306K
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Demand for Talent…Analysts, 2-4 Years Experience:
Small Med Large V Large
Bottom Performing 188K 236K 258K 292K
Middle Performing 231K 279K 327K 360K
Top Performing 305K 380K 385K 437K
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Demand for Talent…Sr. Analysts, 5-9 Years Experience:
Small Med Large V Large
Bottom Performing 295K 410K 458K 578K
Middle Performing 378K 538K 560K 785K
Top Performing 499K 785K 865K 1.01M
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Demand for Talent…Portfolio Manager, 10+ Years Experience:
Small Med Large V Large
Bottom Performing 371K 515K 579K 815K
Middle Performing 557K 700K 844K 1.46M
Top Performing 750K 1.2M 1.66M 3.37M
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Uphill battle…Because compensation so great, competition very intense
Hard to get – Pedigree bias toward Ivy schools
People already working in the industry tend to hire the 3 F’s:
Family FriendsFellow Alum
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Uphill battle…Ivy league students forming more clubs than ever, trying to prepare for application
Same students starting to prepare earlier and earlier
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Uphill battle…So how do we compete?
Build world-class training program in niche with sustainable competitive advantage (Asia-focused)
Start earlier, work longer and harder to dominate that niche
Relationships – build a network in the industry by developing and maintaining longitudinal cohesive cohort
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Value Proposition to StudentsWhat if you could:
Prepare for the actual recruitment and interview process
Prepare for the IB pre-testing and in-house training program
Become expert at the job you would be doing if you were already hired and working at it for five years
Rely on a Cohort member already in the indy to ensure your CV is reviewed by key decision makers
ALL BEFORE YOU APPLY
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What if…What if we could build a program to do all that…
AND
Carve out and grow a niche asset management industry in Hawaii, that relies upon the above for labor needs:
Experienced ~ experienced ex-pats currently working out of state, looking to return home
Entry-Level ~ new hires just finished training
Interns ~ students still in the program
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We’re Working On It…
The AKAMAI Finance Academy Financial Analyst Training Program
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Educational Model Upside-Down
You pay us?
No…
Is it free?
No…
What’s better than free?
We pay you.
better
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Educational Model Upside-Down We Pay You:
Senior PM $15K $15K $30K
Junior Asst. PM $12.5K $12.5K $25K
Sophomore Sr. Analyst $10K $10K $20K
Freshman Analyst $7.5K $7.5K $15K
HS Senior Jr. Analyst $5K $5K $10K
Above only .5 FTE, so $20K-$60K full-time equivalent range
Base Salary Bonus
TotalComp
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Educational Model Upside-DownBenefit to Community:
Potential lifetime earnings millions to billions of dollars
More likely to return to Hawaii; help build Finance econ
More likely to hire local talent
Drastically increase odds of Ali’i Trust progeny
Benefit to AKAMAI Capital:
Training + Comp = attracting best talent
Best talent + program = best research & analysis
Best R&A hopefully translates to best performance
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Which results in…
Reinforcing theoretical concepts through fully integrated work-based applications
Aligning positive incentives (base salary plus performance bonus tied to fund performance)
Eliminating the need for students to take unrelated jobs to finance their education and living expenses
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Which results in…
Leveling the playing field for even the most disadvantaged students to participate
Building self-confidence and independence
Creating a transferable track record of experience and expertise in their sector of coverage during the 5 year program period
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Hedge Fund Model Upside-DownUnlike traditional hedge fund models, both the AKAMAI Japan Long/Short Equity fund will be managed by an asset management company (AKAMAI Capital, LLC) that is 100% owned by an educational non-profit organization (The AKAMAI Foundation)
No multi-million dollar salaries for fund managers here...
Ensures tuition is always free and students can get paid to work and learn
AKAMAI Capital, LLC serves as both the "school" and asset manager, managing a portion of the non-profit parent's endowment while providing students hands-on training and pay
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Where do the profits go?
Any profits generated by the operation of the funds:
Are circulated back to the educational mission to improve the training program
Provide students with equipment, materials and supplies
Provide the best trainers
Pay for all costs involved in field studies and internships in Asia, etc.
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What Are You Smokin’?That’s not smoke, it’s steam ‘cause I’m upset:
The giggle-factor…Hawaii? Surfing? Hula?
Not invited to the party - Dunno the secret handshakeLet’s start our own partyNo dog in the fight? Afraid to try? Get in the canoe and paddle or stay home and cook riceWe’re just as capable…we can do itGive it away - do well by doing good
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StructureStructure –
Non-profit & For-profit hybrid
Benchmarked against actual fund structure
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Real World Training & Experience
Why Asia?
Why Long/Short Equity?
Why The Fund Structure?
Approach Benchmarked to Market Best Practices
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Real World Training
Yr PositionJob
DescriptionFall
SemesterSpring
SemesterSummerSession
1Junior Analyst
Research, EPS Modeling, and Trade Recon
Foundations of Investments I
Foundations of Investments II
Asia Field Study
2 AnalystValuation
modeling and pitch books
Valuation of Companies
Financial Markets and Institutions
Internship in Hawaii
3Senior Analyst
Trade idea generation,
testing, validation
Intro to the Hedge Fund Indy I
Intro to the Hedge Fund Indy II IB Internship
4Portfolio Manager
Portfolio Management
Portfolio Construction &
Asset Allocation I
Portfolio Construction &
Asset Allocation II
Internship in Asia & HF
Conference
5Fund
Manager Fund
ManagementRisk Management
& MonitoringFund
AdministrationCareer
Placement
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Robert C. Howe Chief Executive Officer
S E N I O R A N A L Y S T S ‐ I N D U S T R Y G R O U P S
J U N I O R A N A L Y S T S ‐ S U B I N D U S T R I E S
A N A L Y S T S ‐ I N D U S T R I E S
Year 3
Year 2
Year 1
Chief Operations Officer
Risk Management Officer
Portfolio Manager
Year 5
Asst. Chief Operations Officer
Asst Risk Management Officer
Asst. Portfolio Manager
Year 4
Consumer Discretionary Sector Portfolio Manager
Consumer Staples Sector Portfolio Manager
Energy Sector Portfolio Manager
Financials Sector Portfolio Manager
Health Care Sector Portfolio Manager
Consumer Discr. Sector Asst. Portfolio Manager
Consumer Staples Sector Asst. Portfolio Manager
Energy Sector Asst. Portfolio Manager
Financials Sector Asst. Portfolio Manager
Health Care Sector Asst. Portfolio Manager
Year 4
Year 5
Industrials Sector Portfolio Manager
Information Technology Sector Portfolio Manager
Materials Sector Portfolio Manager
Telecom Sector Portfolio Manager
Utilities Sector Portfolio Manager
Year 4 Industrials Sector Asst. Portfolio Manager
Information Technology Sector Asst. Portfolio Manager
Materials Sector Asst. Portfolio Manager
Telecom Sector Asst. Portfolio Manager
Utilities Sector Asst. Portfolio Manager
Year 5
Fund Manager
Asst. Fund Manager
Year 5
Year 4
Real World Experience
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Real World Training – Year 1
Yr PositionJob
DescriptionFall
SemesterSpring
SemesterSummerSession
1Junior Analyst
Research, EPS Modeling, and Trade Recon
Foundations of Investments I
Foundations of Investments II
Asia Field Study
2 AnalystValuation
modeling and pitch books
Valuation of Companies
Financial Markets and Institutions
Internship in Hawaii
3Senior Analyst
Trade idea generation,
testing, validation
Intro to the Hedge Fund Indy I
Intro to the Hedge Fund Indy II IB Internship
4Portfolio Manager
Portfolio Management
Portfolio Construction &
Asset Allocation I
Portfolio Construction &
Asset Allocation II
Internship in Asia & HF
Conference
5Fund
Manager Fund
ManagementRisk Management
& MonitoringFund
AdministrationCareer
Placement
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Jr. Analyst - S1Semester 1 (S1): Foundation of Investments I
Training during S1 includes five tracks:
Bloomberg Pro Analyst Research Financial Statement AnalysisExcel Speed Training (no mouse) Financial Modeling (Earnings Projection)
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M. Maka Alves, Jr. AnalystSemester 1 (S1): Foundation of Investments I
Training during S1 includes five tracks:
Bloomberg Pro Analyst Research Financial Statement AnalysisExcel Speed Training (no mouse) Financial Modeling (Earnings Projection)
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M. Maka Alves, Jr. AnalystBloomberg Pro
The #1 Financial Data Service Platform in the WorldUsed by all major IB’s, PE’s and HF’s
Bloomberg Track consists of five sections:Analyst RecommendationsBroker ResearchCompany FilingsCompany NewsFinancial Analysis
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M. Maka Alves, Jr. AnalystBloomberg Pro - Analyst Recommendations <ANR>
Breadth of coverageQuality of Coverage12M Consensus Price TargetDrives our search for research
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M. Maka Alves, Jr. AnalystBloomberg Pro - Broker Research <BRC>
Now that we know who’s covering the target company, we can find and pull the best research
What does the street consider the company’s value drivers
Who does the street consider the company’s comps to be?
What is the street’s opinion on the company’s management team and their operating plans?
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M. Maka Alves, Jr. AnalystBloomberg Pro - Company Filings
<CF>
Once we know the streets opinions on the company’s drivers, comps and plans, we can use this lens to drill into the company’s filings
Yuho (annual filing with the FSA, similar to the 10K in US)Annual Report
We can now begin to form our own opinions about the company and its ability to execute against its plans
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M. Maka Alves, Jr. AnalystBloomberg Pro - Company News <CN>
We know the company’s operating plansWe know what the street thinks the company’s plansWe’ve begun formulating our opinion about the company’s ability to execute against its plansWe now begin to monitor real-time reports (news) of how the company is actually executing against their plan
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M. Maka Alves, Jr. AnalystBloomberg Pro - Financial Analysis <FA>
We can now pull company financial data and begin building the model
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M. Maka Alves, Jr. AnalystSemester 1 (S1): Foundation of Investments I
Training during S1 includes:
Bloomberg Pro Analyst Research Financial Statement AnalysisExcel Speed Training (no mouse) Financial Modeling (Earnings Projection)
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M. Maka Alves, Jr. AnalystAnalyst Research
What are the company driversWho are their compsCompany’s ability to execute against their plan
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M. Maka Alves, Jr. AnalystSemester 1 (S1): Foundation of Investments I
Training during S1 includes:
Bloomberg Pro Analyst Research Financial Statement AnalysisExcel Speed Training (no mouse) Financial Modeling (Earnings Projection)
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M. Maka Alves, Jr. AnalystFinancial Statement Analysis (FSA)
Disecting the target company’s financial statements from an Analyst’s perspective
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M. Maka Alves, Jr. AnalystSemester 1 (S1): Foundation of Investments I
Training during S1 includes:
Bloomberg Pro Analyst Research Financial Statement AnalysisExcel Speed Training (no mouse) Financial Modeling (Earnings Projection)
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M. Maka Alves, Jr. AnalystExcel Speed Training – Kill Your Mouse!
Excel & Windows Shortcuts:CTRLAltShiftF-keys
Timed tests
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M. Maka Alves, Jr. AnalystSemester 1 (S1): Foundation of Investments I
Training during S1 includes:
Bloomberg Pro Analyst Research Financial Statement AnalysisExcel Speed Training (no mouse) Financial Modeling (Earnings Projection)
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M. Maka Alves, Jr. AnalystFinancial Modeling (Fin Mod)
Earnings Per Share Model12 Schedules“Pricing in” catalysts via DriversEnd-product = Forward EPS TargetApply Forward Consensus P/E MultiplePrice Target for company stockDifference between current stock price and forward price target forms basis for long or short trade recommendationTrade recommendation presented to Investment Committee via Pitchbook
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Jonathan Fung, Jr. Analyst The Deliverables of S1:
EPS Model Demo
Pitchbook Demo
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Jr. Analyst - S2Semester 2 (S2): Foundation of Investments II
Introduction to Microeconomics Introduction to Macroeconomics Overview of US Financial SystemOverview of Global Financial System Introduction to Financial Economics (investments and corporate finance)
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Asia Field Study – Summer 1Summer Tour of Asia:
Tokyo Stock ExchangeShanghai Stock ExchangeShenzhen Stock ExchangeHong Kong Stock ExchangeIB, PE, HF Visits in the regionCovered Company VisitsCultural SitesReport Due
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Robert C. Howe Chief Executive Officer
S E N I O R A N A L Y S T S ‐ I N D U S T R Y G R O U P S
J U N I O R A N A L Y S T S ‐ S U B I N D U S T R I E S
A N A L Y S T S ‐ I N D U S T R I E S
Year 3
Year 2
Year 1
Chief Operations Officer
Risk Management Officer
Portfolio Manager
Year 5
Asst. Chief Operations Officer
Asst Risk Management Officer
Asst. Portfolio Manager
Year 4
Consumer Discretionary Sector Portfolio Manager
Consumer Staples Sector Portfolio Manager
Energy Sector Portfolio Manager
Financials Sector Portfolio Manager
Health Care Sector Portfolio Manager
Consumer Discr. Sector Asst. Portfolio Manager
Consumer Staples Sector Asst. Portfolio Manager
Energy Sector Asst. Portfolio Manager
Financials Sector Asst. Portfolio Manager
Health Care Sector Asst. Portfolio Manager
Year 4
Year 5
Industrials Sector Portfolio Manager
Information Technology Sector Portfolio Manager
Materials Sector Portfolio Manager
Telecom Sector Portfolio Manager
Utilities Sector Portfolio Manager
Year 4 Industrials Sector Asst. Portfolio Manager
Information Technology Sector Asst. Portfolio Manager
Materials Sector Asst. Portfolio Manager
Telecom Sector Asst. Portfolio Manager
Utilities Sector Asst. Portfolio Manager
Year 5
Fund Manager
Asst. Fund Manager
Year 5
Year 4
Real World Experience – Year 1
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Year 1: Jr. Analyst Job DescriptionJr. Analyst
Coverage Area: Sub-Industry
Reports To: Industry-level 2nd Year Analyst
Supervises: N/A
Primary Duties: EPS modeling, company-level research, sub-industry-level research EPS pitchbooks at direction of 2nd Year Analysts
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Real World Training – Year 2
Yr PositionJob
DescriptionFall
SemesterSpring
SemesterSummerSession
1Junior Analyst
Research, EPS Modeling, and Trade Recon
Foundations of Investments I
Foundations of Investments II
Asia Field Study
2 AnalystValuation
modeling and pitch books
Valuation of Companies
Financial Markets and Institutions
Internship in Hawaii
3Senior Analyst
Trade idea generation,
testing, validation
Intro to the Hedge Fund Indy I
Intro to the Hedge Fund Indy II IB Internship
4Jr.Portfolio Manager
Portfolio Management
Portfolio Construction &
Asset Allocation I
Portfolio Construction &
Asset Allocation II
Internship in Asia & HF
Conference
5Portfolio Manager
Fund Management
Risk Management & Monitoring
Fund Administration
Career Placement
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Analyst - S3Semester 3 (S3): Valuation of Companies
Training during S3 includes: Introduction to Valuation Comparable Company Analysis Comparable Transaction Analysis Discounted Cash Flow Analysis Leveraged Buyout (LBO) AnalysisSummary Valuation Report - The “Football Field” Accretion / Dilution (Merger Consequences) Modeling of Analyst Coverage Area Companies Final Presentation Before Panel of Industry Experts
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Analyst - S4Semester 4 (S4): Financial Markets & Institutions
How financial markets and institutions function as well as their primary roles The intricacies of market mechanisms and the microstructure of markets Case studies involving how companies are able to influence their stock price An in-depth understanding of the trading process How the use of derivatives can affect a company’s valuation
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Local Internship – Summer 2Semester 2 (S2): Local Internship
Already two years training and experience
Just completed Freshman year in college
Local private equity, hedge fund or long-asset mgr
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Local Internship
Website facilitates Internship process
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Robert C. Howe Chief Executive Officer
S E N I O R A N A L Y S T S ‐ I N D U S T R Y G R O U P S
J U N I O R A N A L Y S T S ‐ S U B I N D U S T R I E S
A N A L Y S T S ‐ I N D U S T R I E S
Year 3
Year 2
Year 1
Chief Operations Officer
Risk Management Officer
Portfolio Manager
Year 5
Asst. Chief Operations Officer
Asst Risk Management Officer
Asst. Portfolio Manager
Year 4
Consumer Discretionary Sector Portfolio Manager
Consumer Staples Sector Portfolio Manager
Energy Sector Portfolio Manager
Financials Sector Portfolio Manager
Health Care Sector Portfolio Manager
Consumer Discr. Sector Asst. Portfolio Manager
Consumer Staples Sector Asst. Portfolio Manager
Energy Sector Asst. Portfolio Manager
Financials Sector Asst. Portfolio Manager
Health Care Sector Asst. Portfolio Manager
Year 4
Year 5
Industrials Sector Portfolio Manager
Information Technology Sector Portfolio Manager
Materials Sector Portfolio Manager
Telecom Sector Portfolio Manager
Utilities Sector Portfolio Manager
Year 4 Industrials Sector Asst. Portfolio Manager
Information Technology Sector Asst. Portfolio Manager
Materials Sector Asst. Portfolio Manager
Telecom Sector Asst. Portfolio Manager
Utilities Sector Asst. Portfolio Manager
Year 5
Fund Manager
Asst. Fund Manager
Year 5
Year 4
Real World Experience – Year 2
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Year 2: Analyst Job DescriptionAnalyst
Coverage Area: Industry-level
Reports To: IndustryGroup 3rd Year Sr.Analysts
Supervises: Sub-Industry-level Jr. Analysts
Primary Duties: Valuation modeling, industry-level reports, assisting Sr. Analyst backtesting trade idea, VBA programming to Bloomberg API in advanced models, allocates capital among sub-industries in coverage area
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Real World Training – Year 3
Yr PositionJob
DescriptionFall
SemesterSpring
SemesterSummerSession
1Junior Analyst
Research, EPS Modeling, and Trade Recon
Foundations of Investments I
Foundations of Investments II
Asia Field Study
2 AnalystValuation
modeling and pitch books
Valuation of Companies
Financial Markets and Institutions
Internship in Hawaii
3Senior Analyst
Trade idea generation,
testing, validation
Intro to the Hedge Fund Indy I
Intro to the Hedge Fund Indy II IB Internship
4Portfolio Manager
Portfolio Management
Portfolio Construction &
Asset Allocation I
Portfolio Construction &
Asset Allocation II
Internship in Asia & HF
Conference
5Fund
Manager Fund
ManagementRisk Management
& MonitoringFund
AdministrationCareer
Placement
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Sr. Analyst - S5Semester 5 (S5): Intro to the HF Industry I
Benefits of Alternative InvestmentsStructure of Hedge Fund IndustrySources of DataArbitrageRelative value and directional strategies Funds of FundsSources of Return
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Sr. Analyst - S6Semester 6 (S6): Intro to the HF Industry II
Emerging strategiesDetailed analysis of Equity Long/Short strategies Detailed analysis of Global Macro strategies Performance evaluation of hedge funds
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IB Internship – Summer 3Summer Analyst Program at most Investment Banks
Typically takes college juniors
Will not take college seniors
THE BEST gateway into the Investment Banking world
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Robert C. Howe Chief Executive Officer
S E N I O R A N A L Y S T S ‐ I N D U S T R Y G R O U P S
J U N I O R A N A L Y S T S ‐ S U B I N D U S T R I E S
A N A L Y S T S ‐ I N D U S T R I E S
Year 3
Year 2
Year 1
Chief Operations Officer
Risk Management Officer
Portfolio Manager
Year 5
Asst. Chief Operations Officer
Asst Risk Management Officer
Asst. Portfolio Manager
Year 4
Consumer Discretionary Sector Portfolio Manager
Consumer Staples Sector Portfolio Manager
Energy Sector Portfolio Manager
Financials Sector Portfolio Manager
Health Care Sector Portfolio Manager
Consumer Discr. Sector Asst. Portfolio Manager
Consumer Staples Sector Asst. Portfolio Manager
Energy Sector Asst. Portfolio Manager
Financials Sector Asst. Portfolio Manager
Health Care Sector Asst. Portfolio Manager
Year 4
Year 5
Industrials Sector Portfolio Manager
Information Technology Sector Portfolio Manager
Materials Sector Portfolio Manager
Telecom Sector Portfolio Manager
Utilities Sector Portfolio Manager
Year 4 Industrials Sector Asst. Portfolio Manager
Information Technology Sector Asst. Portfolio Manager
Materials Sector Asst. Portfolio Manager
Telecom Sector Asst. Portfolio Manager
Utilities Sector Asst. Portfolio Manager
Year 5
Fund Manager
Asst. Fund Manager
Year 5
Year 4
Real World Experience – Year 3
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Year 3 Sr. Analyst Job DescriptionSr. Analyst
Coverage Area: Industry Group
Reports To: Sector-level 4th Year Asst.PM’s
Supervises: Industry-level 2nd Year Analysts
Primary Duties: Advanced modeling, Industry Group-level reports, assisting Sr. Analysts backtesting trade idea, advanced programming, allocates capital among Industries in coverage area
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Real World Training – Year 4
Yr PositionJob
DescriptionFall
SemesterSpring
SemesterSummerSession
1Junior Analyst
Research, EPS Modeling, and Trade Recon
Foundations of Investments I
Foundations of Investments II
Asia Field Study
2 AnalystValuation
modeling and pitch books
Valuation of Companies
Financial Markets and Institutions
Internship in Hawaii
3Senior Analyst
Trade idea generation,
testing, validation
Intro to the Hedge Fund Indy I
Intro to the Hedge Fund Indy II IB Internship
4Portfolio Manager
Portfolio Management
Portfolio Construction &
Asset Allocation I
Portfolio Construction &
Asset Allocation II
Internship in Asia & HF
Conference
5Fund
Manager Fund
ManagementRisk Management
& MonitoringFund
AdministrationCareer
Placement
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Jr. Portfolio Manager - S7Semester 7 (S7): Portfolio Construction and Asset
Allocation I
Introduction to linear modelsMultivariate techniquesPortfolio optimizationFactor models
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Jr. Portfolio Manager – S8Semester 8 (S8): Portfolio Construction and Asset
Allocation II
CFOs and other structured investment productsCredit DerivativesCredit and volatility based hedge fund strategiesFunds of hedge funds
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Asia Internship – Summer 4Internship in Japan at a:
Hedge Fund
PE Fund
Investment Bank
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Robert C. Howe Chief Executive Officer
S E N I O R A N A L Y S T S ‐ I N D U S T R Y G R O U P S
J U N I O R A N A L Y S T S ‐ S U B I N D U S T R I E S
A N A L Y S T S ‐ I N D U S T R I E S
Year 3
Year 2
Year 1
Chief Operations Officer
Risk Management Officer
Portfolio Manager
Year 5
Asst. Chief Operations Officer
Asst Risk Management Officer
Asst. Portfolio Manager
Year 4
Consumer Discretionary Sector Portfolio Manager
Consumer Staples Sector Portfolio Manager
Energy Sector Portfolio Manager
Financials Sector Portfolio Manager
Health Care Sector Portfolio Manager
Consumer Discr. Sector Asst. Portfolio Manager
Consumer Staples Sector Asst. Portfolio Manager
Energy Sector Asst. Portfolio Manager
Financials Sector Asst. Portfolio Manager
Health Care Sector Asst. Portfolio Manager
Year 4
Year 5
Industrials Sector Portfolio Manager
Information Technology Sector Portfolio Manager
Materials Sector Portfolio Manager
Telecom Sector Portfolio Manager
Utilities Sector Portfolio Manager
Year 4 Industrials Sector Asst. Portfolio Manager
Information Technology Sector Asst. Portfolio Manager
Materials Sector Asst. Portfolio Manager
Telecom Sector Asst. Portfolio Manager
Utilities Sector Asst. Portfolio Manager
Year 5
Fund Manager
Asst. Fund Manager
Year 5
Year 4
Real World Experience – Year 4
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Year 4 Asst. PM Job DescriptionAsst. Portfolio Manager
Coverage Area: GICS Sector as Assigned
Reports To: Sector-level 5th Year PM’s
Supervises: Industry Group-level 3rd Year Analysts
Primary Duties: Advanced modeling, Sector-level reports, assisting Asst. PM backtesting trade ideas, advanced programming, allocates capital among Industry Groups within coverage area
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Real World Training – Year 5
Yr PositionJob
DescriptionFall
SemesterSpring
SemesterSummerSession
1Junior Analyst
Research, EPS Modeling, and Trade Recon
Foundations of Investments I
Foundations of Investments II
Asia Field Study
2 AnalystValuation
modeling and pitch books
Valuation of Companies
Financial Markets and Institutions
Internship in Hawaii
3Senior Analyst
Trade idea generation,
testing, validation
Intro to the Hedge Fund Indy I
Intro to the Hedge Fund Indy II IB Internship
4Portfolio Manager
Portfolio Management
Portfolio Construction &
Asset Allocation I
Portfolio Construction &
Asset Allocation II
Internship in Asia & HF
Conference
5Fund
Manager Fund
ManagementRisk Management
& MonitoringFund
AdministrationCareer
Placement
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Portfolio Manager – S9Semester 9 (S9): Risk Management & Monitoring
Risk management tools (VaR, CaR, etc.)Due diligence process (AIMA DDQ)Performance MonitoringUnderstanding leverage and liquidity
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Portfolio Manager – S10Semester 10 (S10): Fund Administration
Hedge funds business modelsAccounting for hedge fundsLegal environment of hedge fundsCompliance and the Patriot ActOperational risks of hedge funds
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Job Placement – Summer 5Career Launch
The Career Placement process begins on the heels of the Year 4 Internship so that job offers are already secured before the end of Year 5
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Robert C. Howe Chief Executive Officer
S E N I O R A N A L Y S T S ‐ I N D U S T R Y G R O U P S
J U N I O R A N A L Y S T S ‐ S U B I N D U S T R I E S
A N A L Y S T S ‐ I N D U S T R I E S
Year 3
Year 2
Year 1
Chief Operations Officer
Risk Management Officer
Portfolio Manager
Year 5
Asst. Chief Operations Officer
Asst Risk Management Officer
Asst. Portfolio Manager
Year 4
Consumer Discretionary Sector Portfolio Manager
Consumer Staples Sector Portfolio Manager
Energy Sector Portfolio Manager
Financials Sector Portfolio Manager
Health Care Sector Portfolio Manager
Consumer Discr. Sector Asst. Portfolio Manager
Consumer Staples Sector Asst. Portfolio Manager
Energy Sector Asst. Portfolio Manager
Financials Sector Asst. Portfolio Manager
Health Care Sector Asst. Portfolio Manager
Year 4
Year 5
Industrials Sector Portfolio Manager
Information Technology Sector Portfolio Manager
Materials Sector Portfolio Manager
Telecom Sector Portfolio Manager
Utilities Sector Portfolio Manager
Year 4 Industrials Sector Asst. Portfolio Manager
Information Technology Sector Asst. Portfolio Manager
Materials Sector Asst. Portfolio Manager
Telecom Sector Asst. Portfolio Manager
Utilities Sector Asst. Portfolio Manager
Year 5
Fund Manager
Asst. Fund Manager
Year 5
Year 4
Real World Experience – Year 5
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Year 5 PM Job DescriptionPortfolio Manager
Coverage Area: All ten GICS Sectors
Reports To: Fund-level 5th Year PM and CEO
Supervises: All Sector-level PM’s and APM’s
Primary Duties: Overall portfolio P&L performance, allocation, Sector-level and Fund-level reports, allocates capital among all Sectors
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Longitudinal CohesivenessCohort Database
Cultivate and maintain relationships within and between cohorts
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Longitudinal CohesivenessProfile
Self-update contact details and photo means self-maintained, low cost, and real-time updates to Cohort profiles
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Longitudinal CohesivenessSearching…
Quick & easy search function means never losing touch no matter where they are in the world
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The Vision
Recruiting / Enrollment:Estimated at one candidate per high school (on average) = roughly 30 per class, 150 totalFocused efforts to recruit from rural, socio-economically disadvantaged areasMarketing the program to 9th graders to plant seeds for recruiting both public and private school juniors to start the program their senior year
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The Vision
Candidates must have already finished:StatisticsAccountingEconomics1 year of JapaneseAlgebra 2Concurrently taking Japanese throughout ProgramMust enroll in BBA Finance degree program in Hawaii, upon graduation from high school
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Running Start and Gear Up
The plan is for high school seniors to receive college credit for participation in the program by getting Year 1 curriculum (including Asia Field Study) approved by the Running Start program
Training hours for Y1 Jr. Analysts in line with Asia market days/hrs – minimal interference with high school
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HIDOE Senior Project Requirements
Exceeds newHIDOESenior Project Requirements
PTPe-PortfolioSenior Project
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Show Me How; Let Me Try
Guiding Principle:
Ma Ka Hana Ka Ike
“From the doing, comes the knowledge.”
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CurriculaOn the Educational side of the Initiative, our primary concern is:
Develop the world’s best program of its kind
The efficient delivery of program content
The ability of haumana (students) to develop, retain, and apply expertise in the area of study
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Marked-to-Market Training…Make the learning process challenging, relevant, interesting and fun
Not bound by traditional collegiate course content and performance guidelines
Free to explore a panoply of creative ideas and proven market-based training methods
Our guidelines are:What does the industry say it wants from its candidates?How can we build our brand to overcome pedigree bias and get our Cohort into the industry?
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CurriculaTo the extent possible, all curricula will be:
Real and fully integrated
Benchmarked to actual market-based best practices
Complementary to job description duties
Longitudinally cumulative
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Curriculum Committee
Robert Howe, CFAChief Executive OfficerGeomatrix Ltd.Chief Executive OfficerAKAMAI Capital, LLC
Hossein Kazemi, PhD, CFAProfessor of FinanceUniversity of Massachusetts-AmherstAssociate Director, Center for International Security and Derivative Markets (CISDM)Principal, Alternative Investment Analytics Inc.
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Curriculum Committee
Jason BellamyChief Executive OfficerBellamy Fund Management, LLC
Stephen Bryan, PhDProfessor of AccountingFordham University
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Curriculum Committee
Judy ChristensenAssistant Director, Non-Degree ProgramsUniversity of Hawaii, Shidler College of Business
Dennis Gaughan, Esq.PresidentAON Risk Services Hawaii
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Curriculum Committee
William Goetzmann, PhDEdwin J. Beinecke Professor of Finance & Management StudiesDirector, International Center for FinanceYale University
Raj Gupta, PhDDirector of ResearchCenter for International Security and Derivative Markets (CISDM)
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Curriculum Committee
Shantaram Hegde, PhDProfessor of FinanceAssociate Dean, Graduate StudiesUniversity of Connecticut
Bing Liang, PhDAssociate Professor of FinanceUniversity of MassachusettsAssociate DirectorCenter for International Security and Derivative Markets (CISDM)
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Curriculum Committee
Kaohua LucasChief Executive OfficerManu Iwa, Inc.
Mahnaz Mahdavi, PhDProfessor of EconomicsFounding Director, Women and Financial Independence (WFI) ProgramSmith College
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Curriculum Committee
Ferenc SandersonSr. AnalystLipper – A Reuters CompanyResearch FellowColumbia University Center on the Japanese Economy & Alternative Investments
Jot Yau, PhDProfessor of FinanceRobert O’Brien Endowed Chair of Business AdministrationChair, The Department of Finance and MSF ProgramSeattle UniversityCo-Founder, Strategic Options Investment Advisors Ltd. (Hong Kong)
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Yeah, just what the world needs…
More Investment Bankers?!
No, more of OUR kind of Investment Bankers:
Beneficiaries of a socially motivated programServant Leadership Community Service
Community Service and Servant Leadership incorporated into EVERY DAY of training for the entire five-year program
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Culture-based Universal Values
Community Service Servant Leadership
Yes. Just what the world needs…
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Your Kuleana Too…
This is our “ohana” – our Cohort; our family, and we must take care of our own
You are “hanai” - accepted into the family as family w/o blood relation
It is OUR “kuleana” - our responsibility, to develop the program for ourselves and future members
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Your Kuleana Too…
It’s a giving thing…
It’s not enough to become great at what you do; you have to give something back; make it better for the next guy; leave it better than you found it
If you’re only thinking “what’s in it for me” this is not the program for you
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From Waianae to Wall Street…Will require us to cut new trail:
We need to get ma’a to this field
The only way we can truly be in control of our own destiny
Preserve the way of life: kalo to kala to kalo
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Mahalo!
Questions?