COLUMBIA BUSINESS SCHOOLS STUDENT NEWSPAPER

Issue 5: 28-Oct-13

FEATURES The Value of Value Investing

By Roseanne Gerin (15)

PEOPLE COLD CALLED: David Juran By Alena Chiang (14) Alumni Spotlight: Jeri Finard By Alena Chiang (14) Startup Spotlight: Yarly
By Alena Chiang (14)

Following up on Ally Week

By Lindsay Pounder (15)

EDITORIALS 5 Easy Ways to Be the Most Annoying Dinner Companion Ever

By Jenny Wang

COMMUNITY OktoberFest 2013

By Anne Kronschnabl (14)

Sports Superstitions
By Steven Kofkoff (14)

Its Showtime, and Evening with Matt Blank

By Roseanne Gerin (15)

The Value of Value Investing

By Roseanne Gerin (15)

CBS students hoping to land lucrative buy-side jobs will have a tough time getting into the schools rigorous value investing program, a selective school within the business school. The program is not only a hallmark of CBS, but also one of its most demanding areas of specialization. Of the more than 100 first-year students who apply each spring, only 40 are accepted. They submit a personal statement, complete an evaluation and investment pitch for a company, and are interviewed by Louisa Serene Schneider, senior administrative director of the Heilbrunn Center for Graham & Dodd Investing, which runs the program.

Many students are curious about the program but are turned off when they learn of the heavy workload
Those who have completed the program say the selective admissions are important to the programs success. Mike Chang (CBS 13) said keeping class sizes small helps in persuading hedge-fund managers to teach them. It also prevents the program from flooding the job market with more entry-level people than it can handle. Most importantly, I think the tougher admissions act as a screen to keep out students who aren't really motivated, he said. The harder it is to get in, the more you're committed to putting the work in and getting the most out of your experience. The quality of the program's experience is directly related to the commitment of all other participants, agreed Guilherme Espallarges (CBS 12). The Center looks at applicants investment activities, networking and summer jobs, and their motivations for pursuing a career in investment management. The interview involves questions about their favorite investing books and investor heroes, past participants said. Many students are curious about the program but are turned off when they learn of the heavy workload, Schneider said. A CBS graduate herself, Schneider said she regrets not applying to the program. She found it daunting because the students who were interested in value investing were very intense, and she believed much of the content would be quants on steroids. Led by professors Bruce Greenwald and Tano Santos, the program is geared toward true believers in fundamental analysis. Its based on the methodology for identifying undervalued securities developed by David Dodd and Benjamin Graham, a Columbia professor who Louisa Serene Schneider, senior adminisis considered the father of value trative director of the Heilbrunn investing. Together, they wrote Center for Graham & Dodd Investing the 1934 classic Security Analysis.

The Center is named for Robert Heilbrunn, a value investor and CBS alum. In 2001, he and his wife gave $5 million in Berkshire Hathaway stock to ensure that value investing has a permanent place in the schools curriculum. Ultimately, students are attracted to the programs intense course work and exposure to experienced practitioners of the value investing approach. They take five of 13 courses, including a core course in applied value investing where they act as analysts who research and pitch ideas to a group of portfolio managers. Its a very pragmatic experience that develops the key skills necessary to be a successful long-term investor, said Espallarges, who works at Tarpon Investimentos in Brazil. The value-oriented investment firm is one of the largest equity investors in the country, with $4 billion in assets under management. Espallarges chose CBS specifically for the value investing program, but points out that those who complete it are not guaranteed buy-side jobs. There were many students who were not in the program who landed excellent buy-side jobs, and there were many who were in the program and struggled to find something, Espallarges said. The program is a great experience in my view, but its effect on recruiting is much more intangible and overestimated. Students find that the program consumes most of their free time. Schneider said each class can require up to 20 hours of supplemental work per week. In addition, participants visit local charter schools to talk about investing. Students must perform time-consuming, in-depth research and valuation exercises each week and learn about new industries and business models, Espallarges said.

The program is a great experience in my view, but its effect on recruiting is much more intangible and overestimated
Its neither easy to get into nor easy to do well in, said Chang, who was interested in the program because he found investing incredibly interesting and saw it as a rare opportunity to learn about value investing at a very high level. While my classmates spent their second years partying and traveling, I was just as often in the library studying companies and preparing pitches. Kate Peachway (CBS 12) compares the grueling weekly deliverables to an athlete going through training camp. Its not always fun at the time, but its rewarding at the end, said Peachway. Shes an equity analyst at BlueMountain Capital Management, a $15 billion equity and credit fund in New York. Peachway chose CBS specifically for the value investing program to make a pit stop during her career and build her investor toolkit. Although the program was not necessary for her to land her current job, Peachway said she greatly matured as an investor as a result of it. Vik Jindal (CBS 06) said coming up with investment ideas to discuss in class each week was his major challenge. It wasnt easy, and sometimes searching for the right investment idea took so much time that it was tough to find time to evaluate the investment itself for presentation and submission for the class, said Jindal, who works as an investment banker and restructuring advisor. He added that although class time was collaborative, the atmosphere remained competitive. Students try to outdo one another on investment ideas, and it leads to some great results for you and the entire class, Jindal said. The market is

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The Value of Value Investing (Continued)

By Roseanne Gerin (15)

sink or swim. So is the classroom. Many of those accepted into the program come from a finance or investment background, with a firm grasp of the lingo and quantitative concepts. The program admits a few students from other backgrounds if they can demonstrate a passion for value investing. Some of them find the program particularly challenging. Chang, who has an undergraduate degree in computer science and spent three years working in IT consulting and two years as a relationship manager/consultant in structured finance software before coming to CBS, said he initially had a difficult time keeping up with classes and classmates who already were well-versed in investing concepts, business models and various industries. I had a lot of catching up to do, and I really had to lean in for a long time to get on the same page as everyone, said Chang, who now lives in Seoul where hes an internal consultant for Samsung. He said he puts to use what he learned in the program by studying company financial reports in coffee shops to make investments for his own portfolio. Jeff Mueller (CBS 13) knew he wanted to study value investing after reading Benjamin Grahams The Intelligent Investor in 2006, between flight missions as a Marine in Iraq. But when he came to CBS, he found getting up to speed on the programs quantitative aspects a major hurdle. Fortunately, the program is so collaborative that I was able to lean on stu-

dents with exponentially more experience, said Mueller who now works as a research analyst at Polen Capital Management, a U.S. equity investment manager. They were incredibly patient and helpful. Despite the value investing programs exclusivity, Schneider said the Center tries to accommodate students who want to take value investing courses without committing to the full program. That way, those who arent accepted to the full program can replicate much of the curriculum, Chang said. Not everything is available, but you can get almost all the really good ones, he said.

Thank You CBS for a Successful Ally Week

By Lindsay Pounder (15)
Members of Cluster Q were truly moved to see so many of you at Ally Week events, which included Ask a Q Anything a powerful discussion with Christine Quinn, Ally Training, CBS Matters, and a colorful edition of Rugby Happy Hour. The weeks events helped us raise $1690 for The Ali Forney Center and Athlete Ally! I found the all-school CBS Matters presentations gripping. We got three different perspectives on exclusion and acceptance. Peter Svensson 15 Ally Week is another outward expression of CBS dedication to the principles of truth, integrity and respect. I appreciate that our community encourages everyone be their best self. Audrey Iriberri 14 I never thought openly showing you were an ally mattered, but this week showed that being an ally isn't about the friends who know you are one; it is about supporting those who need to know allies are out there. Slava Druker '15 The student organizations below were represented at our first ever Ally Training, led by Friendfactor, an organization that aims to activate straight people to become visible and active allies in their communities. We recognize that we didnt pick the best day for Ally Training and pledge to be cognizant of exams and fall break next time we schedule the training. The Investment Banking Club sent out a recap of the training to its members that wed love to share with the school. The Ally Challenge for the Investment Banking Club [and now to CBS]: Using gender neutral terms is a great way to signal that you are an ally. At the meeting several people referenced that they notice and appreciate when allies make a point of using gender neutral references.

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Thank You CBS for a Successful Ally Week (Continued)

By Lindsay Pounder (15)

Challenge: This week eliminate the use of gender specific terms (boyfriend, girlfriend, husband, wife) and replace with gender neutral terms (partner, spouse, significant other) Some aspects of being a good Ally: Be visible to show people within and outside of the LGBT community that you are a supporter (stickers, the bracelets they sold last week) Ask questions and be open: this helps you to learn terms and use them correctly Stand up against harassment We echo the words of Cluster Q Co-President Ted Kirby 14, Without your dedication, support, and visibility, we would not be able to create such an inclusive community for LGBTQ individuals at CBSand boast

the largest number of Allies of any MBA program! Lastly, please remember that your work as an Ally doesn't stop here! You can stay engaged and learn about upcoming events by signing up as an Ally.

Startup Spotlight: Yarly

By Alena Chiang (14)

Tell us about Yarly Yarly is a company with a very simple mission to help people around the world get the most out of the their memories. We are creating a photos management platform that works the way people want it to. Weve done a tremendous amount of customer research, and we have built a product that fits users needs. Weve learned that users are tired or sharing all photos with all Facebook friends. (Well, I guess this is an obvious one.) So, weve built Yarly to have tremendously easy sharing capabilities with select family and friends. Users want a more intimate setting for sharing special memories with specific people. In Yarly, specific people are selected to view specific albums, providing the most intimate experience. Weve learned that people feel pressure to accept friend requests. So on Yarly, users and albums are completely private, not searchable by anyone. There is no such thing as a friend request on Yarly. Users want an easy way to print. We will be launching a one-tap printing solution with the highest quality printers in the US. Users want easy collaboration. Any member of a Yarly album can easily add photos to that album. I can go on and on, but I think Ive made my point. We are building a platform that our users love. We have already seen success with this product development mission. We have new downloads and Facebook followers every day. We have done zero marketing weve simply started to build a product that our users love, and this positive world-of-mouth turns out to be quite a good marketing strategy! Introduce us to you/the team, and give us the classic elevator pitch. Yarly is a photo management platform that makes your life easier by working the way you want it to. We love our users and listen to their every need. Feature-by-feature, we will be delivering the photo solution you always hoped for. Tell us about the team. My name is Allison Strouse, and I am the founder and CEO of Yarly. I

brought on three founding developers in June Joseph Rall, Kevin Prudente and Joshua Quintus. These guys are three of the best developers in NYC, not to mention amazing people who I enjoy spending every day with. I was introduced to my team through a member of my learning team, Daniel Solomon. As Dan already knows, I will be forever indebted to him. Where did you get the name? Yarly was derived from the word yarely which means easy, agile, lively. This is how we want your experience to be on Yarly, so we felt that it was a fit! Have you launched yet? If not, what are the launch plans? We launched in September on all major mobile platforms. Every month, we will be launching new features as well as launching on new platforms. Yarly will eventually be wherever you are whether it is your mobile phone, iPad, desktop, camera, TV, Google Glass, etc. Your photos are

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Startup Spotlight: Yarly (Continued)

By Alena Chiang (14)

stored on the cloud and therefore synced to all of your devices. Tell us a little more about who youre serving, and how youre reaching your target consumer. We are serving every single person who is looking for a better photo solution. Where did you get the idea for this? My friend Rachel was visiting me in San Francisco, and I wanted to put our photos in an archived place for just the wo of us to enjoy. Facebook just wasnt special enough. I realized how poor my options were and then after doing more customer discovery, I realized that all of my friends felt the same way. Most of the platforms that exist today are built do serve advertisers or a larger organization with ulterior motives. I realized that I wanted to build a platform that was built for the user. What are some of the big obstacles youre facing, or have faced? I am a first-time entrepreneur, so every new step of this journey comes with a lot of learning and the guts to take it on full-force. At the end of the

day, every obstacle is a lot of fun and a huge learning experience. Which resources have been most helpful to you? David Lerner had some great words of wisdom for me during my first week at Columbia. CEL (Columbia Entrepreneurship Lab) and Columbia Venture Community have been a huge resource for me. I have found a wonderful mentor via the Entrepreneur in Residence Program. I have reached out to specific teachers, such as Professor Laurie Hodrick, for specific feedback. I have to give a shout out to Cluster Z14 for being incredibly supportive and the best beta testers a girl could ask for. There are many more resources that have been helpful. As they say, it takes a village How can people contact you? (email address, website, blog, etc) Please reach out. My email is allison@yarly.co. You can also ping me on Twitter: @allisonTstrouse

Alumni Spotlight: Jeri COLD CALLED: David Finard (86) By Alena Chiang (14) Juran By Alena Chiang (14)
Name: Jeri Finard 86 Hometown: Chicago Graduating year: 1986 What is your current industry/ What do you do now? President, Godiva North America Where are you currently located? NYC How has the economy impacted your experience, both during your time at Columbia Business School and post-graduation? Not too badly. People always need chocolate! What is the one thing that you did at Columbia Business School that has impacted your current life the most? Put all my "points" on interviewing with General Foods (now Kraft) , where I secured a summer internship leading to a job offer upon graduation, leading to 20 years of great fun and accomplishment while leading brands, entire business units and ultimately becoming their first Global Chief Marketing Officer. Favorite Columbia Business School class? Macroeconomics If money wasnt an object, what would you like to see instituted at Columbia Business School? I think you've done all the things I had wished for by adding more common space and rooms to work as a group. You've also added the Social Enterprise program, which I would have loved. Good job! Any last words of advice? For the women at Columbia, stick in there, don't feel intimidated and just know that you have so much to offer business that is badly needed. You can't have it all but with a little luck, you can have most of it at least some of the time, and it's well worth it! jans ... though Evan Fischer is actually not all that bad. Current super power/special talent: Bricklaying. I wish I was better at: Explaining what degrees of freedom are. Three goals for the semester: (1) Figure out Excel 2013, (2) Hike the Appalachian Trail from Salisbury Connecticut to Sheffield, Massachusetts, (3) Get my diastolic blood pressure down under 80. Best thing I've seen in NYC: The response to 9/11. In the face of unspeakable barbaric violence, the people of the city showed the world how to be civilized and peaceful. The most obvious heroes were the firemen, first responders, ironworkers, and so forth, but really it was the whole city. I'm not a New Yorker, but New York made me proud. (The original question asked for "craziest", not "best", but the top several dozen answers to that are unprintable in a respectable publication like this.)

Name: David Juran Hometown: Redlands, California. Undergrad: UCLA (THE university of Southern California). Life before CBS: PhD student at Cornell; before that operations consulting. Current NYC neighborhood: Upper, upper, east side (Milford, Connecticut). The world would be better off without: Violent religious zealots; innumeracy; quite so many Tro-

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Three things I cannot live without: (1) Live music, (2) the Times crossword puzzle, (3) Preeti Bhattacharji. Favorite Columbia experience: Playing with the Follies Band for 7 years. I think it's hilarious when: The Dude says "It's down there somewhere; let me take another look." Second thing I'd buy if I won the lottery: I disagree with the premise of the question. I would never win, because I never play. (It's a tax on the ignorant.)

Current business crush (favorite brand, business leader, retail concept, start up): I'm reading an autobiography of Charles Luckman ("Twice in a Lifetime"); a great story of success in business and beyond. I like Diageo; I've always been on the "buy" side. Any last words? Thank you, CBS! It's been a great ride.

CBS Oktoberfest Celebrating Our Most Beloved German Holiday By Anne Kronschnabl (14)
When you read the email with the title Important: Oktoberfest STD you were probably wondering, what the heck??? Kudos to you if the STD (=Save the Date) didnt scare you off and you came downtown with us to the homey German restaurant and pub Lederhosen. Around 80 CBS students braved the commute downtown and quite a few came in their lederhosen and dirndl much to the amusement of other subway riders that thought we were maybe a bit too early for Halloween. But Oktoberfest has nothing to do with Halloween. The Oktoberfest, also called die Wiesn, is the worlds largest fair with around 6 million visitors held every year in Munich for 16 days. And guess what, although it is called Oktoberfest it actually is during the last two weeks in September and then the first week of October (so much for us Germans being nitty-gritty and precise). The first festival was in 1810 for a royal wedding, and since we Germans like to drink beer we made a tradition of it. Enough of the abbreviated history, but since we are in business school, here are a few fun facts for you: This year 6.7 million liters of beer were drunk, 2.7 million kWh were used (enough for 1110 house holds for a whole year) and approximately 510,000 roasted chickens were devoured. And in case you like German guys and girls, the Oktoberfest is a good place to go scouting for mates since only 19% of visitors are not from Germany. At the CBS Oktoberfest people got a great snapshot of the actual Oktoberfest: Unlimited beer and wine were flowing and super delicious German food was served while everyone was serenated by

COMMUNITY

lovely German Oktoberfest music to which girls in dirndl and guys in lederhosen danced. The highlight of the evening was undoubtedly our annual beer stein stemming competition. Twelve men entered the fierce battle, and this years champion was Trent Acuff with a recording-breaking time of 4 minutes and 49 seconds!! Big congratulations to the strongest man in the room. As the night wore on, the dancing got looser and the photos more scandalous :)

Its Showtime, An Evening with Matt Blank

By Roseanne Gerin (14)
Over the past decade, Showtime Networks Inc. has become a leader in the premium cable and satellite television network business, increasing its revenue and subscriber numbers substantially despite intense competition from HBO.

Showtime now has about 23 million subscribers and an estimated cash flow of roughly $900 million compared to $32 million in 1995, the year when Matthew Blank became its chairman and chief executive officer. Under Blank, Showtime Networks has grown from Showtime and its other two premium TV networks, The Movie Channel and Flix, to include 27 digital channels. It is also the only premium TV network to have increased its subscriber numbers annually for the past eight years, according to the company.

Blank told a nearly packed classroom of members of the Media Management Association on Oct. 22 that three factors accounted for Showtimes financial success over the past decadeits programming, brand and distribution channels. Much of Showtimes success has been driven by its award-winning original

Were really not in the eyeball business, but the hearts and minds business

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Its Showtime, An Evening with Matt Blank (Continued) By Roseanne Gerin (15)
Deeply subversive characters existing at or way over the line of respectability in themes may be difficult to do elsewhere on TV
programing, Blank said. He pointed out that about five years ago the company made what many in the business considered a risky move by deciding not to continue paying what it had been paying for big studio movies, and instead invested the money in original programming. Showtime took a sequential approach to this programming with an attitude of lets kick ass with scripted programming first followed by payper-view sports events and sports documentaries and later documentaries about culture changing individuals or groups, such as former Vice President Dick Cheney, late comedian Richard Pryor and rap music producer Marion Suge Knight, Jr., Blank said. Then there are Showtimes original hour-long serial dramas whose characters captivate viewers along with brilliant scripts and the right mix of actors. Blank cited the shows Dexter about a Miami forensics expert who is a serial killer by night, Weeds about a manipulative single mother who sells marijuana to her neighbors to pay the mortgage, and Homeland about a CIA agent obsessed with tracking down an elusive terrorist. If you look at our shows, the characters have a lot in common, whether [on] half-hour programs or serialized shows, Blank said. [They are] deeply subversive characters existing at or way over the line of respectability in themes that may be difficult to do elsewhere on TV, executed by lead actors who are not hired for their names but hired because we think they can play these roles in a way that these deeply subversive characters will be embraced by our audiences. The second factor Blank cited for Showtimes success is the Showtime brand, mainly attributable to its programming. Blank said Showtime was a crappy brand when he joined the company and fixing the brand without a lot of money was like turning an oil tanker. Because there is a big family thread to many of Showtimes serialized programs, viewers find themselves rooting for the characters, Blank said, which keeps them coming back season after season. Were really not in the eyeball business, but the hearts and minds business, Blank said. Thats the brand. Thats how you build the brand. Showtimes powerful brand has given it considerable leverage with its distributors cable operators, satellite providers and telecom companiesthe third factor that has contributed to the companys success, Blank said. When satellite operators and telecoms began to aggressively push premium television, Showtimes approach was to string them out and try to improve its distribution deals in exchange for letting them distribute Showtime anytime, he said. Plenty of new distribution opportunities will arise in the marketplace in the future, which Showtime will take advantage of to keep growing, Blank said. There are a lot of new distributors out there potentially, he said. We just want to be sure that we will be sold and marketed in a way that really puts money in our pocket, [and] we dont want to destroy the current ecosystem where the weather has been very good for us in recent years. But were going to keep growing, and to keep growing we need new distributors.

5 Easy Ways to be the Most Annoying Dinner Companion By Jenny Wang

That obligatory Tuesday night dinner you mistakenly RSVP'ed to is coming up. Here are some tips to end that meal (and those friendships) in no time. 1. The Chef de Cuisine. "I can't believe this beurre blanc is brown!* And seriously its only November. How come there are no squash blossoms on the menu?" wails this dinner partner who fancies him/herself Top Chef despite being miserably unequipped for even a prep cook position given his/her inability to evenly dice a potato. 2. The Sommelier. "What? But 1963 was the absolute hands-down best

year for wine known to the homo sapiens sapiens!" exclaims this diner in horror when the restaurant you both are currently patronizing for the first time does not carry the exact bottle of wine tailored to his/ her personal taste preferences. 3. The Michelin Critic. "Well, I usually only dine at places with three Michelin stars that also sacrifice small virgins in the morning," he/she says by way of a greeting. This fun friend will take your American Express from the windows to the walls in the time span of just three courses.

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5 Easy Ways to be the Most Annoying Dinner Companion (Continued) By Jenny Wang
4. The Wannabe Anorexic. "I'm not very hungry," he/she (okay, let's face it, she) declares, snapping her menu shut. "I ate an entire pumpkin muffin at Le Pain Quotidien today and it was like 370 calories."** This dining companion will eat through your entire side into half your steak after you graciously invite her to try it, seeing how ridiculously awkward you look being the only person at the table with an entree. 5. The Contextually Allergic. "Fortified wines are a no-no, but I'll start with a glass of ros."*** Never mind the gentleman at table 1 with celiac or the lady at 26 with a life-threatening peanut allergy. This diner's latest fad diet is undoubtedly more important than having the servers pay attention where care is needed. And trust me, you don't want to know what the kitchen is saying about you. * For the curious, beurre blanc does have a darker sister aptly named beurre noisette. It is brown. Even stranger, beurre noisette is cousin to a certain beurre noir, which is black! ** As a full disclaimer I do indeed work at Le Pain Quotidien and frequently enjoy said pumpkin muffin. However, I was informed that of those dreadful 370 calories 300 are composed of a lowglycemic healthy fatty acid named "yummi" and when eaten, moves swiftly through your body while pointedly avoiding your thighs. *** This is not an exaggeration, unlike the rest of this article. I was the one who processed this ticket order (roughly the length of a graduate dissertation) when I worked as a cook.

The Sports Education a CBS Degree Cant Buy

By Steven Kofkoff (14)
I believe the world is round. I believe that the earth revolves around the Sun; that things that go up must come down; and that objects in motion stay in motion unless acted upon by an outside force. So why is it that I believe that my sports teams wont succeed unless I watch them on the edge of my seat or standing up; that I cant wear a T-shirt of the team Im rooting for or else Ill jinx em; or that talking trash about my opponent will cause God to spite me with a vicious home team loss? Despite 28 years of life, a college degree, five years of real-world work experience and one and a half years of business school training, when it comes to sports, all logic is thrown out the window. And Im not alone. What is it about sports that can take an otherwise rational person and thrust them back 3,000 years to our pagan roots. We dont still worship trees, or at least most of us dont, and weve long ago abandoned the idea of human sacrifice (again, at least most of us). But somehow when it comes to your team, you can be thousands of miles from the field of play and still have an impact on the outcome. I mean, I can kind of understand when the athletes themselves create some ritual as part of their work routine. They are the ones playing after all. If a particular warm-up routine or wearing a gold thong under your jersey (thanks Jason Giambi) makes you feel more comfortable when youre swinging the bat or shooting baskets, by all means, thong it up. that he stopped being superstitions because his rituals werent effective enough!

EDITORIALS

And so the world goes. We have gone to the moon and back, sent a satellite into deep space and mapped the human genome. In the future we will cure cancer and find a way to get cell phone service in the New York subways, but we will always have our superstitions. So, the next time youre sitting there (or standing there) watching your team playing ball, and you reach for that lucky rabbits foot or golden thong, just remember, you go to Columbia Business School, damn it! Youve earned a little break from reality.

But for bright businesses school students, at Columbia no less, to do these things is probably worthy of a Columbia CaseWorks case. Whether its the guy who only drinks one type of beer until his team loses the lead and then switches it up, or the clustermate who always eats a plain sesame bagel before a race to ensure a personal best (Ross Freilich A14), we have to admit, were a weird and surprising bunch. And even those of you that dont think you have a superstition, chances are youre not looking hard enough. As one of my clustermates noted to me, he forswore any superstitions long ago. You see, as he put it, his teams have done so poorly over the years, any superstitions he had clearly werent working. So, even the guy that says he doesnt have any superstitions says

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