Friday, March 31, 2017

Benjamin Jagoe of Huizenga Capital Management visited Marquette University and spoke to Dr. Krause’s finance students

Ben Jagoe of Huizenga Capital Management Visited the AIM Program

Benjamin Jagoe (Marquette alumnus) Vice President at Huizenga Capital Management spoke to students in the Marquette University AIM Class of 2017 and Dr. Krause’s Alternative Investments class on Friday, March 31, 2017.

Ben Jagoe of Huizenga Capital Management and Dr. David Krause

Dr. David Krause, Marquette University’s AIM program director said, “It was a pleasure to host Ben on campus again. Per usual, he did an excellent job presenting to the students in the AIM Class of 2017. Ben and the students talked about a range of investment topics and learning about the decision-making process within a family office. In the Alternative Investments class, Ben talked about direct private equity investing. The students asked many good questions and it was a timely visit given where we are in the curriculum.”


Ben Jagoe (Marquette alumnus) addressed the Marquette AIM students

Huizenga Capital Management is the family office for the Huizenga family and is located in Oak Brook, Illinois. Huizenga Capital Management was founded in 1990 and manages investments in a wide range of asset classes, including private equity, hedge funds, public securities, real estate and oil & gas. The Huizenga family has been involved in founding, operating and investing in numerous successful businesses including Waste Management, Blockbuster Video and a wide range of private businesses, including professional sports teams. The firm was recognized by Institutional Investor as its – “2012 Family Office of the Year.”  


Thursday, March 30, 2017

The First Set Stock Pitches for the AIM Class of 2018 are on Friday, March 31, 2017 at 2:00 CST – Join us.

You can join the AIM Program Student Equity Presentations in person, online or via Twitter on Friday, March 31st at 2:00 pm CST

The AIM student equity pitches take place each Friday afternoon during the semester – either in the AIM Room or at a local investment company. Watch the live presentations by the students in the AIM Class of 2018 (see webcast link below).


The students prepare and distribute a professional equity write-up (note: every AIM write-up since the inception of the program in 2005 is archived here).





 This week’s equity write-ups can be found at:


The students are responsible for making a seven-minute pitch before their peers, faculty and any alumni or investment professional in attendance.




Following the student’s pitch the floor is opened for questions and answers for about ten minutes. This has been highly instructive as the students must be prepared to defend their investment recommendation and answer questions in an extemporaneous manner.




How to comment using Twitter:

  • Go to the MarquetteAIM Twitter account (you can use Search Twitter on your site) and click Follow
  • During AIM presentations, go to #AIMpitch and follow the tweets (discussion) on Twitter (it will also be appearing on the Rise Display Board in the AIM Room and on your smartphone)
  • Tweet your comments and questions during the AIM equity pitches
    • Follow the rules of etiquette for using Twitter during AIM pitches
    • Use the hashtag #AIMpitch to start each tweet
    • Use $TICKER (note: this is called a cashtag and it be should the unique ticker/symbol for the stock that is being presented, ex: $TSLA)
    • Keep you comment short because each tweet is limited to a maximum of 140 characters
    • Example for Tweeting on a student’s Tesla equity pitch (note: the ticker for Tesla is TSLA):
      •  #AIMpitch $TSLA How do lower gas prices impact demand for electric cars?


Wednesday, March 29, 2017

10th Annual Ins & Outs of Wall Street - SAVE THE DATE


Join us for the 10th Annual Ins & Outs of Wall Street
Saturday, October 7, 2017


Monday, March 27, 2017

Marquette Students Heard from Another Private Equity Speaker on Monday, March 27, 2017

Barrett Willich (AIM Class of 2008) of Beverly Capital Spoke to Marquette Students about Private Equity

Dr. David Krause and Barrett Willich
On Monday, March 27, 2017, Barrett Willich (AIM Class of 2008) presented to Dr. Krause’s Alternative Investments class and met with AIM program students in the Class of 2017.

Barrett is a Vice President at Beverly Capital, a Chicago-based private equity firm which brings years of successful investing and operating experience to middle market companies.

Mr. Willich joined Beverly Capital in 2014 and prior to this he worked as an Associate at Winona Capital Management, a Chicago-based private equity firm, which specializes in growth equity investments in consumer companies. At Winona, he assisted with deal execution and portfolio company operational improvements.

Barrett Willich, AIM Class of 2008
Earlier in his career, Mr. Willich was an analyst in Robert W. Baird & Co.’s Healthcare & Business Services Investment Banking Group, where he worked with and advised middle-market corporate and private equity clients on M&A, debt, and equity transactions.

Barrett holds an MBA from the Kellogg School of Management at Northwestern University and a BS in Finance cum laude from Marquette University.  While at Marquette University, Mr. Willich was a member of the Applied Investment Management Program.

During his time in the AIM program, Barrett pitched numerous stocks including Piper Jaffray (PJC), Petroleum Development Corporation (PETD), and Bristow Groups (BRS). He has remained actively involved with the AIM program since his graduation and regularly mentors students.


Dr. Krause said, “It is always a pleasure to have Barrett join us on campus. He does an excellent job in the classroom and offers students advice about graduate school. He’s a fine example of an alumnus that gives back regulatory to Marquette and the AIM program. It was great to see him and he is always welcome on campus.”


Mr. Willich’s responsibilities at Beverly Capital include deal origination and execution, as well as assisting operating companies with strategic direction, operational improvements, and financing decisions.  Mr. Willich is currently a director of American Prosthetic Components, The Elwood Corporation and Tree Street Dermatology.

Saturday, March 25, 2017

Good News - The AIM Program's Chicago Quantitative Alliance (CQA) Challenge Teams Have Generated Outstanding Performance

Both of Marquette’s AIM Program teams entered in this year’s Chicago Quantitative Alliance (CQA) Challenge have strong results

The two Marquette AIM program CQA teams rank near the top of all schools participating in this year's Challenge. The contest ends on Friday, March 31, 2017.

Marquette Teams Rank 3rd and 4th based on Alpha generated
Each year the Chicago Quantitative Alliance (CQA) holds a portfolio management contest for university students, where the students must manage a portfolio with strict requirements.  The contest runs each year from the end of October until the end of March. 
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The CQA is a professional investment organization comprised of leading quantitative investment practitioners.  CQA membership includes investment managers, academics, plan sponsors, consultants, and other investment professionals.  The primary goal of the organization is to facilitate the interchange of ideas between quantitative professionals.

The CQA Investment Challenge is an equity portfolio management competition that offers students the opportunity to learn and apply stock selection and portfolio management skills in a simulated, real life hedge fund experience.  The Challenge provides teams with first-hand experience of being a portfolio manager by managing money, explaining their investment process and discussing performance.
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This year Marquette’s AIM Program has entered two teams – one comprised of seniors and the other made up of juniors. The teams, operating under the guidance of Mr. Bill Walker, handle all aspects of portfolio management including stock selection, portfolio construction, and risk management.  In addition, each team is required to complete a video presentation at the end of the challenge that provides a review of their investment team, investment philosophy/process as well as an update on performance.

Team members include: Marquette Team 1 (shown below: Brian Shank, Joseph  Amoroso, Tim Milani, and Chengbin (Henry) Lu. View the team's YouTube video.

Marquette CQA Team 1

Team members include: Marquette Team 2 (shown below:  James Hannack, Connor Konicke, Jack Gorski, Jordan Luczaj, William Reckamp). View the team's YouTube video.

Marquette CQA Team 2

 Throughout the competition teams will work with an assigned CQA member who will serve as a mentor and guide.  The Challenge is an invaluable real-life view into managing money in the investment management industry. The Challenge, which is in its 5th year, has had four very successful years with top universities from around the world competing in the event. 

The students are tasked with creating portfolios on StockTrak. To learn more about this contest and read what past participants have thought of the contest, please visit www.cqa.org/investment_challenge.

The objective of the competition is to successfully manage an equity long/short market neutral portfolio over the course of the academic year.  Key aspects of the competition include:
•           The contest runs from the end of October through the end of March
•           One team per university.  A team can consist of undergraduate junior/senior and/or MBA students. Typically between 3 to 5 members per team.
•           A faculty professor will be responsible for selecting and guiding the team. 
•           Each team will have a CQA member serving as a mentor and advisor.
•           The contest will utilize the Stock-Trak investment simulation platform
•           The winning team will be determined by the combination of their absolute return, risk adjusted return and an evaluation of a strategy presentation with an emphasis on the risk adjusted returns.  
•           Prizes will include $3,000 in prize money distributed across the top three teams ($1500, $1000, $500), winning team professor invited to attend the annual CQA fall conference in Chicago (September) or Las Vegas (April) and resumes of winning team students circulated to all CQA members. 

When creating the portfolios, the students have to follow certain rules:
·         The portfolio has to have a beta of +/- 0.5.
·         The portfolio has to be long/short and market neutral.
·         The ‘universe’ of potential stocks is limited to 1,000 liquid large and midcap stocks.
·         The portfolio has to have less than 5% of its holdings in cash.


Thursday, March 23, 2017

Daniel Einhorn, Venture Capitalist, Visited Dr. Krause’s Alternative Investment Class This Week

On Wednesday, March 22, Daniel Einhorn of Capital Midwest Fund Visited Marquette's AIM Program and the Alternative Investment Class


Daniel Einhorn, General Partner of Capital Midwest Fund, visited Marquette's campus this week.  Mr. Einhorn has over ten years of venture capital experience, evaluating, screening, and investing in private technology companies based primarily in the Midwest.

Dan Einhorn addressed the AIM students

The students in Dr. Krause’s Alternative Investment class on Wednesday, March 22 had the opportunity to hear about venture investing from Mr. Einhorn. This is the sixth year that he has visited students at Marquette and discussed private equity investing.  

A list of Capital Midwest's current portfolio companies can be accessed on their website


Mr. Einhorn serves on various board of directors including: LiquidCool Solutions, Rapid Diagnostek, Physician Software Systems, Always In Touch and PreEmptive Meds. He is a member of the Board of the Entrepreneur Center at Illinois Institute of Technology, and the Southern Methodist University Alumni. He is on the board of COA Youth & Family Centers and the Jewish Museum in Milwaukee. He is a member of the Midwest Health Investment Network. In 2012, he was named Man of the Year for the Milwaukee Chapter of the Leukemia and Lymphoma Society.  

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Daniel Einhorn
Capital Midwest Fund is a Milwaukee-based venture capital firm that invests primarily in the areas of life science and information technology. The fund concentrates on investments where companies have excellent management and technology, are performing an important function, and will address significant markets. He said that they look for management with successful previous experience; markets that are established and growing; defensible IP positions; and sustainable competitive advantages.


Dr. Krause said, "It is a privilege to have Dan join us each year in the classroom. His experience adds to the curriculum and the students enjoy learning firsthand from investment professionals. The students had an interesting and productive dialogue with Dan - I know they learned much from his visit."


Mr. Einhorn and the other principals of the fund are professionals who have operated in the investment banking, investing, life science and technology industries for many years. They have significant experience in raising money for early-stage companies and sourcing deals. In addition, they have significant experience in assisting management teams prepare viable business plans, evaluate strategic partnerships, and craft lucrative exits.



Tuesday, March 21, 2017

Daniel Jaffee, President and CEO of Oil Dri Corporation of America, was the 2017 Marquette University College of Business Administration’s Business Leaders Forum Speaker

Daniel Jaffee presented at the Marquette University College of Business Administration’s Business Leaders Forum on March 21, 2017
On Tuesday, March 21, 2017, at the Alumni Memorial Union - Monaghan Ballroom, a presentation of “The Power of Culture and Ethics” was delivered by Daniel S. Jaffee, President and Chief Executive Officer of Oil-Dri Corporation of America.
Daniel Jaffee at Marquette University
Mr. Jaffee has been the CEO of Oil-Dri, a family-run company, since 1997. Jaffee joined the company in 1987 as a product manager in the Industrial and Agricultural division and between 1987 and 1997 he held several positions, including President and COO. 
Under Jaffee’s leadership, Oil-Dri was named one of Chicago Tribune’s Top 100 Workplaces in Chicago multiple times and in 2013 was ranked #1 for its ethical operations.
Image result for daniel jaffee oil driFounded by his grandfather Nick Jaffee in 1941 as a distributor of clay floor absorbents, Oil-Dri’s products have been used throughout the world for 75 years. Its diverse portfolio of products help to grow and process food, raise healthy livestock, enhance the safety of jet fuel and to keep sports fields dry and playable. 
As CEO, Jaffee continues to focus on Oil-Dri’s long-term future growth and helped define their mission statement: creating value from sorbent minerals. As a result, Oil-Dri broadened its portfolio of products and innovated the first lightweight cat litter product made of highly absorbent minerals with no fillers, under its Cat’s Pride Fresh & Light brand.
Dr. David Krause and Nat Penn discuss
Oil Dri after Jaffee's presentation
A passionate philanthropist and animal advocate, Jaffee has been on the board of the Anti-Cruelty Society of Chicago for 19 years, serving as chairman for three terms. He is also a Trustee of the Chicago History Museum. Jaffee received his B.S.B.A. from Georgetown University and his M.B.A. from the Kellogg Graduate School of Management at Northwestern University.
Established in 1999, the Business Leaders Forum is a speaker series sponsored by Marquette University’s College of Business Administration. The forum provides a setting for nationally recognized business leaders to engage in discussions and interact with students, faculty and local business leaders. The program enables Marquette to build practical knowledge into its rigorous business curriculum, exploring current trends, issues and practices in business.


Marquette University has attracted leaders at the top of their respective professions to speak at the Business Leaders Forum, including Herbert V. Kohler, chairman, chief executive officer and president of Kohler Co.; Richard M. Schulze, founder and chairman of Best Buy; and James J. Mulva, chairman and CEO of ConocoPhillips. The Kathleen and Frank Thometz Foundation has made the Business Leaders Forum speaker series possible through a special endowment.

Monday, March 20, 2017

Special Guests Visited Marquette University's AIM Program This Week

AIM Program Hosts Three Investment Professionals on Monday, March 20, 2017

Monday, March 20, 2017, was a busy day in the AIM program. Dr. David Krause, AIM program director, welcomed three guests to Marquette.

Michael McMillan, Jamie Jackson, Chris Merker and David Krause
Dr. David Krause, AIM program director, said, "It is a pleasure to host Jamie Jackson, CFA, a managing principal of Stairway Partners (located in Chicago and Minneapolis). 

A Marquette alumnus, Mr. Jackson had a lively presentation with the students in the AIM Class of 2017. It was a pleasure hosting him for the morning.”

Stairway Partners is an SEC-registered Investment Advisor founded in 2004 by former senior investment professionals from Brinson Partners, a US-based institutional asset management firm which was widely known for its pioneering work in the field of asset allocation and global investing.  Their investment process is supported by extensive research and is grounded in the principal belief that the overwhelming majority of a portfolio’s risk and return is determined by its asset class mix – not the selection of individual investments.
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Stairway Partners was originally formed to provide the firm’s partners and their investment colleagues with an institutional platform for managing their personal assets. As a result of the firm’s reputation and track record, Stairway Partners has since become a sought after solution for other experienced investors seeking a low-cost, comprehensive institutional investment capability.

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Jamie Jackson
Jamie Jackson is responsible for investment research, strategy, portfolio management, and trading. Previously Jamie was head of Liquid Assets at Ameriprise Financial, responsible for over $100 billion of client assets. Jamie served on the firm’s Capital Markets Committee, led the Liability Driven Investment team, and managed numerous fixed income, balanced, and equity indexed mutual funds.

Prior to that, Jamie managed institutional portfolios and mutual funds for UBS Global Asset Management and Brinson Partners, its predecessor organization, where he also served on the Global Asset Allocation Committee. Before joining Brinson Partners, Jamie managed global bond and currency portfolios for the Northwestern Mutual Life Insurance Company. Jamie has over 20 years of investment experience, holds BS and MBA degrees from Marquette University, and is a CFA charter holder.

Michael McMillan, CFA, the CFA Institute’s Director of Ethics and Professional Standards, spoke to students in the AIM Class of 2018. He holds a Ph.D. in Accounting and Finance from George Washington University – he also received his MBA from Stanford University and his BA from the University of Pennsylvania.
Michael McMillan in the AIM Room

Joining him in talking about investment ethics was Chris Merker, CFA, Director of Private Asset Management with Robert W. Baird & Co.  Mr. Merker teaches Investment Ethics in Marquette’s AIM program. Working with Dr. McMillan, Chris Merker is completing a CFA Ethics ‘Train the Trainer Program’ and will receive the CFA Institute’s Certificate in Ethics Training. Incidentally, he will receive his doctorate from Marquette University in May 2017.

Dr. McMillan is the author of the CFA’s Ethics and Standards of Practice course. The CFA’s  ‘train the trainer’ is a strategic element in the CFA’s response to meeting the demand for ethics training. We are pleased to host Michael and Chris to Marquette University.


Chris Merker in a CFA 'Train the Trainer' Session
at Marquette University
Dr. David Krause, AIM program director, said, "It was again an honor to host Michael again at Marquette. I'm very pleased that Chris Merker is continuing to expand his expertise in the area of investment ethics. The two did a great job with their presentation."



Michael McMillan,the CFA Institute's Director of Ethics and Professional Standards, Promotes Investment Ethics Training

Dr. Michael McMillan Visits Marquette's AIM Program


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Dr. Michael McMillan, CFA
The AIM program is pleased to host Michael McMillan, CFA, on Monday, March 20, 2017.   Dr. McMillan is the CFA Institute’s Director of Ethics and Professional Standards. He holds a Ph.D. in Accounting and Finance from George Washington University – he also received his MBA from Stanford University and his BA from the University of Pennsylvania.

Chris Merker, CFA, Director of Private Asset Management with Robert W. Baird & Co., teaches Investment Ethics in Marquette’s AIM program. Working with Dr. McMillan, Mr. Merker is completing a CFA Ethics ‘Train the Trainer Program’ and will receive the CFA Institute’s Certificate in Ethics Training.
Director of CFA Ethics and Professional Standards


Michael and Chris will teach classes to the AIM Class of 2018.  Dr. McMillan is the author of the CFA’s Ethics and Standards of Practice course. The ‘train the trainer’ is a strategic element in the CFA’s response to meeting the demand for ethics training. We are pleased to host Michael and Chris to Marquette University.

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Dr. David Krause, AIM program director, said, "It is a pleasure to host Michael again at Marquette. I'm very pleased that Chris Merker is continuing to expand his expertise in the area of investment ethics."