Thursday, March 31, 2011

Dr. Mark Eppli guest lectured in Dr. Krause's Alternative Investment's class

Dr. Mark Eppli
On Tuesday (3/29) and Thursday (3/31), Dr. Mark Eppli was the guest lecturer in Dr. Krause's Alternative Investments class. As he's done in each of the past three years, Dr. Eppli covered the portion of the course that deals with public and private real estate investments. Krause said, "Mark Eppli is a dynamic speaker and a great colleague. I greatly appreciate his experience and expertise - and the students enjoy his outgoing personality and his approach to teaching. I can't possibly think of anyone better to discuss the topic of real estate as an alternative asset class." 

Mark Eppli is a Professor of Finance and the Robert B. Bell, Sr., Chair in Real Estate at Marquette University. Prior to obtaining his doctorate from the University of Wisconsin-Madison, Dr. Eppli pursued a career in commercial real estate. He was Manager of Research and Investment Analysis with PM Realty Advisors and was an acquisitions specialist in the commercial real estate department at GE Capital. He has served as a consultant to a numerous finance, real estate, and government entities. Additionally, Dr. Eppli was the recipient of the Greater Washington Urban League’s “Volunteer of the Year” and the Urban Land Institute’s “Star Performer” award for his efforts in attracting minorities to the real estate industry through outreach programs.

Dr. Eppli is interested in shopping center economics, single-family house pricing, commercial mortgage default, new urbanism, smart growth, and commercial real estate development. He has authored several books including: Real Estate Development: Principles and Process, fourth edition, Washington, DC: Urban Land Institute (2007), coauthors Mike E. Miles, Gayle L. Berens, and Marc A. Weiss; and Valuing the New Urbanism, Washington, DC: Urban Land Institute (1999), coauthor Charles C. Tu. He was numerous scholarly publications to his name and is a frequent keynote speaker at real estate events.

Mark was been a Research Fellow with the Urban Land Institute (2004-2010). He is currently a Board Member/Advisory Board Member with the Real Estate Research Institute (2005-2012) and serves as a Board Member of Local Initiatives Support Corporation – Milwaukee, (2007-2011).

Dr. Krause concluded, "I enjoy Mark as a colleague. He understands Marquette's mission and is highly devoted to his students. The real estate program at Marquette is among the best in the country - I know the students in his program receive an outstanding education."

AIM Program Mission Statement

AIM program director, Dr. David Krause, said, “While we often get caught up on campus with daily events (i.e. lectures, homework, presentations, exams, etc.), it is important that we don't lose sight of the big picture. It is useful to remember the larger mission. Therefore, it is appropriate that we regularly remind ourselves and all of our supporters about the long-term mission and vision of the AIM program.”

The Applied Investment Management program, guided by Marquette University’s Jesuit values, provides undergraduate students with the opportunity to integrate the financial principles they are learning, along with relevant internships and investment experiences, so that they may become proficient and ethical investment research analysts in an increasingly globalized and rapidly changing world.

First AIM Class in 2005 with Father Wild

Dr. Krause added, "We've come a long way with the AIM program since we began in 2005. It has been a pleasure to work with many wonderful people at Marquette. It's amazing to see how far we've progressed - and it's useful for us to step back and look at things with a longer-term focus. I believe we are successful in fulfilling our mission."

2008 NYC trip

Wednesday, March 30, 2011

Class of 2012 Equity Presentations Scheduled for April and May

The new students in the AIM Class of 2012 will make their first equity presentations in April and early May - several of which will be 'road shows.' 

"All of the AIM student presenters agree about the benefits of the visits to investment companies," Krause added. "The questions and insights that investment professionals provide are very beneficial and serve as an important element in our program. What our students learn during these interactions is many times beyond what is found in the text books - some of the information obtained by our students can only be learned by working with people experienced in security analysis. This will be our third year that we have reached out to visit various investment companies in Milwaukee, Madison, and Chicago - and we intend to continue this practice,” Dr. Krause concluded.

The schedule of the dates and locations of the presentations are shown below. Click on the table to make it larger. 
The student presenters for the first road show at Heartland Advisors have selected their stocks. Click on the table below to view a larger version. 

The Chicago 'road show' will occur on Friday, April 29th. Eight students in the AIM Class of 2012 will present their first equity write-ups consideration into the AIM portfolio. More information will follow, but Marquette alumni living and working in the Chicago area should 'save the date.' The event is scheduled to begin at 11:00 am at the CCS Learning Center, 155 N. Wacker Drive, Chicago. A light lunch will be served and the event will conclude at about 1:00. Invitations will be extended soon - if you are interested in attending, please contact Dr. David Krause at:

Tuesday, March 29, 2011

"Ins and Outs of Wall Street Event" - Preliminary Agenda and Expected Presenters

The following information contains the preliminary agenda for the "Ins and Outs of Wall Street" - and a list of the presenters who are planning on visiting Marquette's campus on Saturday, April 9. Others than those on the list have participated in preparing the materials and organizing the event - we will be certain to recognize everyone involved with the Ins and Outs in future communications.

The event is designed for students in Marquette's College of Business Administration who are interested in careers in finance, economics, and accounting. To RSVP for the event, follow this link to the Department of Finance web site that has registration material. The event is free of charge and open to Marquette students in the College of Business Administration.
 “Ins and Outs of Wall Street” Alumni Presentation – April 9, 2011
Preliminary Agenda
Marquette University College of Business Administration

                            Registration & Continental Breakfast (lobby DS 105)

8:30 a.m. – 9:00 a.m.        Welcome (DS 105) Dean Salchenberger &  Dr. David Krause

       Functional Areas of Finance (DS 105)

   Student Selection – Breakout #1
Investment Banking
Sales & Trading
Wealth Management
Investment Research & Asset Management
Alternative Investments (Private Equity & Hedge Funds)

   Student Selection – Breakout #2
11:25 a.m. –    Student Selection – Breakout #3
12 noon –12:15 p.m.         Break/Students Return to DS 105/Lunch

12:15 p.m. – 2:00 p.m.     Prepare for Careers in Finance
       Mock Interviews (DS 105)

       Conclusion: Dr. Peck and Dr. Krause (DS 105)

       Networking: Students and Alumni (Atrium)

List of Expected Presenters

Monday, March 28, 2011

AIM Students to Pitch Stocks at Heartland Advisors on Friday, April 8

 On Friday, April 8, four AIM students in the Class of 2012 will present their first equity recommendations since assuming control of the AIM Funds. The first AIM 'road show’ since management of the AIM portfolios switched to the Class of 2012 will be held at Heartland Advisors. The students presenters will be: Jacob Bear (Financial Services), Ted Linn (Industrial Materials), Vincent Ong (International Technology), and Bronson Wetsch (International Healthcare). These students will be the first members of the new AIM class to pitch stocks to be considered as additions to the AIM funds.

Jeanne Kolimaga (VP of Human Resources at Heartland) has been working with Dr. David Krause (AIM program director) to organize the visit. Dr. Krause said, “The sessions we hold within investment companies are valuable learning experience for the AIM students. The visits reinforce the applied element of the AIM program and we’ll continue to go on the road on Friday afternoons to present stocks to investment professionals. I know that the juniors are nervous because this is their first set of presentations; however, I'm sure that the investment analysts and portfolio managers at Heartland Advisors will offer them encouragement and useful advice.”

Heartland Advisors, located in Milwaukee, Wisconsin, consists of a team of dedicated professionals that provide investment advisory services to individuals, investment advisors, institutions and retirement plans. Their approach is highly disciplined and their consistent, value-driven investment style is well-known to most professionals within the industry. Heartland relentlessly seeks value, analyzing overlooked and unpopular stocks which they believe sell at significant discounts to their true worth. The firm is known for its superior investment results and excellent client service.

Dr. Krause stated, “On behalf of the students in the AIM program, in advance of our visit we want to thank Heartland Advisors. We look forward to hearing the comments and suggestions from the investment professionals scheduled to attend the presentations: Jason Schacht, Matthew Miner, Colin McWey, Hugh Denison, Michael Jolin, and Adam Peck."

"All of the student presenters agree about the benefits of these types of interactions," Krause added. "The questions and insights of investment professionals are highly beneficial and serve as an important element in our program. What they learn in these interactions can't be found in text books - it can only be obtained by working with people experienced in security analysis. This will be our third trip to Heartland and we look forward to returning again – this has developed into an excellent long-term relationship,” Dr. Krause concluded.

Saturday, March 26, 2011

The AIM Research Room and Investment Resources

The students in Marquette University’s Applied Investment Management program are responsible for managing three separate investment portfolios with a value approaching $2 million. They function as an investment management firm would - operating with a well-defined investment policy and established procedures. Individual security analysis and presentations to a group of investment professionals are among the tasks and responsibilities of each AIM student. Effective oral and written presentation skills are essential in obtaining a majority vote from fellow AIM students before any security can be added to one of the AIM funds.

The AIM Research Room. The students conduct their economic research and fundamental security analyses in the AIM Room located in the College of Business Administration (Straz Hall), Room 470. The AIM Room has 28 personal computers, four Bloomberg terminals, digital marketboard, televisions, and a teaching smartboard. In addition to Bloomberg Professional Service the students also have access to Thomson One Banker, Morningstar Advisor, Morningstar Direct, and other investment-related databases in the AIM Room. Hours for the AIM Room are the same as the College of Business Administration: 7:00 a.m. – midnight and it is common to find the room heavily utilized throughout the day and evening.

Dr. Krause commented, “The first AIM Room could only accommodate 12 students and was a little too cozy for comfort – especially as the program participants grew. The expansion into the new AIM Room in January 2008 allowed us to use the room for presentations and student meetings. The highly functional room is well-designed for teaching and group research. It is an integral element of the AIM program that helps us fulfill our mission.”

 Investment Resources. Dr. David Krause, AIM Director, commented, “There is no shortage of information available to AIM students to conduct in-depth financial analysis. Each year we have an opportunity to meet and hear from Valerie Beech, the Marquette University Business Reference Librarian. Our meeting with her is very important because she helps the students understand how to access the many databases and news services that are hosted by the Raynor Library. She helps students understand how to access the right research service or dataset, which is crucial in conducting timely and insightful investment analysis.”

The AIM students have access to various online data services through Marquette University’s Raynor Memorial Library. These resources include:
  • Thomson One Banker – a service that provides access to financial data and company documents for over 12,000 U.S. companies (EDGAR) and for 13,000 non-U.S. companies (Worldscope). The database also includes access to M&A deal data and other financial transactions.
  •  Wall Street Journal - the most frequently used daily financial newspaper in the U.S. providing business and financial news coverage, personal and company profiles.
  • Investor's Business Daily – the electronic edition that provides economic, social, political and stock market news and investment screening tools for financial investors.
  • WRDS (Wharton Research Data Services) - a data hosting and interface service that allows access to several large datasets, such as:
    • CRSP (Center for Research in Securities' Prices - University of Chicago)
    • Compustat North America (Standard & Poor's)
    • Compustat Global (Standard & Poor's)
    • ExecuComp (part of Compustat North America and Standard & Poor's)
    • Historical Board Analyst (from The Corporate Library)
    • TAQ (Trades & Quotes from the NYSE)
    • RiskMetrics (Historical Governance and Directors data)
  • Investext (part of Thomson One) – this resource provides reports from more than 1,400 analyst research sources around the globe. The reports offer authoritative analysis of companies, industries, products and markets worldwide.
  • Wall Street Transcript - this journal's content consists of transcripts of interviews with CEO's and other high-level corporate executives, and transcripts of interviews with investment analysts and money managers.
  • Business & Company Resource Center - this database is more of a portal and provides considerably more than just industry and company articles. It has a feed of investment reports from Reuters on Demand.
  • Hoover's Online - an easy-to-use directory-style database that has in-depth profiles of over 40,000 companies covering both public and private companies.    
  • Mergent Online – a U.S. and international public company database.
  • Lexis Nexis Academic - this database acts like a web portal with strong coverage in news, business, and the law.
  •  Socrates; the Corporate Social Ratings Monitor - provides information and in-depth analyses of the corporate social responsibility of public companies in the S&P 500 Index and the Domini 400 Social Index.
  • ReferenceUSA - this directory database for the U.S. and Canada has two parts: a business directory and a consumer directory and is an excellent mechanism for creating lists based on industry (SIC or NAICS), company size and geographic location.
  • Corporate Affiliations - a 'Who owns whom?' directory that allows the ability to also see corporate hierarchies or family trees.
  • Mergent Horizon - comprehensive coverage for companies actively traded on the NYSE, AMEX and NASDAQ with enhanced product-level detail for 3,700 companies in the healthcare, technology, media and financial services sectors. This database also shows relationships among companies: between suppliers, customers, and competitors.
  • ABI/INFORM Global and ABI/Inform Trade & Industry (from ProQuest) - provides in-depth coverage of business conditions, trends, corporate strategies and tactics, management techniques, competitive and product information, and a wide variety of other topics from over 700 trade journals.
  • Business Dateline (from ProQuest) – an index to local and regional business magazines, newspapers, and newswires focused on business.
  • – a resource providing current news and analysis of stocks, mutual funds, and ETFs. 
The Raynor Memorial library also has various hard copy resources including Value Line Investment Survey, Barron’s, BusinessWeek, Forbes, Fortune, The Economist, and various Standard & Poor's investment and industry reports. Dr. Krause added, “The AIM Room also has a large selection of current finance periodicals and investment texts (including the complete CFA library) available for student use.”

Dr. Krause concluded, “The student-managed funds and the AIM Research Room are two important elements of the program. While the curriculum, summer internships, and outside speakers are also essential components of the program, the responsibility of managing real funds and functioning in a professional-like environment are unique applied experiences for our students.”   

Thursday, March 24, 2011

Description of the Applied Investment Management (AIM) Program for Interested Freshmen and Sophomores at Marquette University

Dr. Krause, AIM program director, said “Many of the freshmen and sophomore students are stopping by my office to talk about the AIM program. It’s probably because the students will soon be required to register for their courses for the fall semester. This blog posting is intended to help those students learn more about the AIM program and what courses interested students should be taking next semester.”

Background: Marquette University is home to one of the nation’s top undergraduate programs in applied investment management. The AIM program allows a select group of finance majors to get hands-on academic and security analysis experience, including summer internships, and an opportunity to actively manage equity (domestic and international) and fixed-income portfolios throughout their senior year. Students will study the core body of knowledge covered in the Chartered Financial Analyst (CFA®) Level I exam – preparing them to take the test upon graduation – and begin a career in the money management industry. 

In addition to the regular finance courses, there are four unique AIM courses:
·      Introduction to Applied Investment Management covers investment policy, securities regulation, and the mechanics of the securities markets and is intended to prepare students for their summer internship.
·      Research and Financial Analysis provides students a thorough understanding of the key investment tools – quantitative research methods, economic relationships, and financial statement analysis. During this course students will analyze securities and manage actual equity and fixed income portfolios.
·      Valuation and Portfolio Management includes the common approaches to valuing assets, the basic measurements of risk and return, and the key elements of the portfolio management process. Students will continue to manage the investment portfolios, evaluate performance, and prepare reports on the results at the end of the semester.
·      Investment Management, Ethics, and Society emphasizes how to manage investments in a manner that is both ethical and socially responsible. Students will acquire a thorough understanding of the CFA® professional standards of conduct in the application of ethics to the moral dimensions of money management.  

Students accepted into the AIM program are expected to complete a summer internship between their junior and senior years. While possible, students should understand that it will be challenging to study abroad during their junior or senior years while enrolled in AIM.  Also, given the required AIM courses, it will be difficult for students to obtain a triple major in business in four years.

The AIM curriculum is located on the AIM program web site at: Students can go here to obtain the listing of the courses to fulfill the AIM program requirements. Sophomores should be aware that they need to have taken or be enrolled in the Introduction to Finance and Intermediate Accounting courses at the time they apply to the AIM program. Freshmen are encouraged to try and take the Introduction to Finance courses during their sophomore year.

"Students apply to the AIM program during the fall semester of their junior year (while enrolled in FINA 3001and ACCO 3001) and notification of acceptance occurs before the advising period during the fall semester." Dr. Krause said. “For any sophomores considering the AIM program, they should be sure to take Intermediate Accounting during the fall semester of their junior year. It is also beneficial for students to follow the global economy and financial markets prior to enrolling in AIM.”

Acceptance into the AIM program is competitive and admittance is based on:

  • Resume & References 
  • Interview 
  • Declared Finance major 
  • Application Essay
  • Grades earned by the beginning of the fall semester of the junior year (GPA ≥ 3.0)
Interviews for the summer internships will begin after acceptance into the AIM program. For additional information go to the AIM web site or contact Dr. Krause at
Also, you can follow the AIM program at the following:

AIM web site at:
Twitter: MarquetteAIM
Linkedin: MarquetteAIM
Facebook: MarquetteAIM

Wednesday, March 23, 2011

Why Are Over 40 Universities Headed to Omaha, Nebraska for the CFA GIRC?

Omaha, Nebraska

While Omaha, Nebraska is a great American city, many people have been asking us why the prestigious CFA Global Investment Research Challenge isn't being held in New York City - where all of the previous Americas' competitions have been held. Maybe it's the beefsteaks or the beautiful sunsets?   

Well, this week the CFA Institute informed the schools participating in the GIRC competition that "Warren Buffett will be holding a question and answer session with students participating in the Global Investment Research Challenge in Omaha."  In preparation for this event, each of the teams has been asked to submit five questions that they would like to ask him. 

Like all of the students participating in the GIRC, Marquette's AIM students are hopeful they will have an opportunity to meet Mr. Buffett. Dr. Krause stated, "I've had the luxury of watching the CFA's Global Investment Research Challenge grow over the past several years. It is impressive to see the number of universities worldwide increase to nearly 500 schools - and I know it will be an amazing experience for the students to be in the company of Warren Buffet. I know that the five AIM students competing in the GIRC are looking forward to the competition in Omaha."

Tuesday, March 22, 2011

Frequently Asked Questions about the AIM Program

During the week of March 21, advising is taking place on the Marquette campus. Many freshmen and sophomore students that are considering the Applied Investment Management program are seeking answers to questions about AIM.

AIM program director, Dr. David Krause, said "We have a section on the AIM web site devoted to frequently asked questions. Prospective AIM students are encouraged to check out the FAQs during and after advising week." These can be accessed on the web site at:

The AIM curriculum and academic requirements are located at: "I look forward to meeting with the freshmen and sophomore students interested in the AIM program," Dr. Krause commented. "It is important that students enroll for the necessary courses in order to be eligible for the AIM program."

"The most frequently asked questions are about applying to the AIM program," Dr. Krause said. "Students apply to the AIM program during the fall semester of their junior year and notification of acceptance occurs during the fall semester. Acceptance into the AIM Program is highly competitive." Acceptance is based on the following:

·      Resume and Letters of Reference
·      Interviews
·      Declared Finance major
·      Application Essay
·      Grades earned by the beginning of the fall semester of the junior year (GPA ≥ 3.0)

Monday, March 21, 2011

Ins and Outs of Wall Street Event: April 9th

The College of Business Administration’s Finance Department and the Applied Investment Management program are pleased to announce the 4th annual
Alumni from organizations such as Citigroup, Bank of America and Morgan Stanley will share their personal experiences, including the best ways to prepare for “Wall Street” interviews and grow a career in this competitive environment.
 Saturday, April 9th
8:00 a.m. – 3:30 p.m.
College of Business Administration – Straz Hall, Room 105

Lunch is provided

Featuring Marquette Alumni interactive presentations on the following topics:
·        How to Navigate the “Wall Street” Job Landscape
·        Interviewing Tips and Mock Interviews
·        How to Connect with Marquette Alumni from Wall Street Banks
·        Careers in High Finance: Asset Management, Investment Banking, Hedge Funds, Sales & Trading, Private Equity and more

Dress is Business Casual
Please RSVP by Tuesday, April 5
or visit the Finance Department website

CFA Global Investment Research Finalists (Tournament Brackets)

As previously written about in this blog, Marquette University's Applied Investment Management (AIM) team will be making their third consecutive appearance in the CFA Institute's Global Investment Research Challenge (GIRC). Three of the four Global Finalist spots already have been secured. Congratulations to the following schools:
  • Politecnico di Milano (Milan, Italy) representing the Europe/Middle East/Africa Region
  • Rutgers University (New Jersey, USA) representing the New York Region
  • Thammasat University (Bangkok, Thailand) representing the Asia Pacific Region
The final spot - the Americas Region - will be determined April 7th in Omaha, Nebraska. Click on the arrow below to view and navigate the CFA GIRC tournament bracket: