Investment Strategies (Online)

Managing a Stock Portfolio through Uncertainty

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Course Dates

STARTS ON

January 30, 2025

Course Duration

DURATION

9 weeks
4–6 hours per week

Course Fee

PROGRAM FEE

US$2,800 and get a referral benefit

Course Information Flexible payment available
Course Fee

For Your Team

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Learn together with your colleagues

Participants report that enrolling in a program with colleagues fosters collaborative learning and amplifies their impact.

Please provide your details to get more information about the group-enrollment pricing.

The benefit of learning together with your friend is that you keep each other accountable and have meaningful discussions about what you're learning.
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Early Registration Benefit

Apply now to secure your place at US$2,492 by . Connect with a learning advisor for more information.

Advance Your Investing Intelligence

For individual and professional investors who want to develop a strong foundation in investment strategies and enhance their existing knowledge base, this program provides a broad introduction to the fundamentals of active investing and an overview of capital markets. Strategy and skill are critical to success in an investment landscape that is constantly adjusting to new technology, climate change, and other megatrends. Led by Harry Mamaysky, Professor of Professional Practice and the Director of the Program for Financial Studies at Columbia Business School, the Investment Strategies (Online) program is an essential course of study for anyone seeking to transform their approach to portfolio management, from new asset managers to seasoned wealth advisors.

The nine-week online program includes interactive exercises, case studies, and discussions that will help you develop a comprehensive understanding of modern diagnostic trading tools, including valuation, regression, forecasting, and stock-filtering. Through a foundational curriculum, you will challenge commonly held assumptions about investing and learn investment strategies that drive portfolio success.

#1

On the list of skills required to succeed as a portfolio manager is investment strategy.

SOURCE: CFA INSTITUTE

#2

On the list of top areas becoming increasingly integral to investment practice is quantitative analysis.

SOURCE: CFA INSTITUTE

72%

Professional fund selectors agree that active fund management will be essential to investment outperformance today.

SOURCE: Natixis Investment Managers

Key Takeaways

The Investment Strategies (Online) program will enable you to:

  • Better inform your market opinions with a deeper understanding of capital markets, major investable asset classes, the challenges of leveraging and shorting, and how to use financial and economic databases
  • Avoid common investment pitfalls by gaining an understanding of overleveraging and underappreciating
  • Make educated stock selections by measuring risk and applying risk management and analytical theory to your choices
  • Become an active portfolio manager by analyzing the performance of investment products over time, understanding bond market and yield, and knowing the tools for — and limits of — forecasting

Who Should Attend

  • Retail investors, traders, or advanced individual investors looking for sophisticated/advanced techniques and models to make more informed and strategic investment decisions and manage their investment portfolio, potentially leading to better investment outcomes
  • Portfolio managers seeking strategic portfolio management techniques, equipping them with the strategies needed to construct robust investment portfolios and manage risks
  • Financial analysts and investment professionals looking for enhanced analytical skills that can significantly increase their analytical capabilities, making them more effective in their roles

Program Modules

Module 1:

Introduction to Capital Markets

  • Describe the difference between a stock and a bond
  • Articulate the role assets, liabilities, and the corporate balance sheet play in the stock market
  • Compare and contrast the opportunity versus the risk of leverage

Module 2:

Major Asset Classes

  • Identify the major asset classes (government bonds, stocks, etc.)
  • Identify meaningful financial data using specific online resources, and be able to use that data to calculate informative economic indicators
  • Analyze a long history of stock markets around the world, and draw conclusions from the historical data
  • Calculate and graphically show the log return of a security over time
  • Use readily available financial data to identify and calculate global historical stock and bond returns

Module 3:

Risk and Investing

  • Measure standard deviation in multiple financial scenarios
  • Define a drawdown
  • Calculate the Sharpe ratio
  • Identify a Sharpe ratio and discuss its impact in the asset management industry
  • Interpret a correlation matrix and calculate its values

Module 4:

Active Management

  • Identify values for each piece of the Capital Asset Pricing Model equation and then, using available financial data, solve the equation using these values
  • Calculate the price of the stock market using the dividend discount model
  • Use the dividend discount model to calculate the price of individual stocks
  • Discuss what it means for a market to be efficient

Module 5:

Market Risk Premium Part I

  • Discuss the attractiveness of a stock in terms of an investment considering Discount rates and Growth rate of future dividends
  • Calculate the dividend yield and discuss its impact on whether a stock is “cheap” or “expensive”
  • Identify low and high P/E ratio stocks and discuss their impact on whether or not the stock should be considered cheap or expensive
  • Articulate the principles of Shiller’s CAPE and discuss if there is a relationship to three-month T-bill rates

Module 6:

Market Risk Premium Part II

  • Calculate the implied CAPE ratio at different levels of interest rates
  • Analyze the CAPE ratio today as a way to estimate future stock returns
  • Compare and contrast the CAPE model and the fed model’s predictive power to see which one seems to give you cleaner predictions
  • Discuss the pros and cons of the CAPE model and the Fed model

Module 7:

Patterns in Stock Returns I

  • Identify a characteristic of a stock’s expected return that cannot be captured by the stock’s beta
  • Articulate the current relevance of the size effect and your beliefs about whether or not is it still a useful tool in evaluating stock returns
  • Identify value and growth stocks, and be able to articulate the current relevance of the value effect and your beliefs about whether or not is it still a useful tool in evaluating stock returns

Module 8:

Patterns in Stock Returns II

  • Identify past winning and losing momentum stocks and discuss their future prospects by looking at current market conditions
  • Articulate the profitability model and identify and discuss the prospects of profitable and non-profitable stocks
  • Discuss your thesis on what makes a good stock selection, making sure to build in the discipline of paying attention to historical stock regularities

Module 9:

Portfolio Considerations

  • Discuss and show on a graph the ability to adjust the risk and achievable return of two securities and articulate which investment points on the graph would lead to a strong or weak portfolio
  • Articulate the opportunity to balance the risk and reward of a combination of assets using the correlation between said assets
  • Discuss diversification across a portfolio of more than two stocks
  • Articulate at what point you can consider your portfolio diversified

Module 1:

Introduction to Capital Markets

  • Describe the difference between a stock and a bond
  • Articulate the role assets, liabilities, and the corporate balance sheet play in the stock market
  • Compare and contrast the opportunity versus the risk of leverage

Module 6:

Market Risk Premium Part II

  • Calculate the implied CAPE ratio at different levels of interest rates
  • Analyze the CAPE ratio today as a way to estimate future stock returns
  • Compare and contrast the CAPE model and the fed model’s predictive power to see which one seems to give you cleaner predictions
  • Discuss the pros and cons of the CAPE model and the Fed model

Module 2:

Major Asset Classes

  • Identify the major asset classes (government bonds, stocks, etc.)
  • Identify meaningful financial data using specific online resources, and be able to use that data to calculate informative economic indicators
  • Analyze a long history of stock markets around the world, and draw conclusions from the historical data
  • Calculate and graphically show the log return of a security over time
  • Use readily available financial data to identify and calculate global historical stock and bond returns

Module 7:

Patterns in Stock Returns I

  • Identify a characteristic of a stock’s expected return that cannot be captured by the stock’s beta
  • Articulate the current relevance of the size effect and your beliefs about whether or not is it still a useful tool in evaluating stock returns
  • Identify value and growth stocks, and be able to articulate the current relevance of the value effect and your beliefs about whether or not is it still a useful tool in evaluating stock returns

Module 3:

Risk and Investing

  • Measure standard deviation in multiple financial scenarios
  • Define a drawdown
  • Calculate the Sharpe ratio
  • Identify a Sharpe ratio and discuss its impact in the asset management industry
  • Interpret a correlation matrix and calculate its values

Module 8:

Patterns in Stock Returns II

  • Identify past winning and losing momentum stocks and discuss their future prospects by looking at current market conditions
  • Articulate the profitability model and identify and discuss the prospects of profitable and non-profitable stocks
  • Discuss your thesis on what makes a good stock selection, making sure to build in the discipline of paying attention to historical stock regularities

Module 4:

Active Management

  • Identify values for each piece of the Capital Asset Pricing Model equation and then, using available financial data, solve the equation using these values
  • Calculate the price of the stock market using the dividend discount model
  • Use the dividend discount model to calculate the price of individual stocks
  • Discuss what it means for a market to be efficient

Module 9:

Portfolio Considerations

  • Discuss and show on a graph the ability to adjust the risk and achievable return of two securities and articulate which investment points on the graph would lead to a strong or weak portfolio
  • Articulate the opportunity to balance the risk and reward of a combination of assets using the correlation between said assets
  • Discuss diversification across a portfolio of more than two stocks
  • Articulate at what point you can consider your portfolio diversified

Module 5:

Market Risk Premium Part I

  • Discuss the attractiveness of a stock in terms of an investment considering Discount rates and Growth rate of future dividends
  • Calculate the dividend yield and discuss its impact on whether a stock is “cheap” or “expensive”
  • Identify low and high P/E ratio stocks and discuss their impact on whether or not the stock should be considered cheap or expensive
  • Articulate the principles of Shiller’s CAPE and discuss if there is a relationship to three-month T-bill rates

Program Experience

World-Renowned Faculty

Learn from accomplished faculty, and industry experts whose diverse backgrounds encompass a broad range of disciplines

Peer Interaction

Stimulating discussions with like-minded global peers expand your professional network and build a supportive community

Case Studies

Through exploratory sessions, examine practical examples and find innovative solutions to strategic challenges

Engaging Assignments and Activities

Hone business acumen and executive skills with try-it activities that help you redefine your potential

Real-World Applications and Learning Activities

You’ll have access to a range of hands-on tools and activities that bridge the theoretical and the practical to help make you a more effective investor. Some examples include:

Hedge Fund Case Study
Explore the real-world gains and perils that can occur when aggressively using leverage and risk in the investment process.

Measurement Tools
Examine and apply different approaches for measuring investment performance — including risk exposure — using the Sharpe ratio and the information ratio.

Financial Data Resources
Learn to use an invaluable set of online resources that can help you create an investment strategy and wisely implement it, such as Yahoo Finance, Finviz, MacroHistory and FRED.

Past Participant Profile

Past participants of the Investment Strategies (Online) program come from diverse backgrounds, industries, and experiences.

Average years of work experience:

  • Less than 10 years: 19%
  • 10 to 14 years: 16%
  • 15 to 19 years: 18%
  • More than 20 years: 47%

Top industries:

  • Banking and Financial Services
  • Consulting
  • Energy
  • Healthcare
  • Real Estate

Top functions:

  • Consulting
  • Corporate Planning
  • Finance
  • General Management
  • Sales and Business Development

Top countries:

  • United States
  • Mexico
  • Canada
  • United Arab Emirates
  • Peru

Note: Data from across previous cohorts

Participant Testimonials

Robert Sieker

“Before joining this program, I didn't really know where or what to look for while choosing stocks and asset classes to invest in. The video lectures and resources really helped my understanding of the subject.”

— Robert Sieker, Chief Executive Officer, SiekerBynum Energy Services

David Pittet

“The program gives a good overview on investing in financial markets in 50-60 hours. It is difficult to do better than this in the time frame. A part of the success of the program is accredited to the pedagogical qualities of Prof. Mamysky.”

— David Pittet, Chief Executive Officer, Venoge Consulting LLC

Program Faculty

Faculty Member Harry Mamaysky

Harry Mamaysky

Professor of Professional Practice, Director of the Program for Financial Studies, Columbia Business School

Harry Mamaysky teaches capital markets and asset pricing to MBA, Masters, and PhD students as well as Executive Education courses on investment strategy, the use of text data in finance, and corporate bonds... More info
Faculty Member Harry Mamaysky

Harry Mamaysky

Professor of Professional Practice, Director of the Program for Financial Studies, Columbia Business School

Harry Mamaysky teaches capital markets and asset pricing to MBA, Masters, and PhD students as well as Executive Education courses on investment strategy, the use of text data in finance, and corporate bonds. His research focuses on equity, exchange rate, volatility, and credit markets, market microstructure, and the role of information in the trading process. He has consulted for a quantitative investment firm and for a nationally recognized statistical rating organization. Prior to his return to academia, he founded the Systemic Risk Group at Citigroup and served as a member of the firm’s Risk Executive Committee. He was a senior portfolio manager at Citi Principal Strategies with a focus on relative value credit trading. He has also held positions at Old Lane, Morgan Stanley, and Citicorp. Harry earned his PhD in finance from MIT and hold BS and MS degrees in computer science from Brown University. He joined Columbia Business School in 2015.

Certificate

Example image of certificate that will be awarded after successful completion of this program

Certificate

Upon completion of the Investment Strategies (Online) program, you will receive a certificate of participation from Columbia Business School Executive Education. This certificate also awards two credits towards the Certificate in Business Excellence, which grants select alumni and tuition benefits. Learn More

Download Brochure

Your digitally verified certificate will be issued in your legal name and emailed to you, at no additional cost, upon completion of the program, including all modules of the program (online, in person, or live online, inter-module). All certificate images are for illustrative purposes only and may be subject to change at the discretion of Columbia Business School Executive Education.

FAQs

  • How do I know if this program is right for me?

    After reviewing the information on the program landing page, we recommend you submit the short form above to gain access to the program brochure, which includes more in-depth information. If you still have questions on whether this program is a good fit for you, please email learner.success@emeritus.org, and a dedicated program advisor will follow-up with you very shortly.


    Are there any prerequisites for this program?

    Some programs do have prerequisites, particularly the more technical ones. This information will be noted on the program landing page, as well as in the program brochure. If you are uncertain about program prerequisites and your capabilities, please email us at the ID mentioned above.


    Note that, unless otherwise stated on the program web page, all programs are taught in English and proficiency in English is required.


    What is the typical class profile?

    More than 50 percent of our participants are from outside the United States. Class profiles vary from one cohort to the next, but, generally, our online certificates draw a highly diverse audience in terms of professional experience, industry, and geography — leading to a very rich peer learning and networking experience.


    What other dates will this program be offered in the future?

    Check back to this program web page or email us to inquire if future program dates or the timeline for future offerings have been confirmed yet.

  • How much time is required each week?

    Each program includes an estimated learner effort per week. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page.


    How will my time be spent?

    We have designed this program to fit into your current working life as efficiently as possible. Time will be spent among a variety of activities including:



    • Engaging with recorded video lectures from faculty
    • Attending webinars and office hours, as per the specific program schedule
    • Reading or engaging with examples of core topics
    • Completing knowledge checks/quizzes and required activities
    • Engaging in moderated discussion groups with your peers
    • Completing your final project, if required

    The program is designed to be highly interactive while also allowing time for self-reflection and to demonstrate an understanding of the core topics through various active learning exercises. Please email us if you need further clarification on program activities.


    What is it like to learn online with the learning collaborator, Emeritus?

    More than 300,000 learners across 200 countries have chosen to advance their skills with Emeritus and its educational learning partners. In fact, 90 percent of the respondents of a recent survey across all our programs said that their learning outcomes were met or exceeded.

    All the contents of the course would be made available to students at the commencement of the course. However, to ensure the program delivers the desired learning outcomes the students may appoint Emeritus to manage the delivery of the program in a cohort-based manner the cost of which is already included in the overall course fee of the course.

    A dedicated program support team is available 24/5 (Monday to Friday) to answer questions about the learning platform, technical issues, or anything else that may affect your learning experience.


    How do I interact with other program participants?

    Peer learning adds substantially to the overall learning experience and is an important part of the program. You can connect and communicate with other participants through our learning platform.

  • What are the requirements to earn the certificate?

    Each program includes an estimated learner effort per week, so you can gauge what will be required before you enroll. This is referenced at the top of the program landing page under the Duration section, as well as in the program brochure, which you can obtain by submitting the short form at the top of this web page. All programs are designed to fit into your working life.

    This program is scored as a pass or no-pass; participants must complete the required activities to pass and obtain the certificate of completion. Some programs include a final project submission or other assignments to obtain passing status. This information will be noted in the program brochure. Please email us if you need further clarification on any specific program requirements.


    What type of certificate will I receive?

    Upon successful completion of the program, you will receive a smart digital certificate. The smart digital certificate can be shared with friends, family, schools, or potential employers. You can use it on your cover letter, resume, and/or display it on your LinkedIn profile.
    The digital certificate will be sent approximately two weeks after the program, once grading is complete.


    Can I get the hard copy of the certificate?

    No, only verified digital certificates will be issued upon successful completion. This allows you to share your credentials on social platforms such as LinkedIn, Facebook, and Twitter.


    Do I receive alumni status after completing this program?

    No, there is no alumni status granted for this program. In some cases, there are credits that count toward a higher level of certification. This information will be clearly noted in the program brochure.


    How long will I have access to the learning materials?

    You will have access to the online learning platform and all the videos and program materials for 12 months following the program start date. Access to the learning platform is restricted to registered participants per the terms of agreement.

  • What equipment or technical requirements are there for this program?

    Participants will need the latest version of their preferred browser to access the learning platform. In addition, Microsoft Office and a PDF viewer are required to access documents, spreadsheets, presentations, PDF files, and transcripts.


    Do I need to be online to access the program content?

    Yes, the learning platform is accessed via the internet, and video content is not available for download. However, you can download files of video transcripts, assignment templates, readings, etc. For maximum flexibility, you can access program content from a desktop, laptop, tablet, or mobile device.

    Video lectures must be streamed via the internet, and any livestream webinars and office hours will require an internet connection. However, these sessions are always recorded, so you may view them later.

  • Can I still register if the registration deadline has passed?

    Yes, you can register up until seven days past the published start date of the program without missing any of the core program material or learnings.


    What is the program fee, and what forms of payment do you accept?

    The program fee is noted at the top of this program web page and usually referenced in the program brochure as well.

    • Flexible payment options are available (see details below as well as at the top of this program web page next to FEE).
    • Tuition assistance is available for participants who qualify. Please email learner.success@emeritus.org.

    What if I don’t have a credit card? Is there another method of payment accepted?

    Yes, you can do the bank remittance in the program currency via wire transfer or debit card. Please contact your program advisor, or email us for details.


    I was not able to use the discount code provided. Can you help?

    Yes! Please email us with the details of the program you are interested in, and we will assist you.


    How can I obtain an invoice for payment?

    Please email us your invoicing requirements and the specific program you’re interested in enrolling in.


    Is there an option to make flexible payments for this program?

    Yes, the flexible payment option allows a participant to pay the program fee in installments. This option is made available on the payment page and should be selected before submitting the payment.


    How can I obtain a W9 form?

    Please connect with us via email for assistance.


    Who will be collecting the payment for the program?

    Emeritus collects all program payments, provides learner enrollment and program support, and manages learning platform services.


    Are there any restrictions on the types of funding that can be used to pay for the program?

    Program fees for Emeritus programs with Columbia Business School Executive Education may not be paid for with Title IV financial aid funds. Participants may be able to pay the program fee with funds from the GI Bill, the Post-9/11 Educational Assistance Act of 2008, or similar types of military education funding benefits. Participants must contact the Columbia University’s Office of Military and Veterans Affairs to determine benefit eligibility.

  • What is the program refund and deferral policy?

    For the program refund and deferral policy, please click the link here.

Financing Options

Climb Credit*

We offer financing options with our partner, Climb Credit*. Click here to learn more.
*Applicable for US Residents

Flexible Payment Options For All

Flexible payment options allow you to pay the program fee in installments. Click here to see payment schedule.

Didn't find what you were looking for? Write to us at learner.success@emeritus.org or Schedule a call with one of our Program Advisors or call us at +1 315 387 4431 (US) / +44 203 838 0836 (UK) / +65 3138 4449 (SG)

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Flexible payment options available. Learn more.