Value Investing in Technology (Online)

Tap into technology's enormous market potential for profitable growth

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Course Date

STARTS ON

February 9, 2023

Course Duration

DURATION

6 weeks, online
4–6 hours per week

Course Fee

PROGRAM FEE

US$2,600 US$2,210 or get US$260 off with a referral

Course Information Flexible payment available

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Application Details

program fee

US$2,600 US$2,210

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Recognize - And Seize Upon - Undervalued Technology Investment Opportunities


Technology-driven organizations have the potential for robust growth and substantial returns. However, economic, business, and industry factors can all impact their valuation, so investing in digital requires a nuanced understanding of how these businesses operate—and the inherent opportunities and risks they present.

Designed around the value investing strategy popularized by Warren Buffet and led by Tano Santos, this program will make you well versed in the application of proven frameworks and modern valuation protocols to help you select the right technology investments for maximum returns on capital.

1927-2020

Value stocks achieved the greatest outperformance vs. growth stocks in periods of moderate to high inflation. They also tend to perform well amid rising interest rates

Source: Blackrock

$3.3 Trillion

Collective loss in market capital suffered by the big tech organizations (Meta, Apple, Microsoft, Alphabet, Amazon, and Netflix), accounting for one-third of the total $9 trillion loss in the S&P 500 during the first half of 2022

SOURCE: S&P GLOBAL

157%

Increase in global funding for technology startups in 2021 from the previous year

SOURCE: CB INSIGHTS

Key Takeaways

By participating in the program, you will be able to:

  • Become a strategic investor by applying the value-investing approach to make informed decisions on technology investments, even in times of crisis
  • Understand the key differences in the valuation of technology-led organizations, which rely on intangible assets, compared to non-technology-led organizations
  • Estimate an organization’s asset value, earnings power value, and marginal ROIC as part of the modern valuation protocol
  • Make educated stock selections by learning how business, industry, and economic factors impact the modern valuation protocol
  • Examine the unique characteristics of technology organizations that create barriers of entry into the market and thus present beneficial investment opportunities

Who Should Attend?

Mid-level finance professionals interested in learning about and pursuing investments in technology and digital organizations and diversifying their portfolios. Roles that will benefit the most include:

  • Individual investor
  • Investment manager
  • Investment banker
  • Asset/fund manager

Senior-level professionals looking to understand the ideation methods for investing in a digital organization and drive tech investments for their organization or offer better investment solutions for their clients. Roles that will benefit the most include:

  • Entrepreneur
  • Chief financial officer
  • Chief investment officer
  • Consultant

Program Modules

Module 1:

The Valuation of Tech

Introduction to a modern valuation method, uniquely positioned to estimate the return on invested capital (ROIC) of organizations in the technology industry. Learn the key differences between the valuation of technology-led versus traditional organizations.

Module 4:

The Cloud Transforms Industry | Salesforce Case Study

Analyze how Salesforce took advantage of the Cloud to force transformation of the industry. Then, revisit the valuation model and explore concepts such as organic growth and growth stocks.

Module 2:

The Economics of Tech | Meta Case Study

Learn the steps of the modern valuation protocol by examining Meta, and understanding the role of intangible assets, such as the customer and product portfolio, in an organization’s valuation.

Module 5:

Industry-Level Technological Disruption | PayPal Case Study

Reviewing a PayPal case study, learn about the payments industry, and understand the importance of economic, industry, and business factors in valuation to reach an informed assessment of a technology stock.

Module 3:

The Cloud Transforms Business | Adobe Case Study

Discover how the Cloud reshaped the business model for many technology organizations, and evaluate Adobe by applying modern valuation frameworks.

Module 6:

Investing During Crises | Booking.com Case Study

Learn and apply the framework to evaluate trends, shocks, and disruption by analyzing Booking and how the online travel agency responded during the COVID-19 pandemic.

Program Experience

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Real-world examples

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Knowledge checks

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Discussions

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Hands-on activities

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Peer learning

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Mobile learning app

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Weekly assignments

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Dedicated program support

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Live office hours

Adding Value to Your Experience

Case Studies

Bite-sized case studies covering well-known technology organizations will give you the opportunity to learn real-world applications of valuation frameworks across a wide range of industries. Each case will be reviewed using Professor Santos’s own valuation calculations.

Decorative image relating to Meta

Meta

Decorative image relating to Adobe

Adobe

Decorative image relating to Salesforce

Salesforce

Decorative image relating to PayPal

PayPal

Decorative image relating to Booking

Booking

Hands-On Activities

The six modules will teach learners first how to accurately value tech organizations and then how to apply the protocol to different organizations: Meta, Adobe, PayPal, Salesforce, and Booking.com. In each case, learners will practice components of the protocol through workbook exercises and analyze the industry in which the business exists in addition to the particular economics of the business.

Program Faculty

Profile picture of program faculty, Tano Santos

Tano Santos

Robert Heilbrunn Professor of Asset Management and Finance Director, The Heilbrunn Center for Graham & Dodd Investing

Tano Santos is an expert in value investing at Columbia Business School... More info

Certificate

Example image of certificate of participation that will be awarded upon completion of the program

Certificate

Upon completion of this program, you will receive a certificate of participation from Columbia Business School Executive Education, which also counts toward two days for the Certificate in Business Excellence.

Download Brochure

This certificate also counts toward two days for the Certificate in Business Excellence, which grants select alumni and tuition benefits. Your verified digital certificate of completion will be issued in your legal name and emailed to you at no additional cost upon completion of the program, as per the stipulated requirements. 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 learner.success@emeritus.org for assistance.


    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 at learner.success@emeritus.org 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 contact us at learner.success@emeritus.org if you need further clarification on program activities.



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

    More than 250,000 professionals globally, across 80 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.

    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 contact us at learner.success@emeritus.org 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 at learner.success@emeritus.org for details.


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

    Yes! Please email us at learner.success@emeritus.org 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 learner.success@emeritus.org with your invoicing requirements and the specific program you’re interested in enroling 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 email us at learner.success@emeritus.org for assistance.

  • What is the policy on refunds and withdrawals?

    You may request a full refund within seven days of your payment or 14 days after the published start date of the program, whichever comes later. If your enrolment had previously been deferred, you will not be entitled to a refund. Partial (or pro-rated) refunds are not offered. All withdrawal and refund requests should be sent to admissions@emeritus.org.



    What is the policy on deferrals?

    After the published start date of the program, you have until the midpoint of the program to request to defer to a future cohort of the same program. A deferral request must be submitted along with a specified reason and explanation. Cohort changes may be made only once per enrolment and are subject to availability of other cohorts scheduled at our discretion. This will not be applicable for deferrals within the refund period, and the limit of one deferral per enrolment remains. All deferral requests should be sent to admissions@emeritus.org.

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