NO BUBBLY GAIN, NO PAIN, NO TARP - School of Business ...

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Back row (left to right): Spenser Samms, Grant Taylor, Joe Taylor, Joe Zhou, Josh Schoenfelder, Bill Beck, Michael Moore, Brett Kunshek, Ryan Drigans, Vince Hayes, David Kohtz. Middle row: Scott Miller, Thomas John, Xin Zhao, Roah Sham, Lucas Kempke, Justin Luegar, David Holzman. Front row: Chet Batson, Luke McKee, Rachel Sanner, Chris Carr STUDENT-RUN PORTFOLIO wEATHERS TOUGH MARkETS AppliED pORTFOliO mANAGEmENT upDATE A severe downturn is also a chance to learn, and the Spring 2009 Applied Portfolio Management (APM) class got help on that score from some seasoned professionals. Not surprisingly, the APM portfolio took big hits in late 2008 and early 2009, reflecting the swings in the overall market. The turmoil offered an opportunity to study the financial system and understand the roots of the crisis. In February, the class heard from Bryan Krug and Tim Burger of Waddell & Reed’s Ivy Fund. Burger is an APM alumnus who works with Krug, a Fixed Income Portfolio Manager. They discussed the credit markets and alternative credit investment strategies that Krug has successfully pursued during the crisis. At the end of the semester, Laurian Lytle, School of Business Ph.D. 1992, and a Financial Sector Analyst for Waddell & Reed, talked about how she analyzed financial institutions, what their problems were and what it would take to get the large banks going again. By the time 26 our last speaker of the year, Jade Shopp of Deloitte, came to class, the students couldn’t get enough. He walked them through some of the recent derivative instruments and how those instruments affected different types of companies from financial institutions to food processors. Tom John, APM Assistant Portfolio Manager, said of Shopp’s presentation, “I really have a good sense of how the pieces all affect each other now.” The class isn’t only about analyzing stocks. Besides the “investment role,” students also help maintain alumni relations. Just as for-profit investment companies have to attract investors and communicate with clients, APM maintains its relationships with alumni and friends. Students all have a role to play in maintaining that relationship. The class publishes a quarterly newsletter. Students write up features for each issue, and send thank you notes to donors and class speakers. The annual APM Golf Tournament contributes mightily to keeping APM students and alumni in contact with each other. It typically takes place in September. Students begin preparations in the spring by writing letters and making follow-up calls to potential sponsors. The whole class helps out by working or playing in the tournament. Students get to practice their networking skills and the alumni get a chance to renew acquaintances and meet the students. “The APM golf tournament is a fun way to reconnect with alumni of the APM class. It is also a great way to catch up with the Finance faculty, B-school administration and professionals in the financial industry,” said APM alumnus, Jeff Morrison. All are welcome to participate in the tournament. To get more information about next year’s tournament, go to www.business.ku.edu/ apm and click on Golf Tournament. 100% 50% 0% -50% 1994 APM 1995 1996 AnnuAL APM NASDAQ The APM portfolio has outperformed NASDAQ in 10 of 16 years since inception. 1997 1998 1999
2000 pERFORmANCE upDATE The class portfolio stands at $867,026, up 21.8% year-to-date, September 30. It is a tale of very different quarters. During the first quarter, the students saw a loss of almost 11%. The second quarter was up by 24%. The third quarter was up 9.8%. The numbers, however, always play second fiddle to the learning that happens while the students take their turns managing the portfolio. We gratefully acknowledge the help of the following finance professionals who spoke to the APM classes in Fall 2008 and Spring 2009. FALL 2008 Bryan Krug, Portfolio Manager, Ivy Fund – Waddell & Reed Tim Burger, Ivy Fund – Waddell & Reed Alex Verbov, Director, RBS Global Banking & Markets John Dicus, CEO, Capitol Federal Kent Townsend, CFO, Capitol Federal Brad Shoup, Chief Investment Officer, Armstrong Equity Partners Bob McAdoo, Analyst, Avondale Partners Rob Ralston, Analyst Mission Peak Capital Todd Preheim, Founder, Campanile Capital Steve Meuten, Analyst, Blackthorn Capital Sam Duncan, CEO, Office Max Kevin Rauckman, CFO, Garmin Laurian Lytle, Analyst, Waddell & Reed Jade Shopp, Partner, Deloitte And nASdAQ RetuRnS 2001 2002 2003 2004 2005 SPRInG 2009 Joe Onofrio, Analyst, Jayhawk Capital 2006 Mike Hagedorn, CFO, UMB Begonya Klumb, Investor Relations, UMB, Brett Leeth, Koch Equity Capital Aaron Mesmer, Principal, Block Funds Mark Hirschey, Anderson W. Chandler Professor of Business, KU Craig Novorr, Principal, Paragon Capital Bill Galligan, Vice President,Investor Relations, Kansas City Southern Pete Rieg, Risk Services Manager, Inergy, L.P. Steve Koenig, MD , JP Morgan Dennis Gartman, Founder, The Gartman Letter Todd Preheim,Campanile Capital Brett Young, Plainfield Asset Management 2007 2008 2009 SCHOLARSHIPS FiNANCE SCHOlARSHipS Rachel Berry Jason Curran Stephen Fessler Peter Fields Meghan Gockel Bailey Gray Vincent Hayes Shawn Jung David Kohtz Ashley Moser Christopher Reynolds Evan Richardson Spenser Samms Rachel Sanner Robert Spangler Clark Stinson Peter Tidrick Nicholas Vignatelli Kara Winkler Ying Zhou FiNANCE ADviSORy BOARD SCHOlARSHipS outStAndInG GRAduAte Student AWARdS Justin Lueger Erin Gfeller MoSt outStAndInG SenIoR AWARd Brian Reynolds outStAndInG SenIoR AWARdS Todd Crawford Christopher Eckard Charles Erhart Kalem Kopf Phillip Linville Alexander Mack Leila B. Wang outStAndInG JunIoR SCHoLARSHIP Rachel Berry Shawn Jung 27
Page 1 and 2: ISSue no. 2, 10.23.09 Student-AtHLe
Page 3 and 4: TABLE OF CONTENTS Finance Students
Page 5 and 6: FINANCE STUDENTS LAND INTERNSHIPS I
Page 7 and 8: THE OTHER ACCOMPLISHMENTS OF TODD R
Page 9 and 10: HITOMI NAkAMURA PETER CURzON RYAN I
Page 11 and 12: JiDE wiNTOKi Jide Wintoki began his
Page 13 and 14: kU STUDENTS RECOGNIzE THE ONE-ON-ON
Page 15 and 16: SIMPLE STRATEGY AND A STELLAR PERFO
Page 17 and 18: END “TOO BIG TO FAIL”; TIME TO
Page 19 and 20: COMMERCE BANk STICkS TO ITS kNITTIN
Page 21 and 22: terry Matlack earned MBA and JD deg
Page 23 and 24: REAL ESTATE FINANCE AFTER THE “PE
Page 25: BANkS AND BORROwERS IN THE CRISIS O
Page 29 and 30: Finance Advisory Board members (fro
Page 31 and 32: “A Theory of Bank Resolution: Pol

NO BUBBLY GAIN, NO PAIN, NO TARP - School of Business ...

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