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Est. 1983 – Lustrum VI
Core: Investment groups
Highlight: Investment Week & Symposium
Welcome to B&R Beurs
Peter Paul de Vries, B&R alumnus
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What Can You Expect?
Introduction Weekend
Formation Period
Kickoff Investmen
t Competitio
n
October
Social Drinks, Exclusive Events & In-House Days
November -
SymposiumInvestment Week
May
Investment Awards
July
Academy
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By B&R for B&R◦ Sharing knowledge
Basic to advanced lectures
PowerPoints now, VoD “soon”
B&R Academy
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“The act of committing money or capital to an endeavor (a business, project, real estate, etc.) with the expectation of obtaining an additional income or profit. Investing also can include the amount of time you put into the study of a prospective company, especially since time is money.” - Investopedia
Investing
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Asset managers1. Blackrock $3,6tr.2. UBS $2,3tr.3. Allianz $2,2tr.
Pension Funds1. Japan Government Pension Fund $1,4tr.2. Norway Government Pension Fund $0,7tr.3. Pensioenfonds ABP $0,4tr.
Mutual Funds
Hedge Funds
Companies
Who is investing?
You!
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First stock exchange in the 17th century◦ Dutch East Indies Corporation
Not much has changed
History of stocks
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Thomas has a company
Thomas needs money
Thomas raises 20$ from Daniel by issuing stocks
How does it work?Thomas
60$
Thomas60$
Daniel20$
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Company wants to raise money◦ More investments◦ Change the capital structure
Liquid instrument
Dispersion of ownership
People wants stocks because of good returns
Why do they exist?
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Value derived from dividends
Anticipation of the future
Gordon Growth Formula
Stock Value
𝑆0=∑𝑡=0
𝑇 𝐷𝑖𝑣𝑡
(1+𝑟 )𝑡
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Growth/Value◦ Is the stock price mainly driven by the company?
Pro/Anti cyclical◦ How much does the stock price move with economy?
Trend/momentum◦ Will the stock behave in the same way as last year?
Stock Styles
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Growth/Value◦ Is the stock price mainly driven by the company?
Pro/Anti cyclical◦ How much does the stock price move with economy?
Trend/momentum◦ Will the stock behave in the same way as last year?
Stock Styles
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Country◦ German stocks
Industry◦ Pharmaceuticals
Style◦ High dividend yield
Combination◦ German pharmaceuticals with a high dividend yield
Grouping Stocks