BUS-123 - Introduction to Investments
Fall 2021
Semester Started August 23rd

Southwestern Community College
Instructor: Frank Paiano

Group Based on BUS-123, Introduction to Investment
Thank you, Abe!

Introduction to Investments Textbook
A Free Manual for Building Wealth .

Southwestern Investment Club
Thursdays at noon


Announcements

Announcements  (Announcements also available in Canvas)

Week #4 - Finish Mutual Funds - Exam 1 This Week - Chapter 1 Assignments (if not submitted yet) - Video - Audio
    Due: Exam #1, Chapter 1 assignments (if you have not submitted them yet), Chapter 2 assignments (but next week is okay, also)

Week #3 - Starting Mutual Funds - Exam 1 Next Week - Chapter 1 Assignments and Short-term Discussion Forum Due This Week - Video - Audio
    Due: Short-term Snack Shack discussion forum and Chapter 1 assignments due this week, Exam #1 next week
Week #2 - Continuing Introduction to Investments - Risk versus Return - Short-term Investments - Video - Audio
    Due: Finish chapter 1 material, Add your personal email and mobile phone number to Canvas
Week #1 - Introduction and Welcome to BUS-123, Introduction to Investments, for Fall 2021 - Video - Audio
    Due: Please Introduce Yourself discussion forum
Week #0 - Presemester Announcement - Video - Audio
  Pre-semester annoucement for students enrolled in online class


Chapter Presentations, Handouts, and Assignments


Part 1: Introduction including Mutual Funds


Part 1:


Syllabus:
BUS-123-502 Online - Audio Commentary of Online Class Syllabus - Long Format  Long format also in Canvas
Your Humble Professor Introduces Himself
Your Humble Professor Introduces Himself with just audio
A Guided Tour of the class website - Audio  Uh, it's what yer lookin' at right now.
Videos on Apple iTunes  iTunes has been eratic of late. I think Apple is going to shut it down soon.
Zoom Room Virtual Office  We will have at least three online Zoom office hours this semester, typically Thursday nights from 7:00 pm to 7:55 pm.
   Dates:
     Tentative: Thursday, September 16th, 7:00 to 7:55 pm (coincide with exam #1)
     Tentative: Thursday, October 14th, 7:00 to 7:55 pm (coincide with exam #2)
     Tentative: Thursday, December 9th, 7:00 to 7:55 pm (coincide with final exam)

Chapter 1:
Introduction,
Overview,
and
Risk versus
Return


Chapter 1 Materials - Introduction, Overview, and Risk versus Return
Presentation file  Every chapter has a Google Docs slide presentation that can be read with Google Docs, OpenOffice, LibreOffice, or PowerPointless
Study Guide - Video - Audio  Discussion of the chapter study guides and how to use Google Docs
Assignment - Commentary   The process is more important than the information and answers. Enjoy!
Short-Term Investments Assignment - Commentary
TreasuryDirect.gov Assignment - Commentary
   TreasuryDirect.gov  Your Federal Tax Dollars at Work!
   Cetes Directo    El TreasuryDirect.gov de Mexico - Miralo - Una tasa de interes mas grande que los estados unidos
How to Submit Assignments - Commentary
Discussion Boards Assignment Everyone post! We need your input! Don't worry about what you will say! Just write something! - Commentary
  Add your picture to the discussion boards!  We want to see your smiling face!

Security? But I'm not an Administration of Justice Major!   No, not that type of security!
Security Types Matching Handout - Answer Key   Memorize for exam! You must know these!
Investopedia: What is a Security?

Sample Portfolio Class Project - Commentary
  Create Your Own Portfolio: Video - Audio
  Snapshot (27 Aug 2021)  We are off to a quiet start. Woulda' done a whole lot better except for Smucker's!
  Snapshot (3 Sep 2021)  Not much change from last week. Quiet week.
  Snapshot (10 Sep 2021)  Ooo! Down 2 1/2%. Hmmm. Maybe we ought to swap out at least one of our holdings, eh? Anyone ever heard of Progenity, symbol PROG? Oscar wants us to buy it.
  Snapshot (17 Sep 2021)  September is the worst month of the year for stocks. If it weren't for Blackstone, we would be really hurting.

Bibliography - Books to Read (Eventually) - Commentary
Future Value Worksheet - Commentary - Answer Key
Future Value Tables

Scams   They want to take your money!
Turn $33,000 into $7,000,000 in just 2 years! - Rates of Return - Commentary
  Yet another scam -- Turn $500 into $650,000 with no risk!  When you see advertisements like these, please send them my way. Thanks!
Investopedia article on recent stock scams
Advice from a Scam Expert on How to Spot a Scam
The same kind of illegal behaviors go on in the world of weight loss supplements  Some weight loss supplements have Prozac and Viagra!

Short-term Securities Investments
Investopedia: An Introduction to Commercial Paper
T. Rowe Price Cash Reserves Money Market Fund  Interesting. This fund can have securities that mature in up to 397 days but the average is 60 days.
Fidelity Money Market Fund  Annual Report -- April 30, 2021
Vanguard Municipal Money Market Fund  Municipal money market funds are tax-exempt at the Federal level
U.S. Government Money Market Mutual Fund Annual Report  Scroll down to pages 5 and 6 to see the Treasury bills and corporate paper that the money market owned on September 30, 2020
Short-term Securities Examples: Video - Audio
  2020 Example: Spring 2020
  2019 Example: Spring 2019
  2018 Examples: Fall 2018 - Spring 2018  The Federal Reserve Bank started raising short-term rates in 2015
  2014 Example: Fall 2014 -  Before 2015, short-term rates were close to zero!
Interview with a Dyed-in-the-Wool CD Investor  Jeanne tells you why she will only invest in short-term investments
Bankrate.com  Popular Internet site for researching short-term investments

Online Audio Lectures
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 53    Risk versus Return
     Liar's Poker Story - Slide 47    Are you a Speculator/Trader or are you an Investor?
     Investopedia on the Difference between Investing and Speculating/Trading
     The Difference between Investing and Speculating/Trading according to Forbes
     Jack Bogle Interview with Forbes  Aha! I found it! In this interview, Jack Bogle nails the difference between investing and speculating. Scroll down to [06:09] Emotion Is The Enemy
     The Value Line on the Difference between Investing and Speculating/Trading
Chapter 1 - Lecture 4 - Slides 54 to 72    Short-term Investments, A Place to Park Your Money

Online Audio/Video Lectures
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 53    Risk versus Return
     Liar's Poker Story -- Slide 47    Are you a Speculator/Trader or are you an Investor?
     Investopedia on the Difference between Investing and Speculating/Trading
     The Difference between Investing and Speculating/Trading according to Forbes
     Jack Bogle Interview with Forbes  Aha! I found it! In this interview, Jack Bogle nails the difference between investing and speculating. Scroll down to [06:09] Emotion Is The Enemy
     The Value Line on the Difference between Investing and Speculating/Trading
Chapter 1 - Lecture 4 - Slides 54 to 72    Short-term Investments, A Place to Park Your Money

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 1 - Lecture 1 - Slides 1 to 14    Introduction: What is an Investment?
Chapter 1 - Lecture 2 - Slides 15 to 34    An Overview of the Investment Universe
Chapter 1 - Lecture 3 - Slides 35 to 53    Risk versus Return
     Liar's Poker Story -- Slide 47    Are you a Speculator/Trader or are you an Investor?
     Investopedia on the Difference between Investing and Speculating/Trading
     The Difference between Investing and Speculating/Trading according to Forbes
     Jack Bogle Interview with Forbes  Aha! I found it! In this interview, Jack Bogle nails the difference between investing and speculating. Scroll down to [06:09] Emotion Is The Enemy
     The Value Line on the Difference between Investing and Speculating/Trading
Chapter 1 - Slides 54 to 72    Short-term Investments, A Place to Park Your Money

Zoom Recorded Sessions (BUS-123-01)
TueThur Lecture 1 -- 24 Aug   Introduction: What is an Investment?
TueThur Lecture 2 -- 26 Aug   An Overview of the Investment Universe and the Relationshiop of Risk and Return
TueThur Lecture 3 -- 31 Aug   Short-term Investments, Chapter 1 Assignments, Investment Club, Start Mutual Funds

Chapter 2:
Mutual Funds:
Investments
for the
Masses


Chapter 2 Materials - Mutual Fund: Investments for the Masses
Presentation file
Study Guide - Commentary
Assignment - Commentary
Mutual Fund Annual Report Assignment - Commentary   (You can use the Annual Reports and Prospectuses links below)
Thrift Savings Plan Assignment - Commentary
Bonus Assignment: Index Funds and Diversification - Commentary
Mutual Fund Case Studies - Commentary  (Not an assignment but something like this might just be on the exam -- hint, hint)
Investor.gov: What Are Mutual Funds   The Federal government explains mutual funds

Mutual Funds Used in Lecture #2
AB Large Cap Growth Fund   Formerly Alliance Large Cap Growth Fund
The Growth Fund of America
Legg Mason Value Trust   Now called Clearbridge Value Trust
Vanguard 500 Index Fund   The Admiral shares have replaced the orginial 500 Index Fund
Fidelity 500 Index Fund

Mutual Fund Types Scramble Sheet (Online lecture 3) - Commentary

A Sample Mutual Fund  (Online lecture 4 - Just one of over 12,000!)
ICA Prospectus: Full - Summary - Web page - Commentary
ICA: 87 Years of Investing -  Commentary: Video - Audio
Top 75 Holdings of ICA -  Commentary
The Benefit of Time -  Commentary
Worst Day / Best Day -  Commentary

Hypothetical Illustrations  (Online Lecture 4)
$100 per month for 30 years
$100 per month for 40 years
$100 per month for 40 years - increase $10 each year
$500 per month for 20 years
$1,000 per month for 20 years
   Commentary: Video - Audio

A Shares (commission-based) versus F or I Shares (fee-based)
$500,000 paying the up-front commission - 20 years
$500,000 paying the yearly annual fee (Example: Fisher Investments 1.25% yearly fee) - 20 years
$500,000 paying the up-front commission - 25 years
$500,000 paying the yearly annual fee (Example: Fisher Investments 1.25% yearly fee) - 25 years
   Commentary: Video - Audio

401(k), 403(b), and other Employer-sponsored Plans
Jack Bogle sticks it to the 401(k) world  And Senator Oral Hatch is not pleased...

Offerings of Sample Mutual Fund Companies Performance  (Online lecture 4)
Vanguard Funds Performance
American Funds Performance
Fidelity Funds and all the other funds that they offer through their web site    Over 3,400 no transaction fee funds. Over 9,700 funds total! Woman CEO!
Dodge and Cox Funds Performance
T. Rowe Price Funds
Franklin Templeton Funds    Woman CEO!

Annual Reports and Prospectuses  (Online lecture 4 and Mutual Fund Annual Report Assignment)
Vanguard Funds
American Funds
Fidelity Funds    Woman CEO!
Dodge and Cox Funds
T. Rowe Price Funds
Franklin Templeton Funds  Choose fund and then find [Documents] - Woman CEO!

Top 10 Largest U.S. Fund Families: Morningstar  ThinkAdvisor, Sep 2019 - Careful: Different sources have different results
The Top Three Have Earned Their Stature  At least, according to Morningstar.com
CityWire Alpha Female Report  The Women are gaining but still far behind the Men

Mutual Fund Commentaries, Insights, and Perspectives
Vanguard Insights - John Bogle's Official Website - Obituary for Howard Schow
American Funds Investment Insights - The Capital Ideas (Parent company of American Funds) - Obituary for Jon B. Lovelace
Fidelity Funds Insights - Viewpoints - Ned Johnson on Wikipedia
Dodge and Cox Funds Video Perspectives Gallery - Insight Papers - Video Gallery Check out The Case for Active Management
T. Rowe Price Investing Insights - Biography of T. Rowe Price, Jr.
Franklin Templeton Funds Investing Commentary - John Templeton's Official Website

No Investment Is Perfect ...
Mutual Funds Far Outperform Mutual Fund Investors   Huh? That does not make any sense. But it is true! See last presentation.
Why The Average Investor's Investment Return Is So Low
Like Moths to a Flame   In January 2014, investors (?) rushed out of stock funds and into bond funds ... at just the wrong time. Fun video.
A Cautionary Tale for Investors   An example of a mutual fund without proper oversight by the Board of Directors
Woodford Funds Debacle:   An example of a mutual fund manager who believed he was invincible. Look for long-term results, Dear Students!
  The decline and fall of a star stock picker  To read this one, you have to create a free account with City Wire Selector
  Morningstar's take on the Woodford Funds  Morningstar also requires you to create a free account to read the article
  Woodford Funds Debacle   The Financial Times now has a "pay wall" for this article. Sorry.

Online Lectures
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 61    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Online Audio/Video Lectures
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 61    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 2 - Lecture 1 - Slides 1 to 20     Introduction to Mutual Funds
Chapter 2 - Lecture 2 - Slides 21 to 40    Fees, Expenses, and Class Shares, Oh My!
Chapter 2 - Lecture 3 - Slides 41 to 61    Types of Mutual Funds (Scramble Sheet)
Chapter 2 - Lecture 4 - Slides 62 to 79    Fund Families and a Sample Mutual Fund

Zoom Recorded Sessions (BUS-123-01)
TueThur Lecture 1 -- 31 Aug   Short-term Investments, Chapter 1 Assignments, Investment Club, Start Mutual Funds Mutual funds start at around 1 hour 8 minutes into the video
TueThur Lecture 2 -- 2 Sep    Mutual Funds History, Open end, Closed end, ETFs Funds; Start Mutual Fund Fees
TueThur Lecture 3 -- 7 Sep    Mutual Fund Fees; Review Mutual Fund Assignments
TueThur Lecture 4 -- 9 Sep    Types of Mutual Funds
TueThur Lecture 5 -- 14 Sep    Mutual Fund Families; A Sample Mutual Fund; Chapter 2 Assignments
TueThur Lecture 6 -- 16 Sep    Review for Exam #1, Chapter 2 Assignments, Commissions versus Assets-Under-Management Fees


Part 2: Stocks, also known as Equities

Chapter 3
Introduction
to Stocks



Chapter 3 Materials - Introduction to Stocks
Presentation file
Study Guide
Assignment
Stock Markets Assignment - Commentary
Earnings Call Assignment - Commentary

The difference between limit, stop, and stop-limit orders  Limit, schlimit! If you want the buy or sell the stock, just use a market order!
Market Simulation Handout - Commentary
   Presentation: Chaos in the Classroom! (Spring 2020 before the lockdown): Video - Video (CC) - Audio

Internet Finance Web Sites   (Assignments, Lecture #3)
Presentation: Video - Audio
The Value Line  Awesome resource that used to be pay only. Check it out!
   The Value Line now gives you some information on stocks and all info on the 30 stocks in the Dow Jones Industrial Average
Yahoo Finance   Yahoo Finance was the best free finance site. Now it is really bad. What is going on at Yahoo?
   
E-mail to and response from the CEO of Verizon   Verizon is buying Yahoo. The CEO answered me personally!
   Users sound off about newly-destroyed Yahoo Finance site
Bloomberg Finance
Marketwatch  Wall Street Journal's free web site (Not so free anymore...)
Google Finance   Google Finance is great for checking on the international markets
CNBC
Investopedia  Pretty good website (even though it is owned by the same folks who own Tinder)
The New York Times Markets Overview

ESG - Environmental, Social, and Governance
ESG will eat itself  Critical look at the difficulties in defining what is good and what is bad

FINRA - Financial Industry Regulatory Authority
FINRA  Investigate your broker and brokerage firm at FINRA's BrokerCheck
FINRA Broker Check  Just type "PAIANO" for the name and hit [Enter]
FINRA Registered Representative Brochure  Registered Representative is the legal term for a Stockbroker
The new Securities Industry Essentials Exam  Started October 1, 2018
Solomon Securities Industry Essentials Exam Preparation  Just one of many exam prep companies (I don't get any kickback!)
The FINRA Investor Knowledge Quiz  Actually, you should wait until the end of the semester before taking this quiz!
FINRA SIE Exam Practice Exam  Take it over and over and over again! Wait until the end of the semester.
The FINRA Investor Knowledge Quiz  Wait until the end of the semester for this exam, too.

The Spread - How market makers (a.k.a. dealers) make money
Casas de Cambio - San Ysidro and Tijuana (Lecture 2) - Video - Audio - YouTube
  Investopedia explains the bid-ask spread
Robinhood is not free!   How does a brokerage firm that changes no commission make money? From the spread!
The SEC is not happy with Robinhood   But doesn't everyone know that they are still being charged when they use Robinhood? (I guess not...)
How Robinhood makes money on $0 trades   Investopedia is skeptical but not very critical of Robinhood.
Robinhood Is Making Millions Selling Out Their Millennial Customers To High-Frequency Traders
    However, this guy claims the spreads on Robinhood are very high.
Breaking News: SEC Considers Banning Order Flow!     31-August-2021: Whoa! Wouldn't that upset the apple cart?!

Even in hindsight, it is difficult to choose stocks
Eighty-Seven Years Ago (Lecture 3) - Commentary - Results   Don't Peek Until You Have Chosen a Company!

Stock Certificates
Disney - Allied Signal - Campbell Soup Company - Commentary

Stock Worksheets
Stocks Worksheet 1 - (Lecture 3) - Commentary - Answer Key
Stocks Worksheet 2 - (Lectures 4 and 5) - Commentary - Answer Key
Stocks Worksheet 3 - (Lecture 5) - Commentary - Answer Key

Dividend Reinvestments Plans (DRIPs)
Sempra Energy DRIP (Lecture 4) - Commentary

Penny Stock and Other Stock Scams
DPER -- From $0.006 To $0.06 In Just 9 Days! (Lecture 5) - Commentary   Psst. It is now at $0.0000
PPTL -- Turn $0.0138 to $0.05 In Just One Week!   What is it selling for now? $0.0000
Yahoo! Advertisement for AwesomePennyStocks.com - Another: "Penny Stocks Made Me Rich!"
The same people who are doing the recommending to you are the same scam artists who are selling the bogus stocks to you!
They "pump" up the price and then "dump" all the shares! It is a very old scam.

AwesomePennyStocks.com shuts down after SEC/FBI probe  Sigh. These scams will never end as long as people are greedy and stupid.
Another web site that was shut down  And they spelled "receive" incorrectly! I before E except after C...
Two British Teens Ran "Stock-Picking Robot" Scam
Email scam using PRFC -   PRFC is one of the few legitimate companies on the OTC. They warned the investment community that they were being used by the penny stock scammers.
DRMC: 25-Feb-2015 - 26-Feb-2015 -- Definitive Rest Manufacturing
   Formerly manufactured mattresses but now makes materials for aerospace industry. Uh, right...
STHC: 24-Feb-2015 - 25-Feb-2015 -- SouthCorp Capital
   Started June 2014 as a company refurbishing run-down homes but now is manufacturing cans and weight loss products. Okay...
How Bernie Madoff Made Off With $18 Billion   They also ask the question, "Are we protected from the next major Ponzi scheme?" (Spoiler: No.)

IPO -- Initial Public Offering or It's Probably Overpriced?
It's Probably Overpriced!
Rigging the IPO Game

Keep a long-term perspective
History of Bear Markets - (Lecture 3) - Commentary
Another History of Bear Markets
Five Weeks of Hell - Fall 2008  It's gonna' happen ag'n, Folks. We just don't know when. Be prepared emotionally.
What Past Market Declines Can Teach Us
Don't Lose Perspective (Lecture 5) - Commentary
BGFN, The Benjamin Graham Financial Network! - Commentary
Books to Read about Stocks - Commentary (Same as Chapter 1)

Rewards of keeping a long-term perspective
96-Year-Old Secretary Quietly Amasses a Fortune Stocks can make you rich, Dear Students ... but it takes time
Woman buys 3 shares of Abbott Labs at age 26 When she dies at 100, she leaves $7 million to her favorite college

High Frequency Trading (HFT)
FINRA High-Frequency Trading (HFT) Concerns
  But this guy says that HFT is good for us! Arrgh!
  Brad Katsuyama, the Hero of Flash Boys, begs to differ. "The system is rigged."   And he started IEX to level the playing the field
    Mr. Katsuyama's full speech   The link above is an excerpt
  SEC gives approval to IEX to become a stock exchange   FranklinTempleton, Capital Group, and other large financial firms and pension funds backed IEX
  One False Move   A High Frequency Trading firm loses $440 million in 45 minutes

Warren Buffett and Berkshire Hathaway
The History of Berkshire Hathaway Class B Shares

Online Audio Lectures
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 4 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Online Audio/Video Lectures
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 3 - Lecture 1 - Slides 1 to 12      Introduction to Stocks - Historical Returns - Advantages and Disadvantages
Chapter 3 - Lecture 2 - Slides 13 to 35    The Stock Market
Chapter 3 - Lecture 3 - Slides 36 to 46    Stock Transactions, Transaction Costs, and Stock Quotes
Chapter 3 - Lecture 4 - Slides 47 to 59    Market Averages and Indexes; Volatility Reexamined
Chapter 3 - Lecture 5 - Slides 60 to 73    Stock Characteristics and Measurements
Chapter 3 - Lecture 6 - Slides 74 to 84    Types of Stocks, Growth versus Value, and Market Capitalization
Chapter 3 - Lecture 7 - Slides 85 to 92    Stock Investment Strategies

Chapter 4:
Fundamental
Analysis:
Valuation
Models


Chapter 4 Materials - Fundamental Analysis: Valuation Models
Presentation file
Study Guide
Chapter 4 Valuation Models Assignment - Commentary
Chapter 4 Value Line Assignment - Commentary
    Newport Beach Public Library  The Value Line is available online through this library
    The full version of The Value Line is available at the Chula Vista and San Diego Central Libraries.
    It is also available at selected San Diego branch libraries. May be out of date. Call First.
    Their website only shows the Central Library and Rancho Bernardo but we know it is available at other branches.

Pretzels Unlimited Discounted Cash Flow Spreadsheet   (Lecture 2)
Valuation Worksheet 1 - Commentary - Answer Key
   Jimba Jomba Jumba Juice Discounted Cash Flow Spreadsheet
Valuation Worksheet 2 - Commentary - Answer Key
The Value Line: Johnson 'n' Johnson Spreadsheet - Video - Audio

Chapter 4 Formulas
Present Value Table  (Needed for Discounted Cash Flow Model calculations)

Online Audio Lectures
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line

Online Audio/Video Lectures (Closed captioning available)
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line

Online Audio/Video Lectures on YouTube (Closed captioning available)
Chapter 4 - Lecture 1 - Slides 1 to 5    Introduction to Valuation Models
Chapter 4 - Lecture 2 - Slides 6 to 20    Dividend Discount Models
Chapter 4 - Lecture 3 - Slides 21 to 36    Discounted Cash Flow Model
Chapter 4 - Lecture 4 - Slides 37 to 49    The Value Line

Text Book


Breaking News!
We are writing an Open Educational Resource (OER) version of the textbook.
(Ah, that means it is free to read.)

Here is the link: Introduction to Investments: A Free Manual for Building Wealth




The previous book is okay. If you are interested in purchasing a copy of the previous textbook, visit
the Spring 2021 class website.

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