tag:ndigi.nd.edu,2005:/news-events/newsNotre Dame Institute for Global Investing | News2024-03-25T13:47:00-04:00tag:ndigi.nd.edu,2005:News/1607562024-03-25T13:47:00-04:002024-03-25T13:51:52-04:00Research by Notre Dame Finance Department Professors Tim Loughran and Bill McDonald featured on CNBC's Squawk on the Street<div>Research by Notre Dame Finance Department Professors Tim Loughran and Bill McDonald was featured on a March 21st segment of CNBC's <em>Squawk on the Street. </em>Guest Adam Parker, Trivariate Research CEO, references Loughran and McDonald's 2011 Journal of Finance article, <a href="https://doi.org/10.1111/j.1540-6261.2010.01625.x"></a>
…</div><div>Research by Notre Dame Finance Department Professors Tim Loughran and Bill McDonald was featured on a March 21st segment of CNBC's <em>Squawk on the Street. </em>Guest Adam Parker, Trivariate Research CEO, references Loughran and McDonald's 2011 Journal of Finance article, <a href="https://doi.org/10.1111/j.1540-6261.2010.01625.x" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://doi.org/10.1111/j.1540-6261.2010.01625.x&source=gmail&ust=1711455888466000&usg=AOvVaw233M47oRAo6ZX7Fej7j7M7" rel="noopener">"When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks."</a> The discussion starts at the 3:00 minute mark in video clip below:</div>
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<p><iframe width="560" height="349" src="https://player.cnbc.com/p/gZWlPC/cnbc_global?playertype=synd&byGuid=7000335091" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen" webkitallowfullscreen="webkitallowfullscreen" mozallowfullscreen="mozallowfullscreen" oallowfullscreen="" msallowfullscreen=""></iframe></p>
<div>The paper's abstract outlines the strategy used and the outcomes that led to Loughran and McDonald's findings.</div>
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<div>Please contact <a href="mailto:NDIGI@nd.edu" target="_blank" rel="noopener">NDIGI@nd.edu</a> with further inquiries about this or any other research by the Finance Department.</div>
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<strong><em>When is a Liability not a Liability? Textual Analysis, Dictionaries, and 10-Ks<br></em></strong><br>Previous research uses negative word counts to measure the tone of a text. We show that word lists developed for other disciplines misclassify common words in financial text. In a large sample of 10-Ks during 1994-2008, almost three-fourths of the word count identified as negative by the commonly used Harvard Dictionary represents words that typically do not have negative meaning in a financial context. Words like tax, board, foreign, vice, and liability, simply describe company operations. Two potential solutions are explored. First, we develop an alternative negative word list that better reflects the tone of financial text. Second, we show that using a common term weighting scheme reduces the noise introduced by misclassifications. Without term weighting, our list generally outperforms the Harvard list; with weighting the performance appears comparable. However, we also find evidence that some of the power of the Harvard list could be attributable to misclassified words that proxy for other effects. Five other word classifications (positive, uncertainty, litigious, strong modal, and weak modal) are also considered. We link the word lists to 10-K filing returns, trading volume, subsequent return volatility, fraud, material weakness, and unexpected earnings.</div>
<div> </div>NDIGItag:ndigi.nd.edu,2005:News/1582872023-11-27T15:03:52-05:002023-11-27T15:04:35-05:00Art of Investing "Podclass"<figure class="image image-right"><img src="https://ndigi.nd.edu/assets/549193/art_of_investing_podcast.png" alt="Art Of Investing Podcast" width="300" height="297"></figure> <p>In “Art of Investing”, we seek to provide the definitive curriculum on compounding by curating guest teachers who are among the greatest investors,…</p><figure class="image image-right"><img src="https://ndigi.nd.edu/assets/549193/art_of_investing_podcast.png" alt="Art Of Investing Podcast" width="300" height="297"></figure>
<p>In “Art of Investing”, we seek to provide the definitive curriculum on compounding by curating guest teachers who are among the greatest investors, company builders and human beings. In doing so, we strive to inspire a community of lifelong learners who embrace the time horizon of eternity in pursuit of the good life.</p>
<p>What you'll learn:</p>
<ul>
<li>Help you gain an understanding that investing is a ubiquitous profession; that is, leaders in any field are called to allocate time and resources to their highest and best use.</li>
<li>Expose you to numerous models of success in investing, business, and elsewhere to reframe what is possible.</li>
<li>Equip you with new knowledge about investing, human biases, organization structure, incentives, and emerging themes in the investing and business world.</li>
</ul>
<p>Visit the <a href="https://www.joincolossus.com/art-of-investing">Art of Investing</a> website to <a href="https://www.joincolossus.com/art-of-investing/course-calendar">view the course calendar</a> and to listen to the podcast.</p>
<p> </p>Notre Dame Institute for Global Investingtag:ndigi.nd.edu,2005:News/1576902023-10-30T15:49:00-04:002023-11-02T15:54:59-04:00Double wins for Notre Dame Investment Club<p><img class="size-full wp-image-37497 aligncenter" src="https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023.jpg" sizes="(max-width: 1000px) 100vw, 1000px" srcset="https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023.jpg">…</p><p><img class="size-full wp-image-37497 aligncenter" src="https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023.jpg" sizes="(max-width: 1000px) 100vw, 1000px" srcset="https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023.jpg 1000w, https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-300x200.jpg 300w, https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-768x512.jpg 768w, https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-600x400.jpg 600w, https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-800x533.jpg 800w" alt="ND students at the stock pitch competition" width="1000" height="667"></p>
<p>The University of <a href="https://investmentclub.nd.edu/" target="_blank" rel="noopener">Notre Dame Investment Club</a> (NDIC) scored two notable wins in recent undergraduate stock pitch competitions.</p>
<p>“The Notre Dame Investment Club prides itself on being very knowledgeable about the companies that it pitches and presenting a well thought out thesis,” said <a href="https://mendoza.nd.edu/mendoza-directory/profile/john-stiver/" target="_blank" rel="noopener">John Stiver</a>, associate teaching professor of finance at <a href="https://mendoza.nd.edu/news/double-wins-for-notre-dame-investment-club/blank" target="_blank" rel="noopener">Mendoza College of Business</a> who serves as NDIC faculty adviser. “These competitions give the students an opportunity to show off their hard work and make valuable contacts with industry professionals. Winning is, of course, a welcome bonus.”</p>
<p>On September 15, students Jack Viscuso (BBA ’25), Jack Wayman (BBA ’25) and Ellie Wyshner (BBA ’25) took first in the <a href="https://www.johnson.cornell.edu/parker-center-for-investment-research/undergraduate-stock-pitch-challenge/" target="_blank" rel="noopener">Undergraduate Stock Pitch Challenge</a> at Cornell University’s SC Johnson College of Business. The challenge allows students from top undergraduate programs to showcase their stock-picking skills in front of a panel of investment professionals.</p>
<p><img class="size-full wp-image-37499 alignleft" src="https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-2.jpg" sizes="(max-width: 598px) 100vw, 598px" srcset="https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-2.jpg 598w, https://mendoza.nd.edu/wp-content/uploads/2023/10/Investment-club-stock-pitch-competition-2023-2-226x300.jpg 226w" alt="Students stand next to banner at the stock pitch competition" width="598" height="794" loading="lazy"></p>
<p>Each of the nine teams competing prepared two pitches, one of which was assigned by organizers for the preliminary round and one stock of their own choosing for the final. The Notre Dame team pitched Crocs in the first round and Garrett Motion, a leading manufacturer of turbochargers, for the final round. Judges from T. Rowe Price and Dodge and Cox selected the winner based on overall quality of analysis, choice of stock and investment process, the team’s handling of Q&A and presentation skills.</p>
<p>“As someone interested in a career in investing long term, the competition afforded a unique opportunity to present our thesis on stocks that had a compelling return profile,” said Viscuso. “It was equally helpful to hear the questions and concerns from judges, which helped our team to think more strategically about the investment. I’d certainly encourage other finance students to enter these competitions as they offer a tremendous opportunity to learn more about investing in public equities.”</p>
<p>Mendoza students also took first place in the <a href="https://www.johnson.cornell.edu/parker-center-for-investment-research/undergraduate-women-in-investing-conference/" target="_blank" rel="noopener">Undergraduate Women in Investing Conference</a> Stock Pitch Showcase hosted by SC Johnson School of Business on September 29. The team of Kathleen Mark (BBA ’25), Grace Hibey (BBA ’25) and Peyton Richardson (BBA ’25) was one of 12 schools competing.</p>
<p>The teams were divided into three presentation groups with the top two schools in each group declared as winners. Notre Dame presented before judges from Fidelity Investments, Boston Partners, and Dodge and Cox. Judging criteria for this competition was also based on a combination of the team’s quality of analysis, stock pick, investment process and presentation skills.</p>
<p>“I highly recommend that finance students interested in investing do a stock pitch at some point in their four years, whether internal or external competition or an NDIC pitch,” said Mark. “The pitching process offers the practice of implementing fundamentals learned about in class and employing creativity in the presentation. Our team really valued the experience of seeing how other schools approach the investment process, which exposed us to a myriad of diverse perspectives.”</p>
<p> </p>Carol Elliottag:ndigi.nd.edu,2005:News/1552532023-08-23T09:24:00-04:002023-09-15T12:15:08-04:00Jason Reed named as the associate faculty director of the Notre Dame Institute for Global Investing<figure class="image-right"><strong><img src="https://ndigi.nd.edu/assets/340159/f19_jasonreed.jpg" alt="F19 Jasonreed" width="250" height="250"></strong></figure> <p><strong>Jason Reed</strong> has accepted the role of Associate Faculty Director of the Institute for Global Investing. In this role, Jason will oversee the…</p><figure class="image-right"><strong><img src="https://ndigi.nd.edu/assets/340159/f19_jasonreed.jpg" alt="F19 Jasonreed" width="250" height="250"></strong></figure>
<p><strong>Jason Reed</strong> has accepted the role of Associate Faculty Director of the Institute for Global Investing. In this role, Jason will oversee the student and industry-facing aspects of NDIGI, including curriculum, student programming, career discernment/training, and student engagement with practitioners, in support of the strategic priorities developed in collaboration with the Faculty Director (position to be filled) and the Managing Director (Patty Brady). Jason's experience will be extremely valuable in helping to grow the partnership between NDIGI and the department. </p>
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<p> </p>NDIGItag:ndigi.nd.edu,2005:News/1537992023-06-02T14:24:00-04:002023-06-07T11:37:46-04:00 Patty Brady named as the managing director of the Notre Dame Institute for Global Investing<figure class="image-right"><img alt="Patty Brady 1" height="599" src="https://ndigi.nd.edu/assets/477656/300x/patty_brady_1_.png" width="600"></figure> <p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span></span></span></span></span></span>…</p><figure class="image-right"><img alt="Patty Brady 1" height="599" src="https://ndigi.nd.edu/assets/477656/300x/patty_brady_1_.png" width="600"></figure>
<p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"></span></span></span></span></span></span></span><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><strong>Patty Brady</strong> has been named as the managing director of the Notre Dame Institute for Global Investing after serving as interim since January.</span></span></span></span></span></span></span></p>
<p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial">Patty joined Mendoza in 2021 as the NDIGI director of strategic projects after working in the Notre Dame Investment Office for 17 years. She holds a BBA in finance from Notre Dame and is a CFA charterholder.</span></span></span></span></span></span></span></p>
<p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial">As interim managing director and in her previous role, Patty has led a number of successful initiatives to advance NDIGI’s mission to be the preeminent university-based investment management research and education program worldwide. These include the recent Women’s Investing Summit 2023, which featured more than 20 women in both senior executive and investing roles at top investment institutions, and a spring semester trek to California for 25 of our Business of Life students led by Peter Kaufman, chairman & CEO of Glenair and author of the world-famous investing book "Poor Charlie’s Almanack." (You can read more about NDIGI’s accomplishments and plans for the future in <a data-saferedirecturl="https://www.google.com/url?q=https://exchange.mendoza.nd.edu/deans-desk/guest-column-patty-brady-2023/&source=gmail&ust=1685804485892000&usg=AOvVaw3k2NXuvWu7POf8_qjfAm9a" href="https://exchange.mendoza.nd.edu/deans-desk/guest-column-patty-brady-2023/" target="_blank">Patty’s recent Mendoza Exchange</a> column.)</span></span></span></span></span></span></span></p>
<p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial">From<strong> Shane Corwin</strong>, <span style="background-image:initial"><span style="background-position:initial"><span style="background-size:initial"><span style="background-repeat:initial"><span style="background-origin:initial"><span style="background-clip:initial">William and Cassie Daley Department Chair of the Finance Department: </span></span></span></span></span></span> </span></span></span></span></span></span></span></p>
<blockquote style="font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial; border:none; padding:0px; margin-left:40px">
<p style="margin-bottom:16px; margin-top:16px"><em><span lang="EN" style="background-image:initial"><span style="background-position:initial"><span style="background-size:initial"><span style="background-repeat:initial"><span style="background-origin:initial"><span style="background-clip:initial">Patty brings extensive industry experience and a strong commitment to the University of Notre Dame to this new role. She will be an excellent leader as NDIGI seeks to enhance and expand its innovative programs and its impact on the broader investment industry. </span></span></span></span></span></span></em></p>
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<p style="margin-bottom:16px; margin-top:16px; text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"></span></span></span></span></span></span></span></p>
<p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><strong>Jim Parsons</strong> (FIN ‘96), who along with his wife <strong>Dr. Carrie Quinn</strong> (ND '96), helped to establish NDIGI, said:</span></span></span></span></span></span></span></p>
<blockquote style="font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial; border:none; padding:0px; margin-left:40px">
<p><em>Patty has been a respected and valuable resource to the Institute since its inception. Given her work with the Notre Dame Investment office and her strong relationships with both the students and the faculty, she is well suited to lead the Institute into its next stage of growth.</em></p>
</blockquote>
<p style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial">Patty will continue to work with team members <strong>Mark Dumich</strong>, NDIGI associate director, and <strong>Tess Swain</strong>, NDIGI communications and events specialist, to build on NDIGI’s successes through new strategic priorities that enhance the experience and opportunities provided to students. </span></span></span></span></span></span></span></p>
<p style="text-align:start"> </p>NDIGItag:ndigi.nd.edu,2005:News/1538002023-04-17T14:29:00-04:002023-06-02T14:40:48-04:00NDIGI Update<p>The vision for the Notre Dame Institute for Global Investing (NDIGI) is to be the preeminent, university-based investment management research and education program worldwide, convening ideas and people around critical industry topics. The team at NDIGI has been busy this year in pursuit of this objective.…</p><p>The vision for the Notre Dame Institute for Global Investing (NDIGI) is to be the preeminent, university-based investment management research and education program worldwide, convening ideas and people around critical industry topics. The team at NDIGI has been busy this year in pursuit of this objective. We have included a few examples below of ways we are convening people and sharing ideas. <br>
<br>
<strong>WIS’23: “Defining your Edge”</strong></p>
<figure class="image-right"><img alt="Unnamed 1" src="https://ndigi.nd.edu/assets/518745/400x/unnamed_1_.jpg"></figure>
<p>WIS’23 marked the fifth anniversary of the Women’s Investing Summit (WIS), an important inclusion initiative at NDIGI. WIS is a forum for female-led discussion on leadership, markets and investing. The Summit is open to all students, faculty and staff at Notre Dame, St. Mary’s and Holy Cross. This year, 425 students from six colleges across campus registered for the two-day event.</p>
<p>WIS’23 kicked off in the Jordan Auditorium with a panel on early-stage investing. Immediately following, NDIGI, in partnership with the Hesburgh Women of Impact, hosted a dinner for students, speakers and sponsors. <strong>Haley Scott DeMaria</strong> (ND ’95) provided the keynote and shared lessons on overcoming adversity and living a life of gratitude.</p>
<p>On Friday morning, 20 senior women from various leadership roles and asset classes traveled from all over the country to share career wisdom, market insights and investment ideas. Keynote speakers included Olympic gold medalist Lindsey Vonn, former Neiman Marcus CEO Karen Katz, and president and CIO of Brandywine Jenny Heller. All of the speakers have a demonstrated edge in their field and each articulated how they have built and maintained that edge over their careers.</p>
<p>WIS’23 was made possible through industry sponsors including Goldman Sachs, Sixth Street, William Blair, Artisan Partners, BlackRock, Jennison Associates, Norwest Equity Partners and TCW. Visit <a data-saferedirecturl="https://www.google.com/url?q=https://t.e2ma.net/click/sp79jt/goqas8/0ra02p&source=gmail&ust=1684612132609000&usg=AOvVaw1mEP1Z2VKMWRhQOSzFHXSi" href="https://t.e2ma.net/click/sp79jt/goqas8/0ra02p" rel="noopener" target="_blank">womensinvestingsummit.nd.edu</a> for the full gallery of speaker bios and more photos.</p>
<p><em>Please Save the Date for WIS’24 on February 29-March 1!</em></p>
<p><strong>Pre-College Program: “The Power of Investing</strong></p>
<figure class="image-right"><img alt="Unnamed 2" height="449" src="https://ndigi.nd.edu/assets/518746/400x/unnamed_2_.jpg" width="600"></figure>
<p>In July 2022, NDIGI, in partnership with the Office of Pre-College Programs, hosted 41 high school students on Notre Dame’s campus for a leadership seminar titled, “The Power Of Investing: Financial Literacy and the Power of Compound Interest.” One of the goals of the program was to broaden the reach of our educational content by connecting with diverse students earlier in their discernment process.</p>
<p><strong>Carl Ackermann</strong> and <strong>Mark Dumich</strong> led instruction on investment principles such as the time value of money, personal budgeting and valuation methods. Guest lectures were provided by Mendoza’s own <strong>Wendy Angst </strong>and <strong>Kristen Collett-Schmitt</strong>. The cohort also spent a day in Chicago being exposed to various careers in financial services while visiting firms such as William Blair, Northern Trust and Baird.</p>
<p>Early signs of the program’s success have begun to roll in. Thirty-four of the 41 students applied to Notre Dame and 23 were recently accepted. Of those admitted, 17 students indicated finance as their preferred major. As of today, three have placed deposits to enroll at Notre Dame this fall.</p>
<p>The Power of Investing is a tool to attract talented and diverse students to campus. The program is designed to spark passion in the student in the hopes they seek to pursue a degree at Notre Dame and eventually a successful career in Investment Management. Our goal is to ultimately improve the composition of placement and employment ratios within the industry, which has historically been underserved by women and other minorities.</p>
<p>The Power of Investing will be offered again this summer from July 22 - August 2. A great deal of planning around curriculum, logistics and industry engagement is taking place this semester in preparation for another successful program.</p>
<p><strong>The Business of Life</strong></p>
<figure class="image-right"><img alt="Business of Life" height="442" src="https://ndigi.nd.edu/assets/518744/400x/unnamed_4_.jpg" width="590"></figure>
<p>NDIGI is pleased to again be offering The Business of Life during the spring semester. Now hosting its fourth cohort of students, this extracurricular program leads a group of 20 to 25 participants through discussions across several topics, including multidisciplinary thinking, core values and career discernment.</p>
<p><br>
Led by Peter Kaufman, chairman & CEO of Glenair and author of the world-famous investing book "Poor Charlie’s Almanack," the experience culminates in a trip to Glendale, California, where students visit Glenair’s manufacturing facility to see firsthand the lessons of leadership, alignment and values that are key to operating a successful business. Students in the spring ’23 cohort spent Friday, March 31, on the West Coast for this unique and distinctly Notre Dame experience.</p>
<p><br>
<strong>Career Discernment</strong></p>
<figure class="image-right"><img alt="Career Trek - Junto" height="384" src="https://ndigi.nd.edu/assets/518743/400x/unnamed_5_.jpg" width="512"></figure>
<p>Expanding the career opportunities available to the students we serve is an important pillar of our work at NDIGI. Early exposure to a broad range of possible paths allows students to discern over time where their skill sets and passion are best aligned. Our hope is that this leads to more sustainable long-term career satisfaction and success.</p>
<p>During winter break, NDIGI hosted career exploration treks in Boston, New York and Silicon Valley. 42 freshmen and 54 sophomore students convened in these cities and were exposed to careers across asset classes and strategies including Private Equity, Public Equity and Venture Capital. Firms included Fidelity, Blackstone, a16z and Wellington, among many others.</p>
<p><strong>Notre Dame on Wall Street </strong></p>
<p>After a three-year hiatus, the Notre Dame Wall Street Dinner resumed this month at the Midtown New York Hilton. Seven hundred alumni from across industry and asset classes convened to network with fellow alums and to hear from Notre Dame speakers including Executive Vice President <strong>Shannon Cullinan</strong>, Martin J. Gillen Dean <strong>Martijn Cremers</strong> and Dick Corbett Head Football Coach <strong>Marcus Freeman</strong>.</p>
<p>This group of alumni is particularly passionate about furthering student education, discernment and placement within financial services. Many of these alumni are actively engaged with NDIGI. If we can be a helpful liaison for you to this group of practitioners, please reach out to our team.</p>
<p>As always, thank you to the long list of faculty and staff actively contributing to our work at NDIGI. Please encourage your investment-minded students to engage with NDIGI, and continue to let us know if we can be a resource for you going forward.</p>
<p>In Notre Dame,</p>
<p>Patty Brady, Interim Managing Director<br>
Mark Dumich, Associate Director<br>
Tess Swain, Communications and Events Coordinator</p>
<p><strong>Via The Mendoza Exchange, From the Dean's Desk, Guest Column: Patty Brady, April 17, 2023</strong></p>
<p> </p>The Mendoza Exchange, Guest Column: Patty Bradytag:ndigi.nd.edu,2005:News/1520382023-03-29T09:16:00-04:002023-03-29T09:16:26-04:00Comment letter on SEC's proposed Order Competition Rule<p>Robert Battalio and Robert Jennings have submitted comments on this SEC’s proposed Order Competition Rule. You can download their comments here.</p> <p><a data-saferedirecturl="https://www.google.com/url?q=https://papers.ssrn.com/sol3/papers.cfm?abstract_id%3D4403047&source=gmail&ust=1680175807136000&usg=AOvVaw0iiji-Xv5Yt-3ieefhzd2Y"></a>…</p><p>Robert Battalio and Robert Jennings have submitted comments on this SEC’s proposed Order Competition Rule. You can download their comments here.</p>
<p><a data-saferedirecturl="https://www.google.com/url?q=https://papers.ssrn.com/sol3/papers.cfm?abstract_id%3D4403047&source=gmail&ust=1680175807136000&usg=AOvVaw0iiji-Xv5Yt-3ieefhzd2Y" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4403047" target="_blank">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4403047</a></p>
<p> </p>NDIGItag:ndigi.nd.edu,2005:News/1520122023-03-28T10:11:00-04:002023-03-28T10:11:31-04:00For the love of finance<p>Undergraduate student Aray Beisenbayeva is overcoming gender norms and stereotypes a world away from her hometown in Kazakhstan.</p><p>Aray Beisenbayeva’s (BBA ‘26) love of finance and investing brought her on a 30-hour journey away from her home in Almaty, Kazakhstan to the University of Notre Dame. </p>
<p>Beisenbayeva always knew she wanted to attend college in the U.S. So she began searching for summer programs in finance and found the <a href="https://ndigi.nd.edu/" rel="noopener" target="_blank">Notre Dame Institute for Global Investing</a> (NDIGI) at the Mendoza College of Business. But she hadn’t heard of the school from nearly 6,500 miles away. </p>
<figure class="image-right"><img alt="Beisenbayeva Aray" height="334" src="https://conductorshare.nd.edu/assets/510199/500x/web_beisenbayeva_aray_photo.jpg" width="500">
<figcaption>Aray Beisenbayeva</figcaption>
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<p>After attending NDIGI’s virtual leadership seminar titled, “The Power of Investing: The Wealth Gap, Financial Literacy, and the Miracle of Compound Interest,” Notre Dame quickly rose to the top of her college list. The summer program’s community and teaching atmosphere made a lasting impact on her academic trajectory.</p>
<p>“At Notre Dame, the people really care for each other,” Beisenbayeva says. “In Kazakhstan, there’s a strong emphasis on family values, and it’s like that here. You’re all considered one family.”</p>
<p>During the program, Beisenbayeva took classes with Carl Ackermann, teaching professor of finance, who would become a career advisor and mentor. She now sits in his Foundations of Finance class.</p>
<p>“I look forward to finance class every day because of the way he teaches,” Beisenbayeva says. “He engages everyone to participate, encourages us to ask questions, and has created an environment for learning, not just lecturing.” </p>
<p>While Beisenbayeva soaks up every bit of knowledge she can in her Mendoza classes, she didn’t always know finance was for her. She thought she would eventually pursue a future in the health-care industry. Beisenbayeva participated in a two-week medical internship for high school students at Stanford University and a summer research assistant position at Yale School of Medicine, where her research would be published in Nature, the world's leading multidisciplinary science journal.</p>
<p>Eventually, a newfound interest in finance and investing eclipsed her health-care career plans. Homebound during the COVID-19 quarantine, Beisenbayeva and her father started investing in the stock market together. They researched companies and discussed industry trends during family meals. </p>
<p>“My father has a special place in my life, and he’s why I have a passion for finance,” Beisenbayeva says. </p>
<p>Her encapsulating interest continued to grow and eventually led her to the AIFC Finance and Economics Olympiad in Kazakhstan, a three-part national competition focused on finance, investing and economics for high school students.</p>
<p>For three months, Beisenbayeva spent her time in the library studying from early in the morning to late at night for the competition. Prior to preparing for the Olympiad, she hadn’t taken an economics class, as her high school didn’t offer one. Her long and intense hours studying would pay off. Out of nearly 600 competitors, she placed third and won a gold medal. </p>
<p>Her national win made her eligible to participate in the International Economics Olympiad. She represented Kazakhstan on the international stage as team captain. During the investment game portion of the competition, Beisenbayeva placed in the top 20 in the world by turning the $6,000 in digital money given to competitors into $7 million.</p>
<p>Despite her success in economics competitions, Beisenbayeva says she felt there were limited opportunities for women in banking and finance in Kazakhstan because of cultural and social gender stereotypes. </p>
<p>Today, only 81% of Kazakhstan’s population believes that it’s acceptable for a woman to have a paid job outside of the household, according to the <a href="https://news.gallup.com/reports/205127/gallup-international-labour-organization-report.aspx" rel="noopener" target="_blank">Gallup-International Labour Organization Report</a>. It wasn’t until 2021 that Kazakhstan finally abolished discriminatory labor laws that legally prohibited women from holding about 200 occupations – a residuum of the Soviet era. <a href="https://www.solidaritycenter.org/kazakhstan-women-beat-back-occupational-bans/" rel="noopener" target="_blank">The Solidarity Center</a> reports that discriminatory lists of prohibited professions for women hinder them from entering higher-paid professions in male-dominated industries. </p>
<p>At Notre Dame, she feels accepted to explore the field she loves. </p>
<p>“This is the first time as a female I felt welcomed into the world of business,” Beisenbayeva says. “I didn’t have that experience back home or even at other colleges in the U.S. when I was applying.”</p>
<p>Although NDIGI first brought Beisenbayeva to Mendoza , she closely identifies with the College’s mission. She proudly wears a cardholder on the back of her phone touting the school’s tagline.</p>
<p>“No matter what you do, the main point is to give back to the world, and Mendoza nurtures this value in you to ‘Grow the Good in Business,’” Beisenbayeva says. “I want to use my knowledge and potential to grow as a good human that will make my family and college proud, and, of course, have fun.”</p>
<p><em>Originally posted on <a href="https://mendoza.nd.edu/news-events">Mendoza News</a>.</em></p>Ashley Altustag:ndigi.nd.edu,2005:News/1517062023-03-14T15:37:00-04:002023-03-14T15:38:06-04:00William Blair Teams Up With Notre Dame to Inspire Women to Pursue Finance Careers<figure class="image-default"><img alt="WIS 23 Panel" height="400" src="https://ndigi.nd.edu/assets/508529/pr_2.24.23_wis_conference_154_1_.jpg" width="600"> <figcaption>William Blair’s Sharon Zackfia (center) was among the panelists discussing public equity at the University of Notre Dame Women’s Investing Summit.</figcaption>…</figure><figure class="image-default"><img alt="WIS 23 Panel" height="400" src="https://ndigi.nd.edu/assets/508529/pr_2.24.23_wis_conference_154_1_.jpg" width="600">
<figcaption>William Blair’s Sharon Zackfia (center) was among the panelists discussing public equity at the University of Notre Dame Women’s Investing Summit.</figcaption>
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<p>William Blair was thrilled to support and participate in the 2023 University of Notre Dame Women’s Investing Summit held on the school’s South Bend, Indiana, campus, featuring top women executives in the financial services industry. </p>
<p>The summit, now in its fifth year, spotlights female thought leaders to encourage more women to pursue careers in finance, an industry that traditionally has been male dominated.</p>
<p>Among the featured speakers was William Blair’s <a href="https://www.williamblair.com/Bios/Sharon-Zackfia">Sharon Zackfia</a>, CFA, partner, and group head of the firm’s equity research consumer team. Zackfia, with more than 25 years of experience covering consumer companies, focused her remarks on how she analyzes companies, her favorite stock pick, and career advice for those looking to become finance professionals.</p>
<p>Key to stock-picking and becoming a top analyst is a curiosity to learn, deductive reasoning, and good communication skills, both oral and written, Zackfia told the crowd of students attending the summit on February 24.</p>
<p>One of her favorite stocks over the years has been Starbucks, a Seattle-based company that envisioned itself as a global player, offered an affordable luxury product, and developed an innovative licensing program that helped expand its footprint.</p>
<p>“My top stock pick 20 years ago is my top stock pick today, a little consumer brand—Starbucks,” Zackfia said. “We picked it up when they had 2,000 stores, and it now has 36,000 globally.”</p>
<p>William Blair’s investment philosophy is seeking companies that grow faster than the broader market. While the driver of value is growth in sales, earnings, and cash flow, also important is determining the potential successes of a company over the long haul. That encompasses taking a big-picture view by analyzing whether a company has a durable business model, its growth potential, macroeconomic trends, and market themes. </p>
<p>In the case of Starbucks, by the early 2000s, teenagers were gathering at Starbucks shops to meet for coffee and socialize, a sign that its business model would prove to have a cross-generational appeal, Zackfia said.</p>
<p>“Up until 2004, coffee consumption per capita had been declining,” she added. “Starbucks single-handedly turned that around. It’s a great success story and continues to be a great success story.”</p>
<p>Equally important to working on Wall Street is being agile, Zackfia said. Every day can be different, so learning to roll with change and juggling multiple tasks at once are valued talents. It’s also being present at the moment, gaining as much experience as you can from the current job, which can help form your next decision.</p>
<p>“Don’t be so worried about the 10-year plan, because I guarantee the next 10 years will not be what you thought they would be,” she said.</p>
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<p><em>Originally published by William Blair & Company on March 14, 2023.</em></p>
<p>Find the full article <a href="https://www.williamblair.com/News/William-Blair-Teams-Up-With-Notre-Dame-to-Inspire-Women-to-Pursue-Finance-Careers">here</a>. </p>William Blair & Companytag:ndigi.nd.edu,2005:News/1516672023-03-13T13:49:00-04:002023-03-13T13:55:15-04:00Women's Investing Summit<p>Notre Dame Women’s Investing Summit</p> <p>Presented by <a href="https://ndigi.nd.edu/" target="_blank">Notre Dame Institute for Global Investing</a></p> <p><em>Originally published by thinkND at <a href="https://think.nd.edu/notre-dame-womens-investing-summit/">think.nd.edu</a> on February 24, 2023.</em>…</p><p>Notre Dame Women’s Investing Summit</p>
<p>Presented by <a href="https://ndigi.nd.edu/" target="_blank">Notre Dame Institute for Global Investing</a></p>
<p><em>Originally published by thinkND at <a href="https://think.nd.edu/notre-dame-womens-investing-summit/">think.nd.edu</a> on February 24, 2023.</em></p>
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<figcaption>February 24, 2023; (Photo by Matt Cashore)</figcaption>
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<p>In February 2023, the Institute for Global Investing hosted the annual <a href="https://ndigi.nd.edu/wis/" rel="noreferrer noopener" target="_blank"><strong>Notre Dame Women’s Investing Summit</strong> </a> focused on the theme “Defining Your Edge.” The lineup featured accomplished industry practitioners including keynote speaker and four-time Olympian Lindsey Vonn. Throughout her career, she competed in four Olympics (2002, 2006, 2010, 2018) and collected three Olympic medals. She is the only American woman to win an Olympic downhill gold, and she also won four world cup overall titles.</p>
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<figcaption>February 24, 2023; Olympic medalist skier Lindsey Vonn is interviewed by Scott Dahnke during the welcome and keynote of the 2023 Women’s Investing Summit. (Photo by Matt Cashore/University of Notre Dame)</figcaption>
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<p>The Notre Dame Women’s Investing Summit (‘WIS’) is a forum for female-led discussion related to markets, investing, leadership, and business. These senior women shared many lessons on achieving long-term success. The two-day event also included market-relevant topics and investment ideas across asset classes.</p>
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<figcaption>February 24, 2023; Olympic medalist skier Lindsey Vonn is interviewed by Scott Dahnke during the welcome and keynote of the 2023 Women’s Investing Summit. (Photo by Matt Cashore/University of Notre Dame)</figcaption>
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<p>Women’s Investing Summit (WIS) is a marquee event for NDIGI, attracting hundreds of students who represent many backgrounds and disciplines. All of the content at WIS is 100% curated and presented by female practitioners. We strongly believe that this forum for female-led discussion inspires female students to enter the field and reinforces to male students that great ideas, wisdom, and experience are not gender specific. </p>ThinkNDtag:ndigi.nd.edu,2005:News/1517042023-02-10T14:16:00-05:002023-03-14T14:20:50-04:00NDIGI to Offer "The Business of Life" This Spring<p>NDIGI is very excited to announce a fourth edition of The Business of Life for a small group of students this spring!</p> <p><strong><em>Note: the application for the Business of Life has now closed. Please stay tuned for more information regarding future cohorts.</em></strong></p> <figure class="image-right"><img>…</figure><p>NDIGI is very excited to announce a fourth edition of The Business of Life for a small group of students this spring!</p>
<p><strong><em>Note: the application for the Business of Life has now closed. Please stay tuned for more information regarding future cohorts.</em></strong></p>
<figure class="image-right"><img alt="Business of Life" height="450" src="https://ndigi.nd.edu/assets/508413/img_2417.jpg" width="600"></figure>
<p dir="ltr"><strong>Peter Kaufman</strong>, Chairman & CEO of Glenair and author of the world-famous investing book <em>Poor Charlie’s Almanack</em>, will once again lead a 3-part series titled <strong>The Business of Life</strong>. The 20-25 students selected for this cohort will participate in three 1.5-hour Zoom sessions with Peter where he will lead discussions across several topics, including: multidisciplinary thinking, core values, and career discernment. The experience culminates in a trip to Glendale, CA, where students will visit Glenair’s manufacturing facility to better understand the lessons of leadership, alignment, and values that are key to operating a successful business. <strong>This trip will be funded by NDIGI at no cost to the students. </strong><em>This opportunity is open to students of any class year and major.</em> <br>
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Participants are expected to:</p>
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<p dir="ltr" role="presentation">Attend three 1.5-hour Zoom meetings, scheduled for 5pm on the following Wednesdays: <strong>3/1</strong>, <strong>3/15</strong> & <strong>3/29</strong></p>
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<p dir="ltr" role="presentation">Attend and actively participate in all 3 classes</p>
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<p dir="ltr" role="presentation"><em>Optional: </em><strong>Join us for a site visit to Glenair in Glendale, CA on Friday 3/31</strong></p>
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<p dir="ltr" role="presentation"> </p>NDIGItag:ndigi.nd.edu,2005:News/1472422022-08-16T13:50:00-04:002022-08-16T13:50:05-04:00Consumers lower their expectations of future inflation<figure class="image-left"><img alt="F19 Jasonreed" height="250" src="https://ndigi.nd.edu/assets/340159/f19_jasonreed.jpg" width="250"></figure> <p><strong>Jason Reed</strong>, the Wade Family Associate Teaching Professor of Finance, spoke with the Wall Street Journal in<a data-saferedirecturl="https://www.google.com/url?q=https://t.e2ma.net/click/2rq5xf/qq5eaq/u9ea5v&source=gmail&ust=1660758305690000&usg=AOvVaw0Fe5QuEiReZfD5-UOamS7t"></a>…</p><figure class="image-left"><img alt="F19 Jasonreed" height="250" src="https://ndigi.nd.edu/assets/340159/f19_jasonreed.jpg" width="250"></figure>
<p><strong>Jason Reed</strong>, the Wade Family Associate Teaching Professor of Finance, spoke with the Wall Street Journal in<a data-saferedirecturl="https://www.google.com/url?q=https://t.e2ma.net/click/2rq5xf/qq5eaq/u9ea5v&source=gmail&ust=1660758305690000&usg=AOvVaw0Fe5QuEiReZfD5-UOamS7t" href="https://t.e2ma.net/click/2rq5xf/qq5eaq/u9ea5v" target="_blank"> "U.S. News: Americans Reduce Inflation Expectations."</a> Reed commented on how food and gasoline prices play a role in how consumers view the economy.</p>ND in the Newstag:ndigi.nd.edu,2005:News/1457932022-05-24T13:00:00-04:002022-05-24T13:54:06-04:00Emerging Markets Investing Student Testimonials<p><strong>GRACE ALLEN ’23</strong></p> <p>Prior to January, the concept of investing in Emerging Markets wasn’t on my radar. But during the first class session, I learned that Emerging Markets are on track to overtake advanced economies' share of the world, and that there’s a case to be made for them.…</p><p><strong>GRACE ALLEN ’23</strong></p>
<p>Prior to January, the concept of investing in Emerging Markets wasn’t on my radar. But during the first class session, I learned that Emerging Markets are on track to overtake advanced economies' share of the world, and that there’s a case to be made for them. Taught by Bill Kennedy, Emerging Markets Investing (EMI) provided us with an understanding of the complexity of investing in EM’s, and the factors that need to be considered while operating in this risky environment. While the history of many emerging markets are rocky, there is so much opportunity - and this class opened my eyes to the space.</p>
<p>With a focus on case studies and in-class discussions, the class gained an understanding of Emerging Markets of the past and the present. There is a lot to be learned by looking at history in this space, and we were able to identify patterns when it came to the rise, or downfall of an EM.</p>
<p>Another key aspect of the class was the opportunity to hear from guest speakers. Topics ranged from the Latin American Debt Crisis, Brexit, ESG, and most importantly, the current situation in Ukraine and Russia. The speakers were able to provide even more context to situations discussed in class and offer deep insights in conversation with Bill and the rest of the class.</p>
<p>In March, Lord Chris Patten, the last Governor of Hong Kong gave the 2022 Barrett Family Lecture in London. Prior to his formal presentation, he gave an hour of his time to our class. He recounted lessons from his time as the Governor and the rest of his impressive career, and graciously answered our questions. It was truly an honor to hear him speak, let alone in a more informal session.</p>
<p>The course ended with a project that allowed us to apply everything we had learned over the semester. Groups worked together to analyze the macroeconomic status of an EM country and then individuals researched and offered a recommendation on a stock. Our country, Turkey, led to an interesting discussion. The economic and political situations are volatile - but even within that environment, there are impressive companies that merit some consideration.</p>
<p>Overall, the value in the class came from Bill’s experience. He shared anecdotes from when he got things right - and wrong - and instilled the value of getting your feet on the ground and building relationships throughout our careers. I, along with the rest of the class, truly valued Bill’s time and the wisdom he shared.</p>
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<p><strong>DEAN GANAS ’23</strong></p>
<p>Emerging Markets Investing is one of the best courses Notre Dame offers. Taught by Bill Kennedy—a current portfolio manager at Fidelity—the course is centered around applied learning. Every concept we learned theoretically was paired with a case study to solidify our understanding. For example, when learning about commodities, we learned about the resource curse, the phenomenon whereby countries rich in natural resources tend to perform poorly both economically and politically compared to importing countries. Then, we read a case study on Angola, an oil exporting nation, to apply the theory in practice. This method of teaching was repeated throughout the course to cover topics such as exchange rates, monetary policy, sovereign debt, and political risk. The countries we studied included India, China, Venezuela, Turkey, Russia, Malaysia, Singapore, and Argentina to name a few. And often, when reading about these case studies, Bill had personal investing experience and anecdotes to complement the readings. It truly was an intellectually stimulating environment.</p>
<p>Perhaps the best part of the course though was the frequent guest lecturers that provided an unparalleled learning experience. Mike Workman—a fixed income investor based in Moscow—joined every class via Zoom, and at the beginning of every class, he provided insight into the unfolding conflict in Ukraine with a unique, local perspective. Lord Christopher Patten also came to speak to our class, sharing his experience as the last Governor of Hong Kong and as an EU Commissioner who dealt at times with Vladimir Putin. Other guest lecturers spoke about the arguments in favor of Brexit, impact investing, ESG, Latin American debt restructuring, and currency hedging. To hear from all of these incredibly accomplished professionals is an opportunity unlike any other at Notre Dame.</p>
<p>The course ended with a final project that required us to apply what we learned to analyze a country and an equity within it. My team focused on China, and the stock that I researched was Pinduoduo while my teammates covered Nio, China Southern, and Tencent. We worked together to form a holistic view on China, analyzing the political risk, sovereign debt, currency, and commodity exposure of the country and then applied our insights to form a buy or sell recommendation on our equity. Each of us constructed an investment thesis on our respective equity and conducted fundamental analysis and valuation.</p>
<p>Overall, the course was exceptional, and anyone interested even remotely in emerging markets should apply. Emerging markets are those with the fastest growth rates, largest addressable markets, and highest demand for infrastructure and consumer goods. As such, the opportunities are immense, and in an increasingly global world, understanding emerging markets is critical to success.</p>
<p> </p>NDIGItag:ndigi.nd.edu,2005:News/1439472022-03-09T10:30:00-05:002022-03-10T14:42:18-05:00Women are underrepresented in investing — here are 4 ways we can close the gap and work toward equality<p>"We love putting people together and expanding networks because I think that's a big part of business," Bellissimo said. "It's not just for opportunities. You can be smarter and better at your job if you have a bigger network, too." </p> <p>Read the full article on <a href="https://www.businessinsider.com/personal-finance/women-and-investing">Insider</a>.…</p><p>"We love putting people together and expanding networks because I think that's a big part of business," Bellissimo said. "It's not just for opportunities. You can be smarter and better at your job if you have a bigger network, too." </p>
<p>Read the full article on <a href="https://www.businessinsider.com/personal-finance/women-and-investing">Insider</a>.</p>
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<p> </p>Aly Yaletag:ndigi.nd.edu,2005:News/1437992022-02-18T12:00:00-05:002022-03-10T14:45:33-05:00William Blair Partners With Notre Dame to Advance Women in Investing<figure class="image-left"><img alt="Olga Bitel Lauren Thompson" src="https://ndigi.nd.edu/assets/463364/olga_bitel_lauren_thompson.jpg"> <figcaption>William Blair wealth advisor Lauren Thompson (left) and Olga Bitel, a global strategist with the firm’s investment management team, during the Notre Dame Women’s Investing</figcaption>…</figure><figure class="image-left"><img alt="Olga Bitel Lauren Thompson" src="https://ndigi.nd.edu/assets/463364/olga_bitel_lauren_thompson.jpg">
<figcaption>William Blair wealth advisor Lauren Thompson (left) and Olga Bitel, a global strategist with the firm’s investment management team, during the Notre Dame Women’s Investing Summit.</figcaption>
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<p>William Blair was thrilled to support the University of Notre Dame annual Women’s Investing Summit, held February 11 on the school’s campus in South Bend, Indiana, featuring some of the top female executives in the financial investing industry.</p>
<p>The university instituted the summit four years ago in an effort to expand the number of women investors and leadership positions in the financial services industry.</p>
<p>Olga Bitel, a global strategist for William Blair’s Investment Management team, was the summit’s keynote speaker. William Blair wealth advisor and Notre Dame finance graduate Lauren Thompson moderated the discussion.</p>
<p>Bitel, who has nearly 20 years of experience analyzing macroeconomic developments to assess how global equity portfolios can be impacted, focused her remarks on investing which she said was all about growth.</p>
<p>While a growth company is typically described as one whose business generates earnings faster than its competitors or the overall economy, realizing that growth is constantly changing is key to being a successful investor, she said.</p>
<h3>Investing Is All About Growth</h3>
<p>“There is no value without growth,” Bitel told the crowd of finance students at the summit. “You really need to understand growth, the nature of growth, the sources of growth, and as importantly how the growth of one company compares to everyone else.”</p>
<p>Quality companies are often defined as those that push the frontier of growth, she added, noting they usually have a competitive advantage that is difficult to replicate. They also are more likely to keep growth up during an inflationary or higher interest rate environment.</p>
<p>“As much as we love to put emphasis on the interest rates, the long-term discount factor, and the true-weighted average cost of capital—these are all academic concepts,” Bitel said. “You really need to understand growth … that’s really the focus.”</p>
<p>In sharing her views on investing, Bitel said it is much more than identifying the right trend; it’s about translating that into a company’s specifics.</p>
<p>Take today’s electrical vehicle market as an example. Not surprising, EV manufacturer Tesla is seeing huge growth as consumers migrate away from gas-powered cars to electric. But not as obvious is that traditional oil-and-gas companies are among those that will likely benefit from EV adoption, said Bitel.</p>
<p>She cited a novel battery-swapping idea from a small Chinese company, NIO, that changes the field. Users drive into a swapping station to get a fresh battery pack in about the time it takes to fill up a tank of gas. Intrigued with the idea, Shell and other oil companies around the world are teaming up with NIO. </p>
<p>“It goes back to the global nature of what we do and the interconnectedness of growth and companies and the ecosystems that they build.”</p>
<h3>Take a Holistic Approach</h3>
<p>Bitel encouraged the students to take a holistic approach to investing, having tentacles and pulses far and wide. That includes building skills outside finance by pursuing different areas of interest, whether biology, history, art, and so on.</p>
<p>“Nothing is too tangential for the kinds of things that you’ll be thinking about as investors even if it seems a little out of scope today,” she added.</p>
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<p><em>Originally published by William Blair & Company on February 18, 2022.</em></p>
<p>Find the full article <a href="https://www.williamblair.com/News/William-Blair-Partners-With-Notre-Dame-to-Advance-Women-in-Investing?utm_source=social&utm_medium=linkedin&utm_campaign=NewsAndEvents&utm_content=PWM-NotreDameEvent-Feb2022">here</a>. </p>
<p> </p>William Blair & Companytag:ndigi.nd.edu,2005:News/1429002022-01-24T05:00:00-05:002022-01-25T12:47:14-05:00Interview with Bruce Greenwald and Erin Bellissimo<p><strong>Erin Bellissimo</strong>, managing director of NDIGI, <a data-saferedirecturl="https://www.google.com/url?q=https://t.e2ma.net/click/8padmr/kbbxu8/0r2xvn&source=gmail&ust=1643202977365000&usg=AOvVaw2RYKHI91fDPaDQplBGPHpZ" href="https://t.e2ma.net/click/8padmr/kbbxu8/0r2xvn" target="_blank">interviewed</a>…</p><p><strong>Erin Bellissimo</strong>, managing director of NDIGI, <a data-saferedirecturl="https://www.google.com/url?q=https://t.e2ma.net/click/8padmr/kbbxu8/0r2xvn&source=gmail&ust=1643202977365000&usg=AOvVaw2RYKHI91fDPaDQplBGPHpZ" href="https://t.e2ma.net/click/8padmr/kbbxu8/0r2xvn" target="_blank">interviewed Bruce Greenwald</a>, the Robert Heilbrunn Professor Emeritus of Finance and Asset Management at Columbia Business School who was described by The New York Times as "a guru to Wall Street's gurus." The topic of the interview was the new edition of Greenwald's famed book, <a data-saferedirecturl="https://www.google.com/url?q=https://t.e2ma.net/click/8padmr/kbbxu8/gk3xvn&source=gmail&ust=1643202977365000&usg=AOvVaw09mvhUuV7Iqi_EdqlB37U8" href="https://t.e2ma.net/click/8padmr/kbbxu8/gk3xvn" target="_blank">Value Investing: From Graham to Buffett and Beyond</a>, which Erin co-authored.</p>
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<p> </p>Notre Dame Institute for Global Investingtag:ndigi.nd.edu,2005:News/1425312022-01-06T11:00:00-05:002022-01-06T11:31:04-05:00The Business of Life<p style="margin-bottom:11px">A table filled with props was once confusing for twenty students, but their hour-long sessions with CEO of Glenair, Mr. Peter Kaufman, tied stories and lessons to each stuffed animal and crystal ball. Across three classes, Mr. Peter Kaufman explained how to live a full life…</p><p style="margin-bottom:11px">A table filled with props was once confusing for twenty students, but their hour-long sessions with CEO of Glenair, Mr. Peter Kaufman, tied stories and lessons to each stuffed animal and crystal ball. Across three classes, Mr. Peter Kaufman explained how to live a full life through a unity of work and personal lives with morality at one’s center.</p>
<p>By explaining his seven-step ladder that enabled the person to achieve this tricky balance, Mr. Kaufman provided concrete steps to accomplish these goals. Supplementing these messages with true stories and the occasional guest speaker, Mr. Kaufman shared his wisdom freely. As Mr. Kaufman teaches, his students must “give it away to get it back,” promoting a pay-it-forward mentality. He offered pneumonic devices to remember these crucial lessons and gave motivational pens for answering questions correctly.</p>
<p>According to the students, one notable lesson that Mr. Kaufman taught was his way of scoring success in life – by a fraction. The numerator is one’s hopes and dreams added to one’s accomplishments, while the denominator is one’s regrets. Throughout one’s life, the numerator remains constant as hopes and dreams translate to accomplishments, but the denominator grows larger as one accumulates regrets. Mr. Kaufman’s lesson – keep the denominator as low as possible.</p>
<figure class="image-right"><img alt="Glenair Site Visit 12.21.21" height="450" src="https://ndigi.nd.edu/assets/455677/img_2227.jpg" width="600"></figure>
<p>Though these sessions were quick, Mr. Kaufman’s impact endured. Following the sessions, he generously provided a trip to Glenair in Glendale, California for the students. While visiting the electronic connector’s manufacturing plant and headquarters, the students experienced firsthand how genuinely Mr. Kaufman interacted with his employees. Not only did he know each employee’s name, but he also checked in on their kids and reminisced on good memories when he spoke with them. Mr. Kaufman’s kind demeanor, impressive memory, and willingness to help differentiate him from other CEOs, giving him a competitive advantage. Investing in his employees empowered them to invest in Glenair, enacting this “win-win” mentality to shape his business model and its culture.</p>
<p>As student Jocelyn Orlando said, this course and trip “opened the door to new connections and definitions of leadership.” These connections were both with Mr. Kaufman, whom the students endearingly call “Uncle Peter,” and other students in the course. The students noted that interacting with one another outside of the classroom enabled them to connect more deeply than those connections from class projects or assignments. Experiencing the impact of Mr. Kaufman’s leadership style from employees of all levels illustrated the success of his mottos and lessons.</p>
<p>Mr. Kaufman kindly gave of his time and wisdom to our fellow Notre Dame students, paying it forward and inspiring us to do the same.</p>
<figure class="image-left"><img alt="Glenair Site Visit Group Photo 12.21.21" height="450" src="https://ndigi.nd.edu/assets/455678/img_2224.jpg" width="600"></figure>
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<p> </p>Schorr, Natalietag:ndigi.nd.edu,2005:News/1421442021-10-14T09:00:00-04:002022-01-06T11:40:08-05:00NDIGI Introduces "The Business of Life"<div class="gmail_default" style="text-align:start"> <div class="gmail_default" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span></span></span></span></span></span></span></span></div>
…</div><div class="gmail_default" style="text-align:start">
<div class="gmail_default" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><span style="white-space:pre-wrap">NDIGI has an exciting opportunity for a small group of students!</span></span></span></span></span></span></span></span></div>
<p dir="ltr" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">Peter Kaufman, Chairman & CEO of Glenair and author of the world-famous investing book </span></span></span></span><em style="font-style:italic"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">Poor Charlie’s Almanack</span></span></span></span></em><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">, has generously offered to lead a 3-part series titled, The Business of Life. The 20-25 students selected for this pilot program will participate in three 1-hour Zoom sessions with Peter where he will lead discussions across several topics, including: multidisciplinary thinking, core values, and career discernment.</span></span></span></span></span></span></span></span></span></span></span><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap"> </span></span></span></span></span></span></span></span></span></span></span></p>
<p dir="ltr" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><strong style="font-weight:700"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">It is our hope that the entire cohort will also be able to take a trip out to Glendale, CA, for a visit to Glenair’s headquarters (at no cost to the students).</span></span></span></span></strong></span></span></span></span></span></span></span></p>
<p dir="ltr" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">Peter is a past guest speaker for both NDIGI and The Art of Investing course. He is a close friend of Charlie Munger and has a vast network of professional contacts across many industries and geographies. He sits on the board of directors for the Daily Journal Corporation (ticker: DJCO) and is a highly sought-after speaker for conferences and companies across the country.</span></span></span></span></span></span></span></span></span></span></span></p>
<p dir="ltr" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><strong style="font-weight:700"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">This opportunity - available during the fall 2021 semester - is open to students of any class year and major.</span></span></span></span></strong></span></span></span></span></span></span></span></p>
<p dir="ltr" style="text-align:start"><span style="font-style:normal"><span style="font-variant-ligatures:normal"><span style="font-weight:400"><span style="white-space:normal"><span style="text-decoration-thickness:initial"><span style="text-decoration-style:initial"><span style="text-decoration-color:initial"><span style="font-variant-numeric:normal"><span style="font-variant-east-asian:normal"><span style="vertical-align:baseline"><span style="white-space:pre-wrap">Participants are expected to:</span></span></span></span></span></span></span></span></span></span></span></p>
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<li style="text-align: start;">Attend 3 Zoom meetings (60 minutes each) between early November and Christmas Break</li>
<li role="presentation">Attend 1 in-person event on campus</li>
<li role="presentation">Actively participate in discussions</li>
<li role="presentation">Prepare for meetings by completing any assigned readings (not a significant time commitment) </li>
<li role="presentation">Optional: Join us for a site visit to Glenair in Glendale, CA</li>
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</div>NDIGItag:ndigi.nd.edu,2005:News/1421252021-09-07T13:00:00-04:002021-12-08T09:10:24-05:00Notre Dame Pre-College Program<figure class="image-right"><img alt="Kristen Cs" height="300" src="https://ndigi.nd.edu/assets/453651/200x/kristen_cs.jpg" width="300"></figure> <p>As many of us were busy preparing to welcome new students for the academic year, the College was involved in engaging future Mendoza hopefuls in Notre Dame’s Pre-College Program. …</p><figure class="image-right"><img alt="Kristen Cs" height="300" src="https://ndigi.nd.edu/assets/453651/200x/kristen_cs.jpg" width="300"></figure>
<p>As many of us were busy preparing to welcome new students for the academic year, the College was involved in engaging future Mendoza hopefuls in Notre Dame’s Pre-College Program. </p>
<p>The Pre-College Summer Scholars Program affords the opportunity for exceptional high school students to earn college credit through academic seminars and experiences with Notre Dame faculty, staff and students during the summer. Historically, the College has offered pre-college Summer Scholars programs in accounting (“The Language of Business”), marketing “For the Common Good”) and analytics (“Moneyball: The Analytics of Sports”). This year, we launched a Pre-College Leadership Seminar called, “The Power of Investing: The Wealth Gap, Financial Literacy, and the Miracle of Compound Interest.”</p>
<figure class="image-right"><img alt="Mark Dumich" height="300" src="https://ndigi.nd.edu/assets/453652/200x/mark_dumich.jpg" width="300"></figure>
<p>“The Power of Investing” was a competitive, seven-day program for academically talented students who have shown impressive leadership within their communities. Students earned one credit for the program, which was paid by Notre Dame. The program was sponsored by the Notre Dame Institute for Global Investing (NDIGI) with lectures taught by finance faculty and guest speakers. The goal of the course was to demystify the field of investing, show how finance principles can address the growing wealth gap and declining financial literacy, and encourage students to get started on their own journey of wealth creation in order to grow the good in business. </p>
<p>At the end of the seminar, students were tasked with designing a creative way of attacking the issue of wealth inequality. The winning team’s presentation, “Closing the Wealth Gap: Starting with Criminal Justice,” examined the impact of incarceration on employment, income and wealth. Their creative solution focused on preventing incarcerations, financial education within the prison system and delivering support resources upon an inmate’s release.</p>
<p>Another goal for the course was to broaden the pipeline of women and underrepresented minorities coming into Mendoza. The Office of Pre-College Programs delivered an exceptional group of truly diverse students for us to engage. Each and every one of them brought a unique perspective to our class discussions and, if they enroll next year, would enrich the community here at Mendoza.</p>
<p>NDIGI was excited to sponsor this seminar because it allowed us to showcase Mendoza’s outstanding faculty, passionate alumni and welcoming community. Not only did the program engage students from a variety of backgrounds, it also focused on a topic intentionally chosen to attract students who would align with our mission to grow the good in business.</p>
<p>Students left “The Power of Investing” with a positive impression of Mendoza and the discipline of finance. One participant noted, “I greatly enjoyed the collaborative and intellectually stimulating environment. I loved the fact that we focussed on issues greater than ourselves, issues that we can make a difference in through business. Investments and finance can be powerful forces for good in the world, and this Leadership Seminar gave me new and renewed insights and views onto how to tackle some of those issues.”</p>
<p>The success of this new Leadership seminar would have not been possible without the support of the faculty, staff, alumni and students in Mendoza, many of whom are listed below: </p>
<p>Guest Speakers</p>
<ul>
<li aria-level="1">Wendy Angst, Management & Organization assistant department chair and teaching professor, “Designing a Better Future”</li>
<li aria-level="1">Dennis Boyle (ND ’75), IDEO partner, “Creative Solutions to Big Problems” (also guest speaker in other Mendoza/NDIGI classes)</li>
<li aria-level="1">William Towns (MBA ’09), National Market President for Gorman & Company, “Investing in Change” (also guest speaker in other Mendoza/NDIGI classes)</li>
<li aria-level="1">Carl Ackermann, Nolan Professorship for Excellence in Undergraduate Instruction, “Personal Finance“</li>
<li aria-level="1">Erin Bellissimo, NDIGI managing director, “Careers in Finance & The Power of Compounding”</li>
<li aria-level="1">Tara Kenney (BBA ’82), advisor for Impact Capital Funds, and Brendan Maher (BBA ’94), VP of Integrated Capitals and Investments for the Heron Foundation, “Business as a Force for Good” </li>
<li aria-level="1">Kayla Seepersad (BBA ’24), Logan Balfantz (BBA ’24) and Ally Splitstone (BBA ’24), teaching assistants and course facilitators </li>
</ul>
<p>We look forward to leading another successful summer of “The Power of Investing” in 2022!</p>
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<p>Kristen Collett-Schmitt </p>
<p>Associate Dean for Specialized Master's Programs and Associate Teaching Professor</p>
<p>Finance</p>
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<p>Mark Dumich</p>
<p>Associate Director, Notre Dame Institute for Global Investing</p>
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<p><strong>Via The Mendoza Exchange, From the Dean's Desk, Guest Column: Kristen Collett-Schmitt and<br>
Mark Dumich, September 7, 2021</strong></p>
<p> </p>The Mendoza Exchange, Guest Column: Kristen Collett-Schmitt and Mark Dumichtag:ndigi.nd.edu,2005:News/1372782021-04-26T11:00:00-04:002021-06-04T15:00:17-04:00Value add<p>Bellissimo and NDIGI quickly realized they needed to completely rethink their programming for the duration of the pandemic.</p><figure class="image-default"> <img alt="Wis" height="400" src="https://ndigi.nd.edu/assets/428499/wis.jpg" width="600">
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<p> In 2020, NDIGI hosted the Women’s Investing Summit just before the pandemic halted in-person events. The Institute, however, didn’t halt but instead found new ways to offer students learning opportunities. Photos by Matt Cashore (ND ’94)</p></figcaption>
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<p>In February 2020, 25 top female financial executives from around the country traveled to South Bend to participate in the second annual <a href="https://ndigi.nd.edu/wis/" rel="noopener" target="_blank">Women’s Investing Summit</a>. In an ornate ballroom overlooking Notre Dame Stadium, the executives spoke on subjects such as “Value Creation Through Active Management” and “Real Assets to Credit and Nuances in These Markets” to an audience of several hundred undergraduate and graduate students. The event was the brainchild of <a href="https://mendoza.nd.edu/mendoza-directory/profile?slug=erin-bellissimo" rel="noopener" target="_blank">Erin Bellissimo</a>, managing director of the <a href="https://ndigi.nd.edu/" rel="noopener" target="_blank">Notre Dame Institute for Global Investing (NDIGI)</a>.</p>
<figure class="image-left"><img alt="Wis 1" height="400" src="https://ndigi.nd.edu/assets/428501/300x/wis_1.jpg" width="600">
<figcaption>Photo by Matt Cashore (ND ’94)</figcaption>
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<p>“I wanted to put all these smart, talented women up on stage so that women in the audience could go, ‘I’m as smart as her, I could do that,’ and men could go, ‘Oh, I could work for her, that’s totally normal,’” Bellissimo said. “It was a bit of a Jedi mind trick approach to the diversity issue.”</p>
<p>Few people in the room that day realized this would be one of Notre Dame’s last large-scale events for over a year. COVID-19 swept across the U.S. just a few weeks later, forcing the University to send students home for virtual instruction.</p>
<p>Bellissimo and NDIGI quickly realized they needed to completely rethink their programming for the duration of the pandemic. To help students understand and navigate the economic disruption, NDIGI set up a password-protected website with curated resources including articles, videos, book recommendations and podcasts. More than 330 students signed up for the site, which became a virtual community where they could discuss and engage with the content.</p>
<p>“There was a lot of misinformation, confusion and anxiety, so our goal was to bring good information to the student population and create a learning opportunity,” Bellissimo said. To replace one-on-one advisory meetings with students, she and NDIGI associate director <a href="https://mendoza.nd.edu/mendoza-directory/profile?slug=mark-dumich" rel="noopener" target="_blank">Mark Dumich</a> began holding a series of Zoom sessions to answer student questions and address their concerns. “The first thing we asked was, ‘Are you okay? Do you need anything?’ Bellissimo recalled. “You know, forget the investment stuff — if you need help, let us know.”</p>
<p>Outside of personal health concerns, students expressed worries about the pandemic’s impact on summer internships. Internships at major financial institutions are a key stepping stone into the profession, providing real-world experience and often leading to job offers. But as company after company canceled their program, students were left worrying about their career prospects.</p>
<p>“One of the initial things we heard last spring was that, you know, no one’s going to hold it against the student for having a gap in their résumé where you would traditionally see an internship,” Dumich said. “But we saw that as a way we could set Notre Dame students apart.”</p>
<p>To replace the traditional summer programs offered by financial firms, Bellissimo and Dumich designed the Virtual Internship Program (VIP). The 115 students who signed up received access to Wall Street Prep, a rigorous online program that teaches financial modeling; heard from two Zoom guest speakers a week; and completed capstone projects that ranged from preparing an investment thesis to researching the economic impact of COVID-19 on a particular business sector.</p>
<p>Another 166 students participated in the Virtual Investing Bootcamp Experience (VIBE), which was identical to the VIP except for the lack of a capstone project. The student feedback from the two programs was so positive that NDIGI plans to continue offering these virtual internships even after the pandemic ends.</p>
<p>“We could have gotten away with not doing something this summer,” Dumich said, “but we saw these virtual internships as a way to set Notre Dame students apart from the crowd. This will give them something to talk about in a job interview, and also help them with career discernment.”</p>
<p>When classes resumed on campus in fall 2020, NDIGI had to pivot once again. Because guest speakers could no longer fly to campus, Bellissimo and Dumich arranged for a series of senior-level finance practitioners to hold one-on-one Zoom sessions with students. Among the practitioners were Goldman Sachs vice president Jessica Mattes, Sixth Street investor Jenny Walsh and RoundTable Healthcare Partners senior advisor David Koo.</p>
<figure class="image-right"><img alt="Wis 2" height="400" src="https://ndigi.nd.edu/assets/428502/300x/wis_2.jpg" width="600">
<figcaption>WIS Conference 2021. Photos by Matt Cashore (ND ’94)</figcaption>
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<p>NDIGI took advantage of the University’s extended winter break to offer several Winter Session programs including a 1-credit investing case studies course and virtual career treks for first-year students.</p>
<p>They also used this time to focus specifically on offering career discernment support to students from historically underrepresented groups in the world of asset management. The session, called <a href="https://ndigi.nd.edu/assets/410048/imap_students.pdf" rel="noopener" target="_blank">Investment Management Access Program</a> (IMAP), was open to undergraduates affiliated with several partner student clubs, including ALPFA, AnBryce Scholars, Black Business Association of Notre Dame, BlackND Capital, First Gen Careers Initiative, Smart Woman Securities and Undergraduate Women in Business. Students did not need to be at Notre Dame in order to participate.</p>
<p>In all, 85 Notre Dame students and 53 students from 15 other schools participated in the program and gained access to Wall Street Prep’s online curriculum and met with a series of guest speakers. Students were also assigned to work on a project in partnership with an investment firm with the goal of gaining further insight into the day-to-day activities and career opportunities that exist in the field of asset management.</p>
<p>Needless to say, this year’s Women’s Investing Summit looked very different from 2020. Rather than hold the event on a single day, Bellissimo and Dumich spread the Zoom sessions out over the course of a week, from March 8 to 12. Among the 13 speakers, only Katie Koch (ND ’02), the co-head of fundamental equity at Goldman Sachs, returned from last year. “We’re really trying to build the Notre Dame ecosystem,” Bellissimo explained. “By bringing new speakers into the fold, they can see what we’re doing, and our students can see what they’re doing.”</p>
<p>Few of the sessions addressed the pandemic directly, focusing instead on investing fundamentals and asset management strategies — topics designed to appeal to students considering a finance career. But on the final day of the conference, Krystal England, managing director and head of hospitality at Canyon Partners real estate, gave a well-received talk — “Hospitality Investments: Recovering from the Perfect Storm” — that explored how hotels companies have tried to survive the prolonged freeze in tourism and business travel.</p>
<p>As it did in 2020, NDIGI partnered with Notre Dame’s Investment Club to host a Student Stock Pitch Competition. Students submitted their initial pitch materials in October, then advanced through multiple rounds of competition to reach the finals. On the evening of March 11, the three finalists presented their pitches to a panel of judges, including representatives from the Notre Dame Investment Office. The winners were Sofia Cruzat (BBA ’22) and Jacqueline Fletcher (BBA ’22) for their pitch on Micron Technology, a memory and storage solutions company.</p>
<p>Bellissimo and Dumich said they looked forward to a more normal-looking 2021-2022 school year, although they will also continue a few of the virtual programs they developed during the pandemic, such as the virtual internships.</p>
<p>“The Notre Dame ecosystem has tremendous advantages, and we just want to leverage those advantages for our students,” Bellissimo said. Just as in finance, “it’s about looking at your assets and taking advantage of them.”</p>
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<p> </p>Hardy, Michael