布朗咨询学生管理投资基金项目是体验式学习 最好的
Innovative and award-winning program provides students with real-life investment experience, 管理1美元.500万资产
九州娱乐官网的校园很典型，学生们都背着背包 他们穿着卫衣、运动衫和其他休闲服装上下课， 吃饭、开会和练习. 除了周三早上8点. 这是 大约20名穿着商务装的学生来到戴利大厅，花费90美元 对超过100万美元的股票进行评估和投资决策.
These students are part of the Brown Advisory Student-Managed Investment Fund Program, 一个创新的课程，为学生提供真实的投资经验. Students in this program have responsibility for researching, recommending, and executing 为学生基金做股票交易. 他们还会去金融市场实地考察 and conferences, and interact directly with leaders in the field through guest lectures, 业界讲座及工作坊.
It all began 13 一年s ago, when 九州娱乐官网 received a $500,000 gift that was 用来建立一个学生经营的投资组合. 它最初成立于 as the Alex Brown Student-Managed Investment Fund, but was eventually renamed to honor 该基金创始人的公司. 目前，该基金已超过1美元.总资产500万美元.
It is open to all majors, but there is an application process that students must complete, 这能确保所有参与者都有合适的背景和经验. 业务 和金融专业的学生占大多数，而且大多数人都是在2008年开始这个项目的 他们的大三，一直待到毕业.
Richard Bookbinder，兼任教授和杰出行政人员 led the class for over a decade, and among other things, is the reason that students 每周穿着商务装去上课. “我认为充分发挥很重要 这意味着要为商业世界着装，”布克宾德说.
装订工也使这个班的学术水平很高. “每学期，每学期 一年, I tell students that when you walk into Daly 108, you must be prepared to talk 关于每个头寸——买入、卖出或持有.“每周的作业包括阅读等 the financial press, or articulating their thoughts on a position, often in writing. 他的学生们都接受了如何就这些话题说和写的教育. “这些 学生们有求知欲，”他补充道. “这是一个很好的教育工具 这是介绍投资重要概念的好方法.”
Bookbinder的学生很欣赏他亲身实践的方法. “布克宾德教授说过 丰富的知识为他创造了非常互动的学习体验 all of the Brown Advisory students to get the most out of the experience,” said Ryan Colbert ’22, a 业务 Management major with minors in Finance, Accounting, Economics 及国际商务. 科尔伯特申请这个项目是因为他所看到的 as a unique opportunity to be involved in a program that handles real money and reacts 最新市场消息.
Colbert cited the analysis of things in their entirety as a valuable take-away from 这个项目. “我学会了如何批判性地思考，并创造出连接两者的途径 一条市场新闻可能会对另一个行业产生影响. 在这个过程中， you come to understand how things in the market and the economy are intertwined and 如何对市场消息做出真正彻底的反应."
为了强调这一点，Bookbinder每周以一个简单的问题开始上课 -世界上发生了什么事? 他们讨论时事和那些事件 对市场的刻薄. 他教导他的学生要持不可知论的态度，要有全局观 view of the companies in the portfolio, looking for cracks in the armor, and trying to understand how what’s happening in the world might impact them, for better or worse. 例如，燃料价格上涨对公司的收益有什么影响，或者 what will supply chain shortages or higher labor costs do to a company’s bottom line.
“九州娱乐官网 believes strongly in the value of experiential learning, and the 布朗咨询项目在很多层面上都检查了所有的方框，”布克宾德说. Over the 一年s, the curriculum has incorporated visits to portfolio companies or meetings 公司和演讲者. 最近的演讲者包括高级管理团队 Hannon Armstrong, an Annapolis based company that invests in climate solutions; a 与一位在大型生物制药公司艾伯维(AbbVie)工作的WC校友进行讨论; a discussion with the Executive Editor of CoinDesk, the premier news site that specializes in bitcoin and other digital currencies; and former 九州娱乐官网 president Sheila Bair, who discussed a wide range of topics including student loans, the state of the 住宅产业，加密和区块链，职业规划. 过去的郊游 include visits to GE’s main office in Boston, several annual trips to Brown Advisory’s Baltimore office, and two trips to Omaha for Berkshire Hathaway’s annual meeting and 与沃伦·巴菲特的独特会面.
He points to the last two 一年s in particular, noting how well the students have performed 面对不可预见的世界事件和金融市场的波动. “There are no textbooks written to discuss portfolio management when global economies close, supermarket shelves are empty, and there are frequent shortages of products, 包括电脑芯片和汽车. 他们也没有WFH诞生的路线图 作为全球商业的新方法，美国.S. 股票市场规模最大 loss in the shortest period of time, followed by the greatest upswing in the shortest 在一段时间内，美联储史无前例地购买了数万亿美元的资产 国会削减开支.”
In each and every scenario, he says the student have rolled up their sleeves to understand 发生了什么，学习如何应对和剖析不断变化的景观. “We recently spent time discussing the new dual challenges of inflation and rising interest rates – that’s something that investors have not witnessed in over 40 一年s,” 他说.
“If you want to learn more about an inverted yield curve or the outlook for renewables, 问问学生就知道了!装订工说。.
装订工自己的专业经验当然使学生受益，因为 他的整个职业生涯都在纽约市的金融服务业工作. 早在 his career he was a Limited Partner at Bear Stearns, and then a Founding Partner at Sandler O 'Neill and Partners. 然后他又成立了两家不同的公司 in the hedge fund industry – Bookbinder Capital, followed by TerraVerde Capital Partners. The opportunity to lead the Brown Advisory program is his “retirement” gig, and one that he jumped at 12 一年s ago right after his son, Jonathan ‘10, graduated from the 大学.
“布克宾德教授本身就是一位著名的投资者，他得到了这个机会 向他学习，为投资打开了一扇通往广阔世界的大门。 Henry Butterfield ’22, a recent graduate who was a double-major in 业务 and Economics, 辅修金融.
Butterfield benefited greatly from 这个项目, which he applied for in his sophomore 一年. 他很欣赏这种亲力亲为的投资方式，以及与同事的合作 学生，一般学习成为一名专业人士. “这个项目教会了我们什么 这意味着要成为股票交易市场的专业人士，从方式开始 we dress, and finishing with the responsibility of managing funds that don’t belong 对我们个人来说，”他说.
A major highlight for the Brown Advisory Group in recent 一年s has been securing first-place 在过去的三届全球竞赛中，有两届在本科价值投资组合类别中获胜 昆尼派克大学年会的作品集竞赛. 它是最大的 student-run financial conference in the world with over 1,700 participants representing 140 different 大学s and universities, and some of the most respected industry leaders 还有专家作为演讲者.
They earned the top prize for the Undergraduate Value Portolio in 2020 and 2021, competing 与40多所同类学校竞争. 他们完成了3rd in 2022.
竞争是布朗顾问小组认为的另一个方面 亮点，正如他在多年的教学中注意到的那样，他往往会得到很多 学生运动员，通常来自同一个队. “这对班级来说是件好事。” 他说. “他们天生都很有竞争力，而且经常在一起. 所以,当 they’re walking to or from practice or eating dinner afterwards, they start talking 关于市场. 它成为了课堂的延伸.”
He also acknowledges that the world of finance tends to be male-dominated – this 一年 他班上18名学生中有5名女学生——但他很快就指出来了 对他的学生来说，女性经营的公司往往有更高的回报.
22岁的科琳·基夫(Colleen Keefe)是Bookbinder最近的一名学生. 她申请是因为 她对更多地了解金融服务行业很感兴趣. Keefe, a 业务 Management major with minors in Finance and Accounting, appreciated that being in this program has given her an understanding of the stock market as a whole. “Through this program, I learned firsthand how to invest in a diversified portfolio 以及正确投资的决策过程。. “每 week, we stayed up on our current events and based our decisions on how these events 是否有可能影响我们自己的投资组合.”
总的来说，Bookbinder对该计划的成功遗产感到自豪，并指出 many of the fund’s positions are long-term holdings that reflect the hard work done 十年前的校友. 投资组合的实际表现证实了这一点， 现在总资产已经超过了1美元.500万年. 最重要的是，他为学生们感到骄傲 从他们好奇的头脑中，拥抱动手学习的机会，对吗 连正装鞋也不例外.