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WELCOME TO
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The Capital Management Club
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CMC
University of Wisconsin-Madison's premiere student-run investment club
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The CMC

Founded in 2009, the Capital Management Club (CMC) is a student-run investment club at the University of Wisconsin-Madison.

Club members learn about the challenges of investing in stocks by actively researching potential investment ideas and presenting their conclusions to the club. Membership exists in two tiers, with full members (known as portfolio analysts) having completed the rigorous stock pitch and interview process. Successful pitches are purchased in a “real money” portfolio provided to the club by the Hawk Center for Applied Security Analysis. The Club also organizes networking opportunities with investment industry professionals through guest speakers and company visits.. View More

Our Executive Board

Travis Bradford

President

Griffin Haase

Vice President

Tien Zhuen Lee

Treasurer

Patrick Hoffman

Pitch Logistics Co-Chair

Kyle Lindgren

Pitch Logistics Co-Chair

Elise Gerard

Member Relations Chair

Trip Hanley

Marketing Chair

Nick Okon

Career Development Co-Chair

Brennan Flaherty

Career Development Co-Chair

Elena Wallenfang

Recruitment Co-Chair

Taran Katta

Recruitment Co-Chair

Conor McCarthy

Chair, Event Coordinator

Our Blog: CMCnotes

Corporate Credit Covenants & Documentation Read more

Corporate Credit Covenants & Documentation

Betsi Hill, corporate bond expert and Co-Director of the Hawk Center for Investment Analysis, recently held an online tutorial on understanding bond covenants and documentation. Understanding the importance of covenants in analyzing corporate bonds will be a significant differentiator for you relative to other undergraduates not only if you pursue a career in corporate credit research, but also if you are interviewing for an equity research role. A solid understanding of the capital structure will make you a better analyst.

CMC news Read more

CMC news

Greetings Capital Management Club (CMC) alumni. The coronavirus pandemic, UW's move to remote learning, and incredibly volatile markets presented unique challenges to members during the 2019-2020 academic year. By moving regular meetings and training sessions online with Zoom, the executive board maintained the momentum built in the Fall semester and the club ended the year with a record number of Portfolio Analysts. The Capital Management Club News & Notes (volume 2) below highlights club activities during the year.

Thesis Statements and Valuation Read more

Thesis Statements and Valuation

We recorded the slides for the investment thesis and valuation training session so you can watch in advance of the meeting on Tuesday. You can watch the presentation here – slides used are attached. There are additional valuation readings in the Research Readings folder on the website here.

Tuesday night we’ll start with a high-level discussion of key concepts and any questions you have. Then, two portfolio analysts will demonstrate stock pitches to give you a clear understanding of what we’re looking for at the Associate Member Pitch Day on April 21st. As a reminder, the current teams are here.

Stock Analysis and Forecasting Read more

Stock Analysis and Forecasting

A video of the latest training session is here and slides are attached.

During the session we reviewed where you can find information in Fqactset and elsewhere to help you understand how a company operates and evaluate the comeptitive landscape and trends in company financial reports.

We then discussed techniques professionals use to efficiently research companies effectively filtering through the noise to identify key drivers of the stocks.

We also discussed how examining the distribution of expectations for the key drivers can supplement our research and help more clearly define the key tension points for a stock, i.e. the issues where bulls and bears disagree. By focusing our analysis and field research on these tension points, we can position ourselves to develop a view on the stock, effectively aligning with the optimistic or pessimistic case for the stock.

Finally, we discussed how our views are translated into financial forecasts that are, relative to consensus forecasts, directionally consistent with how we expect the tension points to resolve.  

To supplement your own research, we created folders here for each of the stock teams containing recent Wall Street research notes and at least one detailed financial models. These should help you estimate market expectations, at least as reflected in sell-side views. There is also a template you can use to start to put together your presentations for the April 21 Associate Member Pitch Day. Zoom, Microsoft-Teams, or Googlehangouts are relatively easy apps you can use to connect and work on the presentations together.

Don’t hesitate to reach out to Dan or the Portfolio Analyst working with your team if you have any questions.

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