Changes and Investment: The SixthValue Investing Lecture Given by Mr. Srinivas Pulavarti

2015年11月20日下午，《价值投资》课程第六次公开讲座于北京大学第二体育馆地下报告厅举行。《价值投资》课程是由成人直播 开设、喜马拉雅资本赞助支持、姜国华教授主持并对对全校同学开放的创新性课程，通过邀请嘉宾进行主题讲座的形式展开。在前期公开讲座中，喜马拉雅基金董事长李录先生、喜马拉雅基金合伙人常劲先生、中投公司债券与绝对收益投资部总监范华博士、高毅资产管理合伙企业董事长邱国鹭先生、平安保险委托投资部总经理卢安平先生分别进行了精彩的主题演讲，受到了同学们的一致好评，吸引了诸多业界人士的关注。

The sixth lecture of Value Investing was held on November 20th, at Underground Hall of the Second Gymnasium of Peking University. It was hosted by Professor Guohua Jiang. Funded by Himalaya Capital, Value Investing course is offered by Guanghua School of Management and hosted by Professor Guohua Jiang. This course is intended to teach students the fundamentals of the value approach to investment management, and to expose students to the practical implementation. In previous lectures, Mr. LI Lu (Founder and Chairman of Himalaya Capital), Mr. CHANG Jing (Partner of Himalaya Capital), Ms. FAN Hua (Director of CIC Bond and Absolute Return Department), Mr. QIU Guolu (CEO of Gaoyi Asset Management Corporation), and Mr. LU Anping (Director of Ping An Insurance Entrusted Investment Department) gave speeches about value investing, which attracted much attention from both universities and the society.

姜国华教授主持

本次课程邀请到UCLA Investment Company总裁与投资总监Srinivas Pulavarti进行远程在线演讲。Pulavarti先生于2012年8月加入UCLA Investment Company，现担任总裁与投资总监（President and CIO），主要负责投资组合管理和投资策略制定，并管理The UCLA Foundation约20亿美元的资金。Pulavarti先生曾担任Spider Management Company的总裁与投资总监，管理超过30亿美元的资金，在此期间Spider一直是美国大学投资基金中的佼佼者。在此之前，他还曾担任过Citigroup Pension Investments的全球投资策略主管、John Hopkins University的投资主管、Lockheed Martin Investment Management Company的投资主管、Howard Hughes Medical Institute的固定收益与主权债务高级分析师。

Srinivas Pulavarti, president and CIO of UCLA Investment Company, was invited to give a keynote speech about value investing through Internet.Mr. Pulavarti, a veteran endowment and investment management executive, serves as president and chief investment officer of the UCLA Investment Company, which manages approximately $2 billion in assets for The UCLA Foundation.Selected after a global search, Mr. Pulavarti joined the UCLA Investment Company in August 2012. He is responsible for defining the strategic vision for management of the company’s portfolios while directing the company’s staff and overseeing more than 100 external investment managers.Previously, Mr.Pulavarti served as president and chief investment officer of Spider Management Company, which as of July 2012 managed $1.9 billion for the University of Richmond in Virginia and $1.1 billion for 23 other entities, for a total pool of approximately $3 billion. Under Mr. Pulavarti’s leadership, the Spider endowment was consistently ranked as one of the nation’s best-performing among universities.Among his previous positions, Mr. Pulavarti served as director of global investment strategy for Citigroup Pension Investments; director of investments for Johns Hopkins University; investment manager for Lockheed Martin Investment Management Company, and senior analyst of fixed income and sovereign debt for the Howard Hughes Medical Institute.

Pulavarti先生远程分享

Pulavarti先生首先介绍了四种不同的变革类型，并区分了变革的来源。他认为一个机构或组织可能是“汲取型”或“包容型”的，并用“美联储的历史和今天”作为范例解释了这一问题。继而，他展示了价值投资者在过去已实现的年化收益，他认为投资中应当考虑的四个重要元素为：动机、风险、估值和内含价值。最后，Pulavarti先生还分析了价值投资者眼中的多样化和理智。

Mr. Pulavarti introduced to us four types of change and differentiated different sources of change. He mentioned that institutions could be either extractive or inclusive, and took the US Federal Reserve as an example to explain the issue. Then he showed the audience average return of several value investors, and expressed his important considerations including alignment of incentives, risk versus return parameters, valuation as a function of price and definition of intrinsic value. Finally, he talked about what value investors thought of diversification and sanity.

认真听讲的同学

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成人直播 本科研究生项目是成人直播 的品牌项目，以高水平、精品化、国际化为核心特色。项目汇集了海内外最为优秀的年轻学子。在顶尖的师资力量、科学的培养计划、自由的学术氛围和全覆盖交流机会的国际化平台的基础上，成人直播 本科研究生项目还在不断创新与进步，相继推行了“大班授课、小班研讨”、与学院其他项目资源整合等课程改革，鼓励学生追求更为开阔的求学视野与扎实的知识技能，真正实现“创造管理知识、培养商界领袖、推动社会进步”的社会使命。