Financial Market & Valuation projects have been a good generator of LPG assignment raw materials. The subjectivity of the explicit and/or implicit impact of the variable inputs on the final valuation creates the perfect setting for hours of 'intellectual' debates and sometimes, senseless display of the power of persuasion.
The sense and sensibility of persuasion is absolutely in play, even though the end-product is so 'mathematical'.
Among the groups, holding constant the factor of previous professional experience in financial valuation, there are those who apparently fight with one another for every single possible reason, and quote every possible 'supportive evidence' from lecture notes and textbooks and/or his/her more 'valuable' work experience in attempts to justify his/her academic argument. Meanwhile some are happy to devote time to more 'productive' activities, which definitions are subjected to the respective objectives of spending $$ and time at INSEAD.
By the way, it's never strange to find a wide range of valuation result for the same case, and different approaches adopted by the professor and by students who have financial valuation work experience.
It must be a coincidence.
During one of the consulting firm presentations this week, (which, coincidentally, the academically focused people have no time to bother about), a director suggests that conventional valuation theories and practices, particularly in the derivation of Beta and Discount Rate, are increasingly inadequate in assessing the real business risks nowadays. Business sustainability, in its own complexity, demands much more sophisticated analysis which does not involve simply quantitative financial datas, but a deeper understanding of the interacting forces in business.
Some of us can't help but wonder, if one is so caught up by every tiny detail in a case, why doesn't he/she enrols into a Master/PhD of Finance instead?
Showing posts with label INSEAD. Show all posts
Showing posts with label INSEAD. Show all posts
Wednesday, February 20, 2008
Sunday, January 6, 2008
The long-anticipated beginning
yes ! school will start officially tomorrow
Most of us here live at a house with many housemates. It promotes interactions and probably provides a great setting for house parties for which Fontainebleau campus is well reputated. So far, everyone (well..almost..) look courteous and approachable, as always at most first few social meetings.
The schedule for the orientation week seems manageable, and for most of us, the only concern is about going for Outward Bound team-building activity here in winter ! Temperature can drop to sub-zero sometimes and it would be fun to break the ice among us.
INSEAD class is divided into sessions of 75 students, and into allocated study groups of 5-6 students. With the release of the list recently, everyone is eager to 'learn more about the group mates' with whom we must stick together for the next 4 months for all core modules.
Good Luck !!
Most of us here live at a house with many housemates. It promotes interactions and probably provides a great setting for house parties for which Fontainebleau campus is well reputated. So far, everyone (well..almost..) look courteous and approachable, as always at most first few social meetings.
The schedule for the orientation week seems manageable, and for most of us, the only concern is about going for Outward Bound team-building activity here in winter ! Temperature can drop to sub-zero sometimes and it would be fun to break the ice among us.
INSEAD class is divided into sessions of 75 students, and into allocated study groups of 5-6 students. With the release of the list recently, everyone is eager to 'learn more about the group mates' with whom we must stick together for the next 4 months for all core modules.
Good Luck !!
Friday, December 7, 2007
INSEAD P0
I'm really in P0 of INSEAD now.
The amount of preparation work, administration work, current job handover is crazy. I will be glad enough if I could have 7-hour sleep a day.
The amount of preparation work, administration work, current job handover is crazy. I will be glad enough if I could have 7-hour sleep a day.
Sunday, November 4, 2007
A tragedy ...
I can't believe another tragedy happened again... It's a great loss to the INSEAD community...
link http://wimdebruyne.blogspot.com/2007/10/very-sad-news.html )
My deepest condolences to their family and loves ones... May the Lord be with them...
When one of the students passed away earlier this year, I remember how saddened his classmates were ... A few of his friends initiated a scholarship in memory of him, and I was deeply moved by such meaningful act. Am sure his classmates will always remember them in their special ways...
link http://wimdebruyne.blogspot.com/2007/10/very-sad-news.html )
My deepest condolences to their family and loves ones... May the Lord be with them...
When one of the students passed away earlier this year, I remember how saddened his classmates were ... A few of his friends initiated a scholarship in memory of him, and I was deeply moved by such meaningful act. Am sure his classmates will always remember them in their special ways...
For My Sweet Dreams
For my sweet dreams...if I could have...since the experienced wise ones always warn that time will be the rarest commodity at INSEAD :p
Housing search is another 'fun' process. How I envy those who has no budget concern :p
Fonty offers many beautiful chateaus and well furnished rooms to rent. For a city turtle like yours sincerely here, a spacious accommodation in proximity to the nature, not to the typical crowded places filled with air and noise pollution, seems so surreal.
Have contacted my French landlord using my very limited French, with English subtitle. Hope to receive a good news soon :)
Housing search is another 'fun' process. How I envy those who has no budget concern :p
Fonty offers many beautiful chateaus and well furnished rooms to rent. For a city turtle like yours sincerely here, a spacious accommodation in proximity to the nature, not to the typical crowded places filled with air and noise pollution, seems so surreal.
Have contacted my French landlord using my very limited French, with English subtitle. Hope to receive a good news soon :)
Financing a VERY expensive investment
They like to assure you that financing should be the last consideration when you plan to study at an ivy-league MBA
Everything will be resolved, so they claim.
(p/s. you most probably can't borrow to finance living expenses from a Asian bank)
Well, I manage to kinda solve mine... after much pulling of hair (mine..)and frustrations due to earlier miscommunication and misinformation ...
In the process, I have probably self-taught a mini-module on financing for a business venture with minimal capital :p, the importance of positive relationships and network (because the banks need co-applicants), and financial analysis of leveraging options (a.k.a loans...)
It is extremely important to obtain from the bankers ALL relevant information. Keep asking if there is anything they have yet disclosed, because from my experience, they somehow reveal gradually the terms and conditions, charges $$$ etc, perhaps so not to scare us poor students away?
Eg,
- Different processing fee may be applied for different number of co-applicant. The difference for the bank to just 'process' the loan can amount to over $1000.
- If you need a buffer for the loan amount approved to prepare for an unexpected drastic forex movement, what's the cost?
I was offered to pay an additional $400 admin. fee for such service. The cost is upfront and not refundable even if I don't eventually utilize that extra amount. Did some calculations and figured that it won't unnecessary for my case since my tuition fee instalments are all due within the next 5.5 months.
I applied a simple analysis of option pricing (in theory).
a) the buffer my approved loan amount already gives.
b) the maximum threshold for the exchange rate to rise beyond what my loan amount can absorb.
c) the estimated risk of such drastic forex movement between now and the last instalment.
d) estimated extra cost to be paid in cash. I used 2-3 rates to calculate my cost.
e) compare (d) with the option fee charged by the bank.
f) take into consideration of cashflow needs
Perhaps the following considerations would also be useful as you explore your options.
- If the bank requires the co-applicant (ie. guarantor who is required to disclose their income and liability) to be a family member, holds a residency status, is below a certain age, has a good income etc.
- If the bank allows your guarantor to have access to the loan account. May need to compromise on your privacy.
- Any penalty on refinancing or early redemption of loan
And, I recommend any loan owner to get insurance. It provides the co-applicant, who kindly agree to risk their asset and creditability with the bank, a better peace of mind.
Everything will be resolved, so they claim.
(p/s. you most probably can't borrow to finance living expenses from a Asian bank)
Well, I manage to kinda solve mine... after much pulling of hair (mine..)and frustrations due to earlier miscommunication and misinformation ...
In the process, I have probably self-taught a mini-module on financing for a business venture with minimal capital :p, the importance of positive relationships and network (because the banks need co-applicants), and financial analysis of leveraging options (a.k.a loans...)
It is extremely important to obtain from the bankers ALL relevant information. Keep asking if there is anything they have yet disclosed, because from my experience, they somehow reveal gradually the terms and conditions, charges $$$ etc, perhaps so not to scare us poor students away?
Eg,
- Different processing fee may be applied for different number of co-applicant. The difference for the bank to just 'process' the loan can amount to over $1000.
- If you need a buffer for the loan amount approved to prepare for an unexpected drastic forex movement, what's the cost?
I was offered to pay an additional $400 admin. fee for such service. The cost is upfront and not refundable even if I don't eventually utilize that extra amount. Did some calculations and figured that it won't unnecessary for my case since my tuition fee instalments are all due within the next 5.5 months.
I applied a simple analysis of option pricing (in theory).
a) the buffer my approved loan amount already gives.
b) the maximum threshold for the exchange rate to rise beyond what my loan amount can absorb.
c) the estimated risk of such drastic forex movement between now and the last instalment.
d) estimated extra cost to be paid in cash. I used 2-3 rates to calculate my cost.
e) compare (d) with the option fee charged by the bank.
f) take into consideration of cashflow needs
Perhaps the following considerations would also be useful as you explore your options.
- If the bank requires the co-applicant (ie. guarantor who is required to disclose their income and liability) to be a family member, holds a residency status, is below a certain age, has a good income etc.
- If the bank allows your guarantor to have access to the loan account. May need to compromise on your privacy.
- Any penalty on refinancing or early redemption of loan
And, I recommend any loan owner to get insurance. It provides the co-applicant, who kindly agree to risk their asset and creditability with the bank, a better peace of mind.
Monday, October 22, 2007
busy busy bee
Have been occupied by all the preparation work prior to departure to France.
To be a R3 admit means I have few weeks to arrange for financing before the deposit deadline, ie. bank loans, personal loan, lottery (in my dream...), and to arrange for housing at Fonty etc.
will write more on financing later.
by the way, a small observation. From INSEAD's student portal, we are able to view the profile of each future classmate and their choice of campus to start the programme. There seems to be a trend for European to prefer the Singapore campus and for Asian to choose the France campus.
I presume the reasons are:
- to convince the Adcom of our 'internationalism', an important aspect highly valued by INSEAD's diverse community, and our enthusiasm to adventure into the less familiar zone, we strategically opt for the campus at the other continent from where we currently base :)
- the grass opposite is always greener. Or, after too many years of living in a familiar culture, we see more of the imperfections of an area, and tend to fantasize about the others, like in a relationship.
The choice of campus will be determined by our targeted geographical location for future career.
After the first 2 terms (INSEAD requires us to spend at least 2 periods at the campus where we start), what would be our preferences? to be observed.. :)
To be a R3 admit means I have few weeks to arrange for financing before the deposit deadline, ie. bank loans, personal loan, lottery (in my dream...), and to arrange for housing at Fonty etc.
will write more on financing later.
by the way, a small observation. From INSEAD's student portal, we are able to view the profile of each future classmate and their choice of campus to start the programme. There seems to be a trend for European to prefer the Singapore campus and for Asian to choose the France campus.
I presume the reasons are:
- to convince the Adcom of our 'internationalism', an important aspect highly valued by INSEAD's diverse community, and our enthusiasm to adventure into the less familiar zone, we strategically opt for the campus at the other continent from where we currently base :)
- the grass opposite is always greener. Or, after too many years of living in a familiar culture, we see more of the imperfections of an area, and tend to fantasize about the others, like in a relationship.
The choice of campus will be determined by our targeted geographical location for future career.
After the first 2 terms (INSEAD requires us to spend at least 2 periods at the campus where we start), what would be our preferences? to be observed.. :)
Thursday, October 11, 2007
INSEAD - Admitted !
I was on my mp3 when my phone rang at 5:30pm (France time 11:30am). On the screen it showed an overseas number +33...it was from France !
On behalf of the Admissions Committee, it is my great pleasure to offer you a place in the INSEAD MBA Class of December 2008, starting in Fontainebleau on January 7th. Congratulations and welcome to the worldwide INSEAD community.
It's 2 days earlier than expected ! I'm not sure if all B-school adcom calls to personally congratulate the admitted applicant, but I am certainly moved and thrilled to receive the call from France !
At last, I feel so settled and relieved. It's great to receive the news earlier, if not a few hundred dollars of other schools' application fee will fly away without a purpose :p
I have around 2 months to arrange for financing (ie. bank loan), VISA, housing, driving lesson, pre-MBA reading, relocation, gathering with friends etc etc etc
Probably won't need to attend the optional 'Business Foundation' course. Attended a lecture on Financial Market & Valuation before, and found it manageable. To be confirmed after more research.
The only thing I can confirm is the date of my flight to Paris, which I have been dreaming about for months :p
And if time permits, would like to travel to Italy before school term starts. Hmm...how should I spend my Christmas and New Year Count-down? :)
On behalf of the Admissions Committee, it is my great pleasure to offer you a place in the INSEAD MBA Class of December 2008, starting in Fontainebleau on January 7th. Congratulations and welcome to the worldwide INSEAD community.
It's 2 days earlier than expected ! I'm not sure if all B-school adcom calls to personally congratulate the admitted applicant, but I am certainly moved and thrilled to receive the call from France !
At last, I feel so settled and relieved. It's great to receive the news earlier, if not a few hundred dollars of other schools' application fee will fly away without a purpose :p
I have around 2 months to arrange for financing (ie. bank loan), VISA, housing, driving lesson, pre-MBA reading, relocation, gathering with friends etc etc etc
Probably won't need to attend the optional 'Business Foundation' course. Attended a lecture on Financial Market & Valuation before, and found it manageable. To be confirmed after more research.
The only thing I can confirm is the date of my flight to Paris, which I have been dreaming about for months :p
And if time permits, would like to travel to Italy before school term starts. Hmm...how should I spend my Christmas and New Year Count-down? :)
Tuesday, September 18, 2007
INSEAD Interview
Have completed the interview requirement. It's now back to the waiting game, and I should duely refocus back to my preparation work for other B-Schools, my work and French lessons.
Realize that I may need to force myself to do something I really drag to - driving. It has not been abolutely necessary but it may well be for survivalship in the near future. I need to tune my mind to believe that it can be enjoyable from now on... believe ...believe...
:)
Realize that I may need to force myself to do something I really drag to - driving. It has not been abolutely necessary but it may well be for survivalship in the near future. I need to tune my mind to believe that it can be enjoyable from now on... believe ...believe...
:)
Friday, September 7, 2007
INSEAD Interview- still waiting
2 weeks after the interview invitation, I am still waiting for INSEAD AdCom to provide me the contact(s) of my interviewer(s). The AdCom has been very helpful and efficient in answering my queries, but seems to have some difficulty to find an available alumni who has knowledge of my current and post-MBA industry.
I presume this is due to the common long working hour for people in these two industries, especially for the alumni who hold important positions, and for working in this workaholic country. :p A recent global survey revealed that we actually clock longer working hour than those working in HongKong.... we are overtaking them ! Should we be glad for this ?
While I am eager to complete the interviews, it might be a blessing that I have more time to prepare for it/them. Having not done any formal interview in the past 4 years, I really need to practise on my interview skills and to consciously practise speaking proper and formal English (:p), which is hardly required on a daily basis here...
By the way, I have noticed a stereotype of Asian student in the MBA world... it seems that Asian student is typically perceived as excessively diligent and determined to achieve academic excellence =p. Almost every MBA student/alumni I have spoken to have advised me to enjoy the fun of socialising (ie, partying :p) and travelling, and not to spend too much time mugging at the cold cold library... oppss....
I presume this is due to the common long working hour for people in these two industries, especially for the alumni who hold important positions, and for working in this workaholic country. :p A recent global survey revealed that we actually clock longer working hour than those working in HongKong.... we are overtaking them ! Should we be glad for this ?
While I am eager to complete the interviews, it might be a blessing that I have more time to prepare for it/them. Having not done any formal interview in the past 4 years, I really need to practise on my interview skills and to consciously practise speaking proper and formal English (:p), which is hardly required on a daily basis here...
By the way, I have noticed a stereotype of Asian student in the MBA world... it seems that Asian student is typically perceived as excessively diligent and determined to achieve academic excellence =p. Almost every MBA student/alumni I have spoken to have advised me to enjoy the fun of socialising (ie, partying :p) and travelling, and not to spend too much time mugging at the cold cold library... oppss....
Wednesday, August 29, 2007
Interview and Francais
I was restless since the moment I woke up last Friday. Or rather, the anticipation of a life-changing news got me tenser for the entire last week. God must be kind to let me have a minor wisdom tooth surgery last week to give me a valid excuse not to work :p
I told myself not to check the email every hour. As morning in France started, my heart pumped faster. Fortunately a friend who knew all I have been going through was back in the country and we decided impromptu to watch Ratatouille. Wise choice. I was entertained and dreamed about flying to France to attend INSEAD.
Reached home after the movie and checked the email. My heart almost jumped out when I saw the email title ‘ INSEAD Confidential Selection Process’,
“You have been pre-selected for interviews.”
YEAH !! One step forward to INSEAD !!
Went to register for intensive French class @ Alliance Francaise on Saturday morning, and was probably one of the last few students to enroll into the class which has a maximum size of 16. Thank God ! Though it seemed the administration lady and the registration person gave me different information on the language proficiency level I would be able to achieve at the end of 2 terms, it will contribute towards my MBA and career eventually.
Something extra I have learned though the process. French is actually more commonly used than what I had thought previously, by people in Canada, Switzerland, North America, Africa etc.
Need to refresh my memory of INSEAD application essays, be more familiar with the school’s program and practice some common interview questions and skills before the real test comes. The school will inform me of the interviewers’ contact later. INSEAD allows R3 applicants selected for interview to start applying for financial aids, which application deadline will be in mid-September.
There will be more MBA information sessions and alumni gatherings coming in September. Essay writing for other school applications has to be put aside temporarily.
As such, my days now are occupied by Interview preparation, Other B-School applications, French class, and my work – in order of priority now.
I told myself not to check the email every hour. As morning in France started, my heart pumped faster. Fortunately a friend who knew all I have been going through was back in the country and we decided impromptu to watch Ratatouille. Wise choice. I was entertained and dreamed about flying to France to attend INSEAD.
Reached home after the movie and checked the email. My heart almost jumped out when I saw the email title ‘ INSEAD Confidential Selection Process’,
“You have been pre-selected for interviews.”
YEAH !! One step forward to INSEAD !!
Went to register for intensive French class @ Alliance Francaise on Saturday morning, and was probably one of the last few students to enroll into the class which has a maximum size of 16. Thank God ! Though it seemed the administration lady and the registration person gave me different information on the language proficiency level I would be able to achieve at the end of 2 terms, it will contribute towards my MBA and career eventually.
Something extra I have learned though the process. French is actually more commonly used than what I had thought previously, by people in Canada, Switzerland, North America, Africa etc.
Need to refresh my memory of INSEAD application essays, be more familiar with the school’s program and practice some common interview questions and skills before the real test comes. The school will inform me of the interviewers’ contact later. INSEAD allows R3 applicants selected for interview to start applying for financial aids, which application deadline will be in mid-September.
There will be more MBA information sessions and alumni gatherings coming in September. Essay writing for other school applications has to be put aside temporarily.
As such, my days now are occupied by Interview preparation, Other B-School applications, French class, and my work – in order of priority now.
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