The APM Book


Applied Portfolio Management: How University of Kansas Students Generate Alpha to Beat the Street (Wiley Finance)

by Catherine Shenoy and Kent McCarthy

It's finally here! We've got lots of stories from class - speakers, cases, and more. Thanks to everyone who has participated in the class and all those who helped in the production of the book. This is your story.

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Applied Portfolio Managment


Praise for the APM Book

"Professors McCarthy and Shenoy have created a unique class at the University of Kansas. They have created the opportunity for students to participate in a 'real world' investment management experience—relating financial theory to actual practice. Students gain real insight into the process of individual stock selection and overall portfolio construction. Most importantly, the APM class demonstrates to students that 'intelligent' investing involves fundamental homework, an openness to new ideas, and adherence to a coherent overall strategy."
--Robert Kaplan, University of Kansas alumnus

"As a former student who has been in the investment research and management business for the past twelve years, I continue to use the principles I learned in the APM class on a daily basis. I believe these principles can help anyone beat the market."
--Scott Jones, CFA, Managing Member, Prairie Wind Capital, LLC

"Speaking to the APM class has always been an energizing experience. I'm glad that investors can now share in the enthusiasm and great returns the class has produced. International investing has always been one of the strengths of the class. I'm impressed with their global view. The class, and now this book, offer a unique perspective on investing throughout the world."
--Victor Almeida, President and CEO, Interceramic

"Having had the opportunity to present to the Applied Portfolio Management class on four different occasions, I see the huge benefits the students get from investing real money. Each time, their analysis of our company was very thorough and well done. It was a real challenge to get a buy
recommendation from the class. There was no difference in presenting to the APM class or presenting at any professional investor conference."
John B. Dicus, CEO, Capitol Federal Financial

"Professors Shenoy and McCarthy translate lessons from the school of hard knocks to academe. In doing so, they reveal the secrets that have led to over twenty years—and still counting—of stellar investment performance."
--John Charnes, author of Financial Modeling with Crystal Ball and Excel


Book Description

Thirteen years after Kent McCarthy started the Applied Portfolio Management (APM) class with the help of Catherine Shenoy—the Director of APM for the last seven years—this class has compiled a remarkable record of investment performance and student achievement. It has launched the Wall Street careers of many students, and the class portfolio has outperformed the market in dramatic fashion over its history.

Now, with the Applied Portfolio Management book, Shenoy and McCarthy share their experiences of this class and discuss how to incorporate the methods it teaches into everyday investment endeavors. Divided into three comprehensive parts, this detailed guide puts successful investing in perspective by addressing some of the most essential elements, such as understanding the fundamental drivers of business success, buying at the right price, and building a network of contacts.

Step by step, learn how to operate in today's dynamic market environment. Along the way, discover how to dig behind the facade of press releases and spin to figure out what's really going on with an organization, and answer important questions such as: How does a company make money? What numbers, from quarterly reports to annual statements, demonstrate how well a company is accomplishing its mission? What are the people running the company like?

Good investment habits are built from the ground up and can be developed by learning from a network of individuals with a wide variety of views. These are the ingredients that make a successful investor, and these are the ingredients that the Applied Portfolio Management program at the University of Kansas has tried to cultivate.

The University of Kansas prohibits discrimination on the basis of race, color, ethnicity, religion, sex, national origin, age, ancestry, disability, status as a veteran, sexual orientation, marital status, parental status, gender identity, gender expression, and genetic information in the university's programs and activities. Retaliation is also prohibited by university policy. The following persons have been designated to handle inquiries regarding the nondiscrimination policies and are the Title IX coordinators for their respective campuses: Director of the Office of Institutional Opportunity & Access, IOA@ku.edu, Room 1082, Dole Human Development Center, 1000 Sunnyside Avenue, Lawrence, KS 66045, 785-864-6414, 711 TTY (for the Lawrence, Edwards, Parsons, Yoder, and Topeka campuses); Director, Equal Opportunity Office, Mail Stop 7004, 4330 Shawnee Mission Parkway, Fairway, KS 66205, 913-588-8011, 711 TTY (for the Wichita, Salina, and Kansas City, Kansas medical center campuses).