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CF Emails

 


I confess. I send out a lot of emails and I am sure that you don't read some of them. Since they sometimes contain important information as well as clues to my thinking (deranged though it might be), I will try to put all of the emails into this file. They are in chronological order, starting with the earliest one. They are in chronological order, starting with the earliest one. So, scroll down to your desired email and read on, or if the scrolling will take you too long, click on the link below to go the emails, by month.

Date
Email content
1/11/21
Happy new year! (Or at least one happier than last year).  This is the first of many, many emails that you will get for me. You can view that either as a promise or a threat.  I am delighted that you have decided to take the corporate finance class this spring with me and especially so if you are not a finance major and have never worked in finance. I am an evangelist when it comes to the centrality of corporate finance and I will try very hard to convert you to my faith. I also know that some of you may be worried about the class and the tool set that you will bring to it.  I cannot alleviate all your fears now, but here are a few things that you can do to get an early jump:

1. Pre-work for class
a. Get a financial calculator and do not throw away the manual. I know that you feel more comfortable using Excel, but you will need a calculator for your quizzes/exams.
b. The only prior knowledge that I will draw on will be in basic accounting, statistics and present value. If you feel shaky, you may want to check out the online classes that I have on accounting and financing basics:
Accounting class (I am not an accountant, don’t care much for how accountants think about companies and view accounting as a raw material provider.. This class reflects that view): http://people.stern.nyu.edu/adamodar/New_Home_Page/webcastacctg.htm 
Basics of finance (present value, a dash of this and that….): http://people.stern.nyu.edu/adamodar/New_Home_Page/webcastfoundationsonline.htm 
For statistics, all I can offer you for the moment is a primer (though I am working on a mini-class): http://people.stern.nyu.edu/adamodar/New_Home_Page/StatFile/statistics.htm 

2. Class Details/Logistics

Normally, we would meet in Paulson Auditorium, a cavernous amphitheater with all  of the charm of Madison Square Garden on a bad day (which would be any day that the Knicks actually play there) every Monday and Wednesday, starting on February 1, going through May 10. With the world still off balance , this year’s class will  be entirely virtual but we will still meet at the scheduled class time (Mondays and Wednesdays, 12.30 pm - 1.50 pm) on Zoom. I will not take attendance, but I would really, really, really like to see you live during those times, preferably with your cameras turned on. As a teacher, I will miss being in a classroom with you, but I will try my best to make these Zoom sessions as close to that experience as possible. I know that some of you are in time zones, where this will the middle of the night. So, don’t worry! The sessions will be recorded and available in three places:
3. On NYU Classes: As Zoom recordings
You can find out all you need to know about the class (for the moment) by going to the web page for the class:
This page has everything connected to the class, including webcast links, lecture notes and project links. The syllabus has been updated:
 If you click on the calendar link, you will be taken to a Google calendar of everything related to this class. 
https://calendar.google.com/calendar/u/0/embed?src=c_fpurlsdb5jupkrqucdku07tt0c@group.calendar.google.com&ctz=America/New_York 
You will note references to a project which will be consuming your lives for the next four months. This project will essentially require you to do a full corporate financial analysis of a company. While there is nothing you need to do at the moment for the project, you can start thinking about a company you would like to analyze and a group that you want to be part of.  

3. Class Material
Now for the material for the class. The lecture notes for the class are available as a pdf file that you can download and print. I have both a standard version (one slide per page) and an environmentally friendly version (two slides per page) to download. You can also save paper entirely and download the file to your iPad or Kindle. Make your choice.
There is a book for the class, Applied Corporate Finance, but please make sure that you get the fourth edition. It is exorbitantly over priced but you can buy, rent or download it at Amazon.com or the NYU bookstore
While I have no qualms about wasting your money, I know that some of you are budget constrained (a nice way of saying "poor") . If you really, really cannot afford the book, you should be able to live without it. 

4. Final Thoughts
I know that the last few years have led you to question the reach of finance (and your own career paths) and COVID’s disparate effects on individuals and businesses has probably made you doubt yourself even more. I must confess that I have gone through my own share of soul searching, trying to make sense of what is going on. I will try to incorporate what I think the lessons learned, unlearned and relearned over this period are for corporate finance. There are assumptions that we have made for decades that need to be challenged and foundations that have to be reinforced. In other words, the time for cookbook and me-too finance (which is what too many firms, investment banks and consultants have indulged in) is over.  To close, I will leave you with a YouTube video that introduces you (in about 2 minutes) to the class. 
I hope you enjoy it.  That is about it. I am looking forward to this class. It has always been my favorite class to teach (though I love teaching valuation) and I have a singular objective. I would like to make it the best class you have ever taken, period. I know that this is going to be tough to pull off but I will really try. I hope to see you on February 1st, in class. Until next time!
1/18/21
I hope that you are in some place warm and sunny, albeit distanced and safe. I also hope that you are ready to get started on classes and that you got my really long email a weeks ago. If you did not, you can find it here:
http://www.stern.nyu.edu/~adamodar/New_Home_Page/cfemail.html
This one, hopefully, will not be as long and has only a few items

1. Website: In case you completely missed this part of the last email, all of the material for the class (as well as the class calendar) is on the website for the class:
http://www.stern.nyu.edu/~adamodar/New_Home_Page/corpfin.html
Please do try to download the first lecture note packet soon. The direct link to the lecture note packet is below:
Lecture note packet 1: http://www.stern.nyu.edu/~adamodar/pdfiles/cfovhds/cfpacket1spr21.pdf (as pdf file) or http://www.stern.nyu.edu/~adamodar/pptfiles/acf4E/cfpacket1spr21.pptx (powerpoint file)
You can print it off or just keep it on your tablet (as long you can make notes on the pages).
2. Pre-class prep: What kind of twisted mind comes up with a pre-class prep for the very first class? That said, I know that some of you are worrying about whether you are ready, especially if your accounting and finance foundations are shaky. If so, you can take my speedy quick accounting-for-people-who-think-accounting-is-mostly-pointless class (it should not take more than a few hours) or foundations-in-a-hurry finance class.
3. YouTube links: I had sent these out in my previous email but no harm repeating. The YouTube Playlist for this class is: https://www.youtube.com/playlist?list=PLUkh9m2Borql2njENzmUX2DoZr5E2-YXs.  You can find the webcasts for this class at: http://www.stern.nyu.edu/~adamodar/New_Home_Page/webcastcfspr21.htm. For those of you who have not got around to checking, class is scheduled from 12.30-1.50 pm on February 1, and I will see you on Zoom. See you there! Until next time!