In Omaha for the Berkshire Hathaway Annual Shareholders Meeting

In Omaha for the Berkshire Hathaway Annual Shareholders Meeting

‘Meeting’ Warren Buffett: My trek to “The Woodstock of Capitalism”

 

It’s called the Woodstock of Capitalism. Others say it’s a gathering of Warren Buffett fans, wannabes, value investors and other finance professionals. However you want to describe it, the Berkshire Hathaway annual general meeting lies somewhere at the intersection. For me, attending was a bucket list event. I recall when I first discovered Warren Buffett. It was off Investopedia, during a college internship at Vetiva Capital, in Nigeria, subsequent to which my father bought me my first book on him – Warren Buffett Wealth by Robert P. Miles. Then, I was 17 years old.

Visiting Omaha was not a reason for attending London Business School (LBS) but I planned to cross it off my bucket list at some point in this life. It was my selection as part of a group of 5 out of 50 applicants to participate in Matthias Riechert’s value investing forum, that inspired me to make the 12-hr trip down. Arriving Omaha on a warm Thursday evening, after hours reading Seth Klarman’s Margin of Safety, all I could do was help myself to a good meal at one of Omaha’s legendary restaurants after visiting Buffett’s impressive house since 1958. Considering the  number of visitors to Omaha for this event (35-40k) represents almost 10% of this quiet town’s population, Air BnB and Uber were in very high demand.

Warren Buffett's house since 1958

Warren Buffett’s house since 1958

On Friday, I met up with Davide Conti, LBS MBA2017, who was attending the meeting with a few students from his exchange school, Wharton. We kicked the day off meeting with renowned hedge fund manager, Whitney Tilson. He spoke about the importance of studying failure as much as we study success, somewhat in echo of Charlie Munger’s saying: “All I want to know is where I’m going to die, so I’ll never go there”. Sooner than later, he delved into the topic of marriage and divorce. We discussed the importance of accepting and dealing with our mistakes. He gave the example of how after taking the plunge and recommending an investment, he had to sell within weeks after a friend validly challenged his thesis. The ongoing disruption of industries was a topical issue (even throughout the trip), which follows on one of the major themes discussed at the recent GenerationE conference hosted by the LBS Tech & Media Club. We also discussed the role of incentives and compliance in controlling risk taking, when discussing Wells Fargo’s problems, as well as the importance of knowing and expanding one’s circle of competence.

After our meeting with billionaire Mario Gabelli, hedge fund manager Whitney Tilson and Wharton MBA students

After our meeting with billionaire Mario Gabelli, hedge fund manager Whitney Tilson and Wharton MBA students

We left for Centurylink Center, venue of the big meeting, to do some shopping, and unfortunately missed Warren when he swung by. We subsequently attended an investor briefing hosted by billionaire Mario Gabelli’s company, Gabelli & Company, and he had Q&A with us afterwards. Our next stop was the famous Yellow BRKers event, a gathering of long time Omaha visitors. To cap this day, we caught up with a big group of LBS EMBA alumni, many of which took the value investing courses at LBS and Columbia. We sought to spot Bill Gates and Charlie Munger at a far out location but to no avail. Nonetheless, it was a good evening, meeting more value investors and discussing their motivations to keep attending. We called it a night by 1:30am but needed to be up in 3 hours for the big day.

With LBS students (Davide {top right}) and alumni (Matthias Riechert {top middle}, Ninad, Konstantin, Melinda etc.)

With LBS students (Davide {top right}) and alumni (Matthias Riechert {top middle}, Ninad, Konstantin, Melinda etc.)

5:20am and we were alreaady on queue at Centurylink. Unexpectedly joined by a former colleague, we patiently waited for just over an hour to get in before sprinting across the hall to get seats on the lower ground. Suffice to say, organizers of the The Investors Podcast, Preston Pysh & Co., had shared a video recording of the sprint route to get the best seats. There were also strategic ways to game the Q&A session, with the hope of getting called upon.

With my 5am line-up crew (Davide Conti & Ildar Davletshin) outside the meeting venue

With my 5am line-up crew (Davide Conti & Ildar Davletshin) outside the meeting venue

Before the official programme kicked off with the funny video, I went to the shopping hall to watch Buffett throw newspapers with Bill Gates. While I couldn’t get close enough for a selfie, the Financial Times featured pictures of me in the crowd on its live event blog (see below). Overall, between Charlie and Warren, they answered over 50 questions from analysts, journalists and the audience. It was impressive to see the duo, who met at 35 and 29 respectively and are now 93 and 86, answer questions with such brilliance and humor. It was an endless flow of business, investing and life principles, some of which @LBSAfricaClub shared on its twitter page.

Caught on camera by the FT blog with Warren Buffett and Bill Gates

Caught on camera by the FT blog with Warren Buffett and Bill Gates

During the lunch break, we had drinks with the team from Robotti & Co, where we met even more value investors. After the Berkshire Hathaway meeting, we met up with another group of value investors (partly organized by Shai Darshati and his team at Manual of Ideas), then met up with LBS Value Investing Professor, Eddie Ransden, and ended the night at drinks with former Berkshire Hathaway employee and now investor, Ian Jacobs. As you can imagine by now, the quality of the network was truly impressive and I must say that for most people I asked, this is partly what keeps them repeating the yearly pilgrimage.

By Sunday, one could see that the Berkshire Hathaway annual meeting is quite a big deal to Omaha. As people departed, the town gradually lost its buzz. Even at the peak of activities on Saturday, there was barely traffic anywhere. On the day, we first attended the annual meeting organized by Markel Corporation, an investing group structured similar to Berkshire but more willing to invest in areas Berkshire might consider risky. We then met with a diverse group of people partly attracted to the meeting by The Investors Podcast, and then debriefed with a group of LBS alumni including my value investing forum teacher, Matthias Riechert.

With founder of The Investors Podcast, Preston Pysh

With founder of The Investors Podcast, Preston Pysh

As I wrap this up, I’m on my way back to London, reflecting on what was nothing short of an impressive weekend. Some of my key takeaways from multiple discussions include:

1) Most value investors don’t use CAPM in establishing a hurdle rate for their investments. As Matthias puts it, “no billionaire ever got rich using CAPM”.

2) Reading and research diligence are absolutely critical to one’s success as a value investor. In today’s noisy world, independence of thought is necessary. As many, including Buffett, put it, a good investor shouldn’t delegate his research responsibilities.

3) In as much as companies trade at different PE valuations, growth rates should play a key part in making sense of the multiple while still seeking a margin of safety. As the debate around investing in companies such as Google and Amazon continues, it appears to me that the platformization of businesses will remain a disruptive force across many industries.

4) My best quote was from Charlie Munger: “fish where the fishes are”. Focus on the areas within your circle of competence as all you need to be financially well off are a few good companies that will compound beautifully for you over time. Value investing is simple but the diligence required lies beyond many’s reach.

Amidst all the interesting things I’ve done at LBS, some of which I’ve blogged about, attending the Berkshire Hathaway annual meeting was indeed one of the most impactful. Although I unfortunately didn’t get to meet Warren Buffett personally, this trip brought to life for me our famous hashtag – #whyiloveLBS.

Outside CenturyLink Center, venue of the Berkshire Hathaway annual meeting

Outside CenturyLink Center, venue of the Berkshire Hathaway annual meeting

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I’m writing this post for the next year MiMs who are likely to search for the information on GIFTs (Global Immersion Field Trip) while applying to one of them (Yes, be ready to write essays for almost everything at LBS!).

For sure, the U.S. destinations will be the most desirable both among MiMs and MFAs, but I would like to give credit to the European trips and in particular to Milan/Munich GIFT. This 5-day trip themed “Supply Chain Management and Operations” embraced fascinating plant visits, unforgettable moments of friendship, one flight to Milan and a bunch of company merchandise.

It all started in Munich where we visited Knorr-Bremse Group and had a MAN Truck Tour. We then flew to Milan to meet the CEO of ITT Motion Technology and to talk with Magneti Marelli plant management about automation and luxury cars while watching state-of-the-art machinery in work.

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To my mind, this trip was special, and here are three reasons for that:

1. During the GIFT, we were involved in the active learning process. Company visits during any trip imply business presentations which are usually informative, but in large quantities are hard to absorb. In Milan and Munich, we did not only talk to companies’ management and listened to the presentations but also could see how they applied certain principles, e.g. lean manufacturing, to the operations.

2. Sure, the automotive industry is sexy, and almost everybody dies to visit Ferrari. But what most people do not know is how many suppliers are behind one car. During the Milan and Munich trip, we visited both suppliers and manufacturers and could actually see the big picture behind a striking façade of fancy cars. I cannot stress enough how insightful it was, but believe me.

3. It was fun! Despite the busy schedule, we had enough time to explore Milan and Munich, go out and got to know each other better (With three streams, it is quite hard to make friends with everybody.)

Overall, I am more than glad about the choice of this GIFT. The Programme Office organised it at the highest level, and I am sure with the feedback from our batch, the next trip will be fantastic!

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What a break! Myanmar…is…amazing! To think that this country was largely closed for so many years, yet possesses such hidden and endangered monumental pieces of history, it deserves your visit. After my NEO survey (you do this early in your LBS MBA life) suggested I needed more adventure, I decided to go on the trek to Myanmar instead of the more popular Japan trek because of the former’s unique appeal; lay on top of that the lure of original Asian food and my continued interest in frontier markets. After grueling exams, a block week and minimal sleep, Myanmar did not let me down.

Me, trying to get a selfie with some incredible Pagodas in the background

Me, trying to get a selfie with some incredible Pagodas in the background

 

My fun notes…

When I took the first stab at this blog post, I had spent two days in the country and was drawing the curtains on an exhausting day in Bagan. Visiting the temples therein were the day’s highlights, coupled with using some of my negotiation skills from local markets in Nigeria to the benefit of my mates in local markets here.

On day 1, we met with a few prospective students of London Business School, had drinks with some diplomats and on-the-ground professionals, and helped ourselves to leisurely meals. I found the history of Myanmar’s political evolution quite interesting and reached the conclusion that solid execution of a clear and consistent economic development plan will be key to keeping the country’s economic momentum going and elevate it on the league of globally minded countries. On a separate note, one interesting observation was that the restaurants tended to have separate or combined Thai, Burmese and Western menus. While not fully sure why this is the case, I think it’s the outcome of receiving such a diverse pool of tourists over the years.

On day 2, we flew a small plane for 60+ minutes to Bagan from Yangon (former capital of Myanmar). Here we spent the day visiting ancient Buddhist temples (about 3,000 remaining vs. peak count of over 10,000), some undergoing refurbishment after a 2016 earthquake caused damage to legendary structures. We also took a horse cart ride round town to see more temples and watch the sunset from atop one of the town’s largest ancient temples. In-between and afterwards, we tried multicultural meals at different restaurants. Coming from London, the perspective on pricing was important. For the quality and volume of food we had, we found London about 3-4x more expensive – no surprises!

Sun setting picture of temples in Bagan

Sun setting picture of temples in Bagan

Day 3 was an early start. 5am and we were off to the fields for a hot air balloon ride across Bagan. The sights were incredible. There were at least 10-15 balloons in the air simultaneously. We found the operational quality outstanding and weren’t surprised to hear the manager of Balloons over Bagan say they operate by UK standards. Watching the sunrise over the many temples that litter Bagan, was, as you can already imagine, nothing short of beautiful. We subsequently grabbed electronic bikes, riding round town to take in more views of the ancient town. Overnight, we took a long bus ride to Inle Lake. Other than being chased by a stray dog late at night, it was a smooth experience.

Touring Bagan on electric bikes with my MBA mates

Touring Bagan on electric bikes with my MBA mates

Day 4 for me was one for conquering my fears. Since falling off a jet-ski in Miami in 2015, I’ve harbored some fears about extensive and potentially risky water adventures. Discovering that Inle Lake involved a lengthy boat ride renewed some of those extant fears but I braved them and went with the flow. Barring the occasional strong waves which sent the boat tilting one way and an engine misdemeanor in the middle of nowhere, it was a nice sunny ride. The town also boasts some ancient temples, some of which were also under repairs. Subsequently we visited a warm spring resort where I crushed any remaining water-related fears, thanks to encouragement from my MBA mates. This day ended with a cooking class, with some students taking turns to prepare Tempura.

We took an early morning flight on Day 5 to Ngapali (“Napali”), welcomed by video cameras of the local news stations. This was scheduled to be a lazy day. Ngapali’s main highlight is its pristine beach front. If I rated the previous hotels and days’ activities a B (due to my uber-high standards) then this day was definitely an A, with Bagan in close competition. We spent the day on the beach, in the pool and reading books (I was reading Margin of Safety by Seth Klarman, CEO of Baupost Group). As I reflected on the previous two days, I had learnt three things: 1) our fears are for the most part just a mental block, 2) confronting our fears openly in a safe environment where helping hands exist is often a sure winning strategy, and 3) it pays to be open minded, as help can sometimes come from the most unexpected places. The day ended with karaoke on the beach front.

Clockwise: A fisherman in Inle Lake putting on a show for us; Me in my rice farmer hat after the Inle Lake boat ride; Great shot of me by Hiroshi after a beautiful day in Ngapali as the sun set

Clockwise: A fisherman in Inle Lake putting on a show for us; Me in a rice farmer hat after the Inle Lake boat ride; Great shot by Hiroshi after a beautiful day in Ngapali as the sun set

Day 6-7 saw us head back to Yangon. This was another leisurely day spent trying food at really local restaurants, market shopping, visiting the first KFC location (a Zinger burger with fries and a drink costs GBP2.96 vs. GBP4.79 in UK), watching the sunset from the Shwedagon Pagoda (most sacred temple in Myanmar), drinks with the expat community, viewing colonial buildings and the stock exchange (massive building with only four listed stocks), trying out street food and wrapping up with a boat party.

Wrapping up an excellent trek to Myanmar with a water-fight themed boat party in Yangon

Wrapping up an excellent trek to Myanmar with a water-fight themed boat party in Yangon

Two random observations:

  • Justin Timberlake is really popular and is probably spoken about every day. If you want to say thank you in Burmese lingua, just say ‘Justintimberlake’ really fast!

 

  • With two students having forgotten their phones in the taxi and each time it was returned to our hotel, I couldn’t help but think the Burmese must be really honest people.

 

Needless to say, this was an incredible trip. Now that London Business School will for the first time offer a Global Business Experience (GBE) trip to Myanmar, this is a country I highly recommend for its unique experiences and growth opportunities.

Till my next post, “pyan tot mel”!

To learn about my serious takeaways from our trip to Myanmar, get on my LBS Student Blog page to read Part 1 – My serious notes.

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LBS MBA and MIM students in Myanmar (Inle Lake region)

LBS MBA and MIM students in Myanmar (Inle Lake region)

What a break! Myanmar…is…amazing! To think that this country was largely closed for so many years, yet possesses such hidden and endangered monumental pieces of history, it deserves your visit. After my NEO survey (you do this early in your LBS MBA life) suggested I needed more adventure, I decided to go on the trek to Myanmar instead of the more popular Japan trek because of the former’s unique appeal; lay on top of that the lure of original Asian food and my continued interest in frontier markets. After grueling exams, a block week and minimal sleep, Myanmar did not let me down.

My serious notes (Quick takes on the economy, banking system and real estate market)…

  • The country reminds me of Ethiopia. Rather, what Ethiopia could be in a few years with a little flexibility towards foreign investments. Myanmar, a country of c.60mn people, is seen by some investors as the next growth frontier (IMF: 7.3% GDP growth in 2015) given its relatively lower wealth in the South East Asian region and the still basic nature of goods and services currently available.

 

  • As with many countries when they start opening up with an intention to attract tourists, the airport, hotels and restaurants are some of the early areas that attract investments. Myanmar possesses quite a decent and functional airport (significantly better than that of my home country, Nigeria) as well as a number of high quality hotels and restaurants connected by very good roads. The conscious attempt to develop the country with tourists in mind is quite apparent. While we went during low season, the number of hotels/resorts and feedback from locals suggests things gather significant momentum between August-January.

 

  • On a separate note, we heard about a heating up in the real estate market, largely demand-side driven. As I dug further on this issue, I discovered from locals that Myanmar is predominantly a cash-based economy. Also, real savings rate is negative, at the regulated 8%, considering inflation is 11-12%. Therefore, most of the professionals I met mentioned locals keep stacks of cash and/or gold at home or invest in real estate given the lack of low risk alternatives. This means that while the locals may be concerned about a bubble, the heating up could be sustained until maybe structural changes are made to improve the intermediation of the banking system.

 

  • While the average Nigerian has 3-4 bank accounts, it’s not uncommon to find a local here with no bank account; and where he/she does, its one bank account with balances sometimes as low as $10 equivalent.

 

  • The Kenyan government can take a cue from Myanmar on the negative implications of lending and deposit rate caps (13% and 8% respectively in Myanmar), to observe the stifling impact on credit availability to the private sector.

 

  • The banking system, with 14 private banks, is largely dominated by big business men, partly due to a shortage of alternative funding sources for their businesses. There are 14 other government-linked banking entities. Commodities (gold and other precious materials) are a key driver of economic activity and one professional mentioned that the military still has back-end control despite the 2015 elections which further entrenched democracy in the country.

 

  • The most incredible thing I discovered is that loan sharks here lend for as high as 12% per month. Even when the loan is collateralized with gold (sometimes kept in mattresses), the lending rate drops to only 8% per month! These monthly rates are almost equivalent to 100-150% per annum on the same principal, ex fees (NB: In Africa, micro lending rates tend to range 2-5% per month, on average). Clearly prohibitive and points to the weak intermediation role of the banks in this economy. One professional mentioned 1) that banks often ask for 200% loan collateralization, 2) prefer this to be land, and 3) the banks rarely have credit committees. Consensus seemed to be building among the locals that a banking crisis may be around the corner.

 

Was this post too boring for you? Then get on my LBS Student Blog page to read Part 2 – My fun notes!

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Africa business summit

Few would disagree that countries in Africa have gone through a rough economic patch over the past two years, particularly the continent’s largest economies. Commodity cycles have played a big part. Poor governance at different levels also. But Africans always rise to the challenge and this time will be no different.

It is against this backdrop that the London Business School (LBS) Africa Club is putting together, yet again, the high impact Africa Business Summit. Themed “Made in Africa”, it’s an attempt to engender discourse on internal solutions to the continent’s unique challenges while celebrating its triumphs. In this vein, on 22 April, at the prestigious London Hilton Hotel on Park Lane, we will be hosting some of the best minds from the continent to discuss Africa and Africa-related issues.

So why must you attend the largest student-run conference at LBS?

1. Fact check 1: Do you know which African bank has generated equity returns of 25% on average over the past 15+ years? That’s Guaranty Trust Bank (GTBank); and its CEO, Segun Agbaje, will be a keynote speaker on the day. If you’ve never heard him speak then you need to get plugged into his brilliant mind. Watch this. Come and listen to how the bank achieved such an implausible feat amidst volatile political, economic and competitive dynamics in Nigeria, and what catalytic role the bank is playing in shaping the ‘Made in Africa’ narrative. By the way, at LBS, we study a case on GTBank’s organizational culture in Managing Organizational Behavior. At the LBS 2016 Fall Stock Pitch Competition which I won, GTBank was the winning stock pitch which the Student Investment Fund subsequently invested in.

2. Fact check 2: What is the most renowned mobile banking platform in the world that has taken financial services right to the grass roots and transformed an entire generation of people? Think about people living on less than $30 a day but because of the transformational nature of M-Pesa, the financial services sector in Kenya continues to go through massive disruptions which has, on a net basis, been positive for the common man. Bob Collymore, the bold and visionary CEO of Safaricom (40% owned by Vodafone), will also be a keynote speaker and you definitely do not want to miss him. At LBS, if you take the elective on Entrepreneurship in Emerging Markets, you get the option to study a case on M-Pesa.

3. Now that your appetite is whet, let me tell you who else will be gracing the stage: Yvonne Ike, Managing Director Investment Banking (SSA ex. RSA) at Bank of America Merrill Lynch; ever lively Charlie Robertson, Global Economist at Renaissance Capital who will be moderating the finance panel; Oba Otudeko, Chairman and Founder of Honeywell Group and Chairman of First Bank of Nigeria (FBN) Holdings Plc; Jay Ireland, President & CEO of GE Africa; and Harold Leenen, Managing Director & Global Head of Transaction Banking (Middle East & Africa) at Deutsche Bank.

4. Fact check 3: What is the largest student-led conference at LBS? The LBS Africa Business Summit, which regularly attracts over 400 delegates and speakers.

5. Moving away from the serious stuff, the gala night will be LITT, and as you probably know, no one parties harder than the Africans!

6. Get your signed autographs from the winners of the LBS 2017 Tattoo Talent Show. In doubt? Watch the victory performance and read this inspirational LBS blog post on how we did it.

7. Meet the representatives of some of the companies that will be receiving the CV book, including BCG, CDC, WorldRemit etc. (NB: you can submit your CV during registration).

8. Meet a diverse pool of LBS alumni with a focused interest on Africa, who are making high impact in the entrepreneurship and corporate space.

Hesitate no longer. Proceed to www.lbsabs.com to get your ticket NOW. Tell a friend to tell a friend! I look forward to hosting and meeting you.

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Over the weekend, a team of eight came together to pull off an historic feat for the Africa Club – win the London Business School (LBS) 2017 Tattoo Talent Show. Talk about diversity, the group comprised six nationalities: Russian, Nigerian, Jamaican, South African, British and Moroccan. (If I include Kadotien’s incredible voice over, then add Ivorian to the list). And what brought us together for Tattoo – a love for dancing and a strong desire to portray the beauty of African dance to the LBS community. In a nutshell, the performance not only displayed different African dance moves including Shoki and Azonto, but it was also a story of love crossing boundaries.

I must say that the quality of performances from the other clubs was incredible and choosing the top 3 must have been quite a difficult task for the judges but I’m glad that we won! We won despite having practiced for just a week and one member (guess who?!) having rehearsed all the moves in less than 24hrs before the show. So how did we do it, in the face of skilled professional performances from so many other clubs?

 

  1. We had a very dedicated dance captain in Ayo Gabriel, who coordinated the entire process and spent many hours in solo practice at home so that he could successfully pass the skills and energy across to his team. Equally important was that he had a very supportive team: Elena Zhukova and Eme Caiafas provided valuable insights on organization and dance steps; Ellie Stoneham, Monique Cheri Baars and Samantha provided much needed logistics support, particularly in sourcing fabrics and Simba; while Nabil Lahbil provided incredible energy and tremendous help bringing me up to speed with all the moves in less than 24hrs.
  1. There was tremendous passion across the team and the energy was electric. We didn’t set out to win but wanted to put on a really good show for the audience. We were cognizant that we were the last team coming up and wanted to leave a lasting impression on our audience. Through it all, we were buzzing with too many creative ideas for time to allow.
  1. Though we only met to practice five times, in reality, we put in significantly more hours in private. Speaking for myself, after only joining the team to rehearse our moves on Friday night, I spent time watching dance videos and our recorded sessions at home to master every step in detail. Such was the level of desire to put on an excellent show and to not let my mates down on stage.

 

Basically, I can summarize our success as being down to four key factors: dedication, team work, passion and hard work. I believe as with many things in life, talent can sometimes be overrated and life’s winners are sometimes those who are willing to put in the hard work that success demands.

On the night, given the spectacular performances, I believe every group was a winner. We all showed the beauty of embracing diversity and team work across the different programmes, and this is what makes the London Business School experience truly special.

Hats off to Professor Tahoun, our special judges and MCs, and to all of you for making #lbsTattoo2017 great again! Special thanks to Akitoye, Matthew, Jonni, Yemi, Solomon, Cheke and the club executives for all their background work making the rest of the Africa Club’s showing at the festival a truly memorable one.

Africa Club team - winners of LBS Tattoo 2017 Talent Show

Africa Club team – winners of LBS Tattoo 2017 Talent Show

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Reflections on the LBS MFA

Posted by: Jonni Glick
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During Orientation on Day 1 at LBS, we were tasked to introduce the person next to us and “why they were here” to the group, based on a brief conversation with them. After spending 7 brutal months working in investment banking, I misguidedly and jokingly remarked that “I was here for a holiday.”

Disclaimer: LBS is certainly not a holiday, but in many regards, my experience has shared many of the characteristics of my what my ideal holiday involves. For me, it has been a voyage of discovery – new people, new cultures, expanding horizons. In this piece, I’ll take you along with me on parts of my journey – but take my experiences with a pinch of salt – everyone is different and what has applied to me, may not apply to you or your aspirations.

To start, I think it’s very important to be defined about what you’re looking to get out of Business School and when you’re here, recognise that everyone is here for different reasons. Some want to gain specific skills, some to get their dream job and some are here to expand their horizons. But essentially, as you’ve probably heard before, your experience is completely what you make of it. Unlike your undergraduate, LBS is a privileged environment where you can completely tailor your experience to your interests and aspirations. For me – my goal was threefold –  meet ambitious, globally-orientated people, open my mind and expand my opportunity set.

But what about the MFA course – as the first ever class. The course is finance heavy and will teach you a rounded toolkit to succeed in the finance world. Being the new kids on the block affords us many opportunities and growing pains alike. The course has been carefully considered and built by faculty and recruiters, but as a new programme there will be areas which can be developed, and being the first cohort gives us the opportunity to work with the Progamme Office and school to add extras and give constructive feedback which will help improve future years. The Programme Office (Lisa, Miles and Lucie) have been particularly amazing in working with us to include additions into the programme – whatever we’ve asked for, they’ve tried best to get it for us – from lectures on private equity and fintech to more spaces in electives. While many of our suggestions won’t be included in our programme (because our ideas aren’t always feasible), we’ve help build the future MFA.

Recruiting…a student’s favourite buzz word. While most of our class wants to go into banking, it’s important to remember that it’s not the only option. Being in London, the worlds most global city, you can build a career in anything – and for me, a big part of coming to LBS has been the incredible opportunity set it gives you. It’s important to have a plan but it’s equally important to be flexible and adaptable – so take the opportunity to explore different industries or other career paths. Furthermore, be bold, innovative and cheeky in your career search. For an international student without the right to work in the EU (like me), finding a job will be more difficult but “turn your competitive disadvantage into an advantage” and approach the job search with more tenacity and imagination. Lastly, on getting a job, DON’T STRESS OUT. You may not get your dream job initially but then the skills you learn will be transferable – view your first job as a mere stepping stone to your dream. Most importantly, if you don’t wish to follow in the banking/consulting career path, don’t let yourself be perturbed by all the noise around everyone else recruiting for those roles.

People…this is really what LBS is about. Our class is 80 brilliant students from 37 countries, there aren’t many other places in the world where you’ll find that density of diversity and talent. However, don’t come here solely to build a network – come here to LBS to make friends, build lifelong relationships and talk to as many diverse people as possible. LBS is an amazing place to build your network, but more importantly, it is a unique environment to build long-term relationships with people from across the globe that it’d be difficult to meet otherwise – rather just “networking”, I’ve been focused on making friends with the idea that networks will naturally come from that. Furthermore, if you want to meet lots of interesting people, you have to be engaged and somewhat strategic – often the seemingly least exciting roles are actually the ones which give you the most exposure (i.e. put your hand up to be a class representative or serving drinks at Sundowners). One of LBS’s biggest strengths is the sense of community it fosters – both while you’re at school and after school as an alumnus. As the youngest bunch of students on campus, we’re in the privileged position where we have a ton to learn from the more experienced members of the community and it’s important to leverage that – people are incredibly generous in mentoring students beginning their career because most successful professionals were mentored as some point. That being said, it’s important not to be discouraged by our youth, we also have things to teach and sometimes the “, inexperienced” point of view provides a lot of insight that experience tends to overlook. With that in mind, reach out to students on different programmes and alumni (regardless of their seniority) and they’re generally incredibly open to meeting and being helpful – chances are they had people who helped them along during their early careers so they want to pay it forward.

Lastly, a word of getting involved. At the beginning of the course, a lot of people told me not to over-extend myself and get involved in too many things. I listened – I probably shouldn’t have. Be part of as many things as you can possibly fit in! On a one year programme, your time here is limited so make sure to squeeze out every inch of value you can. I’m an Executive Committee member of the Real Estate Club, Africa Club, the Social Representative for the MFA and on the Sundowners committee – I wish I had got more involved in other things. I’ve become a “Yes Man” – I grab any opportunity available from going for a beer, to being part of a competition team or going to a guest talk about something that I didn’t think I would necessarily be interested in.

At the end of the day, I didn’t come to LBS for a long time, I came for a good time – and it’s exceeded all my expectations!

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During the first day of orientation at LBS, they told us that the first term would be intense, but that we could we could look forward to lighter schedules starting January. I think that prospect got myself and my fellow Early Careers classmates through finals in term 1, in the hopes that the hardest part would be behind us once we completed them. Now that we have been back from the break for a month, and that we’ve readapted to the fast-paced day-to-day of LBS, I can look back on orientation with a smile and say: How about no!

Although perhaps the academic workload is more or less the same, I think that all of us being the dynamic and action-seeking business people that LBS was seeking to enroll, many of us are on the executive committees of different clubs, on internships, cramming for job interviews, sending out CVs en masse, and most importantly, enjoying London.

For myself, one of the most demanding commitments has been working on the 2017 Corporate Innovation Summit that will take place this Friday, the 3rd of February. Although we have been planning it for months, the greatest challenge was that we wanted to achieve something great but still manage to do it early enough so that people who are job-hunting right now can benefit from the insight and networking opportunities.

Ultimately, I am very proud of the energy and time that the team put into building an incredibly rich event. We have been able to attract speakers from impactful companies as innovative as Unilever, Li&Fung, Deloitte, Hilti, and Cargill, and as disruptive as Deliveroo, CO:LAB, Brand Genetics, Impossible Labs, and SROne (a GSK-backed VC). The speakers’ team did a fantastic job of reaching out to companies and panelists that were not only interesting, but also had a lot to bring to the table in terms of experience and insight, and then group them into panels that would focus on compelling topics, such as technological disruption, so that we could make the experience as valuable as possible, but still keep the fun edge.

 

Moreover, to favor recruitment, we are giving attendees the option to be part of a CV book that our participating companies have especially requested. We were also concerned with making the Corporate Innovation Summit accessible to as many LBS programs as possible, so we made sure to make tickets affordable by subsidizing student tickets through other types of passes. At this stage, I am excited to see how the last few months of preparation will turn out, and to reap the benefits of the event (in the form of wine at the pre- and post-networking events!).

To find out more about the conference, follow this link: http://lbs.pickevent.com/EN/CIS2017

And to get your ticket now, click below:

http://lbs.pickevent.com/attendance/event/index/93

 

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Bumping into my LBS interviewer last week brought back fond if somewhat traumatic memories from this time last year when I was going through the MBA application process. Now things have calmed down a little after an exciting, exhausting, formative first term, I wanted to share three quotes that recently made an impression on me, and their relevance to my application experience.

1. “Unless a leader knows where they are going, any road will take them there” – Theodore Levitt

I came across this quote in the reading for my Marketing class last week. It reminded me of how useful I found writing my application essay.

LBS has one compulsory question, similar to those at other top programs: what are your post-MBA goals and how will your prior experience and the London Business School programme contribute towards these?

The essay was one of the most time-consuming parts of the application. But it was also a rare chance to stop and question why I had gone down certain paths. For instance, it helped me articulate that I am motivated by chances to have high-level impact addressing social issues like inequality, and that this had informed decisions like moving from teaching to consulting.

It can be tempting to tell the school what you think they want to hear. True, the essay tests your ability to form a compelling narrative. But more so, it tests that you have clear career objectives and that the MBA can support these. It’s therefore a far more important tool for the applicant than for the school, given the significant investment an MBA represents.

2. “You are the average of the five people you spend the most time with” – Jim Rohn

Business schools differ on countless dimensions, from the city to the curriculum. But above all, the people make an MBA and so it is vital to find a school with the right fit.

Most schools offer chances to engage with student life before you apply. LBS did a great job here. I visited a class on statistics. The school paired me with MBA students who provided really great advice. And I even got the chance to go to a campus talk with Lord Browne, former CEO of BP and prominent thinker on business ethics.

I personally wanted to attend a school with an international flavour and I’m excited to now be part of a cohort with 76 nationalities, six in my study group alone. My classmates range from professional cricketers to fashion designers to surgeons and our case discussions have showed me the diverse perspectives that you can approach any problem with. I also wanted a longer course with time to delve into interest areas; at LBS you can develop a concentration through your elective choices and I plan to concentrate in economics.

Whatever your goals there is a school for you – just take the time to find it!

3. “Shipping beats perfection” – Khan Academy

This quote is a development principle at Khan Academy, one of the most striking examples of a business school graduate taking practical, entrepreneurial steps to impact social change.

It reminds me of my GMAT preparations – and not only because I used Khan Academy to brush up on algebra. Looking back on my application, I could have shipped things sooner. I delayed taking the GMAT for too long and was left with a pressured few months approaching the deadline.

There are lots of moving parts in the application; it takes time to arrange referees, get transcripts, polish your CV, complete the online form, take language tests etc. So book that test date. Sort out the easy things like transcripts. And get friends to skim over your essays beforeyou think they are perfect. Whether planning to apply next round or next year, it pays to start now.

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By way of introduction my name is Augusto Ramos and I’m currently studying the Masters in Finance at London Business School (LBS). Having completed the first term of the MiF I would like to share my experiences. I’m a 25 year old Brazilian with over 4 years of professional experience in corporate finance and asset management. I worked for two years at SC Johnson in the finance department, working with budget planning and analyzing the financials of new product launches for the Home Cleaning segment. I then decided to leave SC Johnson after two years to join a Brazilian start-up asset management firm, working as an equity analyst analyzing consumer staples companies. Prior to joining LBS I took a four month internship at Dynamo Capital LLP, an asset management Firm in London, analyzing European public companies. My main motivation to study at LBS was to leverage my financial knowledge in a global environment.

The Events

Early last year there was an event called “Working in the consumer goods industry” where different LBS alumni working for different companies came to speak. One of the guys that came to campus works for AB InBev (the world’s largest beer company).  Getting to hear about his experience there and the work environment made me 100% sure that I wanted to work for a company controlled by the 3G group. LBS offers you opportunities to meet these people and attend numerous events where you can network and meet professionals from any company or industry you are interested in.

The Study Group

One of the best things at LBS is being divided into study groups for the Core Courses. The groups are split to reflect culture and sector diversity. In my case, I ended up working with classmates from Portugal, India, Malaysia and Mongolia. This is an amazing experience as you get to practice how to deal with cultural differences (and there are plenty!) and differences in group opinions! These are things you will most definitely encounter in your professional life and having an opportunity to deal with this is very fulfilling if you want to work in a global environment.

The Classroom Experience

I have been really impressed with the teaching at LBS.  My favorite class so far has been Advanced Corporate Finance. This covers not only different methods for valuing companies and projects, such was DCF, multiples, real options and so on, but also how companies deal with capital structure decisions, deciding whether to go forward with project finance or corporate finance, ways of financing investment decisions and what differences need to be accounted for when performing cross border valuations. This area of corporate/project finance is a big interest of mine.  Each different aspect mentioned above was backed up with real life case studies, looking at what different companies considered before making investment decisions. Analyzing what went right and what could’ve been done better has given me a great deal of knowledge.

London Location

Besides the weather, literally everything about London has been excellent – going out to pubs with my friends after class, (yes it is possible) and during weekends, running in the park and playing football and of course enjoying watching Premier League matches! I come from a country where due to security and infrastructure issues, I am not very used to having the freedom of moving from one place to another at any time I want and for cheap prices, so being able to get the tube late at night to go to someplace 1 hour away from my place has been unique as well. Life in London is great, and if you get used to the weather, the pros are miles better than the cons!

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