The SAM Scientific Committee's webinars allow you to benefit from the expertise of its distinguished members. They also provide an opportunity to invite professors and researchers from the academic network and highly qualified experts associated with the continuing education platform. 

For the final webinar of the Scientific Committee series this year, we are pleased to welcome:  

• Prof. Stephen Penman, Columbia University and Bocconi University.
• Prof. Robert Gutsche, University of St. Gallen
• with the participation of Dr. Alexandru Rif, University of St.Gallen, CC Security Analysis; ZHAW, Institute for Financial Management

Fundamental investors warn about buying growth, for growth is risky. This webinar will present an approach that first identifies the value-adding growth that an investor should pay for, then lays out a scheme for identifying how much the market is asking the investor to pay for that growth. That is the price to be challenged: Is the market pricing growth correctly? With some exceptions, the answer is yes: The market typically discounts expected growth for risk appropriately. The findings come with a caution about buying P/E where “value” investors see returns. Buying P/E is risky and the paper provides an explanation: P/E ratios imbed expected earnings growth but also the risk to growth. They are discounted for that risk so returns to buying P/E are just returns to risk.