This webpage provides links to material for
Equity Security Analysis (BUS 417-3).


Course Materials and Descriptions
Click here for BUS 417 Course Outline
Click here for BUS 417 Course Syllabus
Click here for Finance Pretest
Click here for a description of the Game
Click here for a description of presentations model This is only one possible model, better to look at actual slide presentations.
Description of Presentation Scoring and Writeup Example 1 and Example 2
See also the presentations link for a history of .ppt slides.
Click here for description of group formation
Click here for the Optional Group Evaluation Worksheet
Instructions for Submitting Group Writeup

Explanation of Scoring System

Supplementary Items Archive
Click here for Examples of Possible Approaches to Preparing Security Analysis Report
(these are only examples, not requirements)
Click here for old examples of submitted Term Paper Security Report and here for recent examples
Click here for the Security Analysis Evaluation Worksheet
Click here for Tips on Writing the (Optional) Security Analysis/Term Paper
Click here for list of (optional) term paper topics


Three often used and free to access websites: Globe Investor and Bloomberg . and Ft.com



Available Recordings


Recording for Aug. 3, 2025 Makeup Click here for the 8/3/25 Makeup This is the recording needed to makeup for the RCMP 'police incident'

Click here for the old BUS 417-4 Lecture Recordings These recordings are a legacy item from Fall 2020 when courses were on-line.
Not advisable to use as a substitute for attending lectures.
Note: BUS 417-4 was divided into BUS 411-3 and BUS 417-3, so about half of these
recordings cover BUS 417-3 material. (See http://www.sfu.ca/~poitras/BUS417.htm for the coverage of BUS 417-4).

Mac users with OS higher than Mojave will have to use Windows for the first 8 lectures as the .wrf player files are 32 bit.


Useful Supplementary Material
Historical Time Lines

Click here for 'old' interest tables.

Click here for the 'Philosophy of Investment' slide.

Zip file with British Museum cuneiform pictures

Errata List for Security Analysis and Investment Strategy and Valuation of Equity Securities




Important information about procedures regarding absence due to sickness
University Policy for academic honesty S10.01
Note that the takehome examination and the three assignments are individual work and no sharing of answers is allowed.
Please consult S10.01, Schedule A, Sec. 2.3.6: a) using or attempting to use another individual's answers; b) providing questions and/or answers to other individuals.
These actions are considered under S10.01 to be cheating.

For those that would like to have .pptx files of the lectures:

Click here for Lecture 1 Introduction;
Supplementary material for lecture 1 (SAIS ch.1)
Selected Boeing Financials + Canadian Securities Law

Click here for Lecture 2 Early History of Equity Capital;
Characteristics of Joint Stock Companies
and Equity Shares in Antiquity and Basics of Equity Capital
Supplementary Materials Usury and Early Government Debt Background (see also ch.3 from Early History below)
and Huygens and Expected Value and Fixed Income Basics (will come back to these in Lec. 8)

Assignment #1 Due Week 5.

Click here for Lecture 3 Emergence of the Limited Liability Corporations;
Joint Stock, Limited Liability and Incorporation
See also VES chapter 2 for some further interesting images and discussion.
Some-early-19thC-stock-info.zip and 1910 NYSE Listed Stocks and 1910 NYSE Trading quotes

Click here for Lecture 4 Development of Equity Security Analysis in the 20th Century;
Value Investing and MPT and Basics and History of Technical Analysis
See also SAIS chapter 2 for some further interesting images and discussion. Also History of the Dow Theory .

Click here for Lecture 5 Fundamental Analysis and Value Investing;
SAIS Chapter 7 (see also material for Lec. 4)

Assignment #2 Due Week 10.

Click here for Lecture 6 Basics of Financial Statement Analysis;
Especially 7.2 of VES chap.7
Fisher stocks from the 1958 edition.
F/S Updates for 24-3

Click here for Lecture 7 Ben Graham, Philip Fisher and Warren Buffett
SAIS ch.7
Fisher stocks from the 1958 edition.
What are hedge funds? SEC investor bulletin
13F for Berkshire Hathaway and The annual letter for 2023 .

Click here for Lecture 8 Valuation Models for Stock Prices;Font problems? Try this
SAIS chap.8 and VES Chap. 4
Canadian Preferred Shares , TMX Preferred Shares , Info on Canadian Depository Receipts
S&P files on Dividends, Buybacks, P/E , S&P 500 Historical EPS and Div. Yield From the S&P site.
TOL and MX (2005 X 2006) and MX and TOL (2010/10) and MX and TOL (11-10) and MX and TOL (12-3)

Assignment #3 Due Final Exam Date.


Weeks 9-11;
Group Presentations

Presentations Recap 23-2 and FASB + IFRS standards

Info for TSX Venture and Russell 2000

Click here for Lecture 9 Technical Analysis;
SAIS chap.9 (See also material for Lec.4)

Supplement on ESOs
FASB statement on ASC See also https://asc.fasb.org/Login

Click here for Lecture 10 Modern Finance;
SAIS Lec.10 and SAIS chap.2 (See also material for Lec.4)
Fama on Modern Finance


Material for the Class Presentations

Click here for a link to the presentations .ppt
Click here to download the case materials for BUD, COS.UN and DAL Additional material on Industry Analysis is also included.



Supplementary Material for Lectures and Exams

Click here for Valuation of Equity Securities There is an online version in Library Catalog.
Click here for chapter 2 of Early History of Financial Economics
Click here for chapter 3 of Early History of Financial Economics
St. Petersburg Paradox
Golden Ratio derivation
How to make or lose a million! and Another experience! and Deer in the headlights
PWC Stock Based Compensation Guide
Netflix Content Accounting

Material for the GAME

Game Directions and Currency explanation
A currency converter

Results for trading game 15-2
Results for trading game 16-1
Results for trading game 16-2
Results for trading game 17-1
Results for trading game 17-2
Results for trading game 18-3
Results for trading game 19-2
Results for trading game 19-3
Results for trading game 20-2
Results for trading game 20-3
Results for trading game 22-2
Results for trading game 22-3
Results for trading game 23-2
Results for trading game 23-3
Results for trading game 24-2
Results for trading game 24-3
Results for trading game 25-2
Results for trading game 25-3



Info on mathematica programs: (* ... *) indicates a comment; //N means calculate a number (this has no impact on the equation being evaluated only on the output format); % means use the previously calculated value; * is multiplication, e.g., 2 * 2 = 4 and ^ is raise to the exponent, e.g., 5^2 = 25.


Previous and Current Exams and Assignments for BUS 417-3
Click here for Final 25-3
Click here for Final 25-2
Click here for Final 24-3
Click here for Final 24-2
Click here for Final 23-3
Click here for Final 23-2
Click here for Final 22-3
Click here for Assignments 22-3
Click here for Final 22-2
Click here for Assignments 22-2

An example answer for 22-2 Assignment #1, Question #1 is provided here and here



Previous Exams and Assignments for BUS 417-4

NOTE: BUS 417-4 combines Fixed Income and Equity Securities
The assignments and exams below have some questions not relevant to BUS 417-3
This is the case for the 1a)sample answer provided

Midterms (to 18-1) + Assignments (from 19-2)
Assignments for 19-2
Click here for the 18-3 midterm
Click here for the 17-2 midterm

Click here for a sample answer to 1a for Midterm 13-1
(Note the question asked is different, sample answer indicates format)

Click here for the 17-1 D100 midterm
Click here for the 17-1 E100 midterm
Click here for the 16-2 midterm
Click here for the 16-1 midterm
Click here for the 15-2 midterm
Click here for the 14-2 D100 midterm
Click here for the 14-2 E100 midterm
Click here for the 13-1 midterm
Click here for the 12-3 E100 midterm
Click here for the 12-3 D100 midterm
Click here for the 12-1 midterm
Click here for the 11-3 midterm
Click here for the 11-1 midterm
Click here for the 10-3 midterm
Click here for the 10-1 midterm
Click here for the 09-3 midterm (E100-MW)
Click here for the 09-3 midterm (E200-TTh)
Click here for the 07-1 midterm
Click here for 06-3-D1 midterm
Click here for 06-3-E1 midterm
Click here for the 06-1 midterm
Click here for 05-3-D1 midterm
Click here for the 05-3 midterm
Click here for the 05-1 midterm
Click here for the 04-3 Midterm
Click here for 03-3 Midterm
Click here for assignment questions.

Finals
Click here for the 22-2 final
Click here for the 20-3 D100 final
Click here for the 20-3 E100 final
Click here for 20-2 final
Click here for 19-3 E100 final
Click here for 19-3 D100 final
Click here for 19-2 final
Click here for the 18-3 Final
Click here for the 17-2 Final
Click here for the 17-1 D100 Final
Click here for the 17-1 E100 Final
Click here for the 16-2 E100 final
Click here for the 16-2 D100 final
Click here for 16-1 E-100 final
Click here for 16-1 D-100 final
Click here for 15-2 final
Click here for 14-2 final (e-100)
Click here for 14-2 final (d-100)
Click here for 12-3 final (d-100)
Click here for 12-1 final
Click here for the 11-3 final
Click here for 11-1 final
Click here for 10-3 final
Click here for the 10-1 final
Click here for 09-3 E200 final
Click here for 09-3 E100 final
Click here for the 07-1 final
Click here for the 06-1 final
Click here for the 05-3 final
Click here for the 05-1 final
Click here for 04-3 final
Click here for a sample final



Working in the Securities Industry


Working in a fiduciary position in the Securities Industry requires a registration process that typically involves passage of an examination.
The specific exam needed relates to the type of job and investment industry sector. In the US, these exams are given by FINRA;
information about the various exams are available from FINRA .
An example of the entry (Securities Essentials) level exam is available here .

In Canada, similar exams are administered by the Canadian Securities Institute and other entities. The entry level exam is the Canadian Securities Course;
information about the various licensing procedures and entities are available here . An example of the entry level Canadian Securities Course exam is available here .


Here is a link to some interesting items, magazine and journal articles :


In the event that some link does not activate, please try again later and if you are still unsuccessful, notify me by email at poitras@sfu.ca