Students from the University of Vermont (UVM) Grossman School of Business (GSB) braved a rainy day in Manhattan for the chance to pitch stock options at Morgan Stanley Global Headquarters in New York City on Friday, October 20, 2023. Students took turns presenting their stock picks in teams of four to real-world investors who shared their feedback on the presentations as well as insights and experience with each group.
The Wall Street Seminar
The presentations were part of GSB’s Wall Street Seminar course, which was created for students to develop a detailed understanding of the tools used by market professionals and corporate managers to analyze the value of companies and stocks, and the ability to convey this understanding to industry professionals. As part of BUS 4880, students trade a UVM classroom for a Manhattan boardroom as their learning ground as they gain experience in professional equity analysis and investment bank M&A consulting. Launched in 2003 by professor emeritus James Gatti, this seminar has become a revered fixture on the school calendar and is now led by Andrew Prevost, the Elizabeth and David Daigle Professor in Finance.
Professional Feedback
On the 27th floor overlooking Times Square, students were visibly anxious yet also eager to share what amounted to months of research and preparation. The presentations outlined years of market data and consumer trends all organized and presented to tell the story of a company's growth potential. The stocks highlighted ranged from automotive companies to sports apparel. One topic that kept resurfacing was the speculated impact of climate change which, for some companies, was seen as an opportunity to invest in new industry-disrupting technologies.
The presentations were thoroughly vetted by the professionals who scrutinized predictions as if they were presented in the real world. Students fielded questions and defended their selections using the information in their presentation and market speculation. They were grateful for the opportunity to present as if they were already working on Wall Street and also established a rapport with the professionals. “We teach them how to model a company which is something very few universities teach,” said Stephen Penwell who, as a member of Morgan Stanley’s research team and a former UVM alum, led the critique of the presentations. “This year the group has done great. The quality of work over the last twenty years coming out of the UVM Business school has continuously improved,” he added.
Alumni-Support Course
The Wall Street Seminar course is team-taught with TAP Advisors staff including Jamie Flicker ’87 and GSB alumni who now work at Morgan Stanley including Steve Penwell ’84, Morgan Stanley’s director of equity research for North America. They joined the presentations along with other Morgan Stanley associates including Todd Castagno, Morgan Stanley’s executive director, Andrew Percoco ’17, David Gringeri ’21, and Joe McVeigh. Participating online was Matias Øvrum ’22 from Morgan Stanley-London who began building relationships with the company through this class during his time at UVM. He stayed connected with GSB and now is leading current students into the industry through this course. GSB alum Evan Silverberg '16 G'17 from Nvidia also was in attendance.
Afterwards, students were able to explore the city and meet up with other UVM alumni, capping an eventful day of full immersion into life on Wall Street. A day that brings their chosen career path to life and helps these GSB finance students on the road to future success.