Students work on Bloomberg Terminals in the Capital Markets Room at GWSB

GW Investment Institute

The GW Investment Institute is a global leader in applied research and investment education with its combination of world-class instruction, industry outreach and networking. The institute provides students with critical real-world investment experience and invaluable professional networking opportunities. 

The foundation of the institute is GW’s Student Investment Funds, which provide students the opportunity to manage real capital, interact with industry practitioners in the classroom, and connect with investment leaders. 


Spring 2018 Investment Institute Report

Our program has grown dramatically. We have big plans for the near future as we seek to transform the institute into the largest investment education program of its kind.

READ THE REPORT

 



Support the GW Investment Institute

Your donation goes directly to the GW Investment Institute to help support our mission. Thank you!

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GW II Student Investment Funds

Ramsay Student Investment Fund Logo

 

 

GW Ramsey Student Investment Fund

  • RSIF was Established in 2005 with a $1 Million Gift from W. Russell & Norma Ramsey
  • MBA Students: 15 to 20 Each Semester; +300 to Date
  • Portfolio Monitored & Managed by Students Through Sector Teams & Stock Pitch Sessions
  • Value Investing Philosophy & Approach: Graham-Buffett-Munger
  • Fundamental Security Analysis Techniques Taught & Employed
  • Guest Lecturers from the Investment Industry for Learning & Networking
  • Assets Under Management: Over $2 Million
  • Instructor: Rodney Lake

 

GW Phillips Student Investment Fund

  • Established in 2008 with Capital Provided by a Diverse Group of Donors
  • Named in Honor of Former GWSB Dean Susan Phillips
  • Undergraduate Students: 30 Each Semester; +400 to Date
  • Portfolio Monitored & Managed by Students
  • Value Investing Philosophy & Approach: Graham-Buffett-Munger
  • Fundamental Security Analysis Techniques Taught & Employed
  • Guest Lecturers from the Investment Industry for Learning & Networking
  • Assets Under Management: Over $1 Million
  • Instructors: Rodney Lake, Matt Miller, Arun Muralidhar

Phillips Student Investment Fund Logo

 

 

 

GW Venture Capital Student Investment Fund

  • Applied Investment Analysis: Venture Capital (Launched Spring 2017)
  • MBA & Undergraduate Students: 15 to 20 Each Semester
  • Examine & Participate in Venture Capital Business Cycle: Raising Capital, Generating Deal-Flow, Evaluating Business, Exit Strategies
  • Fundamentals of Evaluating Business & Markets
  • Partner with GW Office of Innovation & Entrepreneurship & New Venture Competition

 

GW Real Estate Student Investment Fund

  • Applied Security Analysis: Real Estate (Launched Spring 2018)
  • MBA & Undergraduate Students: 15 to 20 Each Semester
  • Value Investing Philosophy & Approach: Graham-Buffett-Munger
  • Fundamental Security Analysis

 

GW Fixed Income Student Investment Fund

  • Applied Security Analysis: Fixed Income (Target Launch: Fall 2018)
  • MBA & Undergraduate Students: 15 to 20 Each Semester
  • Conservative & Defensive Approach
  • Fundamental Security Analysis

 

 


GW Investment Institute Advisory Board & Team

Management

Rodney LakeRodney Lake


Mr. Lake is a Teaching Assistant Professor of Finance, and Director of the GW Investment Institute, at The George Washington University School of Business.

GW PARI includes the $3 million GW Ramsey Student Investment Fund - managed by MBA students, and the $2 million GW Phillips Student Investment Fund - managed by undergraduate students, also included are the newly created GW Venture Capital Student Investment Fund and GW Real Estate Student Investment Fund.

Mr. Lake serves as a Mentor-In-Residence supported by the GW Office of Innovation and Entrepreneurship. Professor Lake is providing guidance, coaching, support and connections to students with a goal to enhance entrepreneurship at GW.

Rodney Lake is the founder and Chief Investment Officer of The Benval Group LLC. The Benval Group provides management consulting services to growing companies. Benval works to partner with its clients regarding resource and capital allocation, strategy, analysis, and research.

Prior to forming Benval in 2012, Mr. Lake worked as a Senior Investment Officer in The George Washington University Investment Office. The GW Investment Office was responsible for managing the University’s $1.5 billion endowment fund.

Prior to the GW Investment Office, Mr. Lake was a Senior Financial Analyst in the Executive Vice President and Treasurer’s Office at GW, served as an internal consultant for projects ranging from financial and optimization modeling to developing spin-out strategies and valuations for internal businesses. Prior to joining GW, he was a Financial Analyst in portfolio management at a mortgage banking subsidiary of California Federal Bank, (now part of Citi).

Mr. Lake graduated cum laude, from West Virginia Wesleyan College with a B.S. degree in business. He received his MBA from The George Washington University.


Email: [email protected]
 

Matthew MillerMatthew Miller


Matt is a Senior Financial Associate with RBC Wealth Management and joined the Ross Group in 2015. He serves as a member of the portfolio team working on client portfolio construction, management, and allocation. Prior to joining RBC Wealth Management, he worked at FBR Capital Markets in its Institutional Equity Sales & Trading group and then at Fannie Mae as part of its Fixed Income Securities Marketing group. Matt holds his Series 7 and 66 security licenses.

Born and raised in the D.C. area, Matt is from Laytonsville, MD, and graduated from Good Counsel High School.  He attended Cornell University where he graduated in 2005 with a B.S. in communication, concentrating in applied economics and management. While attending Cornell, Matt was a four year member of the Varsity Baseball team, and served as captain of the team his senior year. 

Matt earned his MBA in finance and investments from The George Washington University in 2012 and is currently an Adjunct Professor of Finance at GW.  He teaches a Phillips Student Investment Fund class, which allows students to analyze companies and manage a real-money equity investment portfolio.

Johnny ChouJohnny Chou


Mr. Chou is the Program Associate for the GW Investment Institute. Johnny is an alumnus of the Ramsey Student Investment Fund (RSIF) and has been a part of the foundation of GW II. His contribution to the program has been invaluable, especially for both the Ramsey and Phillips Student Investment Funds. As a Program Associate, Johnny works to develop frameworks for the growth of applied education and experiential learning on investing. Johnny graduated in 2016 with an M.A. in International Trade and Investment Policy, a renowned program within GW's Elliott School of International Affairs. Johnny remains a lifelong student of value investing and follows pioneers in the field. Prior to joining GW, Johnny worked for Siemens Industry as a Business Process Specialist to improve manufacturing processes. In his spare time, Johnny hones his photography skills and like to translate his creativity into photographs for people to enjoy.

Email: [email protected]


Advisory Board

Rhoda PeritzRhoda Peritz


Ms. Peritz was previously Managing Director and Chief Operating Officer for BlackRock’s America’s Fixed Income investment business. From 1991-2014, Rhoda was with Barclays and its predecessor, Lehman Brothers, where she served in a variety of senior management roles. At Barclays she was the Global Chief Operating Officer for Distribution and Head of Client Strategy across the Fixed Income, Equity and Prime Services businesses for all regions. While at Lehman, Rhoda was Head of Fixed Income Institutional Middle Market and Corporate Cash sales. For many years she was also the Global Chief Operating Officer and Head of Client Strategy for Fixed Income. Earlier on, she was an institutional product marketer for preferred stock and investment grade corporate bonds. Throughout her career, Rhoda has also led a number of global firm-wide initiatives. She began her career at Andersen Consulting (Accenture predecessor) in the financial markets practice.

Steven RossSteven S. Ross


Steve is a Senior Vice President at RBC Wealth Management. He began his career with Ferris, Baker, Watts (FBW), acquired by RBC Wealth Management in 2008, as a $3.65 an hour intern on September 19, 1979 and is proud to say he has never moved desks. Over his 36-year career, Steve has managed portfolios for a wide range of individuals and institutions striving to meet their investment and financial goals. Steve graduated with honors from George Washington University in 1981 and he holds the Series 7, 63, and 66 securities licenses as well as the CERTIFIED FINANCIAL PLANNER® designation.  
Steve was elected to George Washington University’s Board of Trustees in 2006 and also served as a Board Member for the Kennedy Institute in Washington, DC. Prior to FBW’s merger with RBC Wealth Management, Steve served on FBW’s Board of Directors and Chaired its Retail Advisory Board.  Currently, Steve is a member of RBC Wealth Management’s Chairman’s Council, which recognizes the firm’s top 120 financial advisors, and serves on RBC Wealth Management’s Equity Leader Advisory Council.

Mark Anfang


Mark Anfang is a Partner Tide Point Capital Management in Greenwich, Connecticut. Mark and his partners founded Tide Point in 2012 and has built the firm into a hedge fund that focuses its investment strategy on global cyclical equities for institutional investors. Mark has over 15 years of industry experience and has spent most of his career as a sector specialist analyzing and investing in global chemical, material, and industrial companies. 
Prior to founding Tide Point, Mark was a Senior Analyst and Portfolio Manager at Harbor Watch Capital Management, a $2billion hedge fund, and was responsible for chemicals, metals & mining, automotive, commodities and agricultural companies. From 2005 to 2008 he was a senior analyst at Amaranth Advisors and Diamondback Capital. Mark started his career at SAC Capital where he was a trading assistant working directly with portfolio managers and sector investment teams. Throughout his career, Mark has maintained strong industry relationships with over 200 global companies and management teams, and has developed proprietary financial models that help analyze and identify differentiated, non-consensus investment opportunities. 
Mark graduated from George Washington University with a Bachelor of Business Administration in Finance in 2002. He currently lives in Scarsdale New York with his wife Jessica and two children Taylor and Jay.

Marcus KristinKristin Marcus


Kristin Marcus is a Managing Director and the Chief Financial Officer at Highfields Capital Management LP, a Boston based value-oriented investment management firm managing over $12 billion in assets for endowments, foundations, pension funds and other institutional and private investors. She has been with the firm since its founding in 1998 and in her current role since 2007. Prior to joining Highfields Capital, Ms. Marcus was employed at Evare L.L.C. as a project manager and at Harvard Management Company where she worked as a senior trading analyst and as a foreign operations supervisor. Ms. Marcus received a B.B.A. from GW in 1990 and an M.B.A. from Suffolk University.

Jared GolubJared Golub


Jared Golub is a founding member and Partner with Marblegate Asset Management where he is responsible for generating, evaluating, executing and managing investments in a portfolio of distressed and special situation assets across a variety of industry sectors. Mr. Golub has sat on a variety of official and ad-hoc creditor committees, and has been deeply involved in a number of corporate restructurings in both the United States and abroad.
Prior to joining Marblegate, Mr. Golub was a Director and Partner at Miller Buckfire & Co., where he was responsible for advising and executing restructuring, financing, mergers and acquisitions, and strategic advisory transactions. Throughout the course of his career at Miller Buckfire, Mr. Golub raised approximately $3 billion in capital and restructured approximately $15 billion worth of liabilities. In addition, he coordinated the firm’s analyst and associate recruiting program. Mr. Golub was a founding member of Miller Buckfire in 2002 and previously was part of the financial restructuring group at Wasserstein Perella & Co., which he joined in 2000. Mr. Golub has a B.B.A. in finance, summa cum laude from George Washington University and was a member of the varsity crew team. He has over fifteen years of distressed experience and lives in Rye, NY, with his wife and two children.

James Carruthers Jr.


Mr. Carruthers served as Portfolio Manager of Third Point LLC from 2005 to 2013. At Third Point, Mr. Carruthers specialized in shorting small-company stocks. Prior to this, he was a Founding Partner and Analyst at Eastbourne Capital Management, L.L.C. Mr. Carruthers joined Eastbourne Capital in April 1999. Prior to that, he was an Analyst at RSIM from September 1996 to March 1999, where he was a Principal. For the five years prior to joining RSIM, Mr. Carruthers was an independent Securities Analyst providing security specific research to the investment community and other related professionals, including RSIM. 
From 1988 to 1990, he was an Analyst and Portfolio Adviser with the Feshbach Brothers in Dallas, Texas. Prior to his work in the investment industry, Mr. Carruthers was employed in various senior management roles in the information systems business including positions with Martin Marietta Data Systems and American Management Systems. He serves as a Director of Advanced BioNutrition Corp. 

Mr. Carruthers received his M.B.A. at The George Washington University and B.S. degree in Business from the University of Maryland.

David AsperDavid Asper


David Asper, through Asper Group, works with venture founders/teams in investing, fund raising, advisory, and governance activities.

Asper Group investment thesis focuses on seed /early-stage venture developments addressing e-commerce and marketplace platforms, mobile, and technology-enabled content businesses. Interesting sectors are consumer, retail, financial services, telecom, high-tech, and life sciences/wellness-health...in the U.S. and in transatlantic/pacific developments. 

David, now a Senior Partner Emeritus, is in the process of withdrawing from A.T. Kearney after 30+ years as an equity partner. As a client partner, his focus areas included large-scale restructuring actions, organization and operating model transformation, performance turnaround/improvement initiatives, M&A/PMI, and growth strategies. David served multinational clients extensively throughout Americas, Europe/Middle East, and Asia-Pacific. Client service focused on telecom, high-tech, financial services, PE, and automotive sectors. 
Throughout his partner years, David served A.T. Kearney in numerous Firm leadership and Board roles, including: lead partner for the global Financial Services practice and for the Economics Consulting group; NA practice head for the High-tech practice; Finance Committee Chair and Partner Chair of the Firm’s Board of Directors; and as a co-head of the Firm’s Ventures fund.

David received his M.S. in Business from The George Washington University and B.S. degrees in both Engineering and Business from the University of Colorado at Boulder. David was a Commissioned Officer in the U.S. Public Health Service.

Mark LevineMark Levine


Mark Levine joined Core Capital in 2000 from GCI Venture Partners, an early stage technology venture capital fund that he founded and that was an early investor in webMethods, one of the most successful software IPOs in NASDAQ history.

Prior to Core, Mark served as an officer, responsible for corporate development and strategy, of GEO-CENTERS, a technology firm with more than $200 million in revenue when it was acquired by SAIC. Previously, Mark was Subcommittee Staff Director for the Small Business Committee in the U.S. House of Representatives.

Mark serves on the Board of Trustees of the Mid-Atlantic Venture Association (MAVA), the Board of Advisors of both The George Washington University School of Business and the Dingman Center for Entrepreneurship at the University of Maryland, and the Advisory Board of Marshfield Associates.

Mark received his MBA from The George Washington University.

George WelldeGeorge Wellde


George W. Wellde, Jr. has been a member of the Board of Directors of Fortress Investment Group LLC since August 2009. Mr. Wellde served as Vice Chairman of the Securities Division at Goldman, Sachs & Co. from 2005 until his retirement in 2008. Prior to that, he  was head of North America Sales for the Fixed Income, Currency and Commodities division. Mr. Wellde joined Goldman Sachs in 1979, became a partner in 1992. In addition, he was branch manager of the Goldman Sachs Tokyo office and head of its Fixed Income Division from 1994 to 1999.

Prior to joining Goldman Sachs, he  worked for the Federal Reserve Board of Governors in Washington from 1976 to 1979. Mr. Wellde is currently on the Board of Trustees of George Washington University and is a member of the Investment, Audit and Finance and Executive committees. Additionally, he is a member of the Investment Committee of the University of Richmond where he previously served on the Board from 2000 to 2010 and as the Chair of the Board from 2006 to 2010. He currently serves on the Board of the Partnership for Public Service in Washington, D.C. and is a member of the Council on Foreign Relations. Mr Wellde also served on the Board of the Gavi Alliance from 2001 to 2014 on the Executive, Governance and Investment committees.

Mr. Wellde holds a B.S. from the University of Richmond and an MBA from George Washington University.


Alumni Advisors

Steven KeatingSteven Keating


Steven Keating is the Director of Investments at St. John’s University in New York, where he oversees the University’s $650 million endowment under the direction of the Investment Committee.

Prior to joining St. Johns’s University, Steve was an Investment Officer in GW’s Investment Office where his responsibilities included identifying investment opportunities across all regions, sectors, and asset classes; recommending investment implementation strategies; new investment manager sourcing, selection, due diligence; ongoing investment manager monitoring and analysis; and in-depth, fundamental research.

Steve’s involvement with the Ramsey Student Investment Fund (RSIF) spans nearly 7 years. Steve is a RSIF alumnus and before becoming an Advisor, Steve was a co-instructor. Additionally, Steve is a co-chair of the annual Ramsey Student Investment Fund Conference.

Steve holds a Master of Business Administration in Finance and Investments and a Bachelor of Business Administration in International Business and Marketing, both from GW. He was a Presidential Administrative Fellow where he worked in GW’s Office of the President and Office of the President Emeritus.

Francisco CastilloFrancisco Castillo


Mr. Castillo has over 11 years of experience focused on performing fundamental analysis, modeling, forecasting, and communicating financial information in both the private and public international sector. He currently works for the IDB as a Senior Associate. Prior to the IDB, Mr. Castillo was a Financial Credit Analyst in Banca Afirme Mexico. Mr. Castillo holds a bachelor’s degree in accounting from the UANL and received his MBA from the George Washington University. He is an alumnus of the Ramsey Student Investment Program.

Evan VandeveerEvan Vanderveer


Vanshap Capital is a deep value, globally oriented investment management firm, minority owned by Markel Corporation. Vanshap employs a research-intensive process to identify businesses run by disciplined management teams trading at low multiples of tangible book value or cash earnings. Prior to launching Vanshap, Mr. Vanderveer was an analyst at deep value manager, Aegis Financial Corporation. Mr. Vanderveer is a graduate of The George Washington University, where he earned a Bachelor of Business Administration degree, with a concentration in finance.


Teaching Assistants 

Jordan SheinkopJordan Sheinkop


Mr. Sheinkop is currently a graduate student at the GW Trachtenberg School of Public Policy with a concentration in Budget & Public Finance. He is also an NCAA Athlete, Student-Athlete Leader, and co-captain for the Division I Men’s Varsity Baseball Team.

Jordan graduated from GW in 2017 with a Bachelor of Business Administration (B.B.A.) with dual concentrations in Finance and International Business. He is also an alumnus of the Phillips Student Investment Fund (PSIF). After graduation, Mr. Sheinkop worked with Savills Studley on consulting, financial analytics and business development Projects.

In his free time, Jordan volunteers for the Michael Rolfe Pancreatic Cancer Foundation.

After graduation, Jordan plans on seeking job opportunities in management consulting, commercial real estate brokerage or investment banking.

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