A. B. Freeman School of Business

The A. B. Freeman School of Business is the highly regarded business school of Tulane University in New Orleans, Louisiana. While it offers a full suite of business programs, for the investment community, the Freeman School has carved out a unique and celebrated niche that resonates deeply with the principles of value investing. Its fame stems largely from the Burkenroad Reports, a pioneering student-led equity research program that embodies the “roll up your sleeves” ethos of legendary investors like Benjamin Graham and Warren Buffett. Instead of just theorizing in a classroom, students hit the road to uncover value in places Wall Street often ignores. This practical, real-world approach to fundamental analysis has made the Freeman School a landmark institution for anyone interested in the art of finding great, under-the-radar investment opportunities.

Imagine a team of bright, hungry analysts digging into small, local companies that big New York firms wouldn't bother with. That’s the Burkenroad Reports in a nutshell. It’s arguably one of the most practical and effective investment education programs in the world.

Founded in 1993 by finance professor Peter Ricchiuti, the Burkenroad Reports program focuses on analyzing “stocks under rocks.” These are typically small-cap stocks of publicly traded companies headquartered in the southern United States. Students in the program function like junior sell-side analysts. They don't just crunch numbers from an office; they conduct extensive, on-the-ground research, including:

• Visiting company headquarters and facilities.
• Interviewing top management, from the CEO to the CFO.
• Speaking with customers, suppliers, and competitors to get the full picture (a classic scuttlebutt approach).

Based on this deep-dive research, the students produce a comprehensive equity research report on each company. These reports are published and distributed free of charge to the investment community, offering a fresh, unbiased perspective on often-neglected businesses.

The Burkenroad model isn't just a great academic exercise; it provides a powerful blueprint for the individual value investor. The program’s success offers several key lessons:

• Look Where Others Aren't: The biggest opportunities are often found in areas with the least competition. While Wall Street obsesses over mega-cap tech stocks, enormous value can be hiding in smaller, regional companies that are fundamentally sound but simply undiscovered.
• Go Beyond the Numbers: Financial statements are crucial, but they don't tell the whole story. The program's emphasis on site visits and management interviews is a reminder that a company's qualitative aspects—like its culture, leadership integrity, and competitive moat—are just as important. It’s about understanding the business, not just the balance sheet.
• Patience is a Virtue: The program has been successfully unearthing gems for decades. It teaches that a disciplined, long-term process of diligent research is the most reliable path to investment success, rather than chasing hot tips or market fads.

The culmination of the students' work each year is the Burkenroad Investment Conference. This highly anticipated event, held in New Orleans, brings together the management teams of the covered companies, the student analysts, and hundreds of investors from across the country. The students present their findings and investment theses directly to the audience, and attendees get to hear from and question the CEOs of these small but promising enterprises. It’s a fantastic melting pot of ideas and a prime example of how academic research can directly serve and empower the everyday investor.