Pitching Process

• A strong thesis, why is this investment compelling? Why now?
• A brief history of company or investment. Inform the group of what this thing is.
• A general Catalyst. Why will the stock or instrument move in your favor? This could be as simple as sequential earnings beats or good news etc.
• Recommendation of the particular position the “Viking fund “should take. Keep in mind the position actually has to be executable, meaning if you are pitching a short, the stock actually has to be short-able etc.

General Process

• Submit idea to officers.
• Presentation will either be sent back to you with recommendations or it will be accepted.
  • This may take multiple iterations. Remember we have a very high hurdle rate.
  • Your idea might be rejected outright.
    • If the merits are not there. You should then find a new idea –BE PICKY!!–
      • There is nothing wrong with having cash.
• After accepted you will be scheduled to present.
  • If time is important just tell us that and your presentation will be moved up potentially.
• Your presentation will be sent out before-hand to the group.
• Your recommendation will be executed. Hopefully we make money (Ideally).
  • You will then present.

Selling Process (For Original Pitcher)

• Your job isn’t done, you can then make a second presentation if you want to sell the stock.
  • This doesn’t have to be reviewed nor as robust.
• You will present,
• This will be voted on. However, this is a non-binding vote this is only for input.
  • The person who decided to buy will determine when to sell.
    • This is only subject to officer veto.

Second Selling Process (this is a work and progress):

• If another person thinks we should sell a stock that we currently have. they can go through the general process (See above) and make a presentation of why we should sell.
• The person who made the original pitch can defend the stock if they want after the presentation.

Third Selling Process

• In a general presentation someone can recommend we sell one stock and buy another.
  • This only really applies if we have deployed all our cash.
• This is subject to a 2/3 vote -instead of majority.

Fourth selling process:

• Officers can decide to sell.
• Person who made pitch will be notified and can defend position, before selling happens.

It would be prudent for you to include some of the following (especially if you are pitching a stock, depending on the industry):

Price	P/B (price to book Value)	TEV (Total Enterprise value)	Return on Equity
P/E (Price to Earnings)	Price/Sales	P/FCF (Price to Fee Cash Flow)
Forward P/E	Return on invested capital	EBITDA (Earnings before Interest, Tax, Depreciation and amortization)

General advice:

• If you don’t have a great investment idea, don’t pitch it. Have patience, it is better to make no investment rather than a crummy one. (Rule 1: Never lose money).
• look for things people are not looking at, special situations (spin-offs, bankruptcies, mergers) find places where market inefficiencies can arise.
• find great companies that have stumbled, Chipotle has a E. coli outbreak. Coke puts out new-coke. etc.