NEW YORK--(BUSINESS WIRE)--Stephen H. Penman, a prominent professor in the graduate school of business at Columbia University’s Value Investing Program and the co-director of the Center for Excellence in Accounting and Security Analysis at Columbia Business School, will begin serving as an advisor to New York based Phoenician Capital. The firm is a value-oriented investment partnership, founded by Columbia Business School graduate John Khabbaz.
“I am excited to be joining John Khabbaz and his team at Phoenician Capital,” said Penman. “Having seen the partnership develop as an outside investor for the past seven years, I am delighted to take on a more formal role as the partnership continues to grow.”
Khabbaz began developing his investment strategy for Phoenician Capital while attending Columbia Business School in 2006. Khabbaz attended McGill University in Montreal, Canada, before earning his MBA from Columbia Business School. Prior to Phoenician, Khabbaz successfully founded the International Cotton Group of Companies, which was acquired and merged into a global trading company.
“Stephen has been a mentor of mine since I was a student at Columbia Business School,” said Phoenician Capital Founder and CIO John Khabbaz. “Professor Penman’s pioneering contribution for the development of Residual Operating Income (“ReOI”) and its application to screens that Reverse Engineer a company’s market price into a forecast of growth and the implied expected return, have been the foundation on which we have built this strong and enduring investment partnership. I am honored that Stephen personally invested during Phoenician’s early days and excited about the tremendous value and expertise he brings to the firm.”
Among his many roles in addition to serving on the Advisory Board of Phoenician Capital, Penman is a member of the Board of UBS Financial Services Hedge Fund Solutions and is Chair of its audit committee. Penman’s research deals with the valuation of equity and the role of accounting information in security analysis. Penman was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his seminal book, Financial Statement Analysis and Security Valuation, published by McGraw-Hill/Irwin and now in its 5th edition.
About Phoenician Capital
Phoenician Capital is a value-oriented investment firm, managed by Columbia Business School graduate John Khabbaz, to preserve and grow wealth for investors. The investment team at Phoenician Capital invests opportunistically in global small cap growth companies when they can be purchased at value prices.
About Stephen H. Penman
Stephen Penman is the George O. May Professor in the Graduate School of Business, Columbia University. He teaches fundamental analysis in the Value Investing Program and is also co-director of the Center for Excellence in Accounting and Security Analysis at Columbia Business School. Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago.