Tulane University

Tulane University is a private research university located in New Orleans, Louisiana. While a respected academic institution in its own right, for the investment community, Tulane holds a special significance thanks to its world-renowned Burkenroad Reports program. This unique, hands-on course turns students into genuine equity analysts, sending them out to study and report on publicly traded companies that are often too small or obscure to be covered by major Wall Street firms. These companies, primarily located in the southern United States, are often referred to as “stocks under rocks.” By producing high-quality, independent research on these under-followed businesses, the program provides a treasure trove of ideas and insights for discerning investors. For a value investing practitioner, the work coming out of Tulane is a prime example of finding potential value where nobody else is looking.

Founded in 1993 by finance professor Peter Ricchiuti, the Burkenroad Reports program is the epitome of experiential learning. Each year, a select group of students is tasked with a simple but challenging mission: to find the next great company hidden in plain sight. The process is a masterclass in fundamental analysis and on-the-ground research:

• Company Selection: The program focuses on small-cap and micro-cap companies headquartered across a six-state region in the U.S. South. These are often solid, cash-generating businesses that simply lack the size to attract attention from large institutional investors.
• Deep Dive Analysis: Students don't just sit in a classroom. They travel to the company headquarters, interview top executives, tour facilities, and speak with customers and competitors. This is a direct application of what investment legend Philip Fisher famously called the 'scuttlebutt' method.
• Final Product: The culmination of their work is a comprehensive, professionally written equity research report, which is then published and made available to the public for free. These reports have gained such a reputation for quality that they are followed by thousands of professional and individual investors.

The work done at Tulane is more than just an academic exercise; it's a powerful tool and a source of inspiration for value investors everywhere. The program's focus aligns perfectly with the core tenets of finding misunderstood and undervalued securities.

The primary value for investors is idea generation. The Burkenroad Reports provide detailed analysis on companies you would likely never discover on your own. Because these stocks have little to no analyst coverage, they are more prone to market inefficiency. This lack of attention can cause a company's stock price to become disconnected from its true underlying value, creating the very opportunities that value investors seek. Essentially, the students are performing the initial legwork, highlighting potential candidates for your own deep-dive research.

Just as Columbia Business School is revered as the academic home of Benjamin Graham, the father of value investing, Tulane's A.B. Freeman School of Business has carved out a practical niche in training the next generation of value-oriented analysts. The program's success demonstrates that the principles of deep, fundamental research are timeless and can be applied successfully far from the hustle of Wall Street. It's a reminder that great investments are often found, not on the front page, but in the footnotes of overlooked businesses.

You don't need to be an alumnus to benefit from Tulane's work. The reports are a public good for the investment community.

1. Start Your Research Here: The Burkenroad Reports are available for free on the university's website. Use them as a high-quality screening tool to identify interesting companies that warrant further investigation.
2. Do Your Own Homework: Remember, a Burkenroad Report is a snapshot in time and a starting point, not a buy recommendation. You must always perform your own due diligence to confirm the investment thesis and ensure the price is attractive relative to the company's current value and future prospects.
3. Think Like a Tulane Analyst: The most important lesson is the methodology. Whether you're investigating a small-cap stock from the Burkenroad list or a global blue-chip, adopt the same mindset. Dig deep, ask hard questions, and look for value in the places others have neglected.