The Competition

Would you invest in Fannie Mae today?  Why or why not? 

Teams of up to three students should evaluate the merits of a potential investment in the Federal National Mortgage Association (“Fannie Mae”) from the perspective of a value investor based on publicly available information, including but not limited to: (i) company filings with the U.S. Securities and Exchange Commission; (ii) documents and reports produced by the Federal Housing Finance Agency as regulator and conservator of Fannie Mae; (iii) documents and reports produced by other federal government agencies or Congress; (iv) pertinent legal proceedings; and (v) any other relevant information. 


Winner = $750.00
Second Place = $500.00
Third Place = $250.00


10/20/2015: First round submission due date
10/X/2015: Finalists announced
11/06/2015: Final presentation


Teams should designate a Team Captain as a primary contact. Register by sending your team name, the names, email addresses, and resumes of all participants, and the mobile phone number of the Team Captain to

Please make the subject line of the email "[WHARTON VALUE INVESTING COMPETITION Your_Team_Name Registration".

General Guidelines

Any individual who has validly registered for the WITG Value Investing Conference may participate in the competition and enter a written submission on their own, or alternatively, as part of a group of up to three people.

All submissions must be transmitted to no later than 5:00PM EST on October 20th, 2015 as a PDF document.

All submissions must be typed in Microsoft Word, not to exceed 1,000 words in Times New Roman 12 point font with double spaced lines and justified paragraph alignment.  APA or MLA citation styles accepted.

Prepare a 2-page summary in PDF format of your thesis, analysis, and a preliminary investment recommendation. The summary should be analytic/predictive rather than descriptive. Feel free to use bullet points whenever appropriate.

Final Round

Out of the submissions due in October, the top 3-5 (depending on the number of submissions) will be picked by Fairholme representatives. These teams or individuals will be asked to submit a powerpoint presentation expanding on their point of view that is about 10 minutes long, by November 5th. They will be presenting as a part of the Value Investing Conference in the late afternoon of November 6th in the Hall of Flags.

The Conference

November 6th from 2:00 PM - 7:00 PM

2:00 PM - 4:30 PM in Huntsman Hall


Richard Pzena - Pzena Asset Management

Jeffrey Smith – CEO of Starboard Capital

Austin Zalkin - Tiger Global Asset Management

Jacob Wolinsky – CEO/Founder of

4:30 PM - 7:00 PM in Hall of Flags


*Free Book Distribution - Best Selling Author Bethany McLean's Shaky Ground: The Strange Saga of the U.S. Mortgage Giants*

Catered Networking Dinner

Keynote Speakers:

Daniel Schmerin, Director of Investment Research at Fairholme Capital

Bethany McLean, Best Selling Author


* FREE SIGNED COPY OF Shaky Ground: The Strange Saga of the U.S. Mortgage Giants AVAILABLE TO FIRST 200 PRE-REGISTERED ATTENDEES *