- It focuses on the value investing approach to stock analysis and follows the principles of value investing as taught by Benjamin Graham and practiced by some of the most successful investors of our time.
- It is geared towards a maximum of 30 MBA programs from around the globe by including schools from Asia, Australia, Europe as well as North and South America.
- Valuation reports are judged for the quality of their analysis ahead of time and the teams who write the top three reports are invited to Toronto, ON, Canada, to present another stock valuation to a panel of top global value investors, who determine the winning group.
- Significant awards are given to the top three groups.
2025 Competition
Process & Judges
The Competition consists of two rounds (for specific dates, see the current year's competition timetable in the link above).
In the 1st round of the Competition, teams, consisting of two to three students, submit a maximum ten-page (plus necessary exhibits) research report to the competition managers (see contact details below) in mid to late January of the year of the Competition. The research report is of a single stock from a pre-determined list of value stocks that is shared with participating schools ten days (minimum) prior to the submission deadline. 1st round judges include the following industry professionals:
Ajay Gopal, Framework Venture Partners
Scott Gryba, Artisanal Gold Royalties
Achilleas Taxildaris, Bristol Gate Capital Partners Inc.
Edgar Vergara, RBC Capital Markets
Marlena Zabielska, Mackenzie Investments
The submitted reports are divided equally among each of these judges who assess the quality of the research analysis, valuation and strength of the resulting investment thesis of each report and choose one from their respective subset. Dr. George Athanassakos, Ty Collin and Zach Gillis then choose three finalists from this group of five who are invited to participate in the 2nd round of the Competition. The three teams chosen as finalists are notified in mid-February.
In the 2nd round of the Competition, a new company to analyze and value is given to each finalist team in late March/early April. This company will be the same for all finalists. Each finalist team is required to submit a PowerPoint presentation of no more than 20 slides (plus necessary appendices) to the Competition Managers a week later. Each finalist team is invited to Toronto, ON, Canada to deliver a 20-minute presentation (plus 20 minutes for Q&A) of their respective analyses to the following 2nd round judges who are all distinguished global value investors:
Thomas Konstantinidis, Allianz AEDAK (Greece)
Wayne Peters, Peters MacGregor Capital (Australia)
Robert Robotti, Robotti & Company Advisors LLC (United States)
Kim Shannon, Sionna Investment Managers (Canada)
Achilleas Taxildaris, Bristol Gate Capital Partners Inc. (Canada)
Presentations will take place a day before the Ben Graham Centre’s Value Investing Conference.
Benefits & Costs
Each of the top three final teams is guaranteed a cash prize, with first place awarded $8,000 CAD, second place $4,000 CAD and third place $2,000 CAD. Each team is invited to attend the Ben Graham Centre’s Value Investing Conference in Toronto, ON, Canada, with all Conference fees waived. Finalist awards are presented during the luncheon at the Ben Graham Centre’s Value Investing Conference. Each finalist team is also invited to attend the Fairfax Financial Holdings Ltd. Annual General Meeting to be held a day after the Ben Graham Centre’s Value Investing Conference. Finalist teams are required to pay their own airfare to Toronto, but all hotel accommodations and most meals in Toronto are covered.
Participating Schools
While select schools from Asia, Australia, Europe and North and South America are invited to participate in order to reflect the global nature of the Competition, any graduate program that is interested in participating can email the Competition Managers for further information with regards to the application process. The number of schools participating is limited to 30.
Schools are required to submit their team member information when registering and no changes can be made once the 1st round begins. A firm commitment from each team is required through a non-refundable fee of $100 CAD. Schools that have interest from multiple teams are able to register them all, but only 1 team per school can advance to the 2nd round.
The Value Investing Process
Students unfamiliar with the value investing process and valuation may wish to read the book by Dr. George Athanassakos, "Value Investing: From Theory to Practice – A Guide to the Value Investing Process", or attend Dr. Athanassakos' Value Investing Seminar.
Our Team
Competition Organizer & Chair
Dr. George Athanassakos
Dr. George Athanassakos is a Professor of Finance and the Ben Graham Chair in Value Investing at the Ivey Business School, which he joined in July 2004. He is also the Founder and Managing Director of The Ben Graham Centre for Value Investing. Prior to joining Ivey, Dr. Athanassakos spent a number of years at various research-related positions with banking and trust companies in Canada and Greece, and taught at York University and Wilfrid Laurier University, where he was professor of Finance and Founder & Director of Laurier’s Financial Planning Program. He has a BA in Economics and Business Administration from The School of Industrial Studies of Thessalonica, Greece, and an MA in Economics, an MBA and a PhD in Finance from York University. The Financial Planning Standards Council has bestowed Dr. Athanassakos with the Fellow of FPSC™ distinction for his outstanding contribution to furthering FPSC's mission and for advancing the financial planning profession. See more on Dr. Athanassakos’ bio.
Competition Co-Managers
Ty Collin
Mr. Collin graduated from the Ivey HBA program in 2016 with distinction. A CPA by training, Ty currently works as an Equity Research Analyst at Eight Capital in Toronto where he covers the Consumer and Healthcare sectors. He previously worked at Canada Pension Plan Investment Board (CPPIB) on the Private Investment Valuations team, where he was responsible for analyzing investments across a wide variety of sectors and asset classes including Consumer, Tech, Infrastructure, and Private Credit. Ty remains passionate about value investing and has maintained his involvement with the Ivey Value Fund since graduation. He continues to apply the principles taught in Ivey’s Value Investing course in both his work as an equities Analyst and in his personal investing activities. In his free time Ty enjoys reading (especially history!), cycling, drumming, and playing hockey.
Zach Gillis
Mr. Gillis is a 2024 graduate of the HBA program at Ivey Business School, having earned distinction for his academic achievements. His passion for finance ignited during his undergraduate years, particularly drawn to the strategic principles of value investing. With a commitment to education, Zach currently shares his expertise as an instructor for an accounting course tailored to pre-Ivey students at Western University. Beyond finance, Zach is an avid enthusiast of musical theatre, a dedicated follower of hockey, and a passionate supporter of golf.
Click here to email Competition Co-Managers