Lecture, three hours. Limited to Master of Quantitative Economics students. Preparation: basic understanding of finance and financial markets concepts and theories. Exploration of fundamental analysis, method of measuring security's value by assessing economic and financial factors. Through lectures, readings, and interactive discussions, exploration of macroeconomic and microeconomic factors that affect intrinsic value of security. Study is designed to deepen student exposure to world of fundamental equity research through research and development of investment memorandum. Letter grading.