Angel Demirev

Business Scholar at the University of Utah

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Business Book Recommendations

The Eccles School hosts an annual intern / alumni panel, and this spring, Alpha Kappa Psi partnered with Business Scholars Club to bring seven alumni & graduating seniors together who had accepted full-time offers to share their experience.

The panelists suggested these series of books to student attendees:

Talent is Overrated by Geoff Colvin
Outliers by Malcolm Gladwell
How to Win Friends & Influence People by Dale Carnegie
Zero to One by Peter Thiel
Work Rules by Laszlo Block
Blockbusters by Anita Elberse
#GIRLBOSS by Sophia Amoruso
The Tipping Point by Malcolm Gladwell
The Lord of the Rings by J.R.R. Tolkien

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Takeaways from the Ethics Case Competition

I had the opportunity to compete in the Daniels Fund Ethics Case Competition this weekend, and I learned a few valuable lessons through the process that beg to be shared.

1) That “innovative” solution may not be so innovative

After many hours probing through the case, we noticed a minuscule detail that led us to a perfect, win-win outcome for the given scenario. We were so sure that no other team would consider this detail and that we had secured the competitive advantage of the perfect solution. Upon speaking to the judges after the competition, it turns out that seven other teams had made the same recommendation we did. So much for our “innovative” solution!

2) Build a recommendation that scales

Our ethics case involved a very specific scenario, and we made the mistake of approaching the case by seeking the optimal ethical, legal, and economic outcome for that specific scenario

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How to pick & pitch a stock

A seemingly infinite amount of research can be done when analyzing a stock. We can forecast thousands of factors to predict how they would impact a company, we can try to understand how hundreds of competitors interact in the industry, we think endlessly about the psychology of other investors in the marketplace and construct sensitivity analyses to quantify our level of certainty on any specific valuation. The reason I’m writing this post is to share a commonly used framework to evaluate a stock and build a stock pitch that can be used as a foundation for many further analyses.

I personally use a top-down approach when analyzing stocks, beginning with industry research, continuing with company research, and concluding with a valuation. Understanding the industry that a company operates in is fundamental to projecting its future success - some questions to ask are:

What does the

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Lessons from a Week on Wall Street

I spent last week visiting fifteen companies in New York, New Jersey, and Connecticut to learn more about professionals working in all areas of finance. Along with eleven other students, I met with analysts, associates, managing partners and directors, SVPs, CIOs and CEOs from investment banks, venture capital firms, international corporations, boutique trading firms, consulting divisions, and personal wealth advisory enterprises.

The experience had a profound impact on my educational goals and expected career path. Our hosts were very informative and inspirational across the board. Here are some key takeaways from our discussions:

  • As an intern, come in early, show intellectual curiosity in every aspect of your work, and offer to help with any project even if it is outside your sphere.
  • Volunteer for the “bad” assignments at work. You will gain new experience and stand out!
  • Financial

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Portfolio optimization using the efficient frontier and capital market line in Excel

Modern portfolio theory attempts to maximize the expected return of a portfolio for a certain level of risk. The theory is that by diversifying through a portfolio of assets we can get a higher return per unit of risk than we can by holding an individual asset, and that by adjusting the weights of each asset in a portfolio we can create an optimal portfolio for each investor’s level of risk aversion. Assuming that markets are efficient and that the assets in a portfolio aren’t perfectly correlated, we can reduce the total variance of a portfolio at any given expected return by combining assets in various weights.

Imagine a graph with risk on the X axis (measured as standard deviation of the asset’s historical returns) and dividend-adjusted return on the Y axis (measured as an average of historical return). We can plot every possible combination of risky assets in a portfolio to find the

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A better method for training

When I first started my internship this summer, production efficiency for the teams I was working with was calculated by recording output on a whiteboard and crunching numbers on a calculator every 15 minutes. I developed an automated tool to track production in a quicker, more accurate, and more precise way using Google Forms and Spreadsheets. As the internship came to a close, my primary goal became ensuring that the system I developed would be sustained when I’m gone.


In teaching how my spreadsheet works, I discovered that very few people had a working knowledge of Excel! I decided to create a development plan for one of the natural leaders [we’ll call her Kate] in the team. She had never before used Excel and wasn’t too familiar with computers in general; I wanted to create a quick, effective training on spreadsheets and the inner workings of the spreadsheet I had created. My

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Protecting a DSLR at a Festival of Colors

There are a ton of posts that’ll have you scared to take a DSLR to to a color festival or run. I want to share my own color-proof seal for the Holi Festival of Colors in Utah that managed to keep my DSLR completely clean for under $15.

Shopping List

  • Lens Filter (I chose a cheap $10 lens filter)
  • Plastic Wrap
  • Gallon Ziplock Bags (I chose Freezer since it’s thicker than Storage)
  • Gaffer Tape
  • Rubber Bands

I wanted to protect the entire camera from all color particles and leave only the cheap lens filter and lens hood exposed to color. I experimented for hours to find the best way to seal my gear, and this is what I came up with -

Take the lens hood off and tighten the lens filter onto the lens. The filter adds a few millimeters to the height of the lens, and you’ll want to take a piece of plastic wrap (the length about 1.5x the circumference of the lens, the width being about the size

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