The AAII Twin Cities Chapter presents...

Investing in Software: A View From the Sell Side

    Discussed by:

    Matthew Hedberg
    Vice President–Equity Research, RBC Capital Markets

Ever wonder about the sell side? Gain insight from a professional stock analyst with a specific perspective on the software industry as to when to sell a stock. Knowing when to sell is critical, yet we often spend most of our time researching what to buy or cheering for our favorite stock as it continues to decline. Also discover important trends, ideas and what metrics matter when analyzing software company investments. No matter what investment you buy, there are no capital gains until you sell.

Attend This Meeting and Learn...
Sell-side research for the software industry, the analyst’s audience and the research process
Trends and ideas in software: software-as-a-service (SaaS), virtualization, cloud computing, big data and more
Relevant metrics when analyzing software investments: license revenue, maintenance, subscription revenue, bookings, deferred revenue, DSO, CFO and valuation metrics such as EV/S, P/E and EV/CFO

Thursday, September 13, 2012
7:00 p.m.    Registration/ Refreshments
7:15 - 9:00 p.m.    Program
Eisenhower Community Center in Hopkins
1001 Highway 7
Hopkins, MN 55305
In Advance (by 9/10)*
AAII Members and Family, $10/person; Non-members, $12/person; Students, $5/person
At the Door
space permitting
Everyone, $15/person
Members’ children are welcome as guests at no fee.
No Refunds

*Registration Note: New! To save a stamp and the time to fill out and send the advance registration form, you may instead have your online banking service send the check. In the memo field include your email address, your zip code and the names of any guests. Or, mail the completed advance registration form with your check.
  Special Interest Groups (SIGs)

Systematic Investing SIG
The Systematic Investing SIG meets the third Tuesday of each month at 7 p.m. at Lee Wenzel’s home (8666 Westwind Circle, Eden Prairie). Topics and discussions vary. Send an email to Joseph Ferens at to get on the email announcement list for each meeting; RSVP your attendance to so that we have handouts and chairs for everyone.

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