>600
Sessions
MiM, MBA, EMBA, Custom
4.7 / 5.0
Career participant
satisfaction rating
#2 Ranked
Among all IESE MBA professors
by student evaluation
Every Last Lecture
The privilege of giving the honorary Last Lecture to every first-year MBA section I taught
5.0 / 5.0
Three consecutive perfect ratings
NYC Macrofinance Module
Corporate Finance
- The core building block of the IESE finance curriculum: valuation and financing. Six of the first seven years of the MiM in Madrid; MBA in Barcelona; EMBA in Madrid; executive programs in Spanish.
Capital Markets
- Core capital-markets teaching across MiM and MBA.
Operational Finance
- Working capital, the need of funds for operations, and the financing of the operating cycle. MiM and MBA.
Mentors
None of this happens without people who took an interest before there was any reason to. I only aspire to pay the debt forward.
"Doc"
Founding Dean, University Honors College
University of Pittsburgh
1941 to 2010
A physicist by training and an educator by inclination, who built the Honors College from its first year on the principle that you invest in people, not programs, and whose insistence on life above the neck shaped a generation of Pittsburgh undergraduates.
Dr. Gordon Knutson
"Gordy"
Director, Cultural History Tours
Eastern Michigan University
1938 to 2021
Taught history to college students across Europe and Asia for decades, on the road, with a seventy-pound pack on his back, and proved that the world is the classroom.
Dr. Aswath Damodaran
Stern School of Business
New York University
First taught me valuation as a student at Stern and remains the field's greatest and most generous teacher. I was honored when he chose my end-of-term valuation model as the best in the class, on one of the early Alberta oil sands companies; anyone who held on has had a nice compounder. His valuation course is free online, and anyone who wants to learn to speak finance should start there.
Two second-year MBA electives, built in close partnership with IESE alumnus and donor Frits Prakke. We built CREDET from scratch, and later added a, well, restructured RESTRUC. New cases, teaching notes, and senior markets professionals as guest speakers.
CREDET: Debt and Credit, Understanding the Foundation of Modern Capital Markets
- A credit-analysis toolkit, the roles and behaviors of market actors, and the context of recent crises, across eleven sessions. Over the past two years, Michael Gatto's The Credit Investor's Handbook adopted as the course textbook.
- Cases written for the course: Twitter, Acquisition Secured: LBO in the Age of Social Media; HeidelbergCement, Fallen Angels, Rising Stars: Playing the IG and HY Markets; Virgin Media O2, Serial Leveraged Finance in the TMT Industry; Ardagh Glass, Courting the Junk Bond Market to Build a Packaging Giant; INEOS, Contrarian Chemical Conglomerate; Inspec Group, The Prequel. Technical notes on the rating-agency framework and on credit risk analysis.
- Guest speakers: Michael Gatto, Silver Point Capital and Columbia Business School; Frits Prakke, founding partner, Alchemy; Boris Okuliar; Sabrina Fox, Fox Legal Training; Jason Meers, CFO, INEOS One; Ed Eyerman, CEO, European Leveraged Finance Association.
RESTRUC: Corporate Restructuring, Distressed and Special Situations
- When restructuring improves economic performance; restructuring shareholders' claims; restructuring creditors' claims. Ends with a negotiated valuation exercise in teams.
- Cases written for the course: Alua Hotels & Resorts, Value Lost and Found in Mallorca; Endeka Ceramics, Restructuring an Insolvent Leveraged Buyout; Deoleo, Liquid Green Gold or Liquidate?; Levantina, A House Built on Stone.
- Guest speakers: Tom Boszko, managing partner, and Frits Prakke, co-founder, Alchemy Partners; Manuel Martínez-Fidalgo and Francisco García-Ginovart, managing directors, Financial Restructuring Group, Houlihan Lokey.
Macrofinance: The Changing International Monetary Financial System. The MBA New York City International Module, designed and built as Academic Director for three years, since 2023. A week on the Manhattan campus with New York as the classroom, built on Zoltan Pozsar's Bretton Woods III framework and tracing how geopolitics, fiscal policy and market structure are reshaping the global dollar system. The goal is not a crystal ball; it is for each student to build their own mental map of a system in regime change, and the confidence to engage its leading thinkers directly.
Guest speakers, 2023 to 2025
Tracy Alloway and Joe Weisenthal, Bloomberg Odd Lots
Richard Berner, NYU; former director, Office of Financial Research
Piyush Bharti, Capula
Michael Brandmeyer, CIO, Goldman Sachs Asset Management
Oren Cass, American Compass
Richard Clarida, former Vice-Chair, Federal Reserve
Aswath Damodaran, NYU Stern
Mark Dimont, Stephen Foxwell and Irene Garcia, Bloomberg
Deirdre Dunn, Head of Rates, Citi; Chair, Treasury Borrowing Advisory Committee
Lawrence Goodman, Center for Financial Stability; former U.S. Treasury
Jim Grant, Grant's Interest Rate Observer
Luke Gromen, FFTT
Pedro Guazo, United Nations Pension Fund
Khalil Jackson, CISO, BNY; formerly Federal Reserve Bank of New York
Drew Laurino and Mike Rees, Blue Owl
Perry Mehrling, Boston University
Michael Mueller, Third Point
Daniel Oliver, Myrmikan Capital
Michael Pettis, Guanghua School of Management; Carnegie Endowment
Zoltan Pozsar, Ex Uno Plures
Ajay Rajadhyaksha, Chairman of Research, Barclays
Brad Setser, Council on Foreign Relations
Judy Shelton, former director, EBRD
Mitchell Silk, former Assistant Secretary of the Treasury
Michael Story, PIMCO
Brett Tejpaul, Head of Institutional, Coinbase
Joseph Wang, Monetary Macro; former NY Fed Open Markets Desk
Where to start: a macrofinance reading list
- Zoltan Pozsar, the Bretton Woods III papers, at exunoplures.hu
- Perry Mehrling, Economics of Money and Banking, the Coursera course
- Michael Pettis, essays at Carnegie
- Michael McNair, on sovereign wealth and the American balance sheet
- Daniel Oliver, Myrmikan Research letters, one of the best non-academic economic historians writing
- Bloomberg Odd Lots, Tracy Alloway and Joe Weisenthal
Recommended books
- Peter Bernstein, Against the Gods: The Remarkable Story of Risk
- Javier Blas and Jack Farchy, The World for Sale
- Edward Chancellor, The Price of Time
- Adam Fergusson, When Money Dies
- Niall Ferguson, The House of Rothschild: Money's Prophets
- John Kenneth Galbraith, The Great Crash 1929
- David Graeber, Debt: The First 5,000 Years
- Luke Gromen, The Mr. X Interviews
- Charles Kindleberger, Manias, Panics and Crashes
- Seth Klarman, Margin of Safety
- Michael Lewis, Liar's Poker; The Big Short
- Roger Lowenstein, When Genius Failed
- Perry Mehrling, The New Lombard Street; Money and Empire
- Hyman Minsky, Can It Happen Again?
- Michael Pettis, The Great Rebalancing; The Volatility Machine; with Matthew Klein, Trade Wars are Class Wars
- Carmen Reinhart and Kenneth Rogoff, This Time is Different
- Judy Shelton, Good As Gold
- Robert Shiller, Irrational Exuberance
- Mitchell Silk, A Seat at the Table
- Nassim Nicholas Taleb, Fooled by Randomness; The Black Swan
- Richard Thaler, Misbehaving
- Adam Tooze, Crashed
- Dan Wang, Breakneck
- Joseph Wang, Central Banking 101
Behind paywalls
- Zoltan Pozsar, Ex Uno Plures (institutional)
- Luke Gromen, FFTT
- Grant Williams, TTMYGH
- Doomberg
- Michael Howell, Capital Wars, on global liquidity
- Grant's Interest Rate Observer
OCBC, Singapore
Academic Director
A custom program for senior BOLD executives at one of Asia's leading global banks.
Enterprise Ireland, Leadership for Growth
Faculty · Dublin
Multiple editions.