It is not just a challenge.
it is a path.

"The best thing a human being can do is help another human being know more." 
- Charlie Munger, Berkshire Annual Meeting, 2010


We don't only want to challenge - we want to teach.

The Constellation Challenge is more than a fundamental equity research competition - it is a learning process. The case is only a means to a greater end: we hope that by the end of the competition you are able to evaluate an investment in a publicly listed company from beginning to end.

To those who are interested in finance, it is the ideal opportunity to gain technical knowledge in research and to learn about an investors’ day-to-day routine, network with the industry and with other students who share the same interest.


In 2018, we hired our summer intern after giving a Value Investing class to the Constellation Challenge finalists.

Finalists have the opportunity to present their investment cases to the Board and Executives of the chosen company. Below is the list of companies previously chosen:

  1. Linx (2015)

  2. Raia Drogasil (2016)

  3. Fleury (2017)

  4. Grupo Ultra (2018)

Five Constellation Team members have been recruited through initiatives with universities, such as the Constellation Challenge.