Cosan is a Brazilian conglomerate producing bioethanol, sugar and energy. Jillian Fair is pitching the company to an investment group that will decide whether to buy shares for their portfolio. Growth drivers for Cosan, she says, include long-term demand for ethanol and the company’s natural hedge against variation in demand for its products.

Jillian and two teammates roll through a slick PowerPoint presentation on Cosan: industry factors, revenue growth, direct competition comparison, valuation, key ratios and statistics, growth rates, potential risks and, finally, their recommendation to buy 200 shares at the market price ($14.75 earlier that afternoon) and 200 additional shares at $14.25.

The investors have questions: Why is Cosan’s debt-to-equity ratio so high? Is the fact that the U.S. market is high a deterrent to buying now? The company is only three years old—is that a risk? (Actually, the company is long-established, but has only been listed on U.S. markets for three years.)

The group votes twice, first on whether to invest in Cosan, then, if yes, whether to accept the recommended amount and pricing. The Cosan team gets unanimous support on both.

This is the Terese Kelly Investment Group at work. Seven MBA students and six undergraduates, all in suits for the presentation. Three members will stay on next year; 10 new members have already been chosen. They have $31,000 invested and $93,000 in cash. They have their own well-wired workroom; they have a board of investment professionals and a faculty advisor; they meet twice a week, earning 1.5 credit hours each semester; they hope to acquire a Bloomberg terminal next year.

It was UB donor Terese Kelly’s investment in the MBA program that started the group. Now, group members are starting investment careers.