Over one hundred alumni of the Applied Value Investing (AVI) program gathered on January 28, 2011, for final presentations and a reception for the second annual Moon Lee Prize for Excellence.The award is given in memoriam of Moon Lee, a dedicated value investor with Porter Orlin, LLC. In his honor, his friends at Porter Orlin initiated this competition for outstanding students in the AVI program. The students competed for cash prizes of $15,000 and $5,000 and the submissions were judged on the quality of their research and the concise presentation of a strong investment thesis.The Moon Koo Lee Prize is given as a tribute to a respected colleague and a remarkable person. Moon worked at Porter Orlin from 2003 to 2008 and demonstrated a tireless ability to identify and analyze deep-value opportunities where few could see.Moon graduated Magna Cum Laude from Harvard College and received his Master of Business Administration (MBA) from Harvard Business School. During his MBA studies, Moon received the prestigious Dean's award for co-founding a Junior Achievement mentoring program at a local public high school.The mentoring program grew to seventy students and sixty MBA volunteers and impacted numerous lives. Moon loved to laugh and built strong ties to so many people. He is survived by his wife, Martine, his parents, his sisters, and countless devoted friends.The four finalists—Todd Brunner, T.J. Carter, Eric Hagemann, and Patrick Sullivan—were selected from a group of nearly forty contestants. At the reception, each student presented his analysis to the judges from Porter Orlin, including Alex Porter and Jon Friedland ’97.Following a sequence of insightful presentations and vibrant question-and-answer sessions, the judges awarded first place to T.J. Carter for his long recommendation on The Williams Companies (WMB) and second place to Patrick Sullivan for his short on Iridium (IRDM).