The Dark Side of Financial Statement Analysis
10.22.2016
At the luncheon program, you'll discover...
This luncheon session interactively runs through today’s news, in real-time, and shows just how misleading as-reported company performance and valuation measures can be.
The problem is serious enough that it leads to poor investment decisions, wasted time and resources, lost investment opportunities… or worse, investment losses.
©Copyright 2016 Valens Research & Filipino Investing Community. All rights reserved
The Gross Distortions Lurking in the Financial Statements and How To Greatly Improve Equity and Credit Research
with Joel Litman, Chief Investment Strategist at Valens Research and Professor at Hult International Business School
Unless the “apples to oranges” accounting problems are uncovered and repaired, one cannot rely on financial statement analysis as seen and reported.
Professor Joel Litman of Hult International Business School is also Chief Investment Strategist at Valens Research, a global research and investment consulting boutique. Litman is also one of the most prolific speakers in demand at CFA events for Chartered Financial Analysts worldwide in the last several years including CFA Societies in Singapore, Hong Kong, Germany, France, the UK, and the USA.
Save as much as P595 on registration fees by signing up below for the October 22 program.
Seats are limited so please tell your friends, colleagues, and family coming with you to save their seats as well using this web page. Groups of 3 or more persons will qualify for an additional 15% discount.
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Caylum Trading Institute Training Room
Unit 2302-B, East Tower,
Philippine Stock Exchange Center
Exchange Road, Ortigas, Pasig City
Litman has appeared on CNBC, has been quoted in Barron’s and Institutional Investor, and published in Harvard Business Review. He co-authored the highly-acclaimed book, DRIVEN: Business Strategy, Human Actions, and the Creation of Wealth. Litman has taught or guest-lectured at Harvard Business School, Wharton, and LBS as well as for CalPERs, Fidelity, Credit Suisse, among others, and CFA and CPA/CA Societies around the world.
11:00 AM | Registration for Luncheon Program |
11:30 AM | Luncheon Program |
1:00 PM | Registration for Intensive Workshop |
1:30 PM | Intensive Workshop |
4:00 PM | End |
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentises:
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
“...insights are needed to connect core principles of wealth creation to both reported financial performance and firm valuations in the stock market. They've put it all together for you...”
—Bartley J. Madden, Author of the book, "CFROI Valuation: A Total System Approach to Valuing the Firm"
“...what we as educators and thought leaders should embed in our curricula and teachings in business schools throughout our education programs...”
Arthur Kraft, Ph.D., Chairman of the Board of Directors of The Association to Advance Collegiate Schools of Business
“…allows the investor to judge the ability of companies to create lasting value and should be part of any investor's stock selection process...”
—Alfred Jackson, Former Head of Global Equity Research at Credit Suisse First Boston and Number-One-Ranked Stock Analyst
“…summarizes a breakthrough study that will change the way business will be done. It offers a simple and comprehensive framework for taking on today’s complex business world...”
—Hitendra Patel, Ph.D., CEO of the IXL Center, Former Senior Leader of the Innovation Practice of the Monitor Group, and Author
“...provides a framework for placing any business discipline in the perspective of overall business strategy... ”
—Belverd E. Needles, Jr., PhD. CPA, Ernst & Young Distinguished Professor of Accountancy, DePaul University, Past President of IAAER
“…provides the finance leader with a good idea on the key elements of a strategy for your business and personal career aspirations... very practical...”
—Kirk Ho, Former Senior Regional Finance Director, Crocs, Inc.
At the detailed, line-by-line, hands-on workshop following the lunch program, you'll unravel insights such as...
This detailed workshop immediately follows (and requires attendance of) the lunch program. In past programs, many financial practitioners and future analysts have requested a more detailed workshop to review major accounting issues and specifically how to fix them. This workshop is meant to address these requests.
All attendees of the workshop will get access to www.Valens-Research.com, a global database of more than 4,000 companies (including Philippine companies), with advanced equities and corporate credit ratings analysis clear of the most severe accounting distortions, as discussed in the program.
NOTE: This program focuses on adjustments relevant to Consumer Staples, Consumer Discretionary, Energy, Healthcare, Industrials, Materials, Technology, Media, and Telecom.
(Because of the detailed nature of this program, it covers adjustments relevant to non-financial companies. Banks, insurance, and REITs are only tangentially discussed. )
The content of this program has been one of the most renowned across CFA Societies around the world. It has received very high marks from recent, similar programs in New York, London, Singapore, Hong Kong and Manila.
After the overwhelming reception last September 3, our doors are once again open to Philippine investors and investing professionals.
Luncheon Program + Intensive Workshop (Walk-in Payment) | P3,490 |
Luncheon Program Only (Walk-in Payment) | P2,045 |
Luncheon Program + Intensive Workshop (Paid in Advance) | P2,895 |
Luncheon Program Only (Paid in Advance) | P1,745 |
CFA Charterholders will get a 10% rebate at the event venue
Lunch service by Lily & Rose, famous for organic, homemade-with-love, gourmet dining
Main Course
Tuscan Lemon Chicken w/ Roasted Vegetables
Rosemary Brown Rice
Dessert
Panna Cotta
Afternoon Snack
Tuna on Wheat w/ Alfalfa Sprouts