CFA Lecture: The Dark Side of Financial Statement Analysis (Frankfurt)


By Professor Joel Litman

Chief Investment Strategist, Valens Securities and Professor at Hult International Business School

Date

Tuesday, 26th July 2016

Schedule

(In CEST)

11:45 AM – Doors open
12:00 PM – Lecture and Q&A
1:00 PM – Get together
*Snacks and refreshments will be provided.

Location

Bloomberg
Neue Mainzer Str. 75
60311 Frankfurt
Germany

Language: English

The content of this program has been one of the most popular across CFA Societies around the world. GAAP, IAS, and IFRS Financial Statements don’t report economic reality. Instead, they provide a collection of mis-categorized, inconsistently measured, and misunderstood metrics that distort financial analysis. When financial statements are properly adjusted to the purpose of the analysis, accounting distortions are systematically and manually removed. Through this, one gains an entirely new understanding of business performance and thereby equity valuations and credit analysis. Seemingly endless controversies around the cost of capital, use of multiples, terminal values, and DCF models seem far more reasonably solvable. The goal is the achievement of an extremely practical framework for fundamental financial research.

 

Joel Litman is a member of the Global CFA Institute, a CPA, and holds a BS in Accounting from DePaul University and an MBA/MM from the Kellogg Graduate School of Management at Northwestern University in the United States. He advises institutional clients in quantitative and fundamental analysis of corporate credit, equity, and macroeconomic investment strategy.

 

Mr. Litman is a member of the Board of Directors of COL Financial Group (PSE:COL) and has held Manager/Director positions at Credit Suisse, Diamond Tech Partners (now PwC), Deloitte Consulting and American Express. He has served as editor or author in Harvard Business Review, Strategic Finance, and others and co-authored the highly-acclaimed book, DRIVEN: Business Strategy, Human Actions, and the Creation of Wealth. Mr. Litman has taught or guest-lectured at Harvard Business School, University of Chicago Booth, MIT Sloan, Wharton, LBS, Hult IBS, SAIF Jiang Tong and has conducted seminars for CFA/CPA Societies, CalPERs, Fidelity, CSFB, HSBC, PwC, Oracle, the US State Dept. and others.