CFA Singapore – The Dark Side of Financial Statement Analysis


By Professor Joel Litman

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

Date

Wednesday, 23rd March 2016

Schedule

(In SGT)

6:30 PM – Start of Dinner and Program
8:30 PM – End of Program

Location

Capital Tower, FTSE Room (Level 9)
168 Robinson Road, Singapore 068912

Language: English

This program has been one of the most popular across CFA societies around the world. It is also a preview of the upcoming two-day intensive Strategic Valuation & Fundamental Investing Masterclass scheduled for 29 & 30 June (Wednesday and Thursday).

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 – systematically and manually removing the accounting distortions – one gains an entirely new understanding of business strategy and performance. Return and growth measures, credit health, and valuation analysis take on a new light. 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.