CFA United Kingdom: The Dark Side of Financial Statement Analysis Webinar


The Gross Distortions Lurking in the Financial Statements and How To Greatly Improve Equity and Credit Research

By Professor Joel Litman

Chief Investment Strategist, Managing Director at Valens Research and Professor at Hult International Business School

Date

Wednesday, 12th October 2016

Schedule

(In London Time)

Registration – 12:55 PM

Start of Webinar – 1:00 PM

End of  Webinar – 1:40 PM

Location

WEBINAR, Link will be emailed closer to the time, Online

The gross distortions lurking in financial statements and how to greatly improve equity and credit research

GAAP, IAS, and IFRS Financial Statements don’t report economic reality. Instead, they provide a collection of miscategorised, inconsistently measured, and misunderstood metrics that distort financial analysis.

During this webinar, Joel will explain that 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.