The Dark Side of Financial Statements And the Impact on Equity, Credit, and Macro Investing


The Real-Time Impact of Viewing 4,000+ Companies’ Adjusted Earnings and Real Valuations

The Market Phase Cycle (TM): Forecasts for USA and World Markets from Research of 150 years of Economic Cycles

By Professor Joel Litman

Chief Investment Strategist at Valens Research

Date

Friday, 9th September 2016

Schedule

Friday
8:30am CDT Registration
9:00am to Noon Seminar

Location

DePaul University Downtown Chicago
Richard M. and Maggie C. Daley Building
14 East Jackson Blvd, Room 806 (State Street Entrance)

How do your decisions change when you find that Facebook’s P/E is actually 21x (not 40x)?

Johnson & Johnson’s return on assets is actually 17% (not 9% as most databases report)?

Exxon’s stock is already trading at a price to book ratio of 1x (not 2x.)

In aggregate, what does this tell us about the prospects for the USA, China, and the world’s stock markets?

Even basic financial statement analysis is materially distorted by serious inconsistencies and mis-categorizations in the Balance Sheet, Income Statement, and even The Statement of Cash Flows.

As presented in research papers, articles, and CFA programs around the world, many if not most of these issues are wholly missed by investment banks, sell-side research, financial databases, and the media.

In aggregate and when combined with enhanced, adjusted credit and macro analysis, this provides the foundation for The Market Phase Cycle.  Since 2011, Market Phase Cycle signals have very publicly called for “buying the dips” in the S&P500 with nearly every correction accompanying strong buy signals, including now.

“The four most expensive words in the English language are ‘This Time It’s Different,” Sir John Templeton. Consistent with macroeconomic analysis of some of the world’s greatest investors – and the patterns of the last 150 years of economic cycles – the Market Phase Cycle provides unique, valuable macroeconomic signals.

In this session, Professor Litman walks through those powerful patterns and research and the signals that the Market Phase Cycle is providing for US and global markets now.


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