CFA Society Singapore – HIDDEN ALPHA INVESTING: Determining True Earning Power that GAAP and IFRS Bury

By Professor Joel Litman

President and CEO of Valens Research and Chief Investment Strategist at Altimetry Financial Research


Wednesday, 15th December 2021



6:30 PM – 8:00 PM


5:30 AM – 7:00 AM

Professor Litman has received the highest marks from CFA chapters around the world, including his previous programs for CFA Society Singapore.

HIDDEN ALPHA INVESTING is an extremely practical, intensive 90-minute program that discusses how the world’s greatest investors view financial statements, attack the massive distortions in GAAP and IFRS, and use that to generate alpha.

Professor Litman’s data and research are read by all of the Top 10 global investment managers, more than 220 of the top 300 managers, and more than 40,000 individual subscribers. 

“Despite popular belief, IFRS is more flawed than US GAAP and reported earnings are even more incomparable across firms.” – Professor Joel Litman

The great Ben Graham, one of the founders of the CFA, referred to “Earning Power” more than 100 times across his two most popular books. Clearly, the calculation of earnings is paramount.

Too bad that so few Wall Street analysts have read—and so many aren’t even aware of—Graham’s book, The Interpretation of Financial Statements. 

In that book, Graham laments how as-reported company earnings are “readily over or understated” and discusses many necessary line-by-line adjustments.

More than 80 years later, GAAP and IFRS have created far more complexity, more estimates, more electives, and more distortions and unreliability. 

Meanwhile, as-reported EPS and P/E multiples are reported as economic reality. They are not, and the many true followers of Graham that are also billionaire investors know that as-reported earnings are “not truth or reality.”

The solution is Uniform Accounting, which is widely used by investors while virtually non-existent among accountants. Professor Litman dives into Uniform-based performance and valuation, and just how eye-opening it is to both individual company analysis and in aggregate for macroeconomic insights.

The promise and the proof are in alpha-generating investments based on Uniform Earnings and valuations, while GAAP and IFRS “mislead investors” as to the true profitability of a company.

We hope you can join us for this event that is sure to be one of the most talked-about of the year.

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