Kellogg Alumni Program: The Dark Side (And Bright Side) of USA and China Markets As Seen Through UAFRS at APEC

By Professor Joel Litman

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


Thursday, 19th January 2017


(In PHT)

Thursday, January 19, 2017 – 6:30 PM to 9:30 PM


Willow Root Bar
Manila Polo Club
McKinley Road, Makati City
Metro Manila


In this special alumni event, Professor Litman (Kellogg MM/MBA 2000) shares what he presented at the APEC forum for Asia-Pacific Economic Cooperation.

What risks and opportunities do the USA and China stock markets hold for investors and businesses? 

Are stock market valuations extended or simply fairly valued (or even cheap?)

The erosion in the quality and reliability of financial statements makes it nearly impossible to answer questions of corporate performance and valuation when using as-reported numbers.

Gross inconsistencies in financial reporting (under the standards of GAAP and IFRS) make for unreliable earnings, assets, and debts of Chinese companies AND US firms as well.

However, forecasts for the USA and Chinese stock markets are quite compelling, and the risks quite apparent, when seen through the lens of UAFRS financial reporting. (

Under UAFRS – Uniform Adjusted Financial Reporting Standards – financial reporting standards are made globally consistent and comparable across time.

With this, investors and policy-makers can then see far more reliable earnings and valuation multiples, both good and bad, of companies in China and the United States. The insightful results provide some obvious paths for investors to take advantage.

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