Strategic Valuation & Fundamental Investing Masterclass

Transcription

1 Strategic Valuation & Fundamental Investing Masterclass Overview: Brought back by popular demand for the fourth time in Singapore, this Masterclass is a two-day intensive program that covers extremely practical frameworks for valuation and fundamental investing. Highlights include advanced methods for asset allocation, sector analysis, stock screening, and individual company analysis. A foundation of this course is highly advanced financial statement analysis, covering serious distortions in GAAP and IFRS financial reporting and how to fix them. The course has received high marks for its focus on the entire capital structure of the firm: "One cannot be a great equity investor without being a disciplined credit analyst." The content and tools provided can be used immediately after the program by CFAs and financial professionals in enhancing their roles and value in their organizations. CFA Societies from Hong Kong to Dubai, New York to Los Angeles, have given highest ratings to Professor Litman for his continuing education programs. The CFA Institute named him as a CFA global recommended speaker. CNBC has featured Professor Litman on The Rundown to discuss market views, company analysis, and advanced forensic research regarding several sectors and the market as a whole. Institutional Investor Magazine has quoted Professor Litman citing his firm s use of the highly advanced forensic research tools in fundamental and forensic analysis. Barron s has quoted Litman and published specific company examples of Valens cross-capital debt-and-equity analysis used in a number of industries. Seeking Alpha has named Litman s macroeconomic articles as Editor s Choice on business and market cycles and Litman s Valens articles are in the top ten most-read in their subject areas. Litman s Harvard Business Review co-authored, Give My Regrets to Wall Street has been used as a case study for over a decade. Litman co-authored the landmark book, DRIVEN: Business Strategy, Human Actions and the Creation of Wealth, which has received an abundance of fivestar reviews from executives and academia. Who should attend? Past attendees who have provided high reviews have included Chief Investment Officers, Portfolio Managers, Directors of Research, investment analysts, and investment professionals. Date: 27 & 28 April 2017 (Thursday and Friday) Time: 9:00am to 5:00pm Venue: To be confirmed, Singapore Course fee: CFA Singapore member: S$1,780* (Early bird fee) S$1,980* (Standard fee) Non-member: S$1,980* (Early bird fee) S$2,180* (Standard fee) *Price subject to 7% GST *10% off Group Discount available * Early bird fee valid till 3 April 2017 Course fee includes: Course materials, lunch & refreshments Trainer: Trainer: Prof. Joel Litman Eligible for FTS and Skillsfuture Credit: Programme Code - P100413AIX CE: 14 Hours CPD: 14 hours Sectors discussed include: Consumer Discretionary and Retail, Consumer Staples, Energy and Materials, Healthcare and Pharma, Infrastructure and Industrials and Electronics, Professional and Business Services, Technology, Telecom and Media.

2 The course s activities are taught with REAL-TIME DATA and SITUATIONS for use immediately after the program. Market Phase Cycles : Indispensable Frameworks for Managing and Investing in Volatile Markets Why Bruce Lee Would Have Been Great in Finance: Creating a Context for Superior Decision-Making Return Driven Strategy : Landmark Research Identifying High-Performance, Value-Creating Companies Strategic Valuation : Utilizing the Right Valuation and Analysis Toolbox at the Right Times Quantamental : Roots of Value and the importance of Quantitative Non-Financial Measures Fundamental Forensics : Advanced tools for deep research and management communications Speak Like Churchill, Stand Like Lincoln Strategic Communications for Finance Leaders Course Outline: Day 1 08:30 Registration, Morning Coffee, Individual Discussions with the Presenter 09:00 Course Commences The Dark Side of Financial Statements, and the Trend to Uniform Accounting, UAFRS - Advanced financial statement analysis: Just how distorted as-reported earnings, assets, liabilities, and even cash flows are today and increasingly so - The decision-changing differences in P/E multiples, earnings measures, P/B, and a host of other calculations when using UAFRS, Uniform Adjusted Financial Reporting Standards instead of as-reported numbers How to Beat the Market - An analysis of the highest alpha-generating investors in history and the similarities in their investing processes - Buffett to Soros to Klarman to Booth consistencies in investment philosophy despite totally different styles 10:30 Coffee Break & Refreshment 10:45 Session Two Strategic and Fundamental Analysis, Navigating Bull and Bear Cycles, and Valuations in Turbulent Markets - The ground-breaking Market Phase Cycle toolset for identifying, planning around, and investing in first stage bull markets, second stage bulls, market peaks, bear markets, capitulations, and bear market rallies years of cross-capital analysis: Creating a context for understanding major sweeping changes in debt, equity, and commodity prices - Best practice methods for understanding, analyzing, and dealing with the capital markets from sell-side to buy-side 12:30 Lunch 13:30 Session Three Why Bruce Lee Would Have Been Great in Finance: Enhancing the Finance Expert s Toolset - The context for choosing the right models at the right times, and avoiding models that lead decisions astray, analogous to highest levels of martial arts - Adjusting analytics for executive compensation, DuPont analysis, mergers & acquisitions, business reporting, and private valuations with directionally different, decision-changing implications - The unnecessary overreliance on the wrong levers of the discounted cash flow (DCF) model. How free cash flow metrics provide the wrong signals (e.g. How often higher Free Cash Flow is a sell-signal) 15:00 Coffee Break 15:15 Session Four Garbage In, Garbage Out: The State of Financial Statement Distortions and the Adjustments To Fix Them - The Needed Re-Statement of EVERY company s Statement of Cash Flows (under GAAP and IFRS): Just how unreliable as-reported financials are today including the Balance Sheet and Income Statement - What Happens When You Don t: Line by line financial statement distortions and how to fix them - When Cash is Not Cash and Why: Understanding automatable versus non-automatable adjustments including offbalance sheet assets, financing, research and development distortions, special charges, acquisition and divestiture accounting, big-bath write-offs, and others 17:00 End of Day 1 Update on 3 March,

3 Day 2 08:30 Registration, Morning Coffee, Individual Discussions with the Presenter 09:00 Course Commences, Session Five Return Driven Strategy and Landmark Research into Drivers of Company Performance and Forecasts - Balancing the value of corporate growth in revenues against returns and profitability, efficiency versus effectiveness, and focused strategies versus investing in real options - Prioritizing amongst various strategy initiatives, and how to estimate the valuation of companies with significant intangibles like brand value, innovation, and distribution chain monopolies - The valuation case for ethical behavior and the practical definition and guidelines for ethics Surveying Alternative Fundamental Research and Strategy & Valuation Analysis Frameworks - Debunking myths of failed and failing strategy concepts (and popular business books) - Advanced frameworks for evaluating and valuing major corporate initiatives 10:30 Coffee Break & Refreshment 10:45 Session Six The Roots of Value: Tying business valuations to corporate performance and strategic analytics - Quantitative Non-Financial Measures of Performance in Compensation and Strategy - Nearly 100 years of the DuPont Formula: Never margins without a turns evaluation; never ROE without a full leverage evaluation - Beyond customer satisfaction: customer metrics that drive higher cash flow returns - Beyond employee satisfaction: engagement metrics that link to wealth creation - Balancing research and development costs against future innovation - Valuing long-term initiatives in light of short-term performance hurdles and estimates 12:30 Lunch 13:30 Session Seven Extremely Practical Financial Analysis - Advanced relative valuation for faster, more reliable screening and decision-making - Valuation and Value Audits that Revolutionize Traditional Discounted Cash Flow Modeling - Opportunity Cost of Capital as Opportunity Lost: Practical Solutions for Calculation Fundamental Forensics: Deeper fundamental analysis to determine information relevance and reliability - Incentives Dictate Behavior: How compensation metrics (not how much ) drive corporate actions and an investor s forecast of them - Financial Red Flags: Searching for misconduct in the text and story in the financial statements, not just the numbers and ratios, with advanced cognitive analysis techniques 15:00 Coffee Break 15:15 Session Eight Investigative Investing - Practical investing techinques for achieving an information edge - Genuine Assets and Soft Skills for Superior Performance and Value-Creation Breaking Valuation Biases - Practical leadership skills for leaders in finance and investing divisions Speak Like Churchill, Stand Like Lincoln: Applying the Tools to Financial Communications - Improving Investor Relations and Investment Pitches: Dramatically improving finance-related communications 17:00 End of Program Update on 3 March,

4 Testimonials This is an excellent course one of the best I have attended. Joel is a great teacher and the content are very relevant, applicable and critical for anyone who wants to be a good investor. Sng Ren Yeong, Temasek Great speaker and very interesting and useful content and engaging style. Keeps up the audience interest. Good perspective in how we could make logical and useful conclusion from the information give in a company Andrew Seah, DBS Bank Very Captive Speaker Sidra, EDBI Excellent presentation with examples Paramjit, OCBC Very clear and useful insights Andrew, GIC As a participant in the CFA Institute Approved-Provider Program, CFA Singapore has determined that this event qualifies for 14 credit hours. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE diary. FTS Eligible: This programme is approved for listing on the Financial Training Scheme (FTS) Programme Directory and is eligible for FTS claims subject to all eligibility criteria being met. Please note that in no way does this represent an endorsement of the quality of the training provider and programme. Participants are advised to assess the suitability of the programme and its relevance to participants business activities or job roles. The FTS is available to eligible entities, at a 50% funding level of programme fees subject to all eligibility criteria being met. FTS claims may only be made for programmes listed on the FTS Programme Directory with the specified validity period. Please refer to for more information. Programme code : P100413AIX Trainer s Bio Professor Joel Litman Joel Litman is Chief Investment Strategist and Managing Director at Valens Securities, Inc. and Valens Research, a boutique global investment research firm. He advises institutional investors in fundamental analysis of equities, corporate credit, and macroeconomic strategy. He is a member of the Board of Directors of COL Financial Group, a leading brokerage firm in Asia (PSE:COL). Litman is a recognized global expert in advanced financial statement analysis and valuation including uniform accounting methods such as UAFRS. He has appeared on CNBC and has been quoted in Barron s and Institutional Investor and interviewed in Forbes.com. He has published in Harvard Business Review, is a top 5 contributor to SeekingAlpha, and co-authored the highlyacclaimed DRIVEN: Business Strategy, Human Actions, and the Creation of Wealth. Litman has taught or guest-lectured at Harvard Business School, U Chicago Booth, Wharton, LBS, SAIF Jiao Tong, and others. He is a Professor at Hult International Business School, an FT and Economist Magazine top 25 MBA program, and a Clinical Professor at DePaul University. He conducts seminars regularly for CFA and CPA Societies, industry conferences, and major firms around the world. Litman helped build The Valens Institute of Strategy & Valuation; Credit Suisse s HOLT University; and the Center for S.E.V. and MBA Concentration at the Driehaus College of Commerce at DePaul University. Litman has held positions at Credit Suisse, Diamond Tech Partners (now PwC), Deloitte, and American Express. He is a member of CFA Institute, the global association for investment professionals, and the Association of Certified Fraud Examiners. He received a B.S in Accounting from DePaul University. He is a CPA (Certified Public Accountant) and holds an MBA/MM from the Kellogg Graduate School of Management at Northwestern University. Litman s philanthropic work is focused on developing communities with elementary-through-college scholarships, job training programs, and extensive microfinance lending, particularly in the Philippines. Update on 3 March,

5 Registration Form Advanced reservation is required due to limited capacity. For participation, please complete the fields below and fax or back to CFA Singapore. Please indicate membership ID to enjoy members' rate. (Course fee includes course materials, tea break and lunch during the workshop) Kindly note that all course fee is subjected to 7% GST. Course Fee Early Bird Fee Standard Fee *Price subject to 7% GST Membership Type Before 3 April 2017 After 3 April 2017 Group Discount CFA Singapore members S$ 1,780.00* S$ 1,980.00* 10% off for 3 or more Non Member S$ 1,980.00* S$ 2,180.00* delegates Company: Tel: Address: Contact person: Delegate 1) Name: Mr./Mrs./Ms./Dr./ Membership No. Delegate 2) Name: Mr./Mrs./Ms./Dr./ Membership No. Delegate 3) Name: Mr./Mrs./Ms./Dr./ Membership No. Payment Details By Cheque : Bank, Cheque number Amount : All cheques to be made payable to CFA Singapore c/o 10 Anson Road, #25-09 International Plaza, Singapore Please charge to my credit card (VISA/MC): (Expiry : / 20 ) I, hereby authorize CFA Singapore to charge my credit card account for the amount of S$ Please invoice to : Terms and Conditions: Registration will only be confirmed upon receipt of registration form and full payment. If any registered delegate is unable to attend the workshop, a replacement is welcome at no extra cost. No refund will be made. CFA Singapore reserves the right to cancel or postpone the workshop due to unforeseen circumstances and also the right to reject any registration. By signing and submitting this form, I / we consent to CFA Singapore collecting, using, disclosing and processing my / our personal data : (1) for purposes related to the administration of the registration for the above workshop; (2) to send me updates informing me / us of events and activities organized by CFA Singapore. *I understand that my personal data will be used and retained in accordance with the CFA Singapore Personal Data Policy available at I have read and accept the terms and conditions stated above. Signature/ Date Company Stamp Update on 3 March,