Strategic Valuation & Fundamental Investing Masterclass Overview: This Masterclass is a two-day intensive program that covers extremely practical frameworks for corporate performance analysis and valuation. It highlights serious distortions in GAAP, IAS, and IFRS financial statements, including, specifically, the many problems with the Statement of Cash Flows. The course is also different for its focus on the entire capital structure of the firm, as "One cannot be a great equity investor without being a disciplined credit analyst." The course includes a focus on both top-down macroeconomic analysis and bottoms-up deep fundamental investing methods. The content and tools provided can be used immediately by CFAs and financial professionals in enhancing their roles and value in their organizations. Date : 29 and 30 June 2016 (Wed and Thurs) Time : 9:00am 5:00pm Venue : TBA Instructor : Pro. Joel Litman 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 www.ibf.org.sg for more information. 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.
Who should attend? Past attendees who have provided high marks have included Chief Investment Officers, Portfolio Managers, Directors of Research, investment analysts, and investment professionals inside and around the investing role. 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 The content for the program has been heralded around the world: CFA Societies from Hong Kong to Dubai, New York to Los Angeles, have given him highest ratings 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 discussed 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 s cross-capital debt-andequity 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 co-authored the landmark book, DRIVEN: Business Strategy, Human Actions and the Creation of Wealth, which has received an abundance of five-star reviews from executives and academia The course s activities are designed and taught with real-time information and analysis for use immediately during and after the program. Return Driven Strategy : Landmark Research Identifying High-Performance, Value-Creating Companies Strategic Valuation : Utilizing the Right Valuation and Analysis Toolbox at the Right Times Market Phase Cycles : Indispensable Frameworks for Managing and Investing in Volatile Markets Quantamental : Roots of Value and the importance of Quantitative Non-Financial Measures Why Bruce Lee Would Have Been Great in Finance: Creating a Context for Superior Decision-Making Fundamental Forensics : Advanced tools for deep research and management communications Speak Like Churchill, Stand Like Lincoln Strategic Communications for Leaders Course Outline : Day 1 08:30 Registration, Morning Coffee, Individual Discussions with the Presenter 09:00 Course Commences Strategic and Fundamental Analysis, Forecasting, and Valuation in Turbulent Markets - The ground-breaking Market Phase Cycle toolset for business planning and investing in up-and-down market cycles Update on 10 March, 2016 2
- 150 years of cross-capital analysis: Creating a context for understanding changes in debt, equity, and commodity prices - Best Practice Methods for Analyzing and Dealing with the Capital Markets 10:30 Coffee Break & Refreshment 10:45 Session Two Strategic and Fundamental Analysis, Forecasting, and Valuation in Turbulent Markets - The ground-breaking Market Phase Cycle toolset for business planning and investing in up-and-down market cycles - 150 years of cross-capital analysis: Creating a context for understanding changes in debt, equity, and commodity prices - Best Practice Methods for Analyzing and Dealing with the Capital Markets 12:30 Lunch 13:30 Session Three Strategic Valuation: Enhancing the Finance Expert s Performance Measurement and Valuation Toolset - Why Bruce Lee Would Have Been Great in Finance: The context for choosing the right models at the right times, and avoiding models that lead decisions astray - Adjusting Analytics for Executive Compensation, Mergers & Acquisitions, Business Reporting, and Business Valuation With direction and decision-changing implications - The unnecessary, overabundant use of DCF and Free Cash Flow models at the expense of more reliable and advanced cash flow analysis (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, IAS and IFRS): Just how unreliable as-reported financials are today including the Balance Sheet and Income Statement - What Happens When You Don t: Direction-changing, decision-changing distortions and how to fix them - When Cash is Not Cash and Why: Understanding automatable versus non-automatable adjustments across off-balance sheet financing, special charges, acquisition and divestiture accounting, big-bath write-offs, and a host of other distortions 17:00 End of Day 1 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 growth against returns and profitability, efficiency versus effectiveness, and focus versus keeping options - Prioritizing amongst various strategy initiatives, and how to estimate the valuation of companies with significant intangibles like brand value - 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 Update on 10 March, 2016 3
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: Investigative levels of 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 - Forensic earnings call analysis: Dissecting deception detection techniques. How to really listen to management with tools like an ElectroAudioGraph. 15:00 Coffee Break 15:15 Session Eight Return Driven Strategy for the Financial Professional - Genuine Assets and Soft Skills for Superior Performance and Value-Creation - 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 Instructor s Bio data Professor Joel Litman is Chief Investment Strategist at Valens Equities and Valens Credit. He is Professor of Strategy & Valuation at Hult University, one of the highest ranking international MBA and Exec MBA programs according to FT, Economist, and Bloomberg Businessweek. Litman also serves as Chairman/CEO of Valens Securities and is a member of the Board of Directors of COL Financial Group (PSE:COL). Litman has appeared on CNBC, has been quoted in Barron s and Institutional Investor, and published in Harvard Business Review. He co-authored the highly-acclaimed book, DRIVEN: Business Strategy, Human Actions, and the Creation of Wealth. Litman has taught or guest-lectured at Harvard Business School, Wharton, and LBS as well as for CalPERs, Fidelity, Credit Suisse, among others, and CFA and CPA/CA Societies around the world. Update on 10 March, 2016 4
Registration Form Advanced reservation is required due to limited capacity. For participation, please complete the fields below and fax or email back to CFA Singapore. Please indicate membership ID to enjoy members' rate. Course Fee Early Bird Fee Standard Fee *Price before 7% GST Membership type before 29 May 2016 After 29 May 29 May 2016 Group Discount CFA Singapore S$ 1,780.00* S$ 1,980.00* Non Member S$ 1,980.00* S$ 2,180.00* 10% off for 3 or more delegates Company: Tel: Address: Contact person: email : 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 Check : Bank, Cheque number Amount : All cheques to be made payable to CFA Singapore c/o 10 Anson Road, #25-09 International Plaza, Singapore 079903 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 have read and accept the terms and conditions stated above. Signature/ Date Company Stamp Update on 10 March, 2016 5