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Strategic Valuation & Fundamental Investing Masterclass

Event Description

Strategic Valuation & Fundamental Investing Masterclass


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.

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-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 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
  • 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

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


Trainer : 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.


**FTS - Eligible : Programme code : ​P100413AIX​

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 refer to for more information.         

CE Hours : 14 credit hours per module

Course Fee:

CFA Singapore member price : Early Bird fee extended till 7 June 2016: S$1,780* / Standard fee : S$1,980* 

Non-member price : Early Bird fee extended till 7 June 2016​: S$1,980* / Standard fee : S$2,180* 

* Prices are before 7% GST

Group Discount : 10% off for 3 or more delegates

Please email for more details.

Event Type

Society; Educational

Education Topic

Financial Statement Analysis

Start Time

6/29/2016 9:00

End Time

6/30/2016 17:00





Event Country


Event Region

Asia Pacific

Location Info

M Hotel, Singapore


Professor Joel Litman

CE Credits


SER Credit




Member Price

CFA Singapore member price : Early Bird fee extended till 7 June 2016 S$1,780* / Standard fee : S$1,980*  (before 7% GST)

Non-Member Price

Non-member price : Early Bird fee extended till 7 June 2016: S$1,980* / Standard fee : S$2,180*  (before 7% GST)

Candidate Price



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Strategic Valuation Master class - 29 and 30 June 2016 v1.pdf    
Content Type: MyCFA Calendar
Created at 3/10/2016 17:13 by EVENTMANAGEMENT@CFASINGAPORE.ORG
Last modified at 6/13/2016 10:42 by EVENTMANAGEMENT@CFASINGAPORE.ORG