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Strategic Valuation & Fundamental Investing Masterclass

Event Description

Strategic Valuation & Fundamental Investing Mastercl​ass

*Date to be confirm

Trainer : Joel Litman


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."

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.

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.

Course Outline:

Day 1

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

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
  • 150 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

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)

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 off-balance sheet assets, financing, research and development distortions, special charges, acquisition and divestiture accounting, big-bath write-offs, and others

Day 2

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

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

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

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​



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 ​

Eligible for FTS and Skills Future Credit : Programme Code : P100413AIX

This workshop is eligible for 14 CE credit hours and 14 CPD credit hours

Course Fee:

CFA Singapore member price : S$1,780* (Early Bird fee) / S$1,980* (Standard fee)

Non-member price : S$1,980* (Early Bird fee) / S$2,180* (Standard fee)

Early bird fee valid till 3 April 2017

* Prices before 7% GST

* 10% off Group Discount available

Please email for more details

Event Type

Society; Educational

Education Topic

Alternative Investments; Financial Statement Analysis

Start Time

4/27/2017 9:00

End Time

4/28/2017 17:00





Event Country


Event Region

Asia Pacific

Location Info

​TBC, Singapore


Joel Litman

CE Credits


SER Credit




Member Price

S$1,780* (Early Bird fee) / S$1,980* (Standard fee)

Non-Member Price

S$1,980* (Early Bird fee) / S$2,180* (Standard fee)

Candidate Price



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2017-04-27 and 28 Strategic Valuation Masterclass v3.pdf    
Content Type: MyCFA Calendar
Last modified at 4/13/2017 10:39 by[CASMSTS:username]