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The Dark Side of Financial Statement Analysis by Professor Joel Litman

Event Description

**CLICK HERE TO REGISTER**​​

The Dark Side of Financial Statement Analysis

Building Informational and Analytical Advantages

26 September 2018​, Wednesday

Trainer: Professor Joel Litman

This workshop is eligible for 7 CE hours. ​


Overview:

CFA Singapore is bringing the highly-acclaimed “Dark Side" seminar with Professor Litman to Singapore. It has received highest marks at CFA Chapters and universities in New York, Boston, London, Hong Kong, and around the world.
“The Dark Side of Financial Statement Analysis” is an extremely practical, intensive day-long session into time-tested strategies employed by the world’s greatest investors.
 
Historically, the world’s most successful investors have employed various competitive advantages for consistently beating the market’s returns.
 
  • Analytical Advantages: Given the data already publicly available, some of the world’s top investors have built superior analytics to allow them succeed. Some of the world’s greatest “Quants” fall into this category such as Blackrock, Dimensional, and AQR. 
  • Informational Advantages: Some of the great fundamental investors have found ways to systematically uncover legal informational advantages. They have created ways to discover and determine company direction before the rest of the market has found out. 
  • Emotional Advantages: Buffett, Klarman, Royce, and Templeton among others, have shown how temperance and emotional intelligence can make for incredible returns.   
While this course focuses on fundamental investing, it shows how better analytics can be used to create competitive advantages for investors. The term “Quantamental” describes how analytical, informational, and emotional advantages can be combined to generate concrete alpha in a stock portfolio.

"All great investors, regardless of investing style, have employed the same three steps in their success. They better understood what the market was expecting, they knew the market had mispriced its expectations, and they knew when the market would change its mind." - Litman

A highlight of the program is the real-time use of Uniform Financial Analytics in real world, current investment situations. Based on UAFRS (Uniform Adjusted Financial Reporting Standards), it features Uniform Earnings, Uniform P/E multiples, and entire data sets of enhanced analytics to better quantify and assess corporate performance and valuation.

Uniform earnings reports and valuations have been gaining popularity by investors and executives around the world. Uniform based research reports are in the top 5% of all downloads on Factset, have been presented in "Dark Side of Financial Statements" programs in CFA Societies around the world.​

In this seminar, enhanced analytics are combined with other tools and tactics of the some of the world's greatest investors. Participants leave with a new understanding of alpha-generation and a platform for re-examining and enhancing their own investment processes and potential for success.


Intensive Day-Long Seminar Outline:

How to Beat the Market: Informational, Analytical, and Emotional Advantages

  • AnalyZing the highest alpha-generating investors in history and similarities in their investing processes
  • From Livermore to Templeton, Buffett to Royce, Blackrock to Booth… consistencies in investment philosophy despite differing investment styles from quants to fundamental investors to technicians
  • An action plan and a platform for re-examining and enhancing one's own investment processes

The Dark Side of Financial Statements: Uniform Accounting as an Analytical Advantage

  • Why the world's top investors are turning away from GAAP and IFRS to advanced, adjusted, apples-to-apples playing fields of financial statement analysis such as UAFRS
  • Garbage In, Garbage Out: The state of financial statement distortions in as-reported earnings, assets, liabilities, and even cash flows are today… killing investment returns and investment processes
  • The decision-changing, alpha-generating, differences from Uniform P/E multiples, Uniform earnings measures, Uniform Assets, and other key factors by fixing the as-reported financial statement distortions

The Market Phase Cycle for Navigating the Macroeconomic Seas - and Market Irrationality

  • A ground-breaking macroeconomic toolset for identifying, planning around, and investing in value and growth bull markets, avoiding bear markets capitulations, and riding bear market rallies
  • 150+ years of cross-capital analysis: How the greatest equity investors have been solid credit analysts
  • Avoiding style drift by more accurately screening and filtering for deep value, value, GARP, growth and cross-capital ideas, with the agile investment strategies that fit each "phase cycle" of the market, economic conditions, and sentiment

Why Bruce Lee Would Have Been Great at Investing (Yes, THAT Bruce Lee.)

  • Nearly 100 years of the DuPont Formula: Never margins without a turns evaluation; never ROE without a full leverage evaluation; and ALMOST NEVER rely on EBITDA multiples for stock-picking
  • The Roots of Value: Tying business valuations to corporate performance and strategic analytics
  • "Quantitative Non-Financial" measures that drive improved forecasts and valuation assessments
  • The Roots of Value: Tying business valuations to corporate performance and strategic analytics

Investigative Investing: Strategies for gaining informational advantages

  • Case after case of real examples of how investors have gained legal informational advantages that led to phenomenal stock picks
  • A powerful framework for designing primary research aimed at uncovering material non-public information core to an investment strategy
  • Earnings Call Forensics: "It's not what you say, but how you say it…" Employing practical techniques for determining management intent, and assessing business valuations

Breaking Valuation Biases: Gaining emotional advantages

  • Techniques for measuring and navigating sentiment changes in markets
  • Proven methods of the world's greatest investors for maintaining rational investing decisions amidst irrational markets and valuations

This workshop is eligible for 7 CE hours. ​

Course Fee:

CFA Singapore member price : S$880* (Early Bird fee) / S$1,080* (Standard fee)

Non-member price : S$1,080* (Early Bird fee) / S$1,280* (Standard fee)

Early bird fee valid till 31 August 2018

* Prices before 7% GST

* 10% off Group Discount available 

Event Type

Society; Educational

Education Topic

 

Start Time

9/26/2018 9:00

End Time

9/26/2018 16:30

City

Singapore

State/Province

Singapore

Event Country

Singapore

Event Region

Asia Pacific

Location Info

TBA

Speaker

Professor Joel Litman

CE Credits

7

SER Credit

NA

Currency

SGD

Member Price

S$880* (Early Bird fee) / S$1080* (Standard fee)

Non-Member Price

S$1080* (Early Bird fee) / S$1280* (Standard fee)

Candidate Price

NA

Registration

Click HERE​ to register

Please email eventmanagement@cfasingapore.org for more details.

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Attachments

2018-09-26 The Dark Side of Financial Statement Analysis.pdf    
Content Type: MyCFA Calendar
Created at 8/7/2018 12:07 by events@cfasingapore.org[CASMSTS:username]
Last modified at 8/7/2018 12:26 by events@cfasingapore.org[CASMSTS:username]