The CFA Society Spain Education Committee invites its members to a talk on:
FINANCIAL STATEMENT ANALYSIS FOR VALUE INVESTING
📅 Date: 25th june
⏰ Time: 07:00 PM
🏢 Place: Casa Club, Pinar 17, Madrid
Value investors recognize that market price and intrinsic value can diverge, and they rely on rigorous, fundamental analysis to uncover those discrepancies. They appreciate that the greatest peril in investing is overpaying, and they anchor their decisions in hard financial data to guard against that risk. In his new book, Financial Statement Analysis for Value Investing (co‑authored with Peter Pope), Professor Stephen Penman presents a structured, accounting‑based methodology designed to illuminate true corporate value. Through clear examples and step‑by‑step guidance, Penman equips investors with the tools to construct their own “financial ledger” of a company – transforming valuation from art to disciplined science.
In this exclusive seminar, Penman will explain this innovative framework, demonstrating how to challenge prevailing market prices in a manner reminiscent of Benjamin Graham’s “Mr. Market” dialogue. Reviewers have hailed the book as “a very modern, up‑to‑date, rigorous version of Graham’s The Intelligent Investor” and “destined to become the Holy Grail for intelligent investors in generations to come.” Join us to engage directly with one of the leading authorities in financial statement analysis and value investing, learn how to avoid the trap of overpayment, and discover strategies for identifying underappreciated opportunities in today’s markets.
Stephen Pennman
Speaker
Stephen Penman is the George O. May Professor Emeritus and Special Lecturer in the Graduate School of Business, Columbia University. Prior to his appointment at Columbia in 1999, Penman was the L.H. Penney Professor in the Walter A. Haas School of Business at the University of California at Berkeley. He is also a Distinguished Professor at Bocconi University.
His research is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has three widely acclaimed books (Financial Statement Analysis and Security Valuation, Accounting for Value and Financial Statement Analysis for Value Investing) on financial statement analysis and value investing. He has served as an advisor to several investment funds and serves on the Board of Directors of UBS Financial Services Inc. Hedge Fund Solutions and is chair of its audit committee.
Penman has won numerous awards, including the Notable Contribution to Accounting Literature Award, the Wildman Medal for his book, Financial Statement Analysis and Security Valuation, the Institute for Quantitative Investment Research (INQUIRE) Prize, and the Roger F. Murray prize from The Institute for Quantitative Research in Finance. In 2009, he received an honorary doctorate from the Stockholm School of Economics. In 2019, Penman was inducted into the Accounting Hall of Fame and, in 2020, into the Australian Accounting Hall of Fame.
Moderator:
Javier López Bernardo, Ph.D., CFA
Commitee Education Member
CFA Society Spain
Portfolio Manager, BrightGate Capital
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