the dark side of financial statement analysis


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PROFESSIONAL DEVELOPMENT

THE DARK SIDE OF FINANCIAL STATEMENT ANALYSIS Programme Overview: This program has been one of the most popular across CFA societies around the world. It is also a preview of the upcoming two-day intensive Strategic Valuation & Fundamental Investing Masterclass scheduled for 29 & 30 June (Wednesday and Thursday). GAAP, IAS, and IFRS Financial Statements don't report economic reality. Instead, they provide a collection of mis-categorized, inconsistently measured, and misunderstood metrics that distort financial analysis. When financial statements are properly adjusted to the purpose of the analysis - systematically and manually removing the accounting distortions - one gains an entirely new understanding of business strategy and performance. Return and growth measures, credit health, and valuation analysis take on a new light. Seemingly endless controversies around the cost of capital, use of multiples, terminal values, and DCF models seem far more reasonably solvable. The goal is the achievement of an extremely practical framework for fundamental financial research. As a participant in the CFA Institute Approved-Provider Program, CFA Singapore has determined that this event qualifies for 1 credit hour. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE diary.

Date: 22 March 2016 (Tuesday) Time: 6.30pm to 8.30pm (Registration and Dinner starts at 6.30pm)

Venue: Capital Tower, FTSE Room (Level 9), 168 Robinson Road, Singapore 068912 Price: CFA Member - $0.00 CFA Candidates – $20.00 Non-Members - $40.00

Speaker Profile: Professor Joel Litman is Chief Investment Strategist in the research groups

of Valens Equities and Valens Credit. He is a Full Professor in the Master of Finance, MBA, and Executive MBA Programs at Hult International Business School, one of the highest ranking international business programs according to FT, Economist, and Bloomberg Businessweek. Litman is a member of the Board of Directors of COL Financial Group (PSE:COL) and serves as Chairman/CEO of Valens Securities. Professor Joel Litman Managing Director, Chief Investment Strategist, Valens Securities

Litman has appeared on CNBC Singapore, 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 and/or guest-lectured at Harvard Business School, Wharton, and LBS as well as for CalPERs, Fidelity, Credit Suisse, among others. Litman is one of the most prolific speakers in CFA and CPA/CA Societies around the world. He has served as a judge in the Global CFA Institute’s Investment Research Challenge five times. CFA Society Singapore (a member of society of CFA Institute) Website : www.cfasingapore .org | email : [email protected]

Updated on 5 January 2016

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THE DARK SIDE OF FINANCIAL STATEMENT ANALYSIS Please complete this form and email to [email protected] CFA Singapore Members: CFA Candidates: Non-Members

SGD $0.00* SGD $20.00* SGD $40.00*

*Price Inclusive of GST

Note: A $10.00 no-show fee will be charged if a registrant does not turn up for an event and fails to cancel his/her registration 3 working days before the event. Name:_____________________________________________________________

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Email:__________________________________________________________ Tel: ____________________________ Payment Details (Bank / Cheque no.): _________________________________

Amount Due: S$ ______________

Credit Card (VISA / MC): ___________ ___________ ___________ ___________ Expiry: _________ / _________ For enquiries, please email [email protected] Thank you.

Terms and Conditions: Registration will only be confirmed upon receipt of registration form and full payment. If any registered attendee is unable to attend the event, a replacement is welcome at no extra cost. No refund will be made. CFA Singapore reserves the right to cancel or postpone the event 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 event;

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to send me updates informing me / us of events and activities organized by CFA Singapore.

*I understand that my personal data will be used and retained in accordance with the CFA Singapore Personal Data Policy available at www.cfasingapore.org

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CFA Society Singapore (a member of society of CFA Institute) Website : www.cfasingapore .org | email : [email protected]

Updated on 5 January 2016

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