Joel Litman

Hong Kpng Society of Financial Analysts
(CFA Society of Hong Kong)

HKSFA is bringing the highly-acclaimed “DARK SIDE" seminar by Professor Litman to Hong Kong. The seminar has been held in various cities and received highest ratings at other member societies of CFA Institute including New York, Singapore, London, and more than ten other societies around the world.

“The DARK SIDE of Financial Statements” focuses on the severe distortions in as-reported IFRS and GAAP financial… Show more

Hong Kpng Society of Financial Analysts
(CFA Society of Hong Kong)

HKSFA is bringing the highly-acclaimed “DARK SIDE" seminar by Professor Litman to Hong Kong. The seminar has been held in various cities and received highest ratings at other member societies of CFA Institute including New York, Singapore, London, and more than ten other societies around the world.

“The DARK SIDE of Financial Statements” focuses on the severe distortions in as-reported IFRS and GAAP financial reporting and the non-GAAP, non-IFRS solutions for it such as UAFRS uniform accounting.

As Professor Litman has stated, “Financial reporting is an inconsistent mess and getting worse around the world, misreporting revenue, earnings, cash flows, assets, equity, and debts.”

This “accounting mess” causes financial professionals to see stocks as expensive which truly aren’t and to see businesses as low quality which in actuality are solid cash flow generators.

Investors, management teams, and the SEC have noted an erosion in the quality of financial reporting. Under GAAP and IFRS, severely inconsistent rules confound comparisons and trend analysis of assets, earnings, credit, and even the statement of cash flows. Show less

New York Society of Securities Analysts (CFA Society of New York)

Three Cases for UAFRS versus GAAP/IFRS: A uniform look at AMD, FB, and BMW (www.uafrs.com)

Investors, management teams, and the SEC have noted an erosion in the quality of financial reporting. Under GAAP and IFRS, severely inconsistent rules confound comparisons and trend analysis of assets, earnings, credit, and even the statement of cash flows.

How different can a company look under globally consistent… Show more

New York Society of Securities Analysts (CFA Society of New York)

Three Cases for UAFRS versus GAAP/IFRS: A uniform look at AMD, FB, and BMW (www.uafrs.com)

Investors, management teams, and the SEC have noted an erosion in the quality of financial reporting. Under GAAP and IFRS, severely inconsistent rules confound comparisons and trend analysis of assets, earnings, credit, and even the statement of cash flows.

How different can a company look under globally consistent UAFRS, Uniform Adjusted Financial Reporting Standards?

In January 2015, Barron's highlighted AMD (AMD) as a long idea at $2.60 per share. The stock had been depressed by headline bankruptcy concerns. UAFRS showed strong underlying cash flows that GAAP did not. AMD's stock has hit $9 since.

In January 2016, Facebook (FB)'s valuation at $95 per share looked expensive and its performance looked poor under GAAP. In SeekingAlpha, UAFRS-based reporting showed a far higher quality, inexpensive firm. FB has increased $25 to $35 since.

Mid-2016, at a CFA conference at Bloomberg in Frankfurt, Germany, BMW's stock looked as cheap as it had for two years with an as-reported P/E ratio of 8. Under UAFRS, the earnings multiple has persisted above 22X, explaining BMW's sideways market performance.
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Program of the New York Society of Securities Analysts, The CFA Society of New York

New York Society of Securities Analysts (CFA Society of New York)

The 25th Anniversary NYSSA High Yield Conference will focus on looking ahead to the next year and beyond. Presenters at the Master Class on September 9 will instruct attendees on the most up-to-date methods of credit analysis, valuation, and portfolio management.

The Conference's general sessions on September 10 will describe the outlook for default rates and returns for high yield bonds, distressed debt, and… Show more

New York Society of Securities Analysts (CFA Society of New York)

The 25th Anniversary NYSSA High Yield Conference will focus on looking ahead to the next year and beyond. Presenters at the Master Class on September 9 will instruct attendees on the most up-to-date methods of credit analysis, valuation, and portfolio management.

The Conference's general sessions on September 10 will describe the outlook for default rates and returns for high yield bonds, distressed debt, and leveraged loans. Attendees will hear from leading experts where the best opportunities are and what the latest research on the market reveals about maximizing performance.
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Value, GARP, Growth, and Garbage: identifying market cycle phases and the varying styles that result in the best performance. In other words, recognizing changing phases of the stock market, and successfully adjusting one’s investment techniques to fit that process.

An engaging review of prior major market cycles specifically for applying the findings to current day equity investment strategies. Explaining the findings with analogies to mixed martial arts, and the need to be flexible to… Show more

Value, GARP, Growth, and Garbage: identifying market cycle phases and the varying styles that result in the best performance. In other words, recognizing changing phases of the stock market, and successfully adjusting one’s investment techniques to fit that process.

An engaging review of prior major market cycles specifically for applying the findings to current day equity investment strategies. Explaining the findings with analogies to mixed martial arts, and the need to be flexible to the markets and the strategies that work best at various times. Show less

Superior Equity and Credit Investing through Superior Credit Analysis: 150+ Years of Cross-Capital Investing

​Professor Joel Litman
Chief Investment Strategist at Valens Credit

On Wednesday, 6th August 2014 at 6:00pm
At Shangri-La Hotel,
Sheikh Zayed Road, Dubai