"I highly recommend anyone serious about a career
in finance and in
understanding the stock
market to attend these workshops."
- Freddie Reyes
CEO of Philippine Women's University
"This approach to valuation is unique and differs from traditional models (DCF, PE, PB, etc) – certainly not things that you will learn in school. The framework is conceptually simple yet
makes perfect sense."
- Lennard Abarcar
Business Development Manager at GlaxoSmithKline Phils., Inc.
Date: Friday, May 24, 2013
In partnership with the Chartered Financial Analyst Society of the Philippines, the Institute of Strategy & Valuation is inviting you to attend the following workshop:
This program has been met with high regard for both the explanation of the framework applied, and its application to market outlook and timely stock ideas.
Upon request, this program can receive CFA credit under the Global CFA Institute of Chartered Financial Analysts and CPA credit with the ICPAS and AICPA.
- What are the major macro theme driving investment opportunities?
- What are the ways to spot key cycles and trends?
- What themes should always be followed and where can new themes almost always be found?
- What are some interesting sectors and stocks that support those themes?
- How do we use themes to "pick stocks and beat the market?"
Professor Joel Litman is a Managing Director at Equity Analysis & Strategy where his team is focused on uncovering significant stock market mispricings. Litman’s clients are some of the largest and most influential investors and investment firms in the world. In the past, Litman has also worked at American Express, Deloitte Consulting, and Credit Suisse First Boston.
When the underlying value of the business greatly differs from the embedded expectations in the stock price, the probability for positioning for out-sized returns is highest. Litman’s work and research focuses on uncovering informational and analytical advantages that can help determine where such securities mis-pricings may exist.
Litman has spoken in venues including:
- Harvard Business School
- London Business School
- The Wharton School of the University of Pennsylvania
- SAIF in Shanghai, China
- The Center for Strategy, Execution, and Valuation at the Kellstadt MBA Program in Chicago
- Investment firms and corporate executive retreats around the world
Litman teaches regularly at top universities and conducts presentations with the CFA Institute’s Retained Speakers Bureau in cities around the world including New York, Chicago, Hong Kong, Tokyo, London, Dubai and elsewhere. He is a member of the Global CFA Institute for Chartered Financial Analysts, a CPA in the United States, holds a B.S. in Accountancy from DePaul University in Chicago, and an MBA/MM from the Kellogg Graduate School of Management at Northwestern University.
After this workshop, you will:
- Develop a more comprehensive understanding of the capital markets, of what drives valuations, and improved decision-making for both managers driving performance or investors valuing that performance;
- Have a greater sense of what drives stock prices and what matters most in strategic decision-making; and
- Gain an awareness of roles and careers in investment banking, investment management, and management consulting.
Testimonials From Industry Experts
"...what we as educators and thought leaders should embed in our curricula and teachings in business schools..."
“The principles and concepts in Return Driven Strategy capture what we as educators and thought leaders should embed in our curricula and teachings in business schools throughout our undergraduate, graduate and executive education programs. Business schools must focus on the importance of a firm commitment to ethically create shareholder value.”
- Arthur Kraft, Ph.D
Chairman of the Board, AACSB International
Dean, George L. Argyros School of Business and Economics, Chapman University
"...an invaluable compass..."
“For years I have used this framework for evaluating critical business decisions. It has been an invaluable compass when allocating resources in human capital, intellectual capital, and investment capital, particularly when those resources can be so scarce.”
- Michael Gremley
President & CEO, Voiceprism
"...should be added in the arsenal of analysts in evaluating stocks..."
The methodologies in these seminars should be added in the arsenal of analysts in evaluating stocks, since it is very useful in identifying stocks that are truly cheap – both in relative terms and absolute terms. There is no doubt that traditional valuation methods such as P/E multiples are subject to manipulation due to the varying accounting definitions of earnings. As such, there is a need for an alternative means to measure value.
These state-of-the-art techniques provide a good way to measure value as it is based on cash earnings, adjusted for inflation. It also makes stocks comparable across different markets. By implementing these strategies, we are more confident that the stocks we recommend are truly the best and can generate alpha for our clients.
-April Lynn Lee-Tan
VP, Head of Research at Citisec Online Inc
President of the CFA Society of the Philippines
"...By breaking away from convention, these techniques allow you to more closely approximate the real value of a company before the herd realizes it..."
A fresh perspective on how financial statements should be looked at. By breaking away from convention, these techniques allow you to more closely approximate the real value of a company before the herd realizes it.
In addition, I was taught the concept of “embedded expectations”, an indispensable tool which has served the world’s greatest investors in good stead. This differentiates these seminars from so many others which just trumpet what most people already know.
If you want to have the distinct analytical advantage that will give you outsized returns in our volatile markets, then attending these seminars is a must.
Equity Analyst at Wealth Securities
Frequently Asked Questions
Q: What separates the valuation methods taught in this program from those we learned in University and in practice?
A: The valuation concepts and philosophy taught in this program are “extremely practical.” The content is taken directly from databases and processes of some of the most successful and influential investment firms and investors in the world. Most schools and textbooks simply aren’t sufficiently tied into the top investment firms to have access to the latest and most successful valuation analyses. The program even cites quotes throughout the seminar that come directly from great investors, thereby highlighting why and how certain calculations and formulas are taught the way they are.
Q: What added value can I get from learning your valuation methods?
A: The first and most practical value is that participants leave as better investors. Not just in learning new valuation methods, but in learning about the mistakes that so many investors make – and how to avoid them. As the great Warren Buffett has said, the first rule of investing is “Don’t lose money” and so understanding risks of investing and common pitfalls is so important. Key to understanding stock markets is understanding market cycles, and this is taught in the seminars with incredible detail, to provide a roadmap for investing success. Further, participants walk away from the discussions suited for investing, as well as with skills to be more enlightened corporate managers and business leaders.
Q: In what type of market are these strategies effective?
A: There are different sets of valuation methods suited for each type of market. As part of this seminar, you will learn how to adapt accordingly to fit various scenarios.
Q: These strategies may work for your foreign clients, but will they also be applicable in the Philippines?
A: Yes. We have been in the Philippines for more years, working with the largest local brokers, banks, and mutual funds. These large financial institutions have found our work insightful and essential. Furthermore, Philippine companies have been examined using these methodologies by global investors as well.
Register for a Seat Today
Please register early as seats are limited.
Regular Rate: Php 2,500.00
Early Bird Rate*: Php 2,000.00
Professors/Students: Php 1,000.00
*Early Bird Rate applies if you register on or before September 16
If you have any questions, please send an email to Info@InstituteSV.org