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Better Metrics tailored to the needs of CFA charterholders 

November 17, 2022, Thursday
12:00 PM ET

Better Metrics tailored to the needs of CFA charterholders 

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© 2022 Valens Research. All rights reserved.  

© 2022 Valens Research. All rights reserved.  

November 17, 2022, Thursday
12:00 PM ET

About the Event

Today's data platforms do not provide adjusted, forensically audited research to investment managers. They give users the lacking data so many on Wall Street struggle to deal with; research that is put together based upon distorted reported financials from companies, not cleaned up, Uniform data that has gone through extensive scrubbing and forensic screening.

GAAP accounting guidelines require companies to do all sorts of things to their books that have nothing to do with their real operations. Unfortunately, most, if not all research is produced based upon misleading figures. You know it. We know it.

Valens Research rips apart the financial statements of over 32,000+ companies globally, line by line, to uncover GAAP and IFRS distortions using UAFRS principles. We apply over 130 individual adjustments, cleaning up distortions related to R&D, Operating Leases, Stock Options, Excess Cash, M&A PP&E and Earnings, Goodwill, etc.

And only after we do all that work, do we start to do real research on what the data means for equity and credit investors, and asset allocators. Once we have that accurate data, we can start to identify which companies are compelling investment opportunities, digging into their strategy, market dynamics, and management execution.

This allows us to find stocks that can outperform the market. It allows us to find bonds that are safer than the market recognizes. And it allows us to warn clients about macro inflections before most investors are even aware change is in the air. 

Professor Joel Litman is Chairman and CEO of Valens Research and the Founder and Chief Investment Strategist of Altimetry Financial.

Professor Litman has lectured and advised at top programs like Harvard Business School and London Business School, for the US government, including the Pentagon and US Marine Corps War College, for CFA Societies and investment teams from New York to Istanbul to Tokyo, and for leadership of the world’s largest firms such as PwC and Credit Suisse.

Professor Litman has been interviewed on CNBC, quoted in the Wall Street Journal’s Barron’s Magazine and Institutional Investor, and is a regular author in Forbes. He published “Give My Regrets to Wall Street” in Harvard Business Review. Litman co-authored the highly-acclaimed book, "DRIVEN: Business Strategy, Human Actions, and the Creation of Wealth." 

As Chairman of the UAFRS Council, Professor Litman has spearheaded the global use of Uniform Accounting for investment decisions and strategic business analysis. 

Professor Litman is a member of the CFA Institute, the global association for investment professionals, and the Association of Certified Fraud Examiners. He is a CPA (Certified Public Accountant), received a B.S. in Accounting from DePaul University, and an MBA/MM from the Kellogg Graduate School of Management at Northwestern University. 

About the Speakers


Robert Spivey is the Director of Research at Valens Research. He is actively involved in delivering credit and equity analyses, idea generation, and client servicing based on UAFRS.

He is heavily involved in the development and management of the Valens Research application (, a tool Valens has developed to allow investors to integrate the UAFRS framework for investment analysis into their process on a daily basis to improve investment insights and decision making.

Spivey has held Assistant Portfolio Manager and Analyst positions and has experience at The Abernathy Group, Legacy Capital Management, Credit Suisse, and Gillette.

Spivey has leveraged his experience on both the buy-side and sell-side of finance and opportunities to work in both the credit and equity markets to gain a unique perspective of how markets work together and can offer contrary signals. His experience in communicating analysis to some of the largest investment managers in the world, working as a generalist analyst at a hedge fund, and to helping manage portfolios on the buy-side has helped give him a wide-ranging perspective on investing and identifying market mispricings.

Spivey is a CFA Charterholder and member of the CFA Institute. He received a BS in Business Administration with a concentration in Finance and a minor in Philosophy from Northeastern University in Boston.

  • See stock ideas outperforming the market on a regular basis
  • See a consistent monthly macro report that’s been accurate
  • Understand what big macro inflections we’re seeing right now that will directly impact your portfolio (and a stock we think is perfectly positioned for these changes) 

Join us for a fast-paced, invite-only event designed to optimize your investment process. To learn more about uniform accounting, visit 

In this event we’ll show you how to: