Kellogg Alumni Program

January 19, 2017

©Copyright 2016 Valens Research & Filipino Investing Community. All rights reserved

About the Presenter
Skogafoss Waterfall
Mount Myōkō

The Dark Side (And Bright Side) of USA and China Markets As Seen Through UAFRS at APEC
with Joel Litman, Chief Investment Strategist & Managing Director at Valens Research and Professor at Hult International Business School

What risks and opportunities do the USA and China stock markets hold for investors and businesses?

Are stock market valuations extended or simply fairly valued (or even cheap?)

Professor Joel Litman is Chief Investment Strategist in Valens Research covering equities, corporate credit, and global macroeconomic analysis. He is a Full Professor in the Master of Finance, MBA, and Executive MBA Programs at Hult International Business School, a highly ranking international business programs according to FT, Economist, and Bloomberg Businessweek. 

Skogafoss Waterfall
Mount Myōkō

Willow Root Bar

Manila Polo Club, McKinley Road, Forbes Park,

Makati City, Philippines 1220

Litman is a member of the Board of Directors of COL Financial Group (PSE:COL) and serves as Chairman/CEO of Valens Research.

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 six times.

Thursday, January 19, 2017
6:30 PM Registration and Event Start
9:30 PM Event End


In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:

  • GAAP and IFRS have failed to provide rules for reliable financial statement reporting
  • Stock analyst recommendations are not grounded in disciplined financial analysis
  • Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
  • Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available

We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.

  • Corporate credit ratings remain years behind the fundamental underpinnings of company performance
  • Stock analysts continue to make recommendations with deeply inherent biases
  • Research firms have failed to break down the walls between credit, equity, and macroeconomic research
  • The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming

The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.

“...insights are needed to connect core principles of wealth creation to both reported financial performance and firm valuations in the stock market. They've put it all together for you...”

Bartley J. Madden, Author of the book, "CFROI Valuation: A Total System Approach to Valuing the Firm"

“...what we as educators and thought leaders should embed in our curricula and teachings in business schools throughout our education programs...”

Arthur Kraft, Ph.D., Chairman of the Board of Directors of The Association to Advance Collegiate Schools of Business

What Others Are Saying...

…allows the investor to judge the ability of companies to create lasting value and should be part of any investor's stock selection process...”

Alfred Jackson, Former Head of Global Equity Research at Credit Suisse First Boston and Number-One-Ranked Stock Analyst

summarizes a breakthrough study that will change the way business will be done. It offers a simple and comprehensive framework for taking on today’s complex business world...”

Hitendra Patel, Ph.D., CEO of the IXL Center, Former Senior Leader of the Innovation Practice of the Monitor Group, and Author

...provides a framework for placing any business discipline in the perspective of overall business strategy...

Belverd E. Needles, Jr., PhD. CPA, Ernst & Young Distinguished Professor of Accountancy, DePaul University, Past President of IAAER

provides the finance leader with a good idea on the key elements of a strategy for your business and personal career aspirations... very practical...”

Kirk Ho, Former Senior Regional Finance Director, Crocs, Inc.

In this special alumni event, Litman, Chief Investment Strategist at Valens Research (Kellogg MM/MBA 2000) shares what he presented at the APEC forum for Asia-Pacific Economic Cooperation.

The erosion in the quality and reliability of financial statements makes it nearly impossible to answer questions of corporate performance and valuation when using as-reported numbers.

Gross inconsistencies in financial reporting (under the standards of GAAP and IFRS) make for unreliable earnings, assets, and debts of Chinese companies AND US firms as well.

However, forecasts for the USA and Chinese stock markets are quite compelling, and the risks quite apparent, when seen through the lens of uniform accounting standards, UAFRS financial reporting. (

Under UAFRS - Uniform Adjusted Financial Reporting Standards - financial reporting standards are made globally consistent and comparable across time.

With this, investors and policy-makers can then see far more reliable earnings and valuation multiples, both good and bad, of companies in China and the United States. The insightful results provide some obvious paths for investors to take advantage.

Seating is limited.  Kellogg alumni affiliation will be prioritized when they register.




Seat Rates


Walk-In Registration P750


Main Course

Tuscan Lemon Chicken w/ Roasted Vegetables 
Rosemary Brown Rice


Panna Cotta

Afternoon Snack

Tuna on Wheat w/ Alfalfa Sprouts