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Seminars and Presentations
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Seminars and Presentations
Executive Valuation Class (3 days) at Stern School of Business
I do one intensive three-day valuation class every June, which covers all of the topics of my regular valuation class. It is an open enrollment class and it is run by the Stern School of Business. You can get more information about the session (including the cost... ) by contacting the Executive programs office at Stern.
Presentations- Upcoming
I am listing the open seminars that I will be doing in
the near or far future. Since I am not involved in the logistics
of these seminars, I have linked each to the entities responsible
for running the seminars. If you have any administrative questions,
please contact them. If you have questions about content, you can
email me or check past seminar presentations (below).
| Seminar Location | Date | Seminar Topic | Contact Entity |
| Toronto, Canada | February 2&3, 2012 | Valuation across sectors and the life cycle | Canada Pension Plan Investment Board (closed to outsiders) |
| Jamaica | March 30, 2012 | Risk Management | IFC (World Bank) |
| Chicago | March 8, 2012 | The Dark Side of Valuation (lunchtime session) | ASA |
| San Francisco | April 19, 2012 | Fair Value Accounting, Dark Side of Valuation (extended) | Valuation Roundtable |
| Omaha | May 4, 2012 | Intrinsic Valuation for the Value Investor | Value Investor Conference |
| Mumbai | May 24 & 25 | Two-day valuation seminar | VCCircle Training |
| New York | June 4, 5 & 6 | Three-day open valuation seminar (class) | Stern Executive Education |
Past Seminars
In this section of my site, you can download copies of
the power point presentations (in pdf format) on a variety of topics.
Some of these presentations are from outside the US, and the
examples from each setting/country can be downloaded
in excel format. I will be updating this site at regular intervals
and adding material from other presentations.
| Setting | Topic of Presentation | Date | Material that can be downloaded |
| Omaha | Is there "value" in "value investing"? | May 2012 | Presentation |
| San Francisco | Fair Value Accounting: Visionary Thinking or Oxymoron | April 2012 | Presentation |
| Toronto | Valuation across sections and the life cycle | February 2012 | Presentation |
| New York | The Dark Side of Valuation: Valuing difficult-to-value companies | November 2011 | Presentation |
| Las Vegas | The Discount Trifecta in Private Company Valuation: Lack of diversification, Illiquidity and Control (or lack of it) | November 2011 | Presentation |
| New York | Risk Premiums: Looking Backwards and Forwards | October 2011 | Presentation |
| Fortaleza, Brazil | Dante meets DCF: The Brazilian edition | April 2011 | Presentation |
| Mumbai, India | Dante meets DCF: The Indian edition | January 2011 | Presentation |
| Lima, Peru | Market Frictions: Liquidity, Diversification and other issues | August 2010 | Presentation |
| Lima, Peru | Dealing with Risk: Definition, Measures and Tools | August 2010 | Presentation |
| Bogota, Colombia | Valuation in a day | August 2010 | Presentation |
| Pune, India | Valuation and Corporate Finance in a Family-run Corporate Group: The Tata Group | May 2010 | Presentation Valuation of Tata Chemicals and Capital Stucture Valuation of Tata Steel and Capital Structure Valuation of Tata Motors and Capital Structure Valuation of TCS and Capital Structure |
| Slovenia & Croatia | Value: Not just a number | May 2010 | Presentation |
| Bogota, Colombia | Danger and Opportunity: Ruminations on Risk | March 2010 | Presentation |
| Rio & Sao Paulo | Market Revelations: Lessons learned, unlearned and relearned from a crisis | August 2009 | Presentation Valuation of Embraer (2009) |
| Lima, Peru | Valuation in Emerging Markets | August 2009 | Presentation |
| Zurich, Switzerland Firenze, Italy |
Dante meets DCF & Ten Lessons from Valuation Hell | May 2009 | |
| Stamford, Connecticut | Valuation: DCF, Relative and Real Options |
March 2009 | Presentation Valuation of Hyundai Heavy Industries Valuation of Kristin Kandy Valuation of Wells Fargo Valuation of Amazon - 2000 Valuation of Amazon - 2001 Hyundai Optimal Capital structure Valuation of Hyundai restructured Implied Premium for Korea |
| New York, NY | One day valuation session | March 2009 | Presentation |
| New York, NY | Fair Value Accounting: Visionary Thinking or Oxymoron | February 2009 | Presentation |
| New York, NY | Valuation: DCF, Relative and Real Options |
October 2008 | Presentation Valuation of Hyundai Heavy Industries Valuation of Kristin Kandy Valuation of Wells Fargo Valuation of Amazon - 2000 Valuation of Amazon - 2001 Hyundai Optimal Capital structure Valuation of Hyundai restructured Implied Premium for Korea |
| New York, NY | Six Weeks from Hell - 9/12-10/16: Valuation Consequences | October 2008 | Presentation Implied Premiums & other data: 9/12-10/16 Valuation of 3M: 9/12 Valuation of 3M: 10/16 |
| Seoul, Korea | Valuation: DCF, Relative and Real Options | July 2008 | Presentation Valuation of Hyundai Heavy Industries Hyundai Optimal Capital structure Valuation of Hyundai restructured Implied Premium for Korea |
| Rio & Sao Paulo, Brazil | Top Valuation Mistakes and Loose Ends | June 2008 | Presentation |
| Stern Alumni Conference | Danger and Opportunity: Musings on Risk | May 2008 | Presentation |
| Los Angeles, California | Anatomy of a Leveraged Buyout | December 2007 | Presentation Valuation of Haman Optimal Capital Structure: Harman Enhanced Capital Structure: Harman APV Analysis: Harman Restructured Valuation: Harman |
| Wichita, Kansas | Equity Risk Premiums | July 2007 | Presentation Historical Risk Premiums Implied Equity Premiums (past) Implied Premium calculator (Try it out yourself) |
| Sao Paulo, Brazil | Valuation: First Principles and Loose Ends | June 2007 | Presentation Valuation of Gerdau Steel |
| Rio, Brazil | The Value of Control and Corporate Governance | June 2007 | Presentation Gerdau optimal capital structure |
| Boston (MFS) | Valuation Seminar (1 day) | May 2007 | Presentation Valuation of Amgen |
| New York (PWC) | Valuation Seminar (2 days) | April 2007 | Presentation |
| Dartmouth | Dante meets DCF: Ten Valuation Sins | February 2007 | Presentation |
| UPenn Law Conference | The Value of Control | December 2006 | Presentation |
| AIMR Conferenence | Leverage and Value (Expanded Versions) | December 2006 | Presentation |
| AICPA Conference | The Cost of Illiquidity | December 2006 | Presentation |
| Rio De Janeiro | Investment Philosophies | October 2006 | Presentation |
| New York | Leverage and Value | September 2006 | Presentation |
| GE (Connecticut) | Acquirer's Anonymous: Seven Steps to Sobriety | October 2006 | Presentation (updated from 2003) |
| Mexico | Valuation | June 2006 | Presentation Valuations of Banorte and Cemex Implied risk premium for Mexico |
| Brazil | Discounted Cash Flow Valuation Relative Valuation and Real Options |
March 2006 | DCF Presentation (ppt
version) |
| Dartmouth | Loose Ends in Valuation | March 2006 | Presentation (ppt version) Papers on loose ends |
| Chennai, India | Valuation: Ten Principles and Tying up Loose Ends | Feb 2006 | Presentation (ppt or pdf versions)
See 7/7/04 presentation for Tata Chemical and Wipro valuations |
| Amsterdam | Fair Value Accounting: Mission Impossible? | Jan 2006 | Presentation |
| Las Vegas | The Value of Control | Nov 2005 | Presentation |
New York |
Applied Corporate Finance | July 2005 | Presentation Project Description Web site |
Brazil |
Investment Analysis/ Capital Budgeting |
June 2005 |
Presentation (Investment
Analysis/Capital Budgeting) |
Frankfurt, Germany |
Valuation | May 17, 18/05 | Presentation SAP : Valuation, Optimal Capital Structure, Restructured Valuation of Kristin Kandy Implied Risk Premium for Germany Relative Valuation data for Germany (2005) |
Athens, Greece |
Valuation | May 19, 20/05 | Presentation Titan Cement: Valuation, Optimal Capital Structure, Restructured Implied Risk Premium for Greece Relative Valuation data for Greece (2005) |
New York, NY ( S & P) |
Valuation | Summer 2005 | Presentation Titan Cement: Valuation, Optimal Capital Structure, Restructured Valuation of Kristin Kandy Implied Risk Premium for Greece Implied Risk Premium for US |
Frankfurt, Germany |
Valuation | 10/1, 10/2 /04 | Presentation BMW: Valuation, Optimal Capital Structure, Restructured Implied Risk Premium for Germany |
Milan, Italy |
Value Enhancement | 7/9/04 | Presentation |
Hyderbad, India |
Intrinsic and Relative Valuation | 7/7/04 | Presentation Implied Risk Premium for India Tata Chemicals: Valuation, Capital Structure, Restructured Wipro: Valuation, Capital Structure Relative valuation data for India |
Grace Kennedy, Jamaica |
Corporate Finance - Grace Kennedy | 6/29/04 | Presentation |
Rio De Janeiro, Brazil |
Estimating Cost of Capital, Acquisition Valuation and Real Options (short) | 6/15/04 | Presentation Implied Risk Premium for Brazil Ambev: Valuation, Capital Structure, Restructured Vale: Valuation, Capital Structure Valuation of Aracruz |
Sponsors for Educational Opportunity |
Corporate Finance in a day | 6/1/04 | Presentation |
Greece |
Valuation | 5/20/04 | Valuation
Presentation Implied Risk Premium for Greek market (xls) Valuation of Titan Cements (xls) Optimal Capital Structure for Titan Cements Titan Restructured Valuation |
M & A Conference |
Acquirer's Anonymous: Seven Steps to Sobriety | 11/11/03 | Presentation |
Sao Paulo, Brazil |
Valuation in Brazil | 10/24/03 | Valuation Presentation Implied Risk Premium for Brazil Valuation of Embraer Valuation of Embraer restructured |
FMA Meetings (Denver) |
Intrinsic Valuation in a Relative Valuation World | 10/9/03 | Intrinsic Value in a Relative Valuation World |
Milan |
Investment Philosophies: Seeing the Big Picture | 9/25/03 | Investment Philosophies |
NACVA Conference |
Value Enhancement | 5/30/03 | Value Enhancement |
Greece |
Valuation | 5/22,5/23, 2003 | Valuation Presentation Implied Risk Premium for Greek market (xls) Valuation of Titan Cements (xls) Optimal Capital Structure for Titan Cements Titan Restructured Valuation |
AIMR |
Loose Ends in Valuation | 12/05/02 | Loose
Ends Presentation Closed End Fund Discount Complexity Score Valuing Synergy Valuing Control Valuing Options Estimating Probability of Distress Valuing Illiquidity |
AICPA |
The Value of Transparency | 11/02 | Value of Transparency |
Graduate Finance Association (Stern) |
Investment Philosophies | 10/02 | Investment Philosophies presentation |
United States |
Valuing Distressed Companies | 7/02 | |
Greece |
Valuation | 9/27,9/28, 2002 | Valuation
Presentation (pdf) |
Stern Undergraduate |
Twleve Myths in Valuation (2 hours) | 10/26/01 | Valuation Presentation |
AIMR (Cambridge) |
Valuation ( 1-day) | 7/2/01 | Valuation
Presentation Valuation of Titan (in Euros) |
U.S. |
Corporate Finance (2-day session) | Summer 2001 | |
General |
Valuation (1-day seminar) | Summer 2001 | Valuation Presentation |
General |
Relative Valuation (1/2 day) | Summer 2001 | Relative Valuation Presentation |
General |
Real Options (1/2 day) | Summer 2001 | Real Options Presentation |
Brazil |
Corporate Finance | 3/22/01 | Corporate
Finance Presentation |
Brazil |
Valuation | 3/23/01 | Valuation
Presentation Implied Risk Premium for Brazil Valuation of Embraer Valuation of Embraer (restructured) |
Brazil |
Valuation | 4/14/00 | Valuation
Presentation (pdf) Implied Risk Premium for Brazil Market Valuation of Brahma Valuation of Brahma (restrctured) |
India |
Valuation | 6/27/00 | Valuation
Presentation (pdf) |
Portugal |
Valuation | 5/20/99 | Valuation
Presentation (pdf) |
US |
Valuation of Technology firms | March 2000 | Valuation
presentation Valuation of Amazon.com Valuation of Compaq Optimal Capital Structure: Compaq Optimal Capital Structure: Amazon Valuation: Compaq Restructured |
Italy |
Value Enhancement | 1/10/00 | Value
Enhancement Presentation (pdf) Implied Risk Premium for Milan Index (xls) Valuation of Telecom Italia (xls) Restructured Valuation of Telecom Italia Optimal Capital Structure for Telecom Italia |