The value of a company is an effect. Identifying, analyzing, and quantifying the underlying causes that give rise to that effect is a primary responsibility of the analyst. In terms of systematic [SR] and unsystematic risk [USR], the analyst focuses on USR. Unfortunately, the icons who originated the concept of modern portfolio analysis more than a half-century ago assumed away the existence of USR by positing that (a) rational investors hold diversified portfolios, and (b) as a result, USR can be eliminated through diversification. That assumption discouraged future research into USR until Warren Miller’s 2010 book, Value Maps: Valuation Tools That Unlock Business Wealth, was published. It introduced a tri-level framework to help analysts analyze USR.
- Explore the valuation process at the three USR levels: Macro-economic, Domain, and Company.
- Examine the SPARC FRAMEWORK—Strategy, People, Architecture, Routines, Culture
With his bride, Dorothy Beckert, Warren Miller cofounded BECKMILL RESEARCH, LLC, in 1991. The firm provides valuation, strategy, and applied research services. Miller wrote Value Maps: Valuation Tools That Unlock Business Wealth (2010) and BVR’s Guide to Valuing Wholesalers (2011). He also had two case studies published in Harvard Business Review. Warren has taught valuation and related subjects to CPAs and CAs in Canada, 33 states, and the District of Columbia. He designed the VALUE MAP process to help SMEs build competitive advantage, extend its duration, reduce risk, and increase equity value. He is one of 26 professionals worldwide who holds the Chartered Financial Analyst [CFA], Accredited Senior Appraiser [ASA] in business valuation, and Certified Public Accountant [CPA] designations. He and Dorothy live in the Shenandoah Valley outside Lexington, Virginia.
||Friday, February 24th,
2018. 9:00 am to 5:00 pm EST
||Your home or office
||Warren D. Miller, CFA, ASA, CPA
||4 Finance & 4 Management CPE
||7 Substantive CLE / 6 Substantive CLE (PA)*
||Bill Kline Email:
firstname.lastname@example.org or Phone: 267-251-3805
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