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“Applied Finance takes a unique approach to identifying the intrinsic value of equity securities. Removing the noise from the earnings and focusing on understanding what a company’s economic margin is. The Deconstructing Value Investing presentation was extremely informative and the Pittsburgh CFA Society appreciated Rafael’s time and preparation.”
– Steven Miller, CFA®, CIPM
BNY Mellon

“Applied Finance’s Deconstructing Value Investing presentation was a refreshing reminder of why traditional perpetuity based valuation models, while mathematically elegant and easy to describe, are primarily ineffective in constructing portfolios. In contrast Applied Finance’s economic margin methodology provides a theoretically sound, empirically vetted and actionable process for investors. As I listened to Rafael Resendes discuss the current state of “value” investing, I was reminded of a former colleague and Applied Finance client who often said “A vacation at the swamp is cheap but it is not a bargain”. ”
– John Toohey, CFA®
Two Centuries Investments

“I really enjoyed the Deconstructing Value Investing presentation given by Applied Finance. It’s nice to have data to back up what one has observed empirically.”
– Mark Carlton, CFA®
Trademark Financial 

“The Deconstructing Value Investing presentation clearly articulates a logical and reliable approach to calculating intrinsic value. Like their work, the Applied Finance team is first class.”
– Keith P. Duet, CFA® (CFA Society Louisiana – Past President)
Duet Asset Management 

“I recently attended the Deconstructing Value Investing lecture by Rafael Resendes of Applied Finance. His expertise, knowledge and ability to effectively link theoretical concepts to actionable investing is well worth the time and attention which is really a gift to any practitioner, especially a Chartered Analyst.

The mixed signals provided by talking heads and the market are easily discounted and confidence can be provided by an approach that is so steeped in real data and results.”

– Mark A. Fernandez, CFA®
R. M. Davis


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