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Our Firm / Research Team

Rafael Resendes  – Applied Finance Partner 
Co-founder of Applied Finance, 1995.  B.S. from University of California, MBA from the University of Chicago.

Daniel J. Obrycki – Applied Finance Partner
Co-founder of Applied Finance ,1995. B.S. University of Missouri-Rolla, MBA from the University of Chicago.

Paul Blinn – Applied Finance Partner
Joined Applied Finance, 2006. Portfolio Manager.  B.B.A from The University of Texas at Austin 

Jun Wang, CFA – Applied Finance Partner 

Joined Applied Finance, 2003. Portfolio Manager and Fundamental Research Analyst. B.A. Southwest University China, MBA from California State University, Fresno.

Dhaval Sanghavi, CFA, CPA – Applied Finance Partner
Joined Applied Finance, 2004. Portfolio Manager and Fundamental Research Analyst. Dual B.S. from the University of Illinois at Urbana-Champaign.

Derek Bergen, CFA – Applied Finance Partner 
Joined Applied Finance, 2005. Portfolio Manager and Quantitative Research Analyst. B.S. University of Wisconsin-Madison.

John Holt, CFA – Applied Finance Partner 
Joined Applied Finance, 2014. Portfolio Manager and Quantitative Research Analyst. B.S. George Mason University, MBA George Mason.

Alex Plascencia – Applied Finance Associate
Joined Applied Finance, 2005. Fundamental Research Analyst. B.S. University of California, Riverside, MBA  University of California, Irvine.

Mark Everette, CPA – Consultant to Applied Finance
Joined Applied Finance, 2004. Utility Sector Consultant and Fundamental Research Analyst. BA and MBA from University of Illinois at Urbana-Champaign.

  • The Gross Profitability Trap

    The Gross Profitability Trap “But this time, it’s different!” More foolish words are rarely spoken in the financial industry, but they always seem to find their way back into the stock market lexicon. A firm’s [...more]
  • Intrinsic Value Factor™

    February 4, 2019 Applied Finance

    Valuation Driven™ Investing begins and ends with calculating the intrinsic value of every stock in a benchmark against which a portfolio is constructed, and comparing those values against traded prices. All of Applied Finance’s portfolios are Intrinsic Value Driven™, which differs significantly from a “value” perspective. To gain a better understanding into Applied Finance’s Intrinsic Value Driven™ approach, let’s first review traditional approaches to “Value”.

    The traditional approaches to finding undervalued stocks use a simple ratio such as P/E or P/B, or a mix of them. These common approaches to value come with many shortcomings: […more]

  • Then and Now: Buyers Remorse Versus Sellers Loss

    October 31, 2008 Applied Finance
    Over the past couple months, worsening macro economic conditions, declining corporate profitability and a bottomless stock market have investors longing for the good old days when the economy delivered steady increases in GDP growth with [...more]
  • Economic Margin®

    A corporate performance metric should provide insights into what a firm is worth. Most money managers utilize common earnings-based measures of corporate performance and value, which are suspect and easy to manipulate. Applied Finance developed the Economic Margin (EM) framework to remove the noise inherent in accounting data.

    Traditional accounting-based valuation methods provide an incomplete view of a company’s value by not accounting for the investment needed to generate the earnings, cost of capital, inflation or cash flow. […more]