Industry experts Dr. Aswath Damodaran and P. Dermot O'Neill return to speak at the Business Valuation and Litigation Services Conference. Hear from the experts on valuation, damages, expert witnessing and more.
DESIGNED FOR
CPAs, attorneys, business valuation experts, forensic accountants, appraisers and other financial professionals should attend this conference.
HIGHLIGHTS
Agenda
7:45-8:15am
Registration and Breakfast
8:15-8:30am
Welcome and Opening Remarks
8:30-9:20am
Economic Update
Karin Kimbrough, PhD - Bank of America Merrill Lynch
The state of the economy can have a significant impact on how a business is valued. CPAs must understand the current economic climate in order to do their jobs effectively. This session will provide an overview of the current state of the domestic and global economy, and explore the implications for businesses and investors.
9:20-10:35am
Numbers and Narratives
Aswath Damodaran, Ph.D - Stern School of Business at New York University
The world of investing/finance is divided into two camps. In one, you have the number crunchers, who believe that the only things that matter are the numbers and that imagination/creativity are dangerous distractions. In the other, you have the story tellers, who build on the stories they tell about companies and how these stories will bring untold wealth. Each side believes it has a monopoly on the truth and looks with contempt at the other. In my view, both sides are right and both sides are wrong. Stories matter, but only if they are connected with numbers, and numbers are empty, unless they are connected with narratives. In this session, I look at the process by which you build narratives, check them against reality and convert them into valuations. I use Uber, Apple and Twitter to illustrate the process.
10:35-10:50am
Morning Break
10:50am-12:05pm
Taking a Deeper Dive into the Lost Profits "But-For" World
P. Dermot O'Neill, CPA, ABV, CFF, CVA, MAFF, ABAR - P. Dermot O'Neill, CPA PC
The presentation will dive deeper into the four reorganized methods that economic damages experts commonly use to calculate lost profits: the before-and-after method, the yardstick method, the sales projection method, and the market share method. The presentation will guide the lost profits expert to which method to choose; what information and/or documentation s/he needs for each method; and the court cases that support the use of each method. “Tricks and traps” included in each method will be covered.
12:05-12:50pm
Lunch
12:50-2:05pm
Dealing with Noise: Valuation and Investing in the Face of Uncertainty
Aswath Damodaran, Ph.D - Stern School of Business at New York University
Uncertainty is a fact of life in business and investing, but the responses that analysts and investors have to uncertainty is often unhealthy, ranging from denial and paralysis, at one extreme, to rules of thumb that have no basis in common sense, at the other. In this session, I look at how uncertainty is embedded in all valuations, though the amount of uncertainty you face will vary across companies, countries and across time. I categorize uncertainty into groups, estimation versus economic, micro versus macro and discrete versus continuous, and argue that each grouping needs a different response. Finally, I develop tools that you can use to get a handle on uncertainty and deal with it better in valuation.
2:05-2:15pm
Afternoon Break
2:15-3:30pm
Reviewing and Challenging the Opposing Expert's Report
P. Dermot O'Neill, CPA, ABV, CFF, CVA, MAFF, ABAR - P. Dermot O'Neill, CPA PC
When a Daubert Challenge or Motion in Limine is denied, frequently the judge states the issue goes to credibility. What is credibility? We are frequently requested to write rebuttal reposts to contradict the opposing expert. However, attorneys are increasingly asking for review/critiques on the credibility of the opposing expert in addition. This presentation will present the elements of credibility and how to review opposing reports resulting in your conclusion as to credibility.
3:30-3:50pm
Afternoon Break
3:50-4:40pm
Ask the Experts - Panel Discussion
Donald J. DeGrazia, CPA, ABV, CFF - Gold Gerstein Group LLC (Moderator)
Robert J. Brown, MBA, CPA/ABV, CFE, CFF - Cowan, Gunteski & Co., P.A.
Hubert Klein, CPA/ABV/CFF/CGMA, CVA, CFE - EisnerAmper LLP
Leslie Solomon, CPA/ABV/CFF, ASA - RotenbergMeril
Drawing on experts in the fields valuation, litigation, expert witnessing, testifying, and matrimonial, this interactive session will touch on current issues facing CPAs working in New Jersey. Examine each issue from multiple perspectives and submit your own questions for analysis.
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