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NYSSA’s Value Investing Committee
presents
Free Cash Flow: Seeing Through the Accounting Fog Machine to
Find Great Stocks
George C. Christy, CFA, a former corporate banker and public company
treasurer will speak about a simple yet comprehensive downloadable
financial model—the Free Cash Flow Worksheet—that helps
investors project how a company’s generation and deployment
of free cash flow will affect share value and investor return.
Free cash flow, a popular financial metric, is used by many investors
who are frustrated with GAAP’s numerous weaknesses. But does
strong free cash flow necessarily lead to higher investor returns? The
global financial crisis has stimulated new interest in dividend stocks
and companies with “strong” balance sheets. But do dividends
and “strong” balance sheets lead to higher investor
returns?
Christy will speak about his new book, Free Cash Flow: Seeing
Through the Accounting Fog Machine to Find Great Stocks. He will
discuss the Free Cash Flow Worksheet and its key component, the Free
Cash Flow Statement, a cash flow version of the GAAP Income Statement
that offers a number of advantages over both the income statement and
the most common calculation of free cash flow. After comparing the Free
Cash Flow Worksheet to the EPS/PE and DCF models, he will analyze the
linkage between the CEO’s incentive compensation package and
investor return.
“George Christy has it right—to value a
business you must follow the cash. What else counts?”
—Bruce Berkowitz, President, Fairholme Funds, Inc.
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“Free Cash Flow: Seeing Through the
Accounting Fog Machine to Find Great Stocks helps keep the investor
focused on what truly matters to value creation—free cash
flow.”
—Charles W. Mulford, Invesco Chair and Professor of
Accounting, College of Management, Georgia Institute of Technology;
Cofounder, Cash Flow Analytics, LLC
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DATE:
Thursday, August 20, 2009
TIME:
5:30 p.m.–6:30 p.m. | Reception
6:30 p.m.–8:00 p.m. | Presentation
LOCATION:
NYSSA
1177 Avenue of the Americas, 2nd Floor
(between 45th and 46th Streets), NYC(Directions)
Photo ID required for access to the building.
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SPEAKER:
George C. Christy, CFA, Author, Free Cash Flow:
Seeing Through the Accounting Fog Machine to Find Great Stocks
FEES:
Member $75 | Nonmember $115
Register at the door: Additional $25 due (space permitting)
REGISTRATION DEADLINE:
Monday, August 17, 2009
CREDITS:
CE/CPE = 1
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Chair
Chris Goulakos
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Media Partner
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If you would like to media partner or sponsor any of these programs,
please contact sponsorship@nyssa.org.
Speaker Bio
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George C. Christy,
CFA, has over 30 years experience in the financial
markets. He was a corporate banker in Chicago, Tokyo and Los Angeles
where he worked with Fortune 1000 and middle market companies. He also
designed and built one of the country’s first loan portfolio
management information systems for a money center bank. In his last
position he was treasurer of a publicly owned telecommunications
equipment manufacturer. He has a BA from Princeton University and an MBA
from the University of Chicago. Since 1997 he has held the Chartered
Financial Analyst designation. He has contributed to The Economist,
The Financial Times, Financial Week, Investment News and the
Journal of Commercial Bank Lending. His first book, Free
Cash Flow: A Two-Hour Primer for Management and the Board provides
six generic management reports focused on free cash flow.
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