Valuation Roundtable of San Francisco
26thAnnual Seminar
Friday, April 20, 2012
Claremont Resort & Spa, Berkeley, California
A Day With Aswath Damodaran
Ph.D., Professor of Finance
Stern School of Business
New York University
A selection of current topics in business valuation
The Dark Side of Valuation
Valuing Difficult to Value Companies
Economic Outlook
Steve Wood, Ph.D., Insight Economics
Adjunct Professor of Economics
Hass School of Business
University of California, Berkeley
The recovery from the Great Recession, where are we?
Page 1 of 6
Valuation Roundtable of San Francisco
26thAnnual Seminar
Friday, April 20, 2012
Claremont Resort & Spa, Berkeley, California
REGISTRATION INFORMATION
The seminar will be held at the Claremont Resort & Spa, 41 Tunnel Road, Berkeley, CA, 94705,
(510) 843-3000. Attendees wishing to stay overnight will need to contact the hotel directly,
either by telephone or via the Internet:
http://www.claremontresort.com/
The cost of the Seminar is $325 for Valuation Roundtable members and $425 for non-members.
The fee for the seminar includes lunch and refreshments during the breaks. Space is limited, so
it is advisable to make your reservations early.
To reserve your place at this seminar, please send your check made payable to “Valuation
Roundtable of San Francisco” to Valuation Roundtable of San Francisco, Inc., c/o Claudia
Martin, Burr Pilger Mayer, 60 South Market Street, Suite 800, San Jose, California 95113 .
Questions may be directed to Claudia at 408-961-6320 or CMartin@bpmcpa.com.
Confirmations will be made only after receipt of your check, and via email, so please include
your email address with your reservation.
Continuing Professional Education credit (8 hours for CPAs) and Reaccreditation Credit
(7 hours for ASAs) is available.
Biographical information regarding the speakers is located at the back of the attached agenda.
The mission of The Valuation Roundtable of San Francisco is to further the profession of business valuation
by sharing information and opinions regarding methodology and empirical research among accredited and
experienced valuation professionals, as well as to consider new ideas and challenges to existing practices
toward the goal of improving the quality and usefulness of our work. The environment is one of mutual
respect, where different opinions and points of view can be vigorously discussed and debated in a scholarly
and polite manner. Membership is by invitation.
Page 2 of 6
Valuation Roundtable of San Francisco
26thAnnual Seminar
Friday, April 20, 2012
Claremont Resort & Spa, Berkeley, California
8:30 – 10:30
Steve Wood, Ph.D., Insight Economics
Better … but Unbalanced with Risks
The recovery from the Great Recession is now approaching its third anniversary. Some of
the recent data even suggest an acceleration in growth. However, the bounce-back has
been agonizingly slow and erratic. While some measures of economic activity have
surpassed their pre-recession peak levels, many others are still well below their previous
cyclical highs. These imbalances are quite unusual for this stage of the recovery and
suggest that the economy is more fragile than is generally acknowledged. Meanwhile, the
economy continues to face substantial downside risks, including those associated with the
political response to massive fiscal deficits and burgeoning federal debt. How will the
economy navigate these shoals? Do the presidential candidates have any good ideas to
solve either the country’s short-term economic difficulties or its long-term economic and
fiscal challenges? Can the Federal Reserve really keep short-term interest rates near zero
for another couple of years? What does that mean for inflation?
10:30 – 10:45
10:45 – 12:00
Break
Aswath Damodaran, Ph.D.
The Dark Side of Valuation: Valuing Difficult to Value Companies
This session will cover issues and approaches to estimating value in cases where the
subject company facts make it difficult to value.
12:00 – 1:00
1:00 – 2:45
Lunch – To Be Provided
Aswath Damodaran, Ph.D. (Continued)
The Dark Side of Valuation: Valuing Difficult to Value Companies (Continued)
Continuation of valuation issues faced where the subject company facts make it difficult
to value.
2:45 – 3:00
Break
Page 3 of 6
Valuation Roundtable of San Francisco
26thAnnual Seminar
Friday, April 20, 2012
Claremont Resort & Spa, Berkeley, California
3:00 – 5:00
Aswath Damodaran, Ph.D. (Continued)
Valuation Pitfalls – How to avoid them
This session will cover valuation issues and pitfalls that are not so obvious. Questions
and discussion will be welcome.
Page 4 of 6
Valuation Roundtable of San Francisco
26thAnnual Seminar
Friday, April 20, 2012
Claremont Resort & Spa, Berkeley, California
SPEAKER BIOGRAPHY
Steve Wood, Ph.D.
Dr. Steven A. Wood is President and Chief Economist for Insight Economics, LLC, an economic
consulting firm he founded in 2003 to specialize in macroeconomic and financial markets
analysis. Among the firm’s clients are commercial and investment banks, asset managers and
hedge funds, central banks and government agencies, and many corporations.
In addition, Steve teaches economics at the Haas School of Business at the University of
California, Berkeley, where he has been an adjunct professor since 1993. He has been
consistently rated by the students as one of the best professors in the business school, where he
was awarded the Chiet Outstanding Teaching Award for the 2003 – 2004 academic year. He was
also selected by the graduating seniors to deliver the 2005 commencement address. Previously,
he held teaching positions at Eastern Michigan University, California State University at Los
Angeles, and San Francisco State University.
Prior to founding Insight Economics, Dr. Wood was Chief Economist for FinancialOxygen, Inc.,
a leading provider of capital markets trading places for commercial banks. Previously, he spent
15 years with Banc of America Securities as a managing director and senior economist in the
capital markets division. While there, he earned a reputation as one of the top analysts and
forecasters of U.S. economic conditions and monetary policy and was frequently quoted by the
news media. Steve has also worked for Chase Econometrics, a leading economic consulting firm,
and Toyota Motor Sales, USA, Inc., an automobile company.
Dr. Wood earned his undergraduate degree from Whittier College and his master’s and doctorate
degrees in economics from Claremont Graduate University. He is a member of the National
Association of Business Economics and the American Economic Association.
He has been a popular speaker at the Valuation Roundtable Annual Seminars for the last decade.
Page 5 of 6
Valuation Roundtable of San Francisco
26thAnnual Seminar
Friday, April 20, 2012
Claremont Resort & Spa, Berkeley, California
SPEAKER BIOGRAPHY
Aswath Damodaran, Ph.D.
Aswath Damodaran is Professor of Finance and David Margolis Teaching Fellow at the Stern
School of Business at New York University. He teaches the corporate finance and equity
valuation courses in the MBA program. Professor Damodaran received his MBA and PhD
degrees from the University of California at Los Angeles. His research interests lie in valuation,
portfolio management and applied corporate finance. His papers have been published in the
Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial
Economics and the Review of Financial Studies.
Professor Damodaran has written three books on equity valuation (Damodaran on Valuation,
Investment Valuation, and The Dark Side of Valuation) and two on corporate finance
(Corporate Finance: Theory and Practice, and Applied Corporate Finance: A User’s Manual).
He also co-edited a book on investment management with Peter Bernstein (Investment
Management) and has two books on portfolio management - one on investment philosophies
(Investment Philosophies).and one titled Investment Fables. His most recent book, titled
Strategic Risk Taking, is an exploration of how we think about risk and the implications for risk
management.
Professor Damodaran was a visiting lecturer at the University of California, Berkeley, from 1984
to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985. He has been at
NYU since 1986, received the Stern School of Business Excellence in Teaching Award (awarded
by the graduating class) in 1988, 1991, 1992, 1999 and 2001, 2007 and 2008 and was the
youngest winner of the University-wide Distinguished Teaching Award (in 1990). In 1994 he
was profiled in Business Week as one of the top twelve business school professors in the United
States.
Further information regarding Professor Damodaran may be viewed on his extensive website:
http://pages.stern.nyu.edu/~adamodar/
Page 6 of 6