Equity Research Blog and Investment Newsletter

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ValueExpectations.com, by the founders of The Applied Finance Group and Toreador Research and Trading, is a stock blog and investment newsletter that provides institutional quality equity research using AFG’s proprietary Economic Margin framework.

Select Research Topics Include:

-Equity Valuation Analysis
-Management Quality
-Market Outlook and Impact Discussions
-Recent Market Movement Reviews
-Macro Valuation Trends
-Sector Analysis
-Political Impact on Markets
-and Special Studies

The term Value Expectations is derived from our ability to calculate market expectations embedded in stock prices, sectors and indexes.

About Our Founders:

Rafael Resendes is Managing Director at Toreador Research and Trading and co-Founder of The Applied Finance Group (AFG).

As a widely recognized expert on equity markets and valuation, Rafael is a frequent contributor to leading financial publications and investment programs including: The Wall Street Journal, Forbes, Bloomberg, CNBC Squawk Box, Forbes on Fox as well as several other media outlets. For the past four years, Rafael has served on the CFA Institute’s Speaker Retainer Program, speaking to over 40 Financial Analyst Societies in over 10 countries. Rafael is a guest lecturer at University of California at Berkeley, and served as an Adjunct Professor at DePaul University in Chicago.

Prior to co-founding AFG, Resendes was a member of the Chicago Board of Trade, where he traded Treasury Note Options, and served as Director of Research for HOLT Value Associates. Rafael graduated Phi Beta Kappa from The University of California, Berkeley, with a Bachelor of Science in Finance and Economic Analysis, and has obtained his MBA from the University of Chicago.

Daniel J. Obrycki is co-founder of The Applied Finance Group, and managing director of Toreador Research & Trading.

Dan received his bachelor's of science in Geological Engineering (Summa Cum Laude) and obtained his MBA from the University of Chicago. Prior to obtaining his MBA, Dan was a Geological Engineer for Tenneco Oil Company, developing oil and gas fields in the Gulf of Mexico. He also served as an Adjunct Professor at DePaul University in Chicago.

About The Applied Finance Group (AFG):

Since 1995, AFG has set the standard for independent institutional equity research and investment research tools by helping investors make better buy, hold and sell decisions. AFG’s process begins with properly measuring corporate performance and ends with a valuation system that explicitly addresses the four main value drivers of enterprise value:

-Profitability
-Competition
-Growth
-and Cost Of Capital.

AFG understanding of valuation and corporate performance has led to a client base of over 200 institutional investment, consulting and corporate firms globally.

About Toreador Research and Trading (TRT):

TRT believes that blending a systematic research process with fundamental analyst research, leads to superior results.

By combining an unbiased, systematic investment process with fundamental analysis, Toreador Research and Trading (TRT) seeks to minimize the impact of wealth destroying factors on the stocks we own, while uncovering superior investment ideas across economic sectors to achieve TRT’s goal of providing superior long term returns to our investors.

When investing in a company, it is vital to consider potential pitfalls such as:
Is the company over valued?
Is the management team destroying value?
Is the company generating quality earnings?
Is the company growing its way to mediocrity?

Evolved from its portfolio managers’ experience in providing independent investment research and trading services to the world’s largest money managers for the past 15 years, TRT's investment process is disciplined and is consistently applied to avoid behavioral biases.