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ValueExpectations.com, by the founders of The Applied Finance Group and Toreador Research and Trading, provides institutional quality research to the investment community.

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.

U.S. News: 5 Socks to Buy Now for the Long Run: Jan. 30th, 2009
Retail, Technology, and Materials Companies with Growth Potential

FOX: Bulls and Bears: January 29th, 2009
Rafael Resendes Discusses the Economy

CNBC: Energy and Consumer Plays: January 7th, 2009
Rafael Resendes Weighs in on Investment Opportunities

Bloomberg Radio: November 6th, 2008

CNBC: Introducing The Resendes Index: Obtober 31st, 2008
Resendes Discusses the Market and Whether or Not to Expect Positive Returns

CNBC: Market Pulse Check: October 23rd, 2008
Tech and Healthcare Plays with Rafael Resendes

Dow Jones: The Dollar Also Rises: October 22nd, 2008
Why the Value of The U.S. Dollar is on The Rise

The Street: Large-Cap ETFs Weather Stock Slump: Sep. 16th, 2008
Why Large-Cap ETFs Are Becoming More Attractive by the Day

Associated Press: September 2nd, 2008

Star-Ledger: Fall Investment Preview: August 30th, 2008
How This Year's Election Will Affect the Market

Bloomberg Radio: August 11th, 2008 

Fortune: Riding the Money Train: August 19th, 2008
Why Railroads Are Benefitting From the Global Commodities Boom

Dow Jones: The U.S. Dollar: August 15th, 2008
U.S. Large-Cap Miltinationals Mull Faltering Euro

FOX Business: July 29th, 2008

The Wall Street Journal: Stocks See Rally Fade Late: July 22nd, 2008
Morgan Stanley, Legman, Genentech and More

Real Clear Markets: Time to Crack Piggy Bank for HOG?: Jan. 31st, 2008
Resendes and Obrycki Identify an Investment Oportunity with HOG

Real Clear Markets: Tax the Rich, Starve the Poor: Jan. 24th, 2008
Resendes and Obrycki Discuss The Implications of Higher Taxes

Real Clear Politics: The Wisdom of Crowds: August 8th, 2007
John Tamny Discusses Survey Insights from AFG's 2007 Resarch Summit

CNBC: Squawk on the Street: July 12th, 2007
Rafael Resendes Gives Insights on the Markets

Bloomberg: Morning Call: June 28th, 2007
Rafael Resendes Overviews His Investment Process and Gives Two Stock Picks

The Wall Street Journal: Mar 14th , 2007
Stocks Seesaw Amid Positive Data, Renewed Weakness Overseas

Reuters: Mar 9th, 2007
Stocks to Track Mortgage Woes and CPI

The Wall Street Journal: Feb 23rd, 2007
Today's Markets: Inflation Fears Dent Stocks Again

The Wall Street Journal: Feb 15th, 2007
Today's Markets: Stocks Continue Advance

CNBC: Squawk on the Street: February 1st, 2007
Rafael Resendes Gives Insights on the Market and Two Stock Picks

Forbes on FOX: October 7th, 2006
Rafael Resendes Gives Two Stock Picks of The NASDAQ

CNBC: Squawk Box: October 5th, 2006
Rafael Resendes Gives Insights on What's Driving the Dow Jones

Smart Money Magazine: September 13th, 2006
How to Spot Real Earnings and Avoid Fakes

The Wall Street Journal: Sep. 14th, 2005
Long & Short: Lampert Faces a Long Shot in Reviving Sears

Chicago Tribune: March 27th, 2005
Despite Predictions of Gloom, Corporate Cash Cows Keep on Giving

Economist: March 31st, 2005
The Buttonwood Column: Companies on a Borrowing Binge

Deloitte: Mergers & Acquisitions: April, 2005
Advantage Uncertainty? Leading in a Technology M&A Situation

MarketWatch: May 12th, 2004
Behind Select Medical's Sickness

Thomson Financial Special Report: August 2004
AFG Named One of the Top 15 Independent Research Providers

Forbes: February 3rd, 2002
Makers and Breakers Scorecard

The Wall Street Journal: March 30th, 2003
Ahead of the Tape

MarketWatch: November 21st, 2002 
Behind the Headlines, Depot a Steal

Journal Sentinel: July 6th, 2002
Analysis shows what investors expect of firms

MarketWatch: September 19th, 2001 
Stocks' Value Gauges Bound to Fall

CFO ASIA: September 2000
Lowering the Bar

CFO Magazine: May 1st, 1998
GM Remeasures the Bar in Latin America

Saul Marquez
The Applied Finance Group, LTD.
105 West Adams St.
Suite 2105
Chicago, IL 60603

Phone: 1.312.362.9905
Fax: 1.312.362.0222
Email: smarquez@afgltd.com 

Chris Austin
The Applied Finance Group, LTD.
7493 N. Ingram Ave
Suite 104
Fresno, CA 93711

Phone: 1.559.892.0401
Fax: 1.559.436.0956
Email: caustin@afgltd.com