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The Applied Finance Group
The Applied Finance Group (AFG) is an American institutional equity research firm founded in 1995 by Rafael Resendes and Dan Obrycki.[1][2] HistoryIn 1995 Rafael Resendes and Daniel Obrycki founded the Applied Finance Group in Chicago, Illinois as an independent research company. AFG sought to build a more sophisticated Value Based Metric to measure a company's true economic profit. With that goal in mind, AFG developed its proprietary framework, Economic Margin (EM), to evaluate corporate performance from an economic cash flow perspective.[3][4][5] In 2001, Morningstar, Inc. adopted AFG's Methodology to launch the Morningstar Rating for stocks.[6] AFG expanded to its second office in Fresno, California in 2003. Resendes relocated to work as head of the Fresno Office, while Obrycki managed from Chicago. In 2004, AFG created a large cap model portfolio of stocks called the AFG50. AFG created the AFG50 portfolio to provide Trust Departments and small RIAs a product that could serve as an outsource/research team.[7][8] Later that year AFG partnered with Chief Executive Magazine and Drew Morris, CEO of "Great Numbers!", to launch the Chief Executive/Applied Finance Group Wealth Creation Rankings, a research instrument used to rank companies based on their value and ability to create value.[9] In 2009 AFG began providing research internationally for the first time in the company's history. FoundersApplied Finance Group was co-founded Rafael Resendes and by Dan Obrycki. Rafael ResendesResendes is the Managing Director for Toreador Research and Trading.[10] Prior to co-founding AFG, Resendes was a member of the Chicago Board of Trade 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 obtained an MBA from the University of Chicago.[11][12] Resendes has also contributed his insight to various news outlets such as CNBC, CNN, Fox News, RealClearPolitics.[13][14][15][16][17] Dan ObryckiPrior to co-founding AFG, Obrycki was the manager of research for a portfolio consulting firm, HOLT Value Associates. Daniel graduated summa cum laude from the University of Missouri-Rolla with a BS in geological engineering and obtained his MBA with a finance specialization from the University of Chicago.[18] Obrycki has also served as an adjunct professor at DePaul University in Chicago.[19] Value ExpectationsAFG launched Value Expectations in 2008, a stock blog and investment newsletter. Value Expectations was created to serve as an outlet covering topics on corporate performance and equity valuation.[20] References
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