TOMORROW 11am: Speaker Series Call - The Impact of Currency Wars on S&P500 Earnings

We will be hosting a Speaker Series call with Jack Ciesielski, the CEO of the Accounting Observer (AO), tomorrow (June 9th) at 11 a.m. EST.


Our topic will be the ongoing impact of overly volatile foreign currencies on the financial statements of some of America's most important companies. While most analysts and portfolio managers are up-to-speed on the earnings impact of FX translation, there are less obvious consequences including: 

  • Devaluation of foreign cash reserves which impacts cash flow
  • Common equity degradation which increases financial leverage
  • ROE implications depending on the direction of financial leverage

The AO will outline which sectors in the S&P 500 have the most sensitivity to various FX implications and also distill impact to the company specific level for the largest constituents of the index.


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CLICK HERE to add this call to your Outlook Calendar for Tuesday, June 9th at 11 a.m. EST or simply dial:


Toll Free Number:

Direct Dial Number:

Conference Code: 39894189# 

Call Materials HERE


About Jack Ciesielski and the Accounting Observer:


Jack Ciesielski is the owner of R.G. Associates, Inc., an investment research and portfolio management firm located in Baltimore, MD. Mr. Ciesielski is the publisher of The Analyst's Accounting Observer, which is an accounting advisory service for security analysts. Before founding R.G. Associates in 1992, Jack spent seven years as a security analyst with the Legg Mason Value Trust. Prior to that, he worked in the accounting profession as an auditor with Coopers & Lybrand, as an internal auditor with Black & Decker, and as an educator at the University of Maryland. The AO focuses on deep dive issues to assist analysts and portfolio managers to completely understand a financial problem set.  



Jonathan Casteleyn, CFA, CMT 




Joshua Steiner, CFA


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