finance group type private industry equity research founded 1995 headquarters chicago illinois key people rafael resendes co founder dan obrycki co founder website afg economic margin the applied finance group afg is a global institutional equity research firm founded in 1995 by rafael resendes and dan obrycki . 1 2 contents 1 founders 2 history 3 value expectations 4 references 5 external links founders edit rafael resendes main article rafael resendes co founded the applied finance group and is managing director for toreador research and trading . 3 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 . 4 5 resendes has also contributed his insight to various news outlets such as cnbc cnn fox news realclearpolitics . 6 7 8 9 10 dan obrycki main article dan obrycki prior 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 . 11 obrycki has also served as an adjunct professor at depaul university in chicago . 12 history edit in 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 . 13 14 15 in 2001 morningstar inc. adopted afg s methodology to launch the morningstar ratingtm for stocks . 16 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 . 17 18 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 . 19 in 2009 afg began providing research internationally for the first time in the company s history . value expectations edit main article value expectations afg 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 edit http www.economicmargin.com content about http www.economicmargin.com content economic margin http www.trtadvisors.com ourteam.html rafaelresendes http www.businessstreetonline.com news.php ax v & n 1 & id 2 & nid 550 http www.moneyshow.com directory speaker.asp speakerid 4f57b150f80e459cabb4031e91b2f4a0 http www.cnbc.com id 15840232 video 987959884 http www.cnbc.com id 27472360 site 14081545 http money.cnn.com 2008 08 18 news companies lamonica railroads.fortune postversion 2008081911 http www.youtube.com watch v y3qihgg1ee http www.realclearmarkets.com articles 2008 01 time to crack piggy bank for h.html http www.economicmargin.com content daniel obrycki applied finance group co founder http www.valueexpectations.com content equity research blog and investment newsletter http www.12manage.com methods afg economic margin.html http findarticles.com p articles mi qa5377 is 200807 ai n27997258 1 about afg economicmargin.com http corporate.morningstar.com us asp subject.aspx filter pr3950 & xmlfile 174.xml http valueexpectations.com content afg 50 http www.economicmargin.com pdf independentresearchtf.pdf http www.chiefexecutive.net me2 dirmod.asp sid & nm & type publishing & mod publications % 3a % 3aarticle & mid 8f3a7027421841978f18be895f87f791 & tier 4 & id d6d134a273ad4cb6aae9e1913e50c156 http valueexpectations.com content equity research blog and investment newsletter external links edit afg home website value expectations retrieved from https en.wikipedia.org w index.php title the applied finance group & oldid 661100796 categories financial services companies of the united states navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial 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