Accounting issues
A dry subject but there are some great articles in here on topics like the worst accounting scandals and even Chain Saw Al Dunlap’s obituary. I may be a geek, but honestly, this can be a fascinating subject.
Twitter’s $2.9bn black hole
“We have a number in the accounts that doesn’t reflect economic reality”
The Real Headwind for Airline Stocks
Qatar’s Airbus A350s have a problem with flaking paint.
Aston Martin’s £142 million hangover
“Or why I prefer my finance chiefs to be old, grey-haired and conservative”
My big break as an equity analyst
How to be seen as one of the best analysts in your field
Adjusted EBITDA – The Hut Group
The Hut Group stock has collapsed. There were some signals of the risks. We think the accounting is aggessive.
Greensill: What have we learned?
A recap of what we learned about Greensill and some new info – not one of the top 10 exposures appears to have been at arms’ length.
Doc Martens and Operating Leases
BACKGROUND The intention behind IFRS 16, which brings notional lease liabilities on to the balance sheet, was to assist investors and lenders who wanted to
Greensill Revisited
We revisit Greensill and re-examine the clues ahead of its demise and look at some broader implications as well as some other stocks tied up.
Amazon’s Cash Flow
INTRODUCTION We published a blog on Amazon around a year ago where we explored the issue of free cash flow. We explained then that Amazon
Netflix: Cooked? Episode 2
In this blog, we further examine how Netflix accounts for its spend on content and conclude that it’s neither conservative nor consistent with its accounting policies.
Stock Based Comp – The Disappearing Expense
INTRODUCTION Stock based compensation (SBC) presents a problem for investment analysts in a number of ways: 1 almost every company adds back SBC in its
Greensill, Softbank & Cooking the Books
This month’s blog is a little different — it’s co-written with my friend Marc Rubinstein. Marc is a highly talented analyst, ex Lansdowne Partners and
Netflix: Cooked?
BACKGROUND Twenty odd years ago, I was a significant junior partner in a UK clone of US DVD rental company, Netflix. I persuaded easyJet founder
Amazon’s Free Cash Flow
INTRODUCTION Amazon is an unusual company in many respects, but one of its key differentiating factors for many analysts and investors is its founder’s emphasis
Audit Reform
We suggest four simple changes which would improve audit quality significantly
