Practical analysis for investment professionals

Financial Statement Analysis


Persistence That Just Ain’t So

Do private equity presentations overstate an ability to persist?

Inflating Equity: Inflation’s Impact on Financial Statements and ROE

Inflation distorts a company’s income statement in three distinct ways, writes Gaurang Trivedi, CFA.

Audit Reports: A New Era of Enhanced Reporting

As US public companies file their 2017 financial statements, the auditor’s report looks different. To understand the changes and for context on what further adjustments lay in store, Sandra Peters, CPA, CFA, spoke with James A. Doty.

Revenue Recognition: The Bottom Line on the New Top Line

Revenue — perhaps the most important number in financial statements — and how it is calculated by nearly every public company across the globe is set to change. Sandra Peters, CFA, considers the impacts.

US Corporate Tax Cuts: Investors Should Request Companies Include Income Tax Footnote with 2017 Earnings Release

Investors need to request that the companies they invest in include the income tax footnote along with their 2017 earnings release. Sandra Peters, CFA, explains why.

Resolving ESG Conflicts: Important, But Not Material?

Environmental, social, and governance (ESG) issues are important, but are all of them material? California State Teachers Retirement System (CalSTRS) CIO Christopher J. Ailman discusses how he resolves investment conflicts.

Weekend Reads for Investors: Wake Up from the Summer Doldrums Edition

Jason Voss, CFA, provides his picks for Weekend Reads for Investors. This edition curates stories on the potential repeal of the tax deduction corporations in the United States receive on debt payments, the end of Big Oil, how we can recognize machine consciousness, and more.

Book Review: The End of Accounting and the Path Forward for Investors and Managers

Drawing from a comprehensive empirical analysis, the authors demonstrate how financial reports have largely lost their relevance and present an actionable alternative for finance professionals.

Where Markets Fail: Markets Are Not Systemic

Markets are usually not systemic. Instead, from the bird’s-eye perspective of "Capitalism," many businesses are "opportunities" in the same way that it feels good to hit yourself in the head with a hammer: It's much better once you stop.

Book Review: Capital Returns

Although a collection of company analyses may not seem like compelling reading, this volume covers an important and underappreciated topic and boasts a superb introduction by one of the great financial writers of our era, Edward Chancellor. Both real-life and fictional examples help readers deepen their understanding of the capital cycle and teach managers and analysts capital cycle pitfalls to avoid.



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