Practical analysis for investment professionals

Financial Statement Analysis


Rethinking the Economic Reality of Non-Cash Charges

We need to reconnect the economic implications of accounting for depreciation with goodwill amortization / impairment and other one-time charges.

ChatGPT: The Origins, the Hype, the Opportunity

For most investment managers, ChatGPT represents the starting whistle in a tech arms race many had hoped to avoid.

Machine Learning and FOMC Statements: What’s the Sentiment?

What do machine learning and natural language processing reveal about Federal Open Market Committee statements?

Tricks of the Private Equity Trade, Part 2: Leverage

The essence of maximizing the internal rate of return (IRR) lies in the total amount of leverage contracted to finance a transaction.

Dan Joldzic, CFA: Natural Language Processing in a Big Data World

"We are living in a Big Data World," Dan Joldzic, CFA, says. "No single analyst or team of analysts can capture all the information on their positions."

ESG Disclosure: How Can External Assurance Help Build Trust?

ESG assurance must replicate the knowledge and experience of external audit while avoiding its pitfalls.

Evergrande: Not So Grand Financial Statements?

Risks can be known in advance. You just need to be curious enough.

Counting the Cost of Capital and Seeding Network-Based Accounting

Cost of capital is a tenuous concept. Charlie Munger amusingly calls it a “perfectly amazing mental malfunction.”

James H. Freis, Jr., CFA: The Rise and Fall of Wirecard

A key lesson from the "Enron of Germany": If you see something, say something.

Refreshing Revenue, the Cash Conversion Cycle, and Free Cash Flow

GAAP sometimes misrepresents business reality. We can use that fact to generate some alpha.



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