A focus on intangible value creation can bring more financial discipline to ESG investments.
Cost of capital is a tenuous concept. Charlie Munger amusingly calls it a “perfectly amazing mental malfunction.”
A key lesson from the "Enron of Germany": If you see something, say something.
GAAP sometimes misrepresents business reality. We can use that fact to generate some alpha.
You can find significant alpha in the mechanics that drive GAAP accounting.
Can Impact-Weighted Accounting (IWA) help unlock ESG Alpha for investors?
The explanatory power of the financial information reported to investors for market valuation has plummeted in recent decades.
Low accounting comparability can be costly for both firms and managers.
Could the predictive models have anticipated NMC’s earnings manipulation and bankruptcy risk?
The complexities of accounting for intangible assets and goodwill are not conducive to a quick fix.
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