Archive

Last month, I kicked off the CFA Institute's Equity Research and Valuation Conference... I opened the talk by citing two of legendary investor Benjamin Graham's most seminal works: The Intelligent Investor and Security Analysis. Graham is known as the "Father of Value Investing," and investors often regard these two works as the greatest books on […]

• MSCI
• SBGI

Low interest rates are great for borrowers, but they can send lenders into uncharted territory... In late September, we highlighted the low yields in the credit markets and how this meant companies and individuals could easily refinance their debt. You don't see severe bear markets or recessions when yields are this low. When it's easy […]

• BYND
• MCD

Warren Buffett and the Federal Trade Commission ('FTC') see eye to eye on Amazon (AMZN), but not like you'd expect... As we highlighted in the December 4 Altimetry Daily Authority, the legendary investor built a sizable position in Amazon earlier this year. He recognizes what Uniform Accounting data also highlights: Amazon is a company with […]

• AAPL
• AMZN
• LEA
• NXPI
• QCOM

GAAP accounting is so noisy that companies aren't even reporting when they restate their numbers... Last week, the Wall Street Journal reported that pizza chain Papa John's (PZZA) restated its financial results back to 2009. That in and of itself was not noteworthy. The big story was that the company had restated its numbers by […]

• FIS
• MA
• PYPL
• PZZA
• SQ

The opposite of evolution is 100 years of financial statements... As I write this, I'm preparing a speech this Saturday titled "Frontiers of Accounting." I'm covering how the calculation of earnings has changed so dramatically over time. In 1919, the annual report for automaker General Motors (GM) was just 19 pages long. I'm looking at […]

• AMZN
• GM

The responses have been coming in all week... I wasn't sure how the note about intermittent fasting ("IF") would go over last Wednesday, particularly before the biggest day of eating of the year... But I hope you had a wonderful Thanksgiving and were able to spend it with family and friends. I was happy to […]

• AAP
• MUSA

Maybe he was hoping this would make the market change its mind about his company... In October, we wrote about how steel company Cleveland-Cliffs' (CLF) CEO Lourenco Goncalves showed his displeasure with analysts on recent earnings calls, claiming they didn't understand his business. We also highlighted how the market might not understand the company's real […]

• AKS
• CF
• CLF

Legendary investor Warren Buffett frequently mentions that he adjusts as-reported accounting metrics before making an investment decision... He also implores others to do the same – the GAAP numbers offer an incomplete picture of a company's real performance. Here at Altimetry, the core of our analysis is based on identifying the dislocations created by these […]

• AMZN
• TECD
• XOM

Which companies do you want us to cover in Altimetry Daily Authority? A few weeks ago, reader Ken responded to our article on conglomerate General Electric (GE) and asked if we'd look at a specific company. We hope it didn't take too long... That business is the one we're covering in today's piece. Let us […]

• BUD
• CRON
• GE
• MO

Can a fresh face solve an old problem? On November 12, we wrote about how conglomerate General Electric (GE) still doesn't look cheap despite its shares falling from $31 to $11 over the past three years. One of the reasons why GE still looks so expensive is because the company still has a significant amount […]

• GE
• WMT