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Inflation Hits More Than Just Your Wallet

Inflation Hits More Than Just Your Wallet

I remember as a kid reading the works of Howard Ruff, a financial adviser who discussed the dangers of inflation… The quote that stuck with me the most was, “Calling rising prices inflation would be like calling a hurricane falling trees.” Ruff wrote an investing newsletter and multiple books about investment strategy during the 1970s. […]
Growth Investing Through the Indexes

Growth Investing Through the Indexes

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 […]
More Downside Is Likely Ahead for This Fad Stock

More Downside Is Likely Ahead for This Fad Stock

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 […]
You May Not See the 'IoT'... But It's Everywhere

You May Not See the 'IoT'... But It's Everywhere

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 […]
The 'Turtle' the Payment-Processing World Stands On

The 'Turtle' the Payment-Processing World Stands On

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 […]
A Trucking Shortage Ripples Through the Entire Financial System

A Trucking Shortage Ripples Through the Entire Financial System

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 […]
A 100-Year-Old Formula... And Why We Still Use It Today

A 100-Year-Old Formula... And Why We Still Use It Today

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 […]
You Need the Best Fertilizer to Grow the Best Fiddleheads

You Need the Best Fertilizer to Grow the Best Fiddleheads

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 […]
Buffett Realized He Made a Mistake With This Stock

Buffett Realized He Made a Mistake With This Stock

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 […]
Creating Value From Social Irresponsibility

Creating Value From Social Irresponsibility

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 […]