GAAP earnings don’t just mislead investors about the amount of growth in 2018, they also present a misleading picture of the breadth of earnings growth.
EV/EBITDA has many flaws that can make it misleading, such as ignoring real costs and liabilities and not accounting for differences in business models.
Last week, analysts parsed 232 10-K filings and collected 21,224 data points. In total, they made 4,371 accounting adjustments with a dollar value of $972 billion.
Last week, analysts parsed 421 10-K filings and collected 38,931 data points. In total, they made 7,881 accounting adjustments with a dollar value of $1.9 trillion.
From yesterday's research, our analysts parsed 72 10-K filings and collected 4,768 data points. In total, they made 1,165 forensic accounting adjustments with a dollar value of $552 billion.
From yesterday's research, our analysts parsed 29 10-K filings and collected 2,178 data points. In total, they made 491 forensic accounting adjustments with a dollar value of $137 billion.
From yesterday's research, our analysts parsed 54 10-K filings and collected 5,120 data points. In total, they made 938 forensic accounting adjustments with a dollar value of $313 billion.
From yesterday's research, our analysts parsed 201 10-K filings and collected 22,154 data points. In total, they made 4,384 forensic accounting adjustments with a dollar value of $844 billion.
Last week, analysts parsed 659 10-K filings and collected 72,984 data points. In total, they made 15,056 accounting adjustments with a dollar value of $6 trillion.
Unfortunately, much of what passes for value investing today relies on accounting book value and other metrics whose utility has atrophied significantly over the years.
From yesterday's research, our analysts parsed 175 10-K filings and collected 19,543 data points. In total, they made 4,041 forensic accounting adjustments with a dollar value of $1.4 trillion.