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Diligence Institute

Highlights From New Constructs Investment Research

No Progress From Amazon in 2013

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Amazon (AMZN: $356/share) filed its annual Form 10-K last week. Our analysts have picked through the financial footnotes and fine print. 2013 results reinforce my bearish thesis from May of 2013 that AMZN’s valuation implies a more unrealistic level of growth and profitability than investors realize.

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How We Made Clients Money in 2013

How We Made Clients Money in 2013

ll too often we find significant data hidden in the footnotes that changes the valuation model for a company. Our more complete models help investors identify the stocks that are significantly undervalued.

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How We Protected Clients From Blowups in 2013

How We Protected Clients From Blowups in 2013

Our proprietary technology and patented systems allow us to find these red flags so that clients can avoid blowups or even get aggressive and short the stocks to make even more money.

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Danger Zone 11/4/13: XBRL (eXtensible Business Reporting Language)

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The potential utility of XBRL as a tool for regulators to fight fraud and investors to better analyze companies makes its numerous flaws that much more of a shame. I can only hope that the SEC realizes the value of XBRL and makes a commitment to ensuring the accuracy and validity of XBRL data.

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Accumulated Other Comprehensive Income Removed from Invested Capital – NOPAT Adjustment

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Reported assets don’t tell the whole story of the capital invested in a business. Accounting rules provide numerous loopholes that companies can exploit to hide balance sheet issues and obscure the true amount of capital invested in a business.

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See How Diligence Paid In 2011

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Everyone wants diligence. Few will ever turn it down. The problem is that diligence is expensive. New Constructs makes diligence cost-effective.

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The Real Earnings Season Begins Now

The Real Earnings Season Begins Now

Nearly all of the invest­ing world ignores 10-K sea­son. 10-Ks contain the most important financial information that companies provide all year.

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