We’ve added additional transparency to our company models so clients can more easily trace data and calculations to their sources in the original financial filings.
In another excellent expose "Wall Street Proprietary Trading Under Cover", Michael Lewis exposes Wall Street's plan to exploit loopholes in the laws and regs to continue proprietary trading, the activity that was the primary downfall of Bear Stearns and Lehman Brothers.
Accounting data was not designed for equity investors, but for debt investors. "Earnings, earnings per share and earnings growth are misleading measures of corporate performance."(from page 66 in The Quest For Value by Bennett Stewart, Harper Collins 1991.)
The difference between Investing and Speculating is much larger than Wall Street would have you believe. In fact, they could not be too more different activities. Speculating is gambling. Investing is intelligent decision-making.
To see how I apply my analytical techniques, look no farther than the New Constructs website. Indeed, we have a large and generous Free Archive of research reports that show you exactly what we do and how we do it. We are not afraid to be transparent because we have nothing to hide.