Analysis

This investing great got his start by applying Machiavellian principles, Uniform Accounting shows what he’s working on now

April 3, 2020
This activist investor has lived by Machiavelli’s mantra when dealing with the companies
Recent Newsletters
March 6, 2020
This investor has spent almost four decades following the playbook of the Dutch East India Company’s largest shareholder
The first public company in history was quickly followed by the first activist investor in history.
March 5, 2020
Uniform Accounting shows why recent M&A in the internet domain space was a huge deal
10 million dot-org domain names are changing hands this quarter and yet, most investors don’t seem to care
March 4, 2020
Moody’s reputation got burned by the housing collapse in the late 2000s, it is still penalizing the industry because of it
Credit agencies were largely criticized following the Great Recession for their inability to accurately portray the credit risk of mortgage-backed securities until after the market collapse
March 3, 2020
Uniform Accounting analysis of this company shows Buffett chose the wrong kind of insurer to build Berkshire Hathaway around
While as-reported ROA looks consistently muted for the name, TRUE UAFRS-based (Uniform) analysis shows that, as a result of favorable industry regulations
March 2, 2020
The act of short selling is far older than the stock market, and it’s where we get the term “bear market”
Many people today do not know the origin of basic finance terms we use today. From ‘long’ and ‘short’ to ‘bull’ and ‘bear’ markets, many of these terms predate our modern financial system.  
February 28, 2020
This investor’s strategy is built off of the philosophy that “there’s nothing new on Wall Street” and Uniform Accounting shows he’s getting it right
This hedge fund titan follows in the footsteps of one of the greatest traders of all time. He’s internalized his rules, and even sounds like him, having written the forward to his idol’s book.
February 27, 2020
As-reported metrics don’t reflect how successful this company has been in getting back in the game, next is seeing if the company can keep delivering
After first struggling to adapt to changing consumer needs, this firm has been able to recover to historically strong profitability levels by embracing new platforms
February 26, 2020
Investors think this company’s fleet of assets means its debt is safe, but historical analysis and Credit Cash Flow Prime analysis say differently
Investors were caught off guard when MLPs—one of the most stable investment classes—struggled during the Great Recession. Banks were lending on the wrong metrics, and it had disastrous results.
February 25, 2020
A jack of all trades, and master of all – this company doesn’t look like your traditional semiconductor firm
What’s better than a company selling pickaxes to a competitive market?
February 24, 2020
This one chart helps us understand refinancing risk and what it means for the economy in 2020 and 2021
As we’ve talked about before, credit cycles drive equity and economic cycles. If you can understand where credit markets are heading, you can understand what is likely to occur for the economy overall, and the equity markets.
February 21, 2020
This investor’s big bets have both made and almost broke his investing career, Uniform Accounting shows which bucket his current bets will fall under
This fund manager has lived by a less known Buffett quote about being a concentrated investor when you have all the information. It has both made him billions and almost sunk his career multiple times.
February 20, 2020
Contrary to distorted as-reported numbers, this company is a great example of the Efficient Market Theory in action
For many years, this company’s as-reported financials seemed to line up with its stock market returns. However, once the company began its acquisition strategy, the stock’s movements and as-reported accounting
February 19, 2020
Moody’s has gotten this company wrong for twenty years. They’re still massively overstating its credit risk, this time for a new reason
This company is considered a “moderate credit risk” by Moody’s. In their own words, it’s because of “(near-term) uncertainty around obligations”
February 18, 2020
Is this biotech firm a negative return start-up or a mature company destroying value by attempting to grow? Uniform Accounting gives the real answer
This company demonstrates that not all biotechnology firms either become moonshots or crash-and-burn.
February 14, 2020
This professor is the Indiana Jones of finance, and Uniform Accounting shows how his fund is the holy grail of investment strategies
Much like Indiana Jones, this hedge fund titan has spent his fair share of time in the classroom, but what has really made him famous is his success in applying his knowledge in the field.
February 13, 2020
With a 13x as-reported P/E, investors may think this is a deep value commodity play, Uniform data shows a stronger company, but greater risks
While investors think all companies in the Aluminum business are commodity companies, this firm has been able to yield consistent returns and avoid
February 12, 2020
Bond investors are almost never more bullish than equity investors, but they are for this company. UAFRS shows it is setting them up for a big loss
Everyone knows about retail’s demise and how painful the last few years have been for brick and mortar stores.
February 11, 2020
Raising prices isn’t the only way to improve earning power, this cable company showed the power of selling more to the same customer base
Asset-intensive industries like telecom and cable require specific solutions to drive stronger returns.
February 10, 2020
This ancient tradition is the reason we ‘long’ and ‘short’ stocks today
Many people today do not know the origin of basic finance terms we use today. From ‘long’ and ‘short’ to ‘bull’ and ‘bear’ markets, many
February 7, 2020
This Ben Graham disciple was railing on as-reported accounting long before we were, and his portfolio shows the issues with GAAP accounting
True greats in any field stand on the shoulders of fellow giants. Be it Plato building off his learnings from Socrates or this value investor,