How do your decisions change when you find that Facebook’s P/E is actually 21x (not 40x)?

Johnson & Johnson’s return on assets is actually 17% (not 9% as most databases report)?

Exxon’s stock is already trading at a price to book ratio of 1x (not 2x.)

Or that AT&T’s forward earnings multiple is 29x (not 14x as reported)?

Even very basic financial statement analysis is materially distorted by serious inconsistencies and mis-categorizations in the Balance Sheet, Income Statement, and even The Statement of Cash Flows.

As presented in research papers, articles, and CFA programs around the world, many if not most of these issues are wholly missed by investment banks, sell-side research, financial databases, and the media.

Understanding those issues is the first step to sound, reliable analysis.

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