Thought Leadership in Strategy & Finance

  • Quote  |  March 22, 2018

    “Don’t wait for extraordinary opportunities. Seize common occasions and make them great. Weak men wait for opportunities; strong men make them.” – Orison Swett Marden

  • Quote  |  March 21, 2018

    “…observe that GAAP seems to be rules‐based and theoretically inconsistent.” – Timothy B. Forsyth and Michael T. Dugan, Inconsistencies in U.S. GAAP: Accounting for Executory Contracts

  • Quote  |  March 20, 2018

    “If you don’t have a unique product to market, you have no chance of survival.” – Andrea Illy

  • Quote  |  March 19, 2018

    “About three years out of every thirteen or so, the stock market moves upward based on earnings moving upward, with no sense nor care for valuation levels. Those three years always precede the biggest market disasters.” – Joel Litman

  • Quote  |  March 18, 2018

    “While CFOs caution that earnings management is difficult to unravel from the outside, they suggest a number of red flags that point to potential misrepresentation. The three most common flags are persistent deviations between earnings and the underlying cash flows, deviations from industry and other peer experience, and large and unexplained accruals and changes in accruals.” – Earnings Quality: Evidence from the Field (Dichev, Graham, Harvey, Rajgopal)

  • Quote  |  March 17, 2018

    “A human being is like a seed. Either you can keep it as it is, or you can make it grow into a wonderful tree with flowers and fruits.” – Sadhguru

  • Quote  |  March 16, 2018

    “Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you. You think about it, it’s true. If you hire somebody without integrity, you really want them to be dumb and lazy.” – Warren Buffett

  • Quote  |  March 15, 2018

    “In theory, a company should not keep any more cash on hand than is required for the transaction of its usual business and the possible needs that may suddenly arise. But for some years past, there has been a widespread tendency towards holding more cash than the business seems to need.” – Ben Graham, The Interpretation of Financial Statements, 1937

  • Quote  |  March 14, 2018

    “Happiness is that state of consciousness which proceeds from the achievement of one’s values.” – Ayn Rand

  • Quote  |  March 13, 2018

    “While formulas such as the classic ‘net working capital’ test are necessary to support an investment analysis, value investing is not a paint-by-numbers exercise. Skepticism and judgment are always required.” – Seth Klarman (The Baupost Group)

  • Quote  |  March 12, 2018

    “As-reported earnings bare little to no resemblance to the actual financial performance of the firm. Those who think otherwise have not really studied the financials nor the calculation of earnings as it is reported today.” – Joel Litman

  • Quote  |  March 11, 2018

    “The true investor embraces volatility.” – Warren Buffett

  • Quote  |  March 10, 2018

    “Error occurs when we cling to the belief that I am ‘that.’ Truth is unveiled when we see that one has ‘that’ or does ‘that,’ instead of is ‘that.’” – David R. Hawkins

  • Quote  |  March 9, 2018

    “By holding expensive securities with low prospective returns, people choose to risk actual loss. We prefer the risk of lost opportunity to that of lost capital, and agree wholeheartedly with the sentiment espoused by respected value investor, when he said, ‘I would rather lose half our shareholders…than lose half our shareholder’s money…'” –  Jean-Marie Eveillard

  • Quote  |  March 8, 2018

    “Overall, CFOs have come to view financial reporting largely as a compliance activity rather than as a vehicle of innovation designed to inform stakeholders and lower the cost of capital.” – Earnings Quality: Evidence from the Field (Dichev, Graham, Harvey, Rajgopal)

  • Quote  |  March 7, 2018

    “Try to figure out what your skill set is and apply that to the markets. If you are really good at accounting, you might be good as a value investor. If you are strong in computers and math, you might do best with a quantitative approach.” – Edward Thorp, Stock Market and Black Jack Expert from the book “Market Wizards” by Jack Schwager

  • Quote  |  March 6, 2018

    “All the powers of existence help those who are involved in good benevolent work.” – The Holy Vedas

  • Quote  |  March 5, 2018

    “You know you’re in the growth stage of the bull market when people with no stock expertise are suddenly stock experts.” – Joel Litman

  • Quote  |  March 4, 2018

    “Investors cannot understand the complexity of the new accounting rules, so in many cases they look for the companies to educate them so they can better understand it and better explain it.” – Earnings Quality: Evidence from the Field (Dichev, Graham, Harvey, Rajgopal)

  • Quote  |  March 3, 2018

    “The higher the level of consciousness, the greater the likelihood that what is held in mind will actualize. To see solutions that ‘serve the highest goal’ is more powerful than simply projecting fulfillment of merely personal selfish desires and gain.” – David R. Hawkins