By Joel Litman, founder, Altimetry Warren Buffett was furious. To him, it was just the latest failure with as-reported accounting. The legendary investor frequently comments about the problems with standard accounting, known in the industry as generally accepted accounting principles (“GAAP”). And it was about to get worse… A new GAAP rule was going to … Read more
By Joel Litman, founder, Altimetry Meat alternatives were a big topic in 2019… And Beyond Meat (BYND) is the poster child. Since its initial public offering (“IPO”), the company’s shares have been highly volatile. The stock has made 53 moves of more than 5% – up or down – since its IPO. That’s roughly one … Read more
Editor’s note: Nothing makes a stock move faster than a quarterly earnings report… If a company beats Wall Street’s expectations, its stock goes up. And if it doesn’t, the stock goes down… sometimes significantly in a single trading day. But as our good friend Professor Joel Litman has noted over the past few weeks, “as … Read more
By Joel Litman – Altimetry’s High Alpha newsletter At the height of the dot-com bubble, Internet darling AOL could do no wrong… When the company announced it was joining with media conglomerate Time Warner in January 2000, many people thought the merger was a smart move. AOL would gain access to Time Warner’s content and … Read more
By Joel Litman – Altimetry’s High Alpha newsletter Yesterday, we discussed why concerns about an imminent recession are misplaced. Thanks to the drop in the cost for corporations to refinance their debts since early 2019, debt maturities are starting to be pushed out. And without a debt crunch, there’s no risk of a recession. — RECOMMENDED … Read more