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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (9112)12/3/1999 4:30:00 AM
From: Bob Rudd  Read Replies (1) of 78593
 
Armin: Relatively more transparent financials are only part of the picture and I would agree with the list you mentioned as contributing to prosperity of US markets.
<<Yes problems sometimes can be ferreted out from intense scrutiny of the financials and supplementary information but this is beyond the grasp of all but the most sophisticated and resourceful investors. That is far from being a fair game in my book. How many people are familiar with pooling of interest accounting and the impact of amortization of intangibles, or how changes in reserve policy impacts on earnings and yet there is such flexibility in these matters.>>
CFA & MBA programs have produced bumper crops of folks trained in these matters and other than sector mania's like the internets, their interaction has produced reasonably efficient markets that price securities with better accuracy than other countries. I'm not arguing perfection, just that the game is far fairer here than in most other countries with regard to financial disclosure. Companies are complex enterprises and comprehensive financial analysis is beyond the skill set of those that choose not to study the methods, but there are funds staffed by analysts that will do the work for them.
bob
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