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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: tinkershaw who wrote (51118)4/25/2002 2:09:29 PM
From: Ali Chen  Read Replies (1) of 54805
 
"The loss has no material meaning whatsoever in this case, and it demonstrates how accounting mechanisms do not determine value of a company."

I am not sure about this particular case, but there are
many other cases when deceptive accounting creates wrong
impression. Examples include "one-time acquisition charges"
that keep incurred on regular basis for years, and horrendous amounts of stock buy-backs that exceed formal profits for years as well. Therefore I think
your generalizations are wrong.

Here is my generalization:

Investor's reality is perception. Perception is formed on
the basis of reported accounting metrics. The new metrics
changes the rule of the game. It takes time
for mom-n-pop "investors" to digest new rules.

- Ali
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