Paul, do you still hold RDN, discussed here several times over the last 6 months? Supposed bv 35; stock price 5.
I loved this paragraph from their earnings report:
"Radian Group Inc. (NYSE: RDN - News; the "Company") today reported net income of $195.6 million and diluted earnings per share of $2.44 for the quarter ended March 31, 2008. Book value per share at March 31, 2008 was $35.64. Excluding the impact of net unrealized gains on derivatives and hybrid securities, the Company's net operating loss was $215.2 million and the net operating loss per share was $2.69 for the quarter. "Net operating loss" and "net operating loss per share" are non-GAAP financial measures. A discussion of these measures, including a reconciliation to pretax income, is included below"
That's what passes for accounting standards? I think the FASB has a hell of a lot of work to do, and Congress needs to go along.
Edit: Yeah, I know. They're "non-GAAP". It's still bs and useless unless you've got an MBA.
Which, come to think of it, I do. For all the good it does me in trying to value a company or tear apart a balance sheet.
Maybe it's because I never was an accountant. |
