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Strategies & Market Trends : Value Investing
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To: geoffrey Wren who wrote (57058)3/27/2016 3:50:21 AM
From: Shane M1 Recommendation

Recommended By
Jurgis Bekepuris

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I recall when Skilling called a persistent inquisitor an "asshole" on the earnings call. Now that turned out to be a sign of something bad.

I listened to a podcast with Bethany McLean who wrote the story of Enron in The Smartest Guys in the Room
amazon.com

and she noted that Skilling was so charismatic, and said he had a way of making you feel terrible by saying "you just don't get it" when trying to understand and questioning the Enron business. And in contrast, she said he had a way of making you feel like you were part of the esteemed and enlightened if you joined the "you get it" group. Even when she initially questioned the valuation of the company, she also said she made the mistake initially of not suspecting outright fraud because even if she couldn't understand how they made money, why would the accountants and auditors sign off on the financials for one of the 10 largest companies in the country at the time.

One thing Bethany stated she did was cultivate relationships with short sellers to have access to the other side of the bullish stories purveyed by the wall street sell side.

Here's a link to the podcast w/ Barry Ritholtz
soundcloud.com
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