[ad_1] Every mismatch between GAAP metrics and business reality is a potential alpha opportunity. You can find significant alpha in the mechanics that drive GAAP accounting. Investors can buy companies…
[ad_1] Like it or not, companies are judged by flawed standards. GAAP sometimes misrepresents business reality. Let’s use that fact to generate some alpha. Continuing from the first memo, we’ll start…
[ad_1] Your potential alpha isn’t just where the map differs from the territory. It’s where the map differs from the territory and where other investors are misusing that map. Continuing…