Accounting Shenanigans and the Pursuit of Economic Truth | EP 209
Equity analyst Alex Romaines joins the podcast to unpack "accounting shenanigans" and why getting from reported numbers to the economic truth of a business is so critical for long-term investors. Drawing on forensic accounting frameworks, he explains how a deep grounding in accounting shapes the way he interrogates financial statements—moving beyond compliance with standards to questions of judgment, incentives, and sustainability. The conversation discusses the issue of stock-based compensation: why adding it back to "adjusted" earnings can be misleading, how dilution and buybacks can…
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