Filing Season Finds: Week Of March 13–17

Last week, our analysts parsed 350 filings and collected 43,532 data points. Senior Analyst Lindsay Bohannon identified two significant hidden items that artificially depressed CODI’s reported GAAP net income in 2016.

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Filing Season Finds: Thursday, March 16

From yesterday’s research, analysts parsed 48 10-K filings and collected 6,034 data points. In total, they made 964 forensic accounting adjustments with a dollar value of $135 billion. Analyst Lindsay Bohannon found an unusual item yesterday in OraSure Technologies’ (OSUR) 10-K.

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Filing Season Finds: Tuesday, March 14

From yesterday’s research, analysts parsed 94 10-K filings and collected 11,843 data points. In total, they made 1,961 forensic accounting adjustments with a dollar value of $79 billion. Analyst Cody Fincher found an unusual item yesterday in Acacia Research Corporation’s (ACTG) 10-K.

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Filing Season Finds: Week Of March 4–10

Last week, our analysts parsed 452 filings and collected 58,771 data points. In total, they made 9,978 adjustments with a dollar value of $1.5 trillion. Analyst Hunter Gray made a number of adjustments to Royal Dutch Shell’s (RDS.A) 20-F that caused us to downgrade the stock from Dangerous to Very Dangerous.

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ICYMI: Updated Model Portfolios and Valeant’s 10-K Red Flags

Here’s what happened at New Constructs this week.

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Filing Season Finds: Friday, March 10

From yesterday’s research, analysts parsed 42 10-K filings and collected 5,533 data points. In total they made 965 forensic accounting adjustments with a dollar value of $108 billion. Analyst Alec Estrada found an unusual item yesterday in Ascent Capital Group’s (ASCMA) 10-K.

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Filing Season Finds: Week Of February 25 – March 3

Last week, our analysts parsed 700 filings and collected 102,289 data points. In total, they made 17,454 adjustments with a dollar value of $6.1 trillion. Analyst Allen L. Jackson found a few items in US Steel’s (X) 10-K that caused us to downgrade the stock from Dangerous to Very Dangerous.

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Filing Season Finds: Tuesday, February 28

Yesterday, our analysts parsed 125 filings and collected 17,650 data points. In total, they made 2,921 adjustments with a dollar value of $599 billion. In particular, analyst Allen L. Jackson found an unusual item yesterday in Allegheny Technologies (ATI) 10-K.

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Filing Season Finds: Wednesday, February 22

Yesterday, our analysts parsed 56 filings and collected 7,941 data points. In total, they made 1,335 adjustments with a dollar value of $351 billion. In particular, analyst Hunter Gray found an unusual item in Phillips 66’s (PSX) 10-K.

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The Real Earnings Season Starts Now

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Corporate earnings season may be winding down, but the real earnings season—annual 10-K filing season—starts today.

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The Real Earnings Season Doesn’t Start Until February

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Monday marked the unofficial start of “earnings season.” Then, once all the craziness has died down, the real earnings season—10-K filing season—will begin.

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David Trainer Presents at Interactive Brokers’ Traders Webinar Series

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Join CEO David Trainer to learn exactly how New Constructs allows you to grow your wealth the smart way. This webinar was hosted by Interactive Brokers as part of their Traders Webinars.

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No Progress From Amazon in 2013

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Amazon (AMZN: $356/share) filed its annual Form 10-K last week. Our analysts have picked through the financial footnotes and fine print. 2013 results reinforce my bearish thesis from May of 2013 that AMZN’s valuation implies a more unrealistic level of growth and profitability than investors realize.

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Top Stock Picks: 2013 in Review

ll too often we find significant data hidden in the footnotes that changes the valuation model for a company. Our more complete models help investors identify the stocks that are significantly undervalued.

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How We Protected Clients From Blowups in 2013

Our proprietary technology and patented systems allow us to find these red flags so that clients can avoid blowups or even get aggressive and short the stocks to make even more money.

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Danger Zone 11/4/13: XBRL (eXtensible Business Reporting Language)

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The potential utility of XBRL as a tool for regulators to fight fraud and investors to better analyze companies makes its numerous flaws that much more of a shame. I can only hope that the SEC realizes the value of XBRL and makes a commitment to ensuring the accuracy and validity of XBRL data.

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Accumulated Other Comprehensive Income Removed from Invested Capital – NOPAT Adjustment

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Reported assets don’t tell the whole story of the capital invested in a business. Accounting rules provide numerous loopholes that companies can exploit to hide balance sheet issues and obscure the true amount of capital invested in a business.

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Top Stock Picks: 2011 In Reivew

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Everyone wants diligence. Few will ever turn it down. The problem is that diligence is expensive. New Constructs makes diligence cost-effective.

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The Real Earnings Season Begins Now

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Nearly all of the invest­ing world ignores 10-K sea­son. 10-Ks contain the most important financial information that companies provide all year.

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