Accounting is the language of business and certain principles,
including conservatism, guide how accountants reflect the range of
business activities on financial statements.
Investors must look past simple measures of profits to understand a business’s true ability to create value.
The rise of intangibles means more investments than ever are
expensed immediately versus capitalized, which makes the financial
statements of today appear distorted relative to those of the past.
Academics distinguish between GAAP losers, companies that have
losses but a high return on investment, and real losers, or those that
have expenses unrelated to investment that exceed sales.
Evidence from recent decades shows that GAAP losers produced
attractive total shareholder returns relative to the real losers and
profitable companies.
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investments involve risks, including the possible loss of principal.
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