Terry Smith - Compound Interest
Algy's Investment Podcast
The Significance of Analyzing Original Financial Accounts vs. Adjusted Numbers
The chapter stresses the importance of examining a company's unaltered financial statements rather than relying on adjusted numbers provided by management, focusing on metrics like return on capital employed, cash conversion, and gross margins. It also sheds light on the deceptive nature of adjusted figures in financial statements and the need to carefully scrutinize modifications to comprehend a company's true performance.
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