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The Acquirers Podcast
Value After Hours S05 E 45: Forensic analysis with Stephen Clapham on $BABA, $TSLA, LVMH and $RACE
Dec 11, 2023
Forensic analyst Stephen Clapham discusses investing in wine, luxury products, Charlie Munger's influence, Australian investment opportunities, concerns about Tesla, and the importance of auditor reports.
01:02:38
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Quick takeaways
- Pay attention to red flags in audit reports and consider issues flagged by auditors in a company's financial statements.
- Evaluate the reliability of complex companies' financial reporting and be cautious of investing in new technologies.
Deep dives
Listening to Steve Clappam
Steve Clappam, a forensic analyst and accountant, discusses the importance of reading and understanding audit reports and looking for red flags such as significant contingencies and related party transactions. He emphasizes the need to pay attention to the issues flagged by auditors in their reports as they shine a spotlight on areas of sensitivity in a company's financial statements. Additionally, Steve highlights the challenges in analyzing companies with complex accounts, such as Alibaba and Tesla, and the need for investors to carefully evaluate the reliability and consistency of their financial reporting. He also touches on the potential risks of investing in new technologies and the importance of considering turnover and management changes as potential red flags. Steve encourages investors to use their accounting skills to save time and money by quickly identifying companies with excessive contingencies or related party transactions and avoiding unnecessary risks.
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