Accounting standards haven’t kept up with the change in the world. Annual reports have gotten unfairly longer and valuation has gotten harder. The rise of intangibles and the integral relationship between the income statement and balance sheet have exacerbated the challenge. The thoughtful investor’s job has not changed but the analytical approach has. The best response is to get one step ahead of the competition by making the adjustments necessary to see the world as it is and getting to the core of how to properly value a business. In other words, keeping sane in an insane world. Enter the Sanity Check model.
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