Subscribe to Peek Behind the Numbers to get the proper scrutiny of earnings that Wall Street seldom gives

What Is Behind the Numbers?

How can a company miss earnings estimates by a penny and lose 20% of its value in minutes?  Often, there were clues provided in previous earnings reports that went largely unnoticed.

For over 30 years we have been digging for those clues and warning institutional investors about risks hidden in the financial results of large, well-known companies. Unfortunately, these risks often go overlooked by Wall Street.

To gauge the danger that overstated earnings pose, investors need to understand the wiggle room available to companies through their accounting policies. Some companies may make the next couple of quarters by pulling revenue forward and pushing costs down the road, but a bright future seldom awaits them as they have merely delayed the inevitable reckoning.

At Behind the Numbers, we dive beneath the surface of the financial statements, scour the footnotes, and read between the lines of the conference call transcripts with a skeptical eye to see if management’s story lines up with reality.

Peek Behind the Numbers

We created our Peek Behind the Numbers Substack to make our brand of thorough and skeptical analysis available to smaller managers and individuals.

What Subscribers Get

  • Bi-monthly reports on a Large Cap or Mid-Cap US company with earnings quality problems we believe materially increase the near-term risk of an earnings miss or downgrade.

  • Weekly updates on material developments at companies under our coverage

  • Occasional reports on long opportunities we come across with companies that have conservative accounting policies and results stronger than Wall Street understands

  • Theme reports discussing a negative or positive trend we see impacting multiple companies

  • Educational articles on the mechanics of earnings quality analysis

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About our institutional service:

Our institutional service provides earnings quality ratings on widely-held large cap and mid-cap companies based on thorough analysis of SEC filings, press releases, conference calls, and other sources. Clients utilize our work to avoid hidden risks in their portfolios. We also maintain a Focus List of sell and buy recommendations clients can utilize to source both long and short ideas. Please contact us at behindthenumbers@btnresearch.com for questions and pricing.

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Uncovering earnings manipulation and one-time benefits that Wall Street seldom talks about.

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