UAFRS vs As Reported Weekly Highlights - 2018 10 10
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for TSN, EQC, and BPI.Equity Commonwealth is a real estate investment trust. The company is primarily engaged in the ownership and operation of office buildings. The company conducts substantially all of its activities through EQC Operating Trust.
Tyson Foods is a food company. The company's operations consist of breeding stock, contract farmers, feed production, processing, further-processing, marketing and transportation of chicken and related allied products, including animal and pet food ingredients. Through its wholly-owned subsidiary, Cobb-Vantress, Inc., the company is engaged as poultry breeding stock supplier. The company also processes live fed cattle and hogs and fabricates dressed beef and pork carcasses into primal and sub-primal meat cuts, case-ready beef and pork and fully-cooked meats. The company produces a range of fresh, frozen and refrigerated food products. The company operates in Beef, Pork, Chicken and Prepared Foods segments.
Bridgepoint Educations is a provider of postsecondary education services through its academic institutions. Ashford University? offers associate's, bachelor's and master's degree programs online and is comprised of four colleges: the Forbes School of Business and Technology?, the College of Education, the College of Health, Human Services and Science and the College of Liberal Arts. University of the Rockiessm provides master's and doctoral degree programs in the social and behavioral sciences. Classes are presented in an online format, and students at University of the Rockies attend via the institution's accessible online platform, which is also available through its mobile applications.
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
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