How to Protect Your Portfolio Against One of Wall Street’s Greatest, Best Kept Secrets

by Keith Fitz-Gerald.

“Can’t anybody tell the truth anymore?” an exasperated Bob J. asked me at a recent cocktail reception. “Evidently not” I told him. Bob had seen me earlier that afternoon on Fox News. I appeared on the show to respond to a new study on corporate earnings by Professors Ilia Dichev, Shiva Rajgopal of Emory University and John Graham of Duke. The study found that a full 20% of publicly traded companies lie about their earnings. The shocking thing is that the figure wasn’t much…

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