What's inside
A top-down framework to audit any company before you go deeper — built on the case that broke a $25Bn fraud.
Channel stuffing, bill-and-hold, roundtripping, barter transactions — 20 methods, each with live examples.
From capitalised R&D to big bath charges — 17 techniques that inflate margins while the business deteriorates.
18 ratios that expose when reported profits are fiction: DSO vs. peers, deferred revenue trends, EBITDA margin checks.
Vendor financing, collar loans, off-balance-sheet SPVs, reverse factoring — where the debt hides and how to find it.
The Greed-o-Meter, proxy deep-reads, SBC vs. FCF screens, and a Hall of Shame from Kozlowski to Neumann.
Every buyer gets access to the Due Diligence Master Checklist — a structured, chapter-by-chapter toolkit built directly from the book. Run it on any stock before you take a position. It covers every red flag, ratio, and proxy trap across all six chapters.
Included with your purchaseInside the book
Sample Section on a trick
Table of Contents
Investment Case Study
Sources & Toolkit
How to use this book
Read Chapter 1. Run the Wirecard Smell Test on any stock in your portfolio. Reconstruct the cash flow statement top-down and bottom-up. If the gap is large or growing — stop. That's all you need to pass on a position.
Read Chapters 2 & 3. Go through the 20 revenue tricks and 17 cost methods against three years of filings. Flag every technique that applies. Cross-check with the 18 cash conversion ratios in Chapter 4. By end of day you have a full forensic read of the P&L.
All six chapters + the proprietary checklist. Revenues, costs, cash, leverage, and management incentives — every layer of the balance sheet, every proxy red flag. Run it on a new position or re-run it on something you already own. This is what the checklist was built for.
The next Enron won't deal in SPVs called "Raptor". The next WeWork won't pay its CEO $6mn for the right to use the word "We". Fraud will take different shapes — but the methods to spot it won't change that much.— Preface
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