This is a 4.5 out of 5 star review of Financial Shenanigans: How to Detect Accounting Gimmicks & Fraud in Financial Reports by Howard Schilit. After learning about Value investing from books like Value Investing from Graham to Buffett and Beyond by Bruce Greenwald you learn how to analyze financials of companies and find their moats & sustainable competitive advantage.

But the numbers could be unreliable. Companies want to make their financial performance look a lot better than it really is. They have incentives to fudge the accounting in order to present higher earnings & cash flow so that Wall Street pumps up the stock. With higher stock prices, the executives get rewarded even if they are just manipulating things.

This book teaches you how to unearth deceptive reporting and avoid costly mistakes.

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The 12 subjects covered are:

📘 Psychology, Philosophy, Buddhism, Spirituality
📕Finance, Trading, Investing, Economics
📙Managment, Innovation
📗World War 2 topics And Great Literature

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