So, while these pro forma statements are viewed by analysts and investors to better reflect current company performance and ongoing earnings potential, they are not subject to the same level of scrutiny and regulation as are GAAP financial statements.

FORBES: How GAAP Accounting Rules May Be Damaging To Investors

Also, predicting this downturn required a higher level of suspicion and skepticism toward government numbers and corporate financial statements.

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One must be facile with numbers and financial statements and have the confidence to talk to CEOs, high-level executives, board members, analysts and so forth.

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