piworld interview: The Signs Were There - Tim Steer & Andy Brough
piworld audio investor podcasts
This viedo can be seen at: https://www.piworld.co.uk/2021/01/29/piworld-interview-the-signs-were-there-tim-steer-andy-brough/ Tim Steer, Author of The Signs were There, and Andy Brough, Head of the UK & European, Small & Mid Cap team, at Schroders, talk through different elements of Tim’s book. They help us identify some of the red flags in company accounts, including where profits are flattered by either balance sheet assets which should appear as debits on the P&L, or with credits taken out of the balance sheet benefiting the P&L. Artfully, they take a dry subject, add some personality and humour so one learns and enjoys it!Tim’s background - 00:33Andy’s involvement with The Signs Were There – 01:30What do you look at first with a set of accounts? - 03:07Auditors - 09:30When is it appropriate to capitalise? - 11:11When is EBITDA an appropriate measure of profit? - 17:08How easily can we understand a company's accounts with CV19 provisions/ adjustments? - 20:40How do you distinguish between good & bad acquisitive companies? - 23:27Are high levels of debt ever appropriate to achieve shareholder returns? - 27:26Are you surprised the ease at which companies can raise funds with CV19? – 28:40Will there be continued enthusiasm for capital raises? - 30:17Are you optimistic for the markets in 2021 and 2022? - 31:47ESG - 33:52 About Andy Brough:• Head of the UK & European Small and Mid Cap team • Manager of the Schroder Mid 250 Fund and the Schroder UK Smaller Companies Fund • Co-Manager of the Schroder UK Mid Cap Fund plc and Co-manager of the Schroder Institutional UK Smaller Companies Fund • Co-manager of Schroder ISF European Smaller Companies • Investment career commenced on joining Schroders in 1987 • Chartered Accountant • BSc in Economics, Manchester University About Tim SteerTim Steer toured with Meatloaf, Diana Ross, Cheap Trick, The Cars, Thin Lizzy and The Jam as a sound engineer, and managed the Pink Floyd’s old sound and lighting system after the release of The Wall. At the time it was one of the largest systems in the world. He then embarked on a new career and qualified as a Chartered Accountant with EY and after leaving there he became a highly rated investment analyst at HSBC James Capel and then Merrill Lynch, where he was Managing Director and Head of Research of Pan Euro Small/Mid Cap Companies. He puts his success entirely down to the excellent training he received at EY, BPP and from a partner called Richard Findlater. In 2000 he was a founding shareholder of New Star and in 2009 he joined Artemis where he was part of the team that purchased the business back from Fortis, then part of RBS. Tim Steer was one of the most highly ranked fund managers in the UK being rated Triple A by Citywire and he ran both long and absolute return funds. At its peak he ran $4 billion of assets, a significant portion of which was held in short positions, many of which are included in his book – ‘The Signs Were There’. He has written regularly for The Sunday Times where he had an investment column, and The Sunday Telegraph. The Signs Were There is a book that points out that for many company and share price disasters such as Autonomy, Aston Martin and Patisserie Valerie there are usually warning signs in the company’s financial statements for those who bother to look.
The Tim Steer interview: Accountancy, investment analysis and Pink Floyd
Richard Hunter, ii’s head of markets, talks to ex-fund manager and former Pink Floyd sound engineer Tim Steer about his best-selling book The Signs Were There. Find out the only number you can trust, and the first thing to read in company results.This material is intended for educational purposes only and is not investment research or a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy. The value of your investments can rise as well as fall, and you could get back less than you invested. The investments referred to may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. Past Performance is not a guide to future performance. Interactive Investor Services Limited is authorised and regulated by the Financial Conduct Authority.
Clues for investors that a company is heading for a fall, with Tim Steer
Informed Choice Radio Personal Finance Podcast
When it comes to investing, things sometimes go wrong. There's risk involved when investing your money. Companies sometimes suffer a dramatic, even a catastrophic fall, in their share price. When this happens, investors lose out and employees lose their jobs. But my guest today says a company's published accounts will often offer clues to impending disaster, assuming you know where to look. Tim Steer qualified as an accountant before moving into investment analysis and fund management, becoming one of the most highly rated fund managers in Britain. Since 2000 he has also written regularly for the Times and Sunday Times, as well as contributing to the Financial Times. His new book is called The Signs Were There: The clues for investors that a company is heading for a fall. Through the forensic examination of more than 20 recent stock market disasters, Tim shows how companies hide or disguise worrying facts about the robustness of their business. In his lively style, he looks at the themes that underlie the ways companies hide the truth and he stresses that in an assessment of a company's accounts, investors should always bear in mind that the only fact is cash; everything else - profit, assets, etc - is a matter of opinion.
Tim Steer, author of the newly released book titled: “The signs were there”, on the Industry Experts Podcast. He discusses how the published accounts of companies show looming financial problems if only people would read and understand them.