Fitch, S, DAN discussed on Stansberry Investor Hour


And you've got Dan, you've got a long history in the markets. So, you know, you always want to seek any educated opinion to be able to look at it. The difference for us is just we've got data that the rest of the world doesn't have. We spent 20 plus years building this database that includes 32,000 companies. We do our own credit research. We don't rely on S&P booties and Fitch because I don't trust those firms. We don't rely on Wall Street earnings or earnings numbers because I don't trust any Wall Street analysts, particularly not their buy cell opinion. And because we're doing that in-house on such a massive scale, we put it together and we just have a different perspective because we've got data that's different than every other firm has because it's not just me and our director research and what have you. This is a 150 people in this firm at ultimate. So you have you have data that other people don't have or do you have the same data that you're looking at differently? So one, we get raw financial statement data from companies as they file it. And then what we found, we have raw financial statement data from companies, 32,000 plus companies around the world. But we found is even the database providers get the data wrong. So we've picked the best database providers of these 32,000 companies globally, more than 5, 6000 companies in the U.S. alone. And then we fix the raw data. We actually have algorithms that tell us, all right, there's something wrong. Reuters or Bloomberg or fact set or S&P has picked up bad data from the ten K or the ten Q. So we fixed that data. I'm going to tell you right now that's more than a couple thousand fixes every month. So think of that cumulative over years. And you have a different raw financial statement dataset on the planet has. Then we take that and we change the accounting to get to uniform accounting. We don't allow companies to make electives where one is on the lifo method of accounting of inventory. And one is on fifo. How can you have two companies with two different accounting and then compare the earnings numbers when the earnings is being calculated differently. So we do that across the world. Chinese accounting standards, by the way, don't follow exactly international accounting standards. So we have to adjust China. U.S. gap allows for way too many electives between companies. So one company will be using fair value accounting and another one will be using historic accounting. And they're in the same industry and their peers. Or one company will be capitalizing leases. FedEx and UPS totally incomparable financial statements.

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