By Toby M. Galloway, Matthias Kleinsasser, Joe Wielebinski
In sports, it is often said that “winning cures everything.” The same concept applies to uncovering fraud. When the economy is strong and most investors are making money, there is little incentive to ask difficult questions about a company’s performance. Once the economy craters, however, investors begin demanding answers and harsh truths are often revealed. As Warren Buffett has said, “only when the tide goes out do you discover who’s been swimming naked.”
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