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clock Created with Sketch. 18/09/19
20:56
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Originally posted by SmoothWalrus:
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Please someone correct me if I'm wrong, but don't they report their contract 'wins' as earnings and then deduct expenses as losses at the end of the project? Or something to that effect? Clever accounting? So essentially it looks like they're earning more than they actually are, and then at some point presumably they will cop a massive loss as they start taking on fewer contracts (one day perhaps) and start accounting for expenses? It kinda has a ponzy scheme vibe to it. Never-the-less I've taken a punt at $32 a few days ago because that kinda looked appealing given the PE ratio, the buy backs etc
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"The big money is not in the buying and selling but in the waiting" Charlie Munger
