Financial Services Industry
Industry: Email Alert RSS FeedFund manager warns about accounting gimmicks; Says companies will feel pressure as valuations rise.(News)
Investment News, January, 2006
Byline: David Hoffman NEW YORK - The quality of corporate earnings statements is at its highest level in years, but investors shouldn't let their guards down, according to one fund manager. If company market valuations heat up - as many industry observers predict - new accounting "gimmicks'' will arise, said Robert A.
Olstein, president and chairman of Olstein & Associates LP in Purchase, N.Y. The reason is that companies will be under greater pressure to "slant'' earnings to justify their higher valuations, he said in an exclusive interview. Such comments aren't surprising coming from Mr. Olstein, manager of the $1.8 billion Olstein Financial Alert Fund. As co-author of the semimonthly newsletter The Quality of Earnings Report in...
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