Dallas Salazar
IPOs, contrarian, long/short equity, long-term horizon

Spark Energy Is An Accounting Enthusiast's Dream

Each time I review an S-1 filing in trying to decide if an IPO is worth investing in, either short or long, what I'm really looking for is something the market missed or something the majority of the market doesn't quite understand. That's not hubris, that's just my process. I start with the income statement - nothing unusual there, I move to the cash flow statement, and if I'm still not sold in either direction I start to look around for any accounting irregularities or accounting practices that can cause confusion or misdirection. I'm especially happy when I can find material of the latter variety as I'm of the opinion that a lack of familiarity with accounting practices by the...

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