Analyst

Alasdair Moody

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

United Parcel Service Cl B / Forensic Accounting

<p>UPS appears to be struggling to keep up with industry trends.  Between 2011 and 2016, revenue and profit growth was inferior to its closest competitors and much slower than the E-commerce sales. Unsurprisingly, the stock has also lagged both its peers and the S&amp;P. For this dour performance, the top five managers received US$165m. Their incentive scheme is based around short term total shareholder returns and ignores the company’s rising liabilities. Allowing management to sacrifice the staff and…</p>

UPS appears to be struggling to keep up with industry trends.  Between 2011 and 2016, revenue and profit growth was inferior to its closest competitors and much slower than the E-commerce sales. Unsurprisingly, the stock has also lagged both its peers and the S&amp;P. For this dour performance, the top five managers received US$165m. Their incentive scheme is based around short term total shareholder returns and ignores the company’s rising liabilities. Allowing management to sacrifice the staff and…

United Parcel Service Cl B

UPS: Upcoming Pension Scandal