Charles Munger

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• The Great Financial Scandal of 2003   view details
  An exploration of an imaginary company. "This price decline, in turn, triggered a careful examination of Quant Tech’s financial reporting practices which, at long last, convinced nearly everyone that a very large majority of Quant Tech’s reported earnings had long been phony earnings and that massive and deliberate misreporting had gone on for a great many years. This triggered even more price decline for Quant Tech stock until in mid-2003 the market capitalization of Quant Tech was only $140 billion, down 90% from its peak only six months earlier."

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