Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Thursday, October 22, 2009
US Airways Confuses Liquidity Presentation
US Airways Group (LCC) announced results and glossed over liquidity issues. Under current assets they report Cash, cash equivalents and investments in marketable securities of approximately $1,242 million. Under other assets they report $228 of investments in marketable securities. No tangible information on what type of tangible securities, yields, maturities or anything else that an investor could use to come to a rationale conclusion. This is a lack of transparency about liquidity.