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Wrong Jonathan Laing?

Mr. Jonathan R. Laing

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Background Information

Employment History

//online.barrons.com/

Senior Editor

Barron's

Education

degree

frequency

Web References (99 Total References)


Boole Microcap Fund - Fully Quantitative and Lowest-Cost

boolefund.com [cached]

Jonathan Laing and Sunbeam

...
The financial journalist Jonathan Laing's patient and logical analysis of the Sunbeam Corporation bears similarity to Dupin's methods.
...
JONATHAN LAING AND SUNBEAM
...
Jonathan Laing of Barron's, in particular, took a very close look at Sunbeam. Laing focused on accounting practices:
First, Laing pointed out that Sunbeam took a huge restructuring charge ($337 million) in the last quarter of 1996, resulting in a net loss for the year of $228.3 million. The charges included moving reserves from 1996 to 1997 (where they could later be recharacterized as income); prepaying advertising expenses to make the new year's numbers look better; a suspiciously high charge for bad-debt allowance; a $90 million write-off for inventory that, if sold at a later date, could turn up in future profits; and write-offs for plants, equipment, and trademarks used by business lines that were still operating.
To Laing, it looked very much like Sunbeam was trying to find every possible way to transfer 1997 projected losses to 1996 (and write 1996 off as a lost year, claiming it was ruined by previous management) while at the same time switching 1996 income into 1997…
But Laing was concerned about more than these potential abuses of the restructuring charge. He was also suspicious of Dunlap's very aggressive three-year plan for sales growth: that by 1999 he would double Sunbeam's sales to $2 billion, triple international sales to $600 million, and boost operating margin to 20 percent. Laing knew enough about the small-appliance industry to know that Dunlap's promised projections were unreachable.
...
Even though Sunbeam's first-quarter 1997 numbers did indeed show a strong increase in sales volume, Laing had collected evidence that the company was engaging in the practice known as 'inventory stuffing' - getting retailers to place abnormally large orders either through high-pressure sales tactics or by offering them deep discounts (using the written-off inventory from 1996). Looking closely at Sunbeam's financial reports, Laing also found a hodgepodge of other maneuvers designed to boost sales numbers, such as delaying delivery of sales made in 1996 so they could go on the books as 1997 sales, shipping more units than the customer had actually ordered, and counting as sales orders that had already been cancelled. (pages 40-41)
...
Hagstrom summarizes the lesson from Dupin and Laing:
...
The fundamental way of thinking we see in top investigative journalists like Jonathan Laing is the same that we see in Auguste Dupin, and investors can learn much from both of them.
...
Those qualities that Professor Washington describes, that Jonathan Laing epitomizes, and that Auguste Dupin instinctively employs - these are habits of mind that thoughtful investors would do well to cultivate. (page 48)


Jonathan Laing and ...

boolefund.com [cached]

Jonathan Laing and Sunbeam

...
The financial journalist Jonathan Laing's patient and logical analysis of the Sunbeam Corporation bears similarity to Dupin's methods.
...
JONATHAN LAING AND SUNBEAM
...
Jonathan Laing of Barron's, in particular, took a very close look at Sunbeam. Laing focused on accounting practices:
First, Laing pointed out that Sunbeam took a huge restructuring charge ($337 million) in the last quarter of 1996, resulting in a net loss for the year of $228.3 million. The charges included moving reserves from 1996 to 1997 (where they could later be recharacterized as income); prepaying advertising expenses to make the new year's numbers look better; a suspiciously high charge for bad-debt allowance; a $90 million write-off for inventory that, if sold at a later date, could turn up in future profits; and write-offs for plants, equipment, and trademarks used by business lines that were still operating.
To Laing, it looked very much like Sunbeam was trying to find every possible way to transfer 1997 projected losses to 1996 (and write 1996 off as a lost year, claiming it was ruined by previous management) while at the same time switching 1996 income into 1997…
But Laing was concerned about more than these potential abuses of the restructuring charge. He was also suspicious of Dunlap's very aggressive three-year plan for sales growth: that by 1999 he would double Sunbeam's sales to $2 billion, triple international sales to $600 million, and boost operating margin to 20 percent. Laing knew enough about the small-appliance industry to know that Dunlap's promised projections were unreachable.
...
Even though Sunbeam's first-quarter 1997 numbers did indeed show a strong increase in sales volume, Laing had collected evidence that the company was engaging in the practice known as 'inventory stuffing' - getting retailers to place abnormally large orders either through high-pressure sales tactics or by offering them deep discounts (using the written-off inventory from 1996). Looking closely at Sunbeam's financial reports, Laing also found a hodgepodge of other maneuvers designed to boost sales numbers, such as delaying delivery of sales made in 1996 so they could go on the books as 1997 sales, shipping more units than the customer had actually ordered, and counting as sales orders that had already been cancelled. (pages 40-41)
...
Hagstrom summarizes the lesson from Dupin and Laing:
...
The fundamental way of thinking we see in top investigative journalists like Jonathan Laing is the same that we see in Auguste Dupin, and investors can learn much from both of them.
...
Those qualities that Professor Washington describes, that Jonathan Laing epitomizes, and that Auguste Dupin instinctively employs - these are habits of mind that thoughtful investors would do well to cultivate. (page 48)


The Alliance Report » My Turn | family wealth research ultra high net worth families multifamily offices single family offices

www.thealliancereport.com [cached]

In this video on working with the media, Mary Rowland, former New York Times writer and columnist, moderates a panel of seasoned industry journalists: Jonathan Laing, senior editor of Barron's; Kristen Oliveri, managing editor, Private Asset Management; and Robert Jordon, Anchor/Reporter, ... more


The SEC is investigating Alibaba - Business Insider

feedproxy.google.com [cached]

Back in September, Jon Laing of Barron's published a massive, 3,000-word story about the decline of Alibaba's business.

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Initially, Laing wrote that Alibaba claimed its average shopper spent 26% more than the average US online shopper.


Jonathan R. Laing ...

www.smotj.org [cached]

Jonathan R. Laing

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