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Fund Manager Focus: Duilio Romallo, Manager, Robeco Boston Partners All-Cap Value Fund
FYI: As a young telecom analyst in the late 1990s, Duilio Ramallo got a crash course in phantom profits. Scrutinizing the financials of highflier WorldCom, he noticed a gaping discrepancy between cash flow and net income. The cash-flow statement was packed with accruals, capitalized items, and other oddities—and missing the cash to back the reported net income. “I wrote a note saying it’s a good stock if you believe the numbers,” he recalls, “but there was more to it than meets the eye.” Regards, Ted http://online.barrons.com/news/articles/SB51367578116875004693704580431593820930922#printMode
