{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"PIWORLD Investor Podcasts","title":"piworld interview: The Signs Were There - Tim Steer & Andy Brough","html":"","width":"100%","height":180,"duration":2169,"description":"This viedo can be seen at: https://www.piworld.co.uk/2021/01/29/piworld-interview-the-signs-were-there-tim-steer-andy-brough/\n \nTim Steer, Author of The Signs were There, and Andy Brough, Head of the UK & European, Small & Mid Cap team, at Schroders, talk through different elements of Tim’s book. They help us identify some of the red flags in company accounts, including where profits are flattered by either balance sheet assets which should appear as debits on the P&L, or with credits taken out of the balance sheet benefiting the P&L. Artfully, they take a dry subject, add some personality and humour so one learns and enjoys it!\nTim’s background - 00:33Andy’s involvement with The Signs Were There – 01:30What do you look at first with a set of accounts? - 03:07Auditors - 09:30When is it appropriate to capitalise? - 11:11When is EBITDA an appropriate measure of profit? - 17:08How easily can we understand a company's accounts with CV19 provisions/ adjustments? - 20:40How do you distinguish between good & bad acquisitive companies? - 23:27Are high levels of debt ever appropriate to achieve shareholder returns? - 27:26Are you surprised the ease at which companies can raise funds with CV19? – 28:40Will there be continued enthusiasm for capital raises? - 30:17Are you optimistic for the markets in 2021 and 2022? - 31:47ESG - 33:52\nAbout Andy Brough:• Head of the UK & European Small and Mid Cap team • Manager of the Schroder Mid 250 Fund and the Schroder UK Smaller Companies Fund • Co-Manager of the Schroder UK Mid Cap Fund plc and Co-manager of the Schroder Institutional UK Smaller Companies Fund • Co-manager of Schroder ISF European Smaller Companies • Investment career commenced on joining Schroders in 1987 • Chartered Accountant • BSc in Economics, Manchester University\nAbout Tim SteerTim Steer toured with Meatloaf, Diana Ross, Cheap Trick, The Cars, Thin Lizzy and The Jam as a sound engineer, and managed the Pink Floyd’s old sound and lighting system after the...","thumbnail_url":"https://img.transistorcdn.com/oB5fNE4aIAia_YyTCKvE1PzrZQaD1Fjo_P7m7T9Aw_Y/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9kOTJi/ODBiMzBmOGFhZWJi/MWEzYThkMzAyNmZm/MTdjZi5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}