
APPLE & THE ART OF FINANCIAL ENGINEERING
Over the past decade we have been concerned about the shift in management focus from growing revenues to financial engineering. The use of “adjusted” earnings instead of GAAP (generally accepted accounting principle) earnings has been deeply concerning and regularly exploited. As the compensation packages of executives have become increasingly tied to the performance of non-GAAP metrics and the proportion of their compensation awarded via stock options has skyrocketed, there