Dear Jason,

Thank you very much for bringing this to the fore.

And, I completely agree with you on accounting analysis being a secret source of alpha generation. I have been using it all along. If I want to have a refresher course, it would be on accounting.

In fact, I would like the CFA Institute to offer interested charter holders a complementary book based on the latest accounting analysis sections being taught to current candidates.

In my experience, this is so because the entire process is tedious and can be thought to be akin to value investing, which is also a tedious process. I think not many people are, psychologically, able to yield to the demands of time and labour needed for both.

As Seth Klarman wrote in his seminal book on value investing - and I paraphrase - there is nothing new in this book but it's unlikely to be followed by a large section of investors due to innate human nature.

I suspect a similar outcome for accounting analysis emphasis in one's investment analysis.

Based on my current limited understanding of human behaviour, I may sound pessimistic and I would live to be proved wrong.

Thanks again for putting it upfront.

Cheers!