A memorial to Albert Meyer

Date:


Albert Meyer died not too long ago, having succumbed to lung most cancers on February 3. His passing is gloomy for household and mates and for individuals who love fact and equity in accounting stories. I’ve identified Albert for the reason that flip of the century and all the time discovered knowledge in his ideas and writings and heat in our conversations.

Born in 1951 in Cape City, South Africa, Meyer turned a chartered accountant in 1983 and started his profession with Deloitte, and later he taught accounting on the College of Natal. In 1991, he accepted a place at Spring Arbor College in Michigan.

Whereas at Spring Arbor, Meyer observed that the college was investing considerably within the Basis for New Period Philanthropy. John Bennett created this basis, which promised donors who contributed at the very least $25,000 and left the funds within the basis for six months a 100% return. Bennett claimed this was doable due to numerous benefactors who donated the cash anonymously. Albert Meyer studied New Period and questioned the enterprise mannequin and knowledge he had about its philanthropy. As a result of issues didn’t make sense, he tried to steer buyers and regulators that one thing was amiss however was ignored by many. After a number of years, the Securities and Trade Fee investigated and decided that Meyer had been appropriate. It turned out that New Period was a Ponzi scheme; and John Bennett was convicted of cash laundering and wire fraud.

Albert accepted a place at Martin Capital Administration in 1996 and carried out monetary accounting analyses of assorted company stories. For instance, he discovered vital deficiencies by Coca-Cola, and The New York Occasions revealed the story about Coca-Cola. The outcome was a steep decline of their inventory costs.

In 1999, he joined David Tice’s Behind the Numbers. He issued a lot of vital stories, discovering main holes in Tyco’s accounting and in Enron’s accounting. His findings on Enron have been learn by purchasers of Tice’s agency, and quick sellers utilizing that data made big earnings.

In 2002, Meyer created his personal analysis agency, Second Opinion. He continued to research monetary stories by dozens of main companies, supplying his purchasers with much-needed details about the accounting shortcomings in these paperwork. His stories make nice case research of what’s unsuitable in monetary accounting.

In 2006, Albert Meyer initiated Bastiat Capital. He demonstrated that one can create a portfolio that consists solely of shares whose firms had comparatively clear accounting statements. For instance, he strongly most well-liked corporations that had no inventory choices for managers. His portfolio outperformed the S&P 500 each single yr.

I used to be launched to Albert shortly after the Enron story broke and we shortly turned good mates. I used to be writing columns and giving interviews concerning the bending of accounting guidelines seen in some monetary stories We hit it off immediately and, from that time on, often shared notes about questionable and corrupt practices in numerous revealed accounting paperwork. I used to be all the time impressed by the standard and the depth of his work.

Albert’s fantastic work in selling professionalism and ethics in accounting apply was acknowledged by the American Accounting Affiliation, a corporation for college accounting professors, in 2005. Albert justly deserved that award for his tireless efforts to purify accounting of its many transgressions. My spouse and I attended that assembly in San Francisco and had a beautiful chat one afternoon with Albert and his spouse Melenie.

One other private remembrance was within the fall of 2017. The Penn State Accounting Society requested for a suggestion for an out of doors speaker, and I discussed Albert. They invited him to come back, and he accepted. Utilizing his evaluation of the New Period scandal for instance, he mentioned issues in monetary accounting and exhorted college students to be extra discerning of their evaluation and to exhibit higher skilled skepticism. After we transfer in a herd, we create an setting ripe for shenanigans.

Albert and I co-authored one paper, revealed in Accounting At the moment, and I discovered Albert the consummate accomplice, making his contribution early and exactly. We have been planning extra, however alas, it was to not be.

I discovered Albert pleasant, loyal, educated, and of the utmost integrity. I do know that our days on this earth are numbered, however he handed a lot too quickly. His contributions have been appreciable, and proof of a life well-lived.

This essay displays the creator’s opinions, and never essentially these of the Pennsylvania State College.



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