FAULT LINE LEDGERFAULT LINE LEDGEREvery Fault Line Ledger product in one kit: the 20 cases, the 15-check spreadsheet, both field guides, the timeline posters, plus 20 walkthroughs you only get here. Then you run the same checks on any company you choose.
Buy the whole kit, $67$67 plus local tax. 9 files, instant download. Secure Stripe checkout. All sales are final.
You've watched the rise-and-fall videos. Twenty minutes of drama, a chairman on stage, a sad shot of empty stores. Then the comments fill up with the questions the video never answered.
"The mark-to-market explanation was the clearest part for me."
"How many other Enrons are there now?"
Here's what I've found reading the filings. Companies rarely die from one scandal. The numbers turn first, usually margin or debt, and they're printed in a document anyone can download. Sears wrote "substantial doubt" about its own survival 19 months before it filed for bankruptcy. Blockbuster wrote it two years running.
The Case Files tell you why each company fell. The Red Flags Spreadsheet gives you 15 checks. This kit adds the piece between them: the spreadsheet run on all 20, box by box, so you see each check fire on a real collapse before you trust it on a company you care about.
Interest cover is operating income divided by interest expense. It tells you how many times this year's profit pays this year's interest. Under 1.5x, the sheet turns RED.
A beloved toy chain, about $11.5 billion in sales, $460 million of operating profit in fiscal 2016. Busy stores at Christmas. The story was Amazon.
| Operating income, fiscal 2016 | 460 |
| Interest expense, same year | 457 |
Every dollar of profit went to the lenders from the 2005 buyout. Eight months later it filed for Chapter 11.
That's one check on one company. The walkthroughs take the 15 spreadsheet checks and run them 29 times where the filings had the numbers, across all 20 companies. They show what each reading meant, and end every one with a thing to look up on a company you follow tonight. Source: Toys "R" Us results for fiscal 2016, year ended January 28, 2017.
Free. Run it tonight on a company you follow.
192 pages across six PDFs, counting the posters once in Letter and once in A4, plus two spreadsheets. Each file's own page count is below.
The real reason 20 famous companies collapsed, cause by cause, each with the accounting mechanic explained plainly.
15 checks on debt, cash and insiders that turn filing numbers into RED, WATCH or CLEAR. Works in Excel, Google Sheets and Numbers.
Where every input hides in a 10-K, 10-Q, proxy statement and Form 4, so you find each number in minutes.
Each company from its peak to its filing, one printable page each.
The spreadsheet run on all 20 Case Files companies from their own filings and court records: every input, every flag, what it meant, and a scoreboard of all 20.
One tab per company with every number typed in and every flag colored, to open beside the blank spreadsheet.
"Read the drawer, not the lobby." The lobby is the press release and the founder on stage. The drawer is the annual report somebody filed and nobody read. I won't tell you which company is next to fall, because naming one is a guess dressed up as a fact. I'll hand you the method, run 20 times on companies whose endings we know.
Every number names the document it came from: 10-Ks, 10-Qs, an S-1, SEC complaints, bankruptcy declarations and examiner reports. We never call anyone a fraud without a court record behind it, and nothing here is investment advice.
The kit is the only place to get The Walkthroughs and their workbook. If you own the Case Files or the spreadsheet, the walkthroughs are the piece that connects them: the same 20 companies, run through the same 15 checks.
No. Each check is one division, explained in plain words, and every walkthrough shows the numbers already in the boxes. If you can read a phone bill, you can read these.
No. The score tells you how much reading to do next, never what a stock will do. Healthy companies carry a RED sometimes for good reasons, and the walkthroughs show how to find out which.
Theranos and FTX were private, so their walkthroughs run on what the public could see: the SEC complaint and the leaked balance sheet. The empty boxes are the lesson.
You download all six right after checkout. The PDFs read on any phone, tablet or computer. The spreadsheets open in Excel, Google Sheets or Apple Numbers.
All sales are final. This is a digital download you get right away, so we don't offer refunds. This doesn't affect any rights you have by law. The free lesson, the contents and the real pages above are here so you can check before buying.
Six files: the cases, the method and 20 worked examples.
Buy the whole kit, $67$67 plus local tax. Instant download. Secure Stripe checkout. All sales are final.