YouSaid · the spoken record

Anthony Scilipoti

lines on the record: 109
first: 2025-10-28
most recent: 2025-10-28
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“success is achieving something that I can share with those that I love and care about, my family and my friends and my employees and my customers. I think that's the success whether it's in sport, it's achieving something that I can share. Because if we can't share it, you know, I learned a quote long ago that happiness can only be shared. from my late pastor priest Paul Kuzak will give him a shout out he was awesome, and so if you can achieve something and share it then it's real success and I think winning has to be something that is everything it has to it has to you have to be focused on achieving something then nothing else can get in the way Big shout out to that book winning I'm sure you looked at that book from Tim Tim Grover that that's that's such a pivotal study”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a tool, it doesn't have judgment. It doesn't have the ability to make decisions on past links that unless it unless that link that it drew, but you don't even know what link it drew.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Correct So therein lies the interesting point where they think that AI is going to beat us as investors. I say bring it. It's all good. Bring it.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Does that make any sense? If we had better information, then you know what stock prices on news would hardly move. Everybody would already have known.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“So you think about that, and yet we're in a period of AI. We're in a period where there are drones. Now for Oracle's business drones might not help, but think about Lululemon, drones looking at what's being sold, what's being, where traffic is, you have access and you can buy access to credit card data. You can talk to suppliers. There's all these expert networks that you can talk to individuals working in the industry or I used to work in the industry. They'll give you all this inside but not inside type information. And so yet all of that is happening and Oracle stock price moves forty percent on news. And we have access to better information than we've ever had.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Buy the stock because if your calls are going up because the stock's going up, well, I want to buy the stock so that I'm hedged as the calls go up. I'm also hedged with the stock price moving. Well, that just creates more momentum for the stock price to go higher. And so that I think is also causing big swings. Like, you know, we're looking at on a daily basis during earnings season. Stocks move. Like it used to be one or two percent. Now we're looking at 20% moves in a day. Oracle move twenty percent. That was like on, I don't recall the exact number, but that move, those were valuations of entire companies.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“This is creating a significant short term focus. There are day options, okay, traded all the time. Someone told me that in Tesla there is more transactions on options than there are in dollar value on the actual stock. The option market is we could do a whole discussion, On all the subtleties of the stock market that people don't know When an option is sold, someone has to sell it to them. Well, that's typically the broker, the market maker, sells that option. They try to sell it off to somebody else, but if they can't get the other side, well then they stuck holding it. Now most options expire worthless until they don't. If something actually happens and the price rises on the stock and you've bought calls, now the broker needs to act to make that money to pay you for that option.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“At very low cost. So when I started in the industry in nineteen ninety nine, okay, and this think of Buffett, he'll tell you the story of he used to read the financial statements and he used to get the old charts and look at them and no one was doing that. They weren't paying attention in institutional investors. And the retail investor was hardly paying attention. We were just learning on dial-up. Oh, I remember very well. And you could trade, but you'd have to call in your trade, right? And wait in line for someone, and then it started online, but it was really slow and you didn't get good information and you didn't get great fills. Now you have interactive brokers. platform that you get is unbelievable and all the other all the other comparatives that are coming up that's empowering that retail investor so”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“These are movies. They're fantastic because, and I love the word fantastic, we haven't yet said it yet, but because it's something supernatural, it's something that is both good and bad, and it changed something. And so what that really exposed is the power of the retail investor. And today the retail investor as a component of total investment is the largest it's ever been. And the other thing that's interesting is that the prevalence of all and how easy it is for the retail investor to have just the same information and maybe even better, I don't know, but to have access to both technical, technical looking at charts, fundamental looking at actual financial information, social media stuff, access to that in any way that I could get.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“We talked about the impact of passive investing. I would say that passive investing has always been there. What I think the more meaningful, important impact on investing today is the power of the retail. I watched that movie called Stupid Money. With Hello Kitty and stuff.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“I think your analogy is fantastic and it's why I played hockey and football in my life and I love hockey. Big, huge league fan and watch the games and so on. But I watch more NFL. I will watch teams that I have zero interest in watching and not because the betting, but because it's one game. They only play seven games. There is one semi-final game. And if they lose, they're done. And their career could be over because the NFL career is so short. And so whereas in hockey you got seven games. Like okay guys, you know second period we're down five okay it's game two we're good okay like we got this settled down let's get ready we play in a couple of days”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know any number and someone that tells you they can know exactly why unless there was some announcement and even when there was an announcement it was the interpretation of the announcement that led to the stock price falling, not the announcement itself.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“and then I don't have any money. Buffett has built a business that generates cash, so he has operating businesses. These generate cash. He takes that cash and invests it when he wants to invest it. In the way that he wants to invest it. You know, the average portfolio manager can't do that because they're tied to, they have to, like today in the investment management industry, portfolio managers are measured like on a daily basis. If you're investing in my funds, you can look right now and see how we're doing versus the index. Every second. Why you down today? You know, my partner this started the business with me says, I don't know,'cause there was more sellers than buyers today.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“To me it's goes back to something we've already touched on, and that is the natural agency issues related with money management industry. My investors give me their money so I can make a return that is hopefully better than they could make investing passively. If it doesn't end up being that, they decide to take it away from me.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“But imagine if every day it was green. You go out, this is interesting And if every day it was going up, it was red, you'd go. I'm not sure is this okay? Is everything okay? It might be, but it's just everything's a mindset, right? They talk about, you know, the habits, right? Developing habits. And, of course, that famous book, I love that. And you want to do small things, right? Develop, put your shoes over there so you remember to put them on there and then put beside the shoes something that you need to shine the shoes right there that way you shine them before you leave”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“or suffers some kind of setback, you shouldn't be concerned. You shouldn't be you shouldn't be scared. In fact, I did a trip to China, a life changing practically, earlier this year had never been before, and when I went to China if you go and I met with analysts there and taught them our training process, and if you, when they look at their screen, stocks that are down are green, stocks that are up are red. That's how you should rejig your screen. In fact, I called facts that in Bloomberg and see if we can change that because if you look, wake up every day and everything's red, and you lived this in oh eight, right? It went lower and you thought, okay, I'll buy some now, and then it went lower too early two thousand, and then it went lower until you don't know what that feels like until you go through it.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Imagine if it just kept a cash, and all of a sudden a business that always wanted to buy suffered a bad quarter, and it bought it. It's very difficult when you have a lot of cash, cash is king, cash is power. You know we've been talking and again it goes to one of my rules about being negative sounds smart. When if the market falls”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“And if this happens, then all of a sudden that debt doesn't go away, and what looked like a very low cost is now a meaningful cost that doesn't leave. And I look at apple, and this is what concerns me. Revenues aren't growing. Minimal and yet it generates meaningful cash because it has a brand. People are still willing to pay eight two thousand dollars for a new phone. There's a lot of competitors. I'm not sure that that will continue forever at the same rate in fact it's already slowing and that debt that they've taken on to buy all back all those shares to generate that EPS growth That could end up being a problem if they instead took their money and went out and bought businesses operating businesses within its network that would ensure its sustainability, and it's been doing some of that, but continually do that.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, this works until it doesn't, because if for some reason the business changes or just slows its growth, which could be just a natural evolution, like part of this is the law of large numbers.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“You're saying you should, I understand So I think what they should do is they should look at earnings on a pre-EPS. So look at the earnings that the company's generating before you divide it by the number of shares to see is that number growing? relative to the revenues Because now you're seeing or is it just coming from a reduction of stock number of shares outstanding? And if the company's taking on debt, here's the classic example. Company generates money to buy back stock. Why? Because it's such a highly perceived value company and generates cash, it can borrow money and at a very low price and invest it in its own stock which has historically generated a greater return than how much it has to pay in debt.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the same as stock options in a sense and the disparity between reality, economic reality, and what's going on in the accounting. So when you buy back stock, the company is making an investment in a security which it partially has control over what it does, but it doesn't have full control over what happens to that investment value, whereas if it takes its cash and buys an operating asset that expands its current production, and if it's already generating a meaningful return, then that return should continue and expand. So to me, it's a point that says I have no other investments in my business that would generate a return higher than my cost of capital, and so I'm going out and buying my stock. And I think that is very risky.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“No, we've seen there's meaningful changes that are going on here, right? Like Lululemon is trading at a much lower price today than it was last year.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“What I think would cause a more downturn similar more like what happened in oh eight or even in the early 2000s. Like people forget that in the early 2000s they say all the 2000 crash will actually the market was lower in 2003 than it was in 2000. But everyone thinks that it happened in 2000. It actually didn't. It began. It's like that's when it started. kept going And the other ones have been relatively fast, even in the financial crisis. That one actually, the peak was in 07. In September 07, that was the peak, and the bottom was March 2007. And earnings growth slowing down, that would be something that would take longer to repair, especially when a lot of the earnings are interconnected as I talked about, because the companies are dealing with each other.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, the thing about those drawdowns because each of the drawdowns that drawdown occurred because Trump put together a tablet. He came down from Mount Olympus, brought down a tablet, right? I have a picture of it that I use in my presentations, and showed how much the tariff he was going to charge on all these countries. And that created immediate fear in the market, right? Cost of companies were going to go up, transactions were going to go down, revenues get hurt, margins get hurt, stock prices get hammered. But the second third level thinking on that is, well, wait a minute, these haven't been enacted. There's still time. Maybe they don't happen. And if they don't happen, well, maybe all this drawdown doesn't mean anything. So it's like an exogenous impact on the market. It wasn't something that the market fell on itself.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I think that the danger is that if that reverses, I'm not saying it's going to reverse, but if that slows, then all of a sudden what's been dragging the index higher will drag the index lower in the same veracity. Because they are the largest cap, so if, you know, if one of the large, if Microsoft were to miss, and I'm not saying they're going to miss anything, but if their earning growth slows. All of a sudden the stock falls.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Again, you know, the price creates a narrative. And so if indexing works, then why not do it? The danger, I think we're having of the index or investing passive investing, is that in essence all that is is momentum investing because it's a you're buying an index which is market cap weighted, so the money that you're investing is going to the largest market cap companies, those companies continue to grow, they drag the index higher. You know, there's really two indexes. There's the MAG 7 and the sloppy 493. if you look at the earnings expectations of the slot before ninety three for this year is virtually no growth. But if you look at the growth of the Mag seven, it continues to go higher.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the only way to progress, I believe. I'm not saying that we're going to decide what you said, but I want to hear it. And then the danger they say off, you listen to it and then don't do anything about it, then it's like you disregarded it. I said no, you listened to it, and you go back to the person thanks for the input. Here's what we've decided to do as a result of what you've said. And then they feel like they were part of it.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“And you know, look, we have board, we also have a board in our foundation, and I want to bring on people that are going to make us better. That might mean that some conversations are not always yes, Anthony, yes, Anthony. I actually don't want that. I want, even in my own partners and my own employees, I welcome. Please come in. The doors open. Tell me what I'm doing wrong. We're not going to get better. I'm not going to get better if someone doesn't tell me I'm doing something wrong.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, what is shareholder value? Is that just something that we can calculate on the financial statements or calculate into the stock price? Or is that that they've built a vibrant employee base that is growing and has a great culture that regardless of what's going to happen in the stock price, they're going to get through it? Are they focused on the communities in which they operate and ensuring that they sustain themselves? Because if they're just milking that community or that environment wherever they're working, well, then what happens when they've finished milking it? Is that business going to be able to continue? And so it's something I've spoken on before.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“The role of the board is to embrace the position and the viewpoint of the shareholder and or the stakeholder. We always always focus on the shareholder, but stakeholders, stakeholders, employees, customers, the communities the company works in, the competitors, and embrace each of those and ensure that the company is making decisions or that the executive is making decisions in the best interest of those stakeholders. Oftentimes they just focus on shareholder value.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Because now what that does is it says that everything's okay. And, you know, it's hard. Again, now I'm a board. See, the more you learn and the more experience you have, you understand more about what you don't know and that there's a lot of things to learn. Well, the board is making these decisions and they everybody say, oh, the board's bad and boards are bad. It's like, well, no, the board wants to retain the CEO. And oftentimes, you know, that could be a very significant personality. And that personality, there's other companies that want that individual to work there. So they have to retain them. And oftentimes money is retaining. That's something that becomes a problem.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“If they're not, you know, if they're driven by acquisition, but with no care to what's going on on the balance sheet, that's a problem. I would say it's not easy to say that just, I hate, I'm sorry, but one, here's the one thing and it's going to work. But I think it's one where is it consistent that it change? Did a company say, you know, we're going to pay management on X performance metric if they hit it, they get 100% if they don't, they get some graduated scale. Well, then management doesn't hit it, and they change the metric, and management still gets a bonus. I think that's a problem.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to look for, okay, so to answer your question is about what incentives do I think make sense? Well, you look at what the key measures of success are for the company and do those align with investors' interest. So investors care about the company's longevity, its ability to generate cash, its ability to grow and sustain itself. the company's incentives aren't linked to that, so if they're not tied to cost control, if they're not tied to driving revenues from an organic standpoint.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“problems My business is a B2B business that's totally outside of being affected by current GDP movements and my stock price falls. I had no control over that. So I think it incentivizes what I think the wrong thing is and makes people make potential decisions which can manipulate the stock price, which may or may not be good for the company.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“and they want to come work for me. And all my guys are pretty happy. They don't care. So you should include it as an expense. Taking this one step further to and why I brought up reality and accounting is that as an employee at any level, even the CEO and CFO, sure, the things they say, the things they do will affect market's perception of the company, perhaps in the near term, perhaps in the medium term. But in the longer term, in the fullness of time, the results will prove what's going to happen. But the management, and the guy on the shop floor, even the sales manager, may have no impact on what actually happens in the stock price. Yesterday, Powell cuts rates, so that moves the company's price. All of a sudden as an employee, I'm better off or worse off, but I had no effect on that. I had nothing to do with that. A new peer enters our business as a new competitor. I have no effect on that. All of a sudden, GDP slows down. My business isn't even affected because the GDP is tied more to consumption.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“options I gave you a business reality for what the accounting is fifo or average cost. So the reality is I sold them the last thousand. The accountant said Well, we want to show high margin So we're going to use average and that's all good. That ties that point, but I want to get to your question because I don't think I got on a sidetrack and I want to answer your question about stock options. So I think stock options should be an expense. And if they're not an expense, I borrow from Buffett and even the chair of counting has said things like this, that if it's not an expense, then what is it? You can choose to pay someone in stock options or you can choose to pay them in cash. So if I pay all my employees, you have the same company or a competitor. You pay all your employees with stock options. I pay them in cash. I have a lower EBITDA. I have a lower EPS. Your stock trades higher than mine. Stock price goes down. All of a sudden all your employees leave.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I'm going to take a very simple manufacturing company because everybody understands that. We make pens. We drive pens. We're making a thousand pens an hour. And I sell the pen. You sell, you know, of Dre we made, you know, over eight hours, made 8,000 pens. One of my salespeople sells 1,000 pens. Well, how do I calculate the cost of that thousand pens? Do I just take the eight thousand pens that I do, divide, take one thousand over eight thousand? That's the total cost, and then that's what I allocate, right? The reality is I sold them a thousand pens, and it was the last thousand. Do I stop the press, figure out the cost of that last thousand? Do I average it? Even though I sold them the last ones, do I calculate the cost of the first thousand, which may be a little bit higher because there were some setup cost that changed my machine to make the thousand. All of those three.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that stock options what they do everybody it comes down to human motivation so if I am going to compensate you on the stock price then you're going to make decisions that move the stock price in my early classes when I teach I always say that economy and economics reality is way over here as far as I can see with my hand and the accounting is way over there as far as I can go with my hand because if for example”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“You got it. How should I calculate it? Well, it depends. What decision do you need to make? You always start with the facts before you think about a transaction and how you're going to account for it. It's all about the facts, the constraints, and the objectives. The facts determine what did I sell, what did I buy, from who, at what cost, under what terms, etc. So those are the facts broadly. Then I have the constraints. Well, I'm a private company. Who uses the statements or just me and my partners? Who cares? PCA will be I operate in Canada, I have IFRS, I have CPAB, and the last is the objectives. I want to sell my business this year. And my business sells on EBITDA. Buddy, I'll tell you how I'm going to account for it. My business investors want free cash flow. I'll tell you how we're going to account for it. It's those three points.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“If making acquisitions as part of my business model, There will no longer one time cost. This gets us back to we have a course called the Secrets of Free Cash Flow. And that's been our most watched and taught course. And that's because it started, we said it earlier, we said free cash flow is operating cash flow less capex. But it's not It depends every answer that someone asks you what should it be? Well, it depends.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“Abida is the mother of all disastrous measures. Because of what investors want to believe that it is, and that it's something that is cashfall, that it's something that can be compared to total debt, and it is not. It is purely a operating performance metric. calculated before interest, tax, depreciation, and amortization. That's it No, what runs into a problem is what do I do with stock options? What do I do with joint venture gains? What do I do with gains on investments that I made that I happen to sell this year? What do I do with the charges that I took on that acquisition that I bought this year that I included in my Ebita the profits, but at the cost that associated with that transaction should I include that in Ebata?”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's just, you know, that's the thing life is a dangerous thing this way, whether we've pushed something even in life, right? You know, well, look, if I smoke a bit or drink a bit or tell this little lie, you know no one notices and I'm okay. Well then maybe I do a little bit more of each one of those things and no one notices and then it's all good right but then”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's very simple to see a fool comes to talk to me, I'm the CEO, and he says look, I know Anthony we were going to make a dollar, but we're coming in at ninety five cents. And I say to him, You get back to your room and find me five cents. You like your job? You like your kids going to private school? You like your stock options so much their worth. You see all these employees we have, we give them stock as a part of their compensation every quarter Like that's a problem. We can't disappoint and then it starts”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, they interviewed Fast Andrew Fastow, who was the CFO of Enron, and he's done many an interview on this. Also, because when we do our training, we have a few of these interviews that we quote. And it's companies don't start out as being crooked. They have to convince someone to buy a product or a service. So money comes in to the company in some fashion or time and then gets converted into something that adds value. The problem becomes outside stakeholders come in and say well, I need you to make X because you want my money, well, I'll give you my money so long as you give me this return. Well, that works until there's a problem. And now there's no CEO that wants to disappoint.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“So just being calm, you know, to you, I think you asked the question, is being complicated a problem? Well, it's just, why is it happening? And you go back to nothing happens without a reason, then you point to some company operating in the British Virgin Islands that's listed on the list and go, what does this company do? and management starts sweating. And so why are you asking that? I don't know. You have your answer. Before you ask a question.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“All that's been squeezed is the cost of the money management. So they're having to look for shortcuts. And that means, just give me the number, Anthony. Just give me that one number. I just want that one number. And then you get the one number. The management gives them. And then they just accept that and move on.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“So again, I've sat with management teams and you go through their ten K, and then you see a list of all their operating subsidiaries, and you see the different places that they're operating. Again, think about investing today is there's so much pressure on the analysts to cover more stocks. The money management fees today are a fraction of what they were even a decade ago. So the companies that are doing the investing, the fixed cost of doing investing, like paying the audit, doing the back office, all that stuff, yes, it's come down a bit, but it's still there.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“And I remember meeting with the leaders at the case at the time talking about this and they're like, we don't. which is part of the mental model of being curious to say nothing happens without a reason. If you notice something and you go, that seems really weird. No one else does that. And most people just say it's okay. It doesn't matter. Well, actually, that's what matters”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“And so that allowed them to extract all the cost of tax. There were so many interesting things they did, they set up their head office in Quebec. Province in Canada, French speaking. Well, the case, which is the largest one of the largest pension plans in Canada, right? Their mandate is not just to make money for its pensioners, okay? And this is the civil pension fund, one of the things second largest in Canada behind CPP. And one of their mandates is to invest in Quebec-based companies and foster growth. It's a phenomenon. I used to think it was a problem, but actually I've changed my way. I think CPP should do the same. CPP should be encouraged to invest in Canada. The US pension plan should buy US companies, encouraged to do that. Anyway, so in this case, you set up in Quebec, you know you got to set flow of capital that's going to come from this Quebec based pension plan.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source
“All of a sudden they make sense If I had to go back in time, we should have said buy valiant. At the beginning, because we had studied biovail, so Biovaliant bought BioVale, and BioVale was a Canadian company that was run by Eugene Malnick, and we wrote a cell report on that company in the early 2000s. And the company ended up being a figment of its former self. But it had something. It had some formulations of drugs, which were long dated in their release so that they would buy a drug and then repurpose the formulation so there would be slow release, etc. And they also had phenomenal tax structure where they were set up in Barbados. And Barbados is like heaven. So the more money you make as income, you pay a lower percentage tax. Imagine that? So what Valiant did was they bought that structure.”
2025-10-28 · The Knowledge Project with Shane Parrish · Forensic Account: The Bubble No One is Talking About | Anthony Scilipoti · IDENTIFIED FROM THE TRANSCRIPT · source