Introduction
An explanation of why I write bearish articles on a number of companies is in order. I am a long-only investor. That may change if I sniff out a recession, but other than recessions, the US stock market is historically a one-way trade. With inflation the general order of the times, incurring the actual and opportunity costs of actually going short, one way or another, does not make sense to me as a strategy. I leave shorting, put buying, etc. to the pros or individuals who know how to make it work for them.
I now write about Teva (TEVA) in an ongoing fashion in large part because it is an example of companies I have been inveighing against for over 4 years on Seeking Alpha. These are companies with lots of debt and various excuses for why current GAAP results are not so hot, but the future is almost magically going to be bright again. A common thread is that these companies prefer investors to believe that normal accounting practices, such as amortization of intangibles, does not apply to them. In TEVA's case, numerous other "one-time" charges have routinely been singled out.
