GAAP and GAAP - like financial statements are virtually the only quantitative
objective benchmarks available to the analyst in the vast majority of situations.
They are, by far, the best
objective benchmarks available for use by buy - and - hold fundamentalists as tools essential, most of the time, for reaching reasonable conclusions about what economic reality might be.
For FF, GAAP in the U.S. is an essential disclosure tool, the best
objective benchmark available to the OPMI analyst in the vast majority of cases.