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Friday, October 21, 2005

YaSheng Group (YHGG) new auditor

YaSheng issued a press release today. They selected Malone & Bailey as the new auditor. From the M&B website:
At Malone & Bailey, we’re a medium-sized firm made up of six partners with big national and local firm backgrounds. Our past experience has taught us that big accounting firms can’t and don't serve small clients economically. Their overhead expenses, leverage models and service delivery methodologies make it difficult to serve their small clients profitably.
They rank at #10 for most companies audited: 64

They also work very little overtime, are flexable, and let employees wear business casual [except when it's Hawaiian Shirt Day... just kidding].

My assessment: M&B seems to disclose a lot of stuff about their organization. That's good. Of course the bad thing is that the auditor has only now been selected. Or maybe that's a sign of dilligence. Who knows. So I guess, on the whole, this is a slight positive.

Very interesting blog. When I first found it I was long ETLT and EDAC. Coincidentally you owned both, and I was thinking, "Boy is this guy screwed." :)

Did you sell EDAC? This one certainly got away from me, but at this point I will hold through earnings in early Nov (?)

Best Regards,
Yes, I sold EDAC. My purchase price was around $4.20 and my sell price was around $3.10. It was a mistake and I dumped it. It wasn't a full investment, so I didn't get burned too badly on it.

I'd be very happy to hear anyone's opinions about anything wrong with ETLT (my opinion of other people's opinions now went up a notch and I'm wondering if I should encourage people to read this stuff more). I actually like ETLT better than YaSheng.

So are you going through these companies in alphabetical order (which would explain owning ETLT and EDAC)? I'm trying to avoid that by skipping around a lot, but I am essentially using brute force to find investments.
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