Howard Schilit is the forensic doctor who gets called for a second opinion by the biggest investors around. Any stimulus that causes anxiety to institutional investors is good for him. His firm Schilit Forensics works with 700-800 different investment firms and tells them which companies are the ones playing games. He founded subscription driven Centre for Financial Research and Analysis which proactively published who the bad actors were. After selling it off, he had a non-compete for seven years post which he started Schilit Forensics, which is much quieter about what it does given that company managements have also wizened up over the years. As Schilit told us during the interview, the intent behind the first edition of Financial Shenanigans in 1993 was to have a one-stop guide where investors could read about the different tricks and techniques used in window-dressing. The 90s though seem like a bygone era and now in addition to earning shenanigans, companies are resorting to cash flow shenanigans. They are tweaking key metrics which appeal to the investing community. But the Sherlock Holmes of accounting won’t let them have it easy. Schilit is back with a revised fourth edition to keep in step with the spring-loaders.