During the 20 years since he discovered the anomaly, Mr. Markowski has conducted ongoing research on the economic and market conditions for which the anomaly surfaces.  Companies tend to become Perfect Shorts during a secular bear market for two reasons:

• Have weak cash flow business models which were subsidized during a bull market.
• More difficult to raise capital during a bear market.
• Accounting gimmickry is overlooked by investors and analysts at the top of a Secular Bull

The table below lists Mr. Markowski’s media verifiable perfect shorts for which Wall Street analysts had buy recommendations.