Anthony Scilipoti

I hate calling things bubbles, but I think we're in a period of extreme euphoria where you read and speak to investors and they say that the numbers don't matter and the financial statements no longer matter because this is changing the world.

I say, well, I've seen this before.

You know, I saw that Nortel was changing the world and Lucent and Cisco and 360 networks.

They were building out the infrastructure of the internet that we're using today.

But those companies don't exist anymore.

Anthony Shilopati is a forensic accountant who saw what others missed, predicting the collapse of both Valiant Pharmaceuticals and Nortel long before it happened.

He spent decades reading what companies don't want you to see, the footnotes.

Now he's spotting familiar warning signs in today's AI boom.

What are the red flags you look for?

It's not red flags.

We call them flammable items.

It's a three-stage process.

The first stage is...

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The views and opinions expressed by Shane Parrish or our guests are solely their own.

Nothing in this conversation should be considered investment advice, financial guidance, or a recommendation to buy or sell any security.

Always do your own due diligence or consult with a qualified financial advisor before making investment decisions.

It's time to listen and learn.

I was an accountant and I was working at Arthur Anderson doing the normal audit sort of preparatory work.

And I found it unfulfilling because the work I would do, I would find interesting or concerns with the accounting or otherwise.