Morfit: Financial segment disclosures reflect internal bureaucracy, not true unit economics
Mason Morfit · Mason Morfit and Rob Hale – Quiet Activism at ValueAct (EP.462) · Sep 29, 2025 · at 27:22
Mason Morfit, co-CEO of ValueAct Capital, explains why ValueAct builds independent 'Shadow P&Ls' to analyze public company economics.
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“Financials are reported out as a function of the bureaucracy of the company, not necessarily as a function of the real economics of the business. So the segment disclosures you're getting are not necessarily the true economic picture, but if you're a good securities analyst, you can deduce what the true economic picture is.”
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