David Trainer does boring stuff.

He makes minor adjustments to accounting data.

Who would want to think about accounting numbers – let alone minor adjustments to them – when there's exciting stuff like Nvidia stock, 2x daily Nvidia ETFs, 0DTE options, prediction markets, and whatnot going on?

That's David's problem, in the sense that his work should get more attention than it does.

But indices created with his data have outperformed their benchmarks for years, and hedge funds and institutional clients buy his data because it more accurately reflects companies' economic realities than (almost)-one-size-fits all GAAP and IFRS numbers.

Perhaps its David's lot in life to toil in obscurity, and perhaps his progeny will bask in his posthumous fame. I really hope not – on the former – though.

Curia CFO Todd Lechtenberger (who feels his eye movement on videos is excessive, though I told him it's fine) joined me to chat with David about what is and isn't worth adjusting for these days (hint: accruals are passé; footnotes are in), how New Constructs works, and how it benefits individual investors like you and me.