In response to my inquiry about that prospect, a company spokesman said, “We strive to meet our stakeholders’ evolving needs to understand our business performance through compliant, transparent and useful disclosures.”
Top executives have been meeting with some analysts in recent weeks. Morgan Stanley earlier this month revealed its research team met with CEO Stephen Hemsley, new CFO Wayne DeVeydt and the top executives of the firm’s major business units. “We are incrementally positive following discussions,” the Morgan Stanley analysts wrote on Sept. 10.
Most businesses try to keep as much information secret as they can, of course. Big size helps because, under federal rules, companies only need to disclose deals or actions involving worth a portion of total assets. The bigger the company, the bigger the deal it can make without having to reveal details.
UnitedHealth’s opaqueness has long been a complaint of journalists who try to follow the company. I decided to call Ha after seeing him talk about it on a podcast and YouTube video last week with Steve Eisman, the investor who became well-known in the book and movie “The Big Short” for forecasting and profiting from the collapse of the housing market in 2008. (Actor Steve Carell played him in the movie.)
Eisman lived up to his colorful reputation while discussing UnitedHealth with Ha.
“The disclosure of this company is appalling,” Eisman said. He added that he examined UnitedHealth’s latest quarterly earnings announcement and decided it was so slim he wouldn’t buy shares.