Uncertainty defined 2016. Analysts tried in vain to predict the Fed’s actions on interest rates. Changing commodity prices defied investor expectations. And of course, the presidential election provided ample drama for the markets. In the midst of all that uncertainty, investors grew more and more aware of the need for real diligence. The market is increasingly aware that the accounting constructs reported by companies (especially those non-GAAP results) don’t always represent the underlying economics of the business. In 2016: Big institutional investors began pushing companies to tie executive compensation to return on invested capital (ROIC) instead of GAAP EPS. The