Abraham Briloff is well known for his insightful analysis and criticism of the accounting practices of various firms for over four decades. His critique has been in form of articles published in Barron's and consists of detailed financial analysis of the questionable accounting practices of the firms he criticizes. Previous research by Foster (1979) shows that the firms criticized by Briloff in articles published in Barron's experience significant negative abnormal returns around the publication date. To understand the overall valuation effect associated with his financial analyses, we examine long-run abnormal returns following the publication date. Beyond the initial negative reaction on publication of the articles, the firms in the sample experience further significant negative risk-adjusted returns for one and two years of -15.51% and -22.88%, respectively. Our results show that a decline in future operating performance appears to be an important reason for the poor stock market performance of the firms. Thus, it appears that Briloff could see the forthcoming decline in operating performance better than the market could. Our results underscore the importance of understanding accounting and of the role of careful financial statement analysis.