Value Investing Articles
Beyond Earnings: Identifying Stocks With a Low Price Relative to Sales
July 2026 by John Bajkowski, Michael Rose
AAII’s Price-to-Sales screen is a solid performer, delivering positive returns in 21 out of the 28 years since its origination.
July 2026 by John Bajkowski, Michael Rose
AAII’s Price-to-Sales screen is a solid performer, delivering positive returns in 21 out of the 28 years since its origination.
A Magic Allocation Recipe: Mixing Factor Investing Into a 60/40 Portfolio
October 2025 by Paul Merriman
Combining a classic stock/bond split with an enhanced equity allocation can add up to more than the sum of the parts.
October 2025 by Paul Merriman
Combining a classic stock/bond split with an enhanced equity allocation can add up to more than the sum of the parts.
Holistic Yield Investing: Meb Faber’s Unique Screening Approach
May 2025 by John Bajkowski
Stocks that reward shareholders by paying dividends, lowering the number of shares outstanding and reducing debt.
May 2025 by John Bajkowski
Stocks that reward shareholders by paying dividends, lowering the number of shares outstanding and reducing debt.
Fall Changes Bring Satellites and Salons
October 2024 by John Bajkowski
Two deletions allow for two additions in the holdings of the Model Shadow Stock Portfolio during its quarterly review.
October 2024 by John Bajkowski
Two deletions allow for two additions in the holdings of the Model Shadow Stock Portfolio during its quarterly review.
Looking to Lakonishok for Latent Gems
October 2024 by John Bajkowski
Screening based on finding out-of-favor companies that are beginning to show signs of awakening.
October 2024 by John Bajkowski
Screening based on finding out-of-favor companies that are beginning to show signs of awakening.
Striking the Right Balance Between Growth and Value Stocks
October 2024 by Craig Israelsen
A look at historical performance sheds light on whether favoring growth or value stocks makes a difference.
October 2024 by Craig Israelsen
A look at historical performance sheds light on whether favoring growth or value stocks makes a difference.
Using Intrinsic Value to Identify Promising Value Stocks
October 2024 by Omar Beirat
A study shows that a fundamental ratio based on intrinsic value can outperform traditional valuation metrics in predicting stock returns, especially in low-interest-rate environments.
October 2024 by Omar Beirat
A study shows that a fundamental ratio based on intrinsic value can outperform traditional valuation metrics in predicting stock returns, especially in low-interest-rate environments.
Gabelli's Insights on Value Investing Today
August 2024 by Charles Rotblut, Cynthia McLaughlin, Mario J. Gabelli
Tips from a master on how to stay current with your investing strategies as the market evolves.
August 2024 by Charles Rotblut, Cynthia McLaughlin, Mario J. Gabelli
Tips from a master on how to stay current with your investing strategies as the market evolves.
Spotting Value on the Move With the PEG Ratio
August 2024 by John Bajkowski
Avoid the value trap with screens that isolate reasonably priced stocks exhibiting earnings growth and price appreciation.
August 2024 by John Bajkowski
Avoid the value trap with screens that isolate reasonably priced stocks exhibiting earnings growth and price appreciation.
Eliminating Low-Quality and Poor Momentum Stocks Helps Sidestep Value Traps
June 2024 by Omar Beirat
Investors can potentially boost returns and reduce risk by steering clear of value traps, particularly by screening out low-quality stocks.
June 2024 by Omar Beirat
Investors can potentially boost returns and reduce risk by steering clear of value traps, particularly by screening out low-quality stocks.
Cash Flow Multiple Uncovers Promising Value Stocks
April 2024 by John Bajkowski
Firms with low price-to-free-cash-flow ratios may represent neglected firms trading at attractive prices.
April 2024 by John Bajkowski
Firms with low price-to-free-cash-flow ratios may represent neglected firms trading at attractive prices.
Tweaking Benjamin Graham's Enterprising Investor Screen
October 2023 by John Bajkowski
The adjusted Graham enterprising screen averaged 24 passing companies compared to seven for the current screen.
October 2023 by John Bajkowski
The adjusted Graham enterprising screen averaged 24 passing companies compared to seven for the current screen.
Why It Makes Sense to Pair Momentum With Value in a Portfolio
September 2023 by Dan Villalon
Stocks exhibiting positive momentum and value characteristics offer superior expected returns over ones that only look good on one of the two dimensions.
September 2023 by Dan Villalon
Stocks exhibiting positive momentum and value characteristics offer superior expected returns over ones that only look good on one of the two dimensions.
2022 Review of AAII Stock Screens: Outperforming During a Bear Market Year
January 2023 by Matt Markowski
The year 2022 was a rough year in terms of absolute returns but a good year in terms of relative performance for the strategies that AAII tracks.
January 2023 by Matt Markowski
The year 2022 was a rough year in terms of absolute returns but a good year in terms of relative performance for the strategies that AAII tracks.
Screening for Undervalued Stocks With AAII's P/E Relative Approach
October 2022 by Jack Gilleland
Price-earnings relatives help to establish benchmark comparisons to identify firms that have deviated from their normal valuation level.
October 2022 by Jack Gilleland
Price-earnings relatives help to establish benchmark comparisons to identify firms that have deviated from their normal valuation level.
Getting a Fix on Jim Cullen's Approach to Long-Term Value
September 2022 by Matt Markowski
The key valuation measurements of low price to earnings, low price to book value and high dividend yield are used to find stocks that have long-term value.
September 2022 by Matt Markowski
The key valuation measurements of low price to earnings, low price to book value and high dividend yield are used to find stocks that have long-term value.
Benjamin Graham's Defensive Investor Non-Utility Screen
July 2022 by Matt Markowski
Graham felt that inexperienced investors should confine their holdings to companies that have long histories of profitability, are in a strong financial condition and hold a leading position in their respective industry.
July 2022 by Matt Markowski
Graham felt that inexperienced investors should confine their holdings to companies that have long histories of profitability, are in a strong financial condition and hold a leading position in their respective industry.
Benjamin Graham's Defensive Investor Utility Screen
July 2022 by Matt Markowski
Benjamin Graham’s approach focused on finding the intrinsic value of a stock. He believed investors should buy stocks whose prices are close to their intrinsic value, and preferably those that are priced lower than their intrinsic value.
July 2022 by Matt Markowski
Benjamin Graham’s approach focused on finding the intrinsic value of a stock. He believed investors should buy stocks whose prices are close to their intrinsic value, and preferably those that are priced lower than their intrinsic value.
Solid Long-Term Results From the Weiss Blue-Chip Dividend Screen
July 2022 by Jack Gilleland
A screen built on the premise that comparing current dividend yields to historical norms for blue-chip companies can allow investors to take advantage of a stock’s cycle of overvaluation and undervaluation.
July 2022 by Jack Gilleland
A screen built on the premise that comparing current dividend yields to historical norms for blue-chip companies can allow investors to take advantage of a stock’s cycle of overvaluation and undervaluation.
Buy Great Companies for the Long Term: Buffett Hagstrom Screening Strategy
November 2021 by Derek J. Hageman
For investors willing to do the homework involved, the Buffett Hagstrom approach offers a promising path to investment value.
November 2021 by Derek J. Hageman
For investors willing to do the homework involved, the Buffett Hagstrom approach offers a promising path to investment value.
Warren Buffett and the Evolution of Value Investing
November 2021 by Charles Rotblut, Robert Hagstrom
Buffett realized that value investing had nothing to do with accounting factors. It was all about the cash—the return on equity.
November 2021 by Charles Rotblut, Robert Hagstrom
Buffett realized that value investing had nothing to do with accounting factors. It was all about the cash—the return on equity.
Rule Changes and a New Stock for the Model Shadow Stock Portfolio
July 2021 by John Bajkowski
The cutoffs for the cheapest and smallest decile stocks have increased, prompting changes to the portfolio’s purchase and sell criteria.
July 2021 by John Bajkowski
The cutoffs for the cheapest and smallest decile stocks have increased, prompting changes to the portfolio’s purchase and sell criteria.
Separating Winners From Losers: Piotroski's Low Price-to-Book Stocks
July 2021 by Derek J. Hageman
The Piotroski scoring system has grown into a popular approach to identify value stocks with solid and improving financials.
July 2021 by Derek J. Hageman
The Piotroski scoring system has grown into a popular approach to identify value stocks with solid and improving financials.
Second-Quarter Reversal Leads to Big Gains for ETFs
August 2020 by Charles Rotblut
Out of the nearly 2,300 exchange-traded funds with returns for the full April–June period, all but 199 rose in value.
August 2020 by Charles Rotblut
Out of the nearly 2,300 exchange-traded funds with returns for the full April–June period, all but 199 rose in value.
Shareholder Yield Works on Wall Street as a Value Measure
August 2020 by Derek J. Hageman
Faber’s shareholder yield approach has the potential benefit of investing in classic value companies that are also buying back their stock and reducing their debt.
August 2020 by Derek J. Hageman
Faber’s shareholder yield approach has the potential benefit of investing in classic value companies that are also buying back their stock and reducing their debt.
Stocks Meeting the O’Shaughnessy Multi-Factor Approach
August 2020 by Wayne A. Thorp
AAII’s O’Shaughnessy-inspired value composite consists of the price-to-free-cash-flow ratio, price-earnings ratio, price-to-sales ratio, enterprise-value-to-EBITDA ratio, shareholder yield and price-to-book-value ratio.
August 2020 by Wayne A. Thorp
AAII’s O’Shaughnessy-inspired value composite consists of the price-to-free-cash-flow ratio, price-earnings ratio, price-to-sales ratio, enterprise-value-to-EBITDA ratio, shareholder yield and price-to-book-value ratio.
The Benefits of Combining Value & Momentum
August 2020 by Wayne A. Thorp
Research provides evidence that combining value and momentum strategies offers investors the opportunity to achieve higher rates of return with lower risk than would be achieved with either strategy individually.
August 2020 by Wayne A. Thorp
Research provides evidence that combining value and momentum strategies offers investors the opportunity to achieve higher rates of return with lower risk than would be achieved with either strategy individually.
Understanding AAII's Revised Value Grade
May 2020 by Charles Rotblut
AAII’s Value Grade for stocks incorporates six fundamental variables into a single value grade to help judge which stocks are potential bargains and which are expensive.
May 2020 by Charles Rotblut
AAII’s Value Grade for stocks incorporates six fundamental variables into a single value grade to help judge which stocks are potential bargains and which are expensive.
Incorporating Momentum Into Your Stock Investing Strategy
April 2020 by Derek J. Hageman
Research confirms that momentum is as important a characteristic to seek in a stock as value, size or volatility.
April 2020 by Derek J. Hageman
Research confirms that momentum is as important a characteristic to seek in a stock as value, size or volatility.
Stocks With High Levels of Retained Earnings to Market Cap
March 2020 by Charles Rotblut
Looking at the ratio of retained earnings to book value to screen for undervalued stocks.
March 2020 by Charles Rotblut
Looking at the ratio of retained earnings to book value to screen for undervalued stocks.
Retained Earnings Is More Predictive Than Book Value
January 2020 by AAII Staff
Researchers argue the book-to-market ratio should be replaced by a related ratio, retained earnings-to-market. The book-to-market (B/M) ratio, the inverse of the price-to-book (P/B) ratio, has long been used by value investors to assess the valuation of a company.
January 2020 by AAII Staff
Researchers argue the book-to-market ratio should be replaced by a related ratio, retained earnings-to-market. The book-to-market (B/M) ratio, the inverse of the price-to-book (P/B) ratio, has long been used by value investors to assess the valuation of a company.
Digging Deeper Into Diversification
September 2019 by Paul Merriman
Although the S&P 500 index should be regarded as the base of an equity portfolio, small-cap value is a more profitable asset class over the long term.
September 2019 by Paul Merriman
Although the S&P 500 index should be regarded as the base of an equity portfolio, small-cap value is a more profitable asset class over the long term.
Economic Moats Matter Less Than a Stock's Valuation
May 2019 by Brian Nelson
The economic moat concept alone is less important than an evaluation of how the market has priced a company’s future economic value stream.
May 2019 by Brian Nelson
The economic moat concept alone is less important than an evaluation of how the market has priced a company’s future economic value stream.
Value Investing's Differing Short- and Long-Term Performance Record
May 2019 by Charles Rotblut
May 2019 by Charles Rotblut
Does value investing still work? An in-depth look at the numbers shows that the answer is more nuanced than you might think.
Investors and Advisers Disagree on Most Valuable Attributes
April 2019 by AAII Staff
Investors and financial advisers don’t see eye to eye when it comes to what investors value in their advisers and what advisers believe is important to investors, according to a recent survey.
April 2019 by AAII Staff
Investors and financial advisers don’t see eye to eye when it comes to what investors value in their advisers and what advisers believe is important to investors, according to a recent survey.
The Level3 Approach: Getting Exposure to Segments That Have Performed Well
March 2019 by John Bajkowski
The portfolio looks to improve upon the long-term return of the market-cap-weighted S&P 500 using index funds of smaller companies, value-oriented stocks and real estate.
March 2019 by John Bajkowski
The portfolio looks to improve upon the long-term return of the market-cap-weighted S&P 500 using index funds of smaller companies, value-oriented stocks and real estate.
Illustrating the Value of Retirement Accounts
November 2018 by Aaron Brask
Two examples show the considerations to be taken into account when deciding between a taxable account, a traditional IRA and a Roth IRA.
November 2018 by Aaron Brask
Two examples show the considerations to be taken into account when deciding between a taxable account, a traditional IRA and a Roth IRA.
Examining the Shadow Stock Value and Size Factors
September 2018 by John Bajkowski
Our model portfolio is one of the oldest real-money examples of how the value and size premiums can be combined into a single strategy.
September 2018 by John Bajkowski
Our model portfolio is one of the oldest real-money examples of how the value and size premiums can be combined into a single strategy.
Creating and Testing a Value Strategy With Portfolio123
June 2018 by Marc H. Gerstein
How to build a simple screen, rank the results to narrow down the list and test the strategy using the Portfolio123 screening website.
June 2018 by Marc H. Gerstein
How to build a simple screen, rank the results to narrow down the list and test the strategy using the Portfolio123 screening website.
Revisiting the Lakonishok Approach to Patient Value Investing
April 2018 by AAII Staff
Price momentum requirements are included in this strategy to identify value stocks with resurgent share prices.
April 2018 by AAII Staff
Price momentum requirements are included in this strategy to identify value stocks with resurgent share prices.
John Neff’s Approach to Finding Value With Growth Potential
October 2017 by Jaclyn N. McClellan
The former Vanguard portfolio manager followed a contrarian value approach in seeking stocks with the potential for earnings growth.
October 2017 by Jaclyn N. McClellan
The former Vanguard portfolio manager followed a contrarian value approach in seeking stocks with the potential for earnings growth.
Three Value-Investing Benchmarks
July 2017 by Gary Smith
The valuation models espoused by John Burr Williams, Robert Shiller and John Bogle can be used to assess the market’s likelihood of gains.
July 2017 by Gary Smith
The valuation models espoused by John Burr Williams, Robert Shiller and John Bogle can be used to assess the market’s likelihood of gains.
Power Your Portfolio With Value
June 2017 by Paul Merriman
An all-value portfolio realized higher long-term returns and its excess performance can even allow for a bigger allocation to bonds.
June 2017 by Paul Merriman
An all-value portfolio realized higher long-term returns and its excess performance can even allow for a bigger allocation to bonds.
The Advantages of Quantitative Approaches to Stock Selection
May 2017 by Charles Rotblut, Sudhir Nanda
Quantitative strategies allow thousands of stocks to be ranked by specific characteristics, such as value or momentum.
May 2017 by Charles Rotblut, Sudhir Nanda
Quantitative strategies allow thousands of stocks to be ranked by specific characteristics, such as value or momentum.
The Trinity Portfolio: Combining Diversification, Tilts and Trend-Following
May 2017 by Mebane Faber
A strategy for combining global exposure, value and momentum, and both buy-and-hold and trend-following into a single portfolio.
May 2017 by Mebane Faber
A strategy for combining global exposure, value and momentum, and both buy-and-hold and trend-following into a single portfolio.
Calculating Nike's Intrinsic Value Using DCF Analysis
April 2017 by Matt Hogan
A step-by-step example of the discounted cash flow model for stock valuation using finbox.io tools.
April 2017 by Matt Hogan
A step-by-step example of the discounted cash flow model for stock valuation using finbox.io tools.
Closed-End Bond Funds Versus Individual Bonds: A Case Study
April 2017 by Hildy Richelson, Stan Richelson
Closed-end bonds may look attractive based on their yields and discounts to net asset value, but there are pitfalls to watch out for.
April 2017 by Hildy Richelson, Stan Richelson
Closed-end bonds may look attractive based on their yields and discounts to net asset value, but there are pitfalls to watch out for.
Factors Allow Investors to Think Differently About Diversification
April 2017 by Larry Swedroe
Tilting a portfolio to a small number of factors, including value and size, can increase returns while at the same time reducing risk.
April 2017 by Larry Swedroe
Tilting a portfolio to a small number of factors, including value and size, can increase returns while at the same time reducing risk.
Deep Value Investing Has Not Gone Out of Style
January 2017 by Robert R. Johnson, Stephen M. Horan, Thomas R. Robinson
An updated version of Benjamin Graham’s Deep Value screen identified nine stocks in 2012; the portfolio has outperformed since then with no losing positions.
January 2017 by Robert R. Johnson, Stephen M. Horan, Thomas R. Robinson
An updated version of Benjamin Graham’s Deep Value screen identified nine stocks in 2012; the portfolio has outperformed since then with no losing positions.
Focus on the Value of a Business, Not the Stock's Valuation
October 2016 by Charles Rotblut, Rupal Bhansali
Valuation ratios do not tell you what you are getting for your money, whereas intrinsic value allows you to assess the stock’s potential.
October 2016 by Charles Rotblut, Rupal Bhansali
Valuation ratios do not tell you what you are getting for your money, whereas intrinsic value allows you to assess the stock’s potential.
Value Stocks With Upward Estimate Revisions
September 2016 by John Bajkowski
These 16 stocks are profitable, have low price-earnings ratios and have rising earnings estimates.
September 2016 by John Bajkowski
These 16 stocks are profitable, have low price-earnings ratios and have rising earnings estimates.
Uses and Misuses of Ben Graham–Style Investing
June 2016 by John Mihaljevic
Buying deep value companies requires being able to cope with some discomfort; those able to can be rewarded for doing so.
June 2016 by John Mihaljevic
Buying deep value companies requires being able to cope with some discomfort; those able to can be rewarded for doing so.
Assessing Your Life Insurer’s Financial Performance
April 2016 by Brian Fechtel
The value of a policy depends on the financial performance of an insurer, which can be assessed by analyzing its financial statements.
April 2016 by Brian Fechtel
The value of a policy depends on the financial performance of an insurer, which can be assessed by analyzing its financial statements.
New Proposed Reporting Rules for Estates
April 2016 by
The Internal Revenue Service issued proposed and temporary rules for the reporting of estate assets that require consistency between the recipient’s basis in certain property acquired from the decedent and the value determined for federal estate tax purposes.
April 2016 by
The Internal Revenue Service issued proposed and temporary rules for the reporting of estate assets that require consistency between the recipient’s basis in certain property acquired from the decedent and the value determined for federal estate tax purposes.
Using Rational Value to Judge a Stock's Worth
October 2015 by Ellis Traub
The range of valuations a stock has traded at over the past several years can be used to determine if the current price is high or low.
October 2015 by Ellis Traub
The range of valuations a stock has traded at over the past several years can be used to determine if the current price is high or low.
Using Book Value to Judge a Stock's Worth
June 2015 by Charles Rotblut
The price-to-book-value ratio is a popular valuation measure among value investors, though most combine it with additional indicators.
June 2015 by Charles Rotblut
The price-to-book-value ratio is a popular valuation measure among value investors, though most combine it with additional indicators.
Simple Methods to Improve the Piotroski F-Score
May 2015 by Wesley R. Gray
Altering the profitability variables, adjusting for net equity issuance and seeking operational momentum can improve this value strategy.
May 2015 by Wesley R. Gray
Altering the profitability variables, adjusting for net equity issuance and seeking operational momentum can improve this value strategy.
Nine Rules for Smarter Investing
April 2015 by Guy Spier
These guidelines for creating a better investment process are based on Spier’s own experience as a professional fund manager and value investor.
April 2015 by Guy Spier
These guidelines for creating a better investment process are based on Spier’s own experience as a professional fund manager and value investor.
Investment Wisdom From Wall Street’s Legends
November 2014 by Frederik Vanhaverbeke
Successful investors seek out undervalued stocks, and often ones that have negative sentiment, reflect special situations or are covered by few analysts.
November 2014 by Frederik Vanhaverbeke
Successful investors seek out undervalued stocks, and often ones that have negative sentiment, reflect special situations or are covered by few analysts.
Misunderstanding Variable Universal Life Can Lead to Adverse Consequences
October 2014 by Peter Katt
Bad market conditions can cause the cash value of these policies to be much lower than forecast. Find out how to best use these policies.
October 2014 by Peter Katt
Bad market conditions can cause the cash value of these policies to be much lower than forecast. Find out how to best use these policies.
Weight by Fundamentals, Not by Price
October 2014 by Charles Rotblut, Robert Arnott
Weighting stocks in a portfolio based on their fundamentals prevents the systematic overweighting of the overvalued and underweighting of the undervalued.
October 2014 by Charles Rotblut, Robert Arnott
Weighting stocks in a portfolio based on their fundamentals prevents the systematic overweighting of the overvalued and underweighting of the undervalued.
McClellan Summation Index
September 2014 by Wayne A. Thorp
A running total of the McClellan Oscillator values, the McClellan Summation Index is a market breadth indicator used for medium- and long-term trading.
September 2014 by Wayne A. Thorp
A running total of the McClellan Oscillator values, the McClellan Summation Index is a market breadth indicator used for medium- and long-term trading.
Analyzing the AAII Sentiment Survey Without Hindsight
June 2014 by Charles Rotblut
Based on the values that existed at past periods of time, above-market returns occurred after unusually high levels of neutral and low levels of bullish sentiment.
June 2014 by Charles Rotblut
Based on the values that existed at past periods of time, above-market returns occurred after unusually high levels of neutral and low levels of bullish sentiment.
Strategic Value Investing: Screening for Cash Flow and Value
May 2014 by Robert R. Johnson, Stephen M. Horan, Thomas R. Robinson
Positive cash flows are as important as earnings. This screen identifies companies that both generate positive cash flow and trade at reasonable prices.
May 2014 by Robert R. Johnson, Stephen M. Horan, Thomas R. Robinson
Positive cash flows are as important as earnings. This screen identifies companies that both generate positive cash flow and trade at reasonable prices.
Selecting a Valuation Method to Determine a Stock's Worth
April 2014 by Robert R. Johnson, Stephen M. Horan, Thomas R. Robinson
Guidance on when it makes sense to compare a stock’s price to fundamental factors or other companies and when a stock’s absolute value should be calculated instead.
April 2014 by Robert R. Johnson, Stephen M. Horan, Thomas R. Robinson
Guidance on when it makes sense to compare a stock’s price to fundamental factors or other companies and when a stock’s absolute value should be calculated instead.
Finding Value and Financial Strength Based on “What Works on Wall Street”
March 2014 by John Bajkowski
Using James O'Shaughnessy's recent AAII Journal article as a basis, we identify stocks with favorable valuation, financial strength and earnings quality composite scores.
March 2014 by John Bajkowski
Using James O'Shaughnessy's recent AAII Journal article as a basis, we identify stocks with favorable valuation, financial strength and earnings quality composite scores.
John Maynard Keynes as an Investor: Timeless Lessons and Principles
March 2014 by John Wasik
A look at Keynes’ evolution from a spectator to a successful value investor and the godfather of behavioral finance.
March 2014 by John Wasik
A look at Keynes’ evolution from a spectator to a successful value investor and the godfather of behavioral finance.
Calculating Mohanram’s G-Score Using SI Pro and Microsoft Excel
January 2014 by John Bajkowski
Quantifying a strategy focused on separating the winners from the losers in high price-to-book-value stocks.
January 2014 by John Bajkowski
Quantifying a strategy focused on separating the winners from the losers in high price-to-book-value stocks.
Life Insurance Cash Value: A Practical Discussion
January 2014 by Peter Katt
Borrowing against or withdrawing the cash value of a policy will reduce the death benefit and could put the policy at risk of lapsing.
January 2014 by Peter Katt
Borrowing against or withdrawing the cash value of a policy will reduce the death benefit and could put the policy at risk of lapsing.
“What Works”: Key New Findings on Stock Selection
October 2013 by James O'Shaughnessy
Better and more consistent returns are realized when several factors, such as valuation, financial strength and earnings quality, are used.
October 2013 by James O'Shaughnessy
Better and more consistent returns are realized when several factors, such as valuation, financial strength and earnings quality, are used.
Combining Value and Momentum
July 2013 by John Bajkowski
Low relative valuation ratios are combined with momentum indicators to find potentially winning stocks.
July 2013 by John Bajkowski
Low relative valuation ratios are combined with momentum indicators to find potentially winning stocks.
Investing’s Odd Couple: Value and Momentum
July 2013 by Kevin Truitt
Combining both value and momentum characteristics can improve portfolio returns and reduce volatility.
July 2013 by Kevin Truitt
Combining both value and momentum characteristics can improve portfolio returns and reduce volatility.
The Art of Value Investing
July 2013 by John Heins, Whitney Tilson
A compilation of renown value investors sharing their insights on investing in turnarounds, deciding when to sell and avoiding overconfidence.
July 2013 by John Heins, Whitney Tilson
A compilation of renown value investors sharing their insights on investing in turnarounds, deciding when to sell and avoiding overconfidence.
Money Funds and the Regulators
June 2013 by Mike Krasner
Following the 2008 financial crisis, there has been debate about how much regulatory change is needed, including whether floating net asset values should be required.
June 2013 by Mike Krasner
Following the 2008 financial crisis, there has been debate about how much regulatory change is needed, including whether floating net asset values should be required.
2012 Year-End Screens Review: Investors Caught in
Political Cliffhanger
January 2013 by Wayne A. Thorp
More than 50 of the 64 screens tracked on AAII.com posted positive returns last year, led by the value-oriented Piotroski: High F-Score screen.
January 2013 by Wayne A. Thorp
More than 50 of the 64 screens tracked on AAII.com posted positive returns last year, led by the value-oriented Piotroski: High F-Score screen.
Determining Bond Price Volatility
October 2012 by Wayne A. Thorp
A template for calculating bond values and examining the effects of changing interest rates on a bond portfolio.
October 2012 by Wayne A. Thorp
A template for calculating bond values and examining the effects of changing interest rates on a bond portfolio.
The Individual Investor’s Guide to Exchange-Traded Funds 2012
August 2012 by AAII Staff
Detailed return information and data on ETFs and ETNs. New to this year’s guide is market performance, which helps identify funds that have traded at a premium or discount to their net asset value.
August 2012 by AAII Staff
Detailed return information and data on ETFs and ETNs. New to this year’s guide is market performance, which helps identify funds that have traded at a premium or discount to their net asset value.
Valuation Metrics
July 2012 by CI Staff
How the PEG ratio, the price-to-book ratio, the price-to-sales ratio and cash flow ratios help judge the value of a stock.
July 2012 by CI Staff
How the PEG ratio, the price-to-book ratio, the price-to-sales ratio and cash flow ratios help judge the value of a stock.
Model Mutual Fund and ETF Portfolios: Value and Small Stocks
Impact Returns
March 2012 by James B. Cloonan
Value stocks and small-cap stocks have superior long-term performance but hurt the portfolios’ returns last year.
March 2012 by James B. Cloonan
Value stocks and small-cap stocks have superior long-term performance but hurt the portfolios’ returns last year.
Business Valuation Model for Excel
May 2011 by CI Staff
The Business Valuation Model, created by the Bizpep Group, is designed to provide an efficient and effective means of assessing the value of a business.
May 2011 by CI Staff
The Business Valuation Model, created by the Bizpep Group, is designed to provide an efficient and effective means of assessing the value of a business.
Using the Enterprise Value Ratio
October 2010 by CI Staff
How to use enterprise value to evaluate a company.
October 2010 by CI Staff
How to use enterprise value to evaluate a company.
Grant Henning’s Fundamental-Value Stock Trading System
September 2010 by Wayne A. Thorp
After Henning developed a technical-momentum approach to stock-picking, he discovered that there are times when value stocks with strong earnings do better. A look at Henning's ranking system using a fundamental-value approach.
September 2010 by Wayne A. Thorp
After Henning developed a technical-momentum approach to stock-picking, he discovered that there are times when value stocks with strong earnings do better. A look at Henning's ranking system using a fundamental-value approach.
A Technical-Fundamental System for Stock Selection
August 2010 by Wayne A. Thorp
Momentum and value are combined in this active trading strategy based on Grant Henning’s book, “The Value and Momentum Trader.”
August 2010 by Wayne A. Thorp
Momentum and value are combined in this active trading strategy based on Grant Henning’s book, “The Value and Momentum Trader.”
The Importance of Book Value
July 2010 by Charles Rotblut
Why the price-to-book ratio is the most effective measure of valuation.
July 2010 by Charles Rotblut
Why the price-to-book ratio is the most effective measure of valuation.
Value on the Move: Screening for Low PEG Ratio Stocks
July 2010 by Cara Scatizzi
Two low PEG strategies are outperforming the major stock indexes.
July 2010 by Cara Scatizzi
Two low PEG strategies are outperforming the major stock indexes.
Sustaining Wealth in an Uncertain Environment
June 2010 by Charles Rotblut, Axel Merk
Successful wealth management involves controlling expenses, finding good values and assessing how much risk can be taken.
June 2010 by Charles Rotblut, Axel Merk
Successful wealth management involves controlling expenses, finding good values and assessing how much risk can be taken.
Benjamin Graham's Net Current Asset Value Approach
February 2010 by Wayne A. Thorp
One of Benjamin Graham's original selection methodologies dating back to the early 1930s has been largely overlooked. The methodology focuses on stocks trading at prices less than their net current asset values (NCAVs). This CI Online Exclusive explains the NCAV approach, highlighting how you can use computerized stock screening tools to identify stocks meeting Graham's criteria.
February 2010 by Wayne A. Thorp
One of Benjamin Graham's original selection methodologies dating back to the early 1930s has been largely overlooked. The methodology focuses on stocks trading at prices less than their net current asset values (NCAVs). This CI Online Exclusive explains the NCAV approach, highlighting how you can use computerized stock screening tools to identify stocks meeting Graham's criteria.
Valuing Your Gold & Resources for the New IRA Rules
January 2010 by
Where to go if you want to take advantage of the rise in gold prices and sell your unwanted gold jewelry, or calculate an updated value to ensure you have adequate insurance coverage. Also, links to help answer your questions about the new Roth IRA conversion rules.
January 2010 by
Where to go if you want to take advantage of the rise in gold prices and sell your unwanted gold jewelry, or calculate an updated value to ensure you have adequate insurance coverage. Also, links to help answer your questions about the new Roth IRA conversion rules.
Hagstrom's Buffett Approach to Analyzing a Stock as a Business
December 2009 by Wayne A. Thorp
Whether you are looking to buy a company, or just purchase shares for your portfolio, a fundamental approach begins with an understanding of the value of a business--the Warren Buffett approach. In his book, "The Essential Buffett," Robert Hagstrom argues that it is possible to duplicate Buffett's approach. A look at screening for stocks using Hagstrom's Buffett approach.
December 2009 by Wayne A. Thorp
Whether you are looking to buy a company, or just purchase shares for your portfolio, a fundamental approach begins with an understanding of the value of a business--the Warren Buffett approach. In his book, "The Essential Buffett," Robert Hagstrom argues that it is possible to duplicate Buffett's approach. A look at screening for stocks using Hagstrom's Buffett approach.
Finding Value Among the "Lows": The Walter J. Schloss Approach
October 2009 by Cara Scatizzi
The name Walter J. Schloss means little to the average investor. But this Benjamin Graham disciple learned his lessons well: From 1956 to 2000, his investment fund earned 15.7% versus the market’s 11.2%, and Warren Buffett has called him a "super" investor. A focus on the elements that drive the Schloss investment philosophy.
October 2009 by Cara Scatizzi
The name Walter J. Schloss means little to the average investor. But this Benjamin Graham disciple learned his lessons well: From 1956 to 2000, his investment fund earned 15.7% versus the market’s 11.2%, and Warren Buffett has called him a "super" investor. A focus on the elements that drive the Schloss investment philosophy.
Attracting Winning Stocks: The MAGNET Stock Selection Process
August 2009 by Wayne A. Thorp
Jordan Kimmel takes a three-pronged approach to stock selection, combining value, growth, and momentum investing approaches into a singular investing model that he terms The MAGNET Stock Selection Process. A look at the MAGNET philosophy and approach.
August 2009 by Wayne A. Thorp
Jordan Kimmel takes a three-pronged approach to stock selection, combining value, growth, and momentum investing approaches into a singular investing model that he terms The MAGNET Stock Selection Process. A look at the MAGNET philosophy and approach.
Graham's Defensive Investor Screens: An Intrinsic Approach for Stormy Times
May 2009 by Wayne A. Thorp
Benjamin Graham's approach to investing focused on a concept of intrinsic value that would prevent an investor from being misled during extreme market conditions. For those seeking an approach to guide them through today’' stormy markets, the Graham Defensive Investor screens are worth a closer look.
May 2009 by Wayne A. Thorp
Benjamin Graham's approach to investing focused on a concept of intrinsic value that would prevent an investor from being misled during extreme market conditions. For those seeking an approach to guide them through today’' stormy markets, the Graham Defensive Investor screens are worth a closer look.
Magic Formula Stocks
May 2009 by John Bajkowski
A starting point for investors. This issue's focus is on Joel Greenblatt's "Magic Formula" for picking stocks: high returns on capital and a low price-to-enterprise value.
May 2009 by John Bajkowski
A starting point for investors. This issue's focus is on Joel Greenblatt's "Magic Formula" for picking stocks: high returns on capital and a low price-to-enterprise value.
Benjamin Graham Bear Market Stocks
April 2009 by John Bajkowski
A starting point for investors. This issue's focus is on stocks with low prices relative to a firm's net current assets, a basic Benjamin Graham approach to finding stocks trading well below their instrinsic value.
April 2009 by John Bajkowski
A starting point for investors. This issue's focus is on stocks with low prices relative to a firm's net current assets, a basic Benjamin Graham approach to finding stocks trading well below their instrinsic value.
Finding a Stock's "True Value" Using The Price-Earnings Relative Screen
February 2009 by Wayne A. Thorp
While the price-earnings ratio is a popular measure of value, the price-earnings relative ratio may be a more intuitive formula you can use to evaluate a company’s relative growth and risk expectations.
February 2009 by Wayne A. Thorp
While the price-earnings ratio is a popular measure of value, the price-earnings relative ratio may be a more intuitive formula you can use to evaluate a company’s relative growth and risk expectations.
2008 AAII Stock Screen Roundup: Piotroski Strategy Defeats the Bear
January 2009 by Wayne A. Thorp
For many investors, 2008 cannot end soon enough, with the S&P 500 index down 40.3% for the year (through early December). During periods like this, very few long-only stock selection strategies generate gains, including AAII’s stock screens. However, one screen proved to be the exception--the low price-to-book-value strategy developed by Joseph Piotroski gained 32.6% through December 5.
January 2009 by Wayne A. Thorp
For many investors, 2008 cannot end soon enough, with the S&P 500 index down 40.3% for the year (through early December). During periods like this, very few long-only stock selection strategies generate gains, including AAII’s stock screens. However, one screen proved to be the exception--the low price-to-book-value strategy developed by Joseph Piotroski gained 32.6% through December 5.
Bear Market Punishes Shadow Stocks But Qualifying Stocks Abound
January 2009 by James B. Cloonan
The stock market is punishing every sector, and it is punishing its favorite children--micro-cap and extreme value stocks--the most. Year-to-date (through November 30, 2008) the Model Shadow Stock Portfolio is down 51.1%. On the other hand, this quarter, there were over 90 candidates that qualified on our basic criteria--easily a record.
January 2009 by James B. Cloonan
The stock market is punishing every sector, and it is punishing its favorite children--micro-cap and extreme value stocks--the most. Year-to-date (through November 30, 2008) the Model Shadow Stock Portfolio is down 51.1%. On the other hand, this quarter, there were over 90 candidates that qualified on our basic criteria--easily a record.
David Dreman's Contrarian Strategy: Profiting From the Market's "Mistakes"
November 2008 by Wayne A. Thorp
David Dreman is a renowned contrarian investor who sees stocks and markets driven by emotions that often push prices from their intrinsic or "fair" value. A look at how to screen stocks based on the David Dreman approach.
November 2008 by Wayne A. Thorp
David Dreman is a renowned contrarian investor who sees stocks and markets driven by emotions that often push prices from their intrinsic or "fair" value. A look at how to screen stocks based on the David Dreman approach.
Sorting Out the Winners in the Low Price-to-Book Stock Universe
August 2008 by Wayne A. Thorp
A mountain of research points to the long-term success of value-based stock selection, and University of Chicago accounting professor Joseph Piotroski further refines the approach, using basic financial criteria to help separate the winners from the losers. A look at our stock screen based on the Piotroski approach.
August 2008 by Wayne A. Thorp
A mountain of research points to the long-term success of value-based stock selection, and University of Chicago accounting professor Joseph Piotroski further refines the approach, using basic financial criteria to help separate the winners from the losers. A look at our stock screen based on the Piotroski approach.
How to Value a Stream of Payments
July 2008 by AAII Staff
Are you overlooking a large pool of assets? That may occur when it is hard to put a number on an asset--for example, valuing a guaranteed steady payment stream, such as pension plan and Social Security payments, for retirees. Ignoring those assets may cause you to be too over-invested in fixed income.
July 2008 by AAII Staff
Are you overlooking a large pool of assets? That may occur when it is hard to put a number on an asset--for example, valuing a guaranteed steady payment stream, such as pension plan and Social Security payments, for retirees. Ignoring those assets may cause you to be too over-invested in fixed income.
Stand Up and Be Counted: How to Value a Stream of Payments
July 2008 by AAII Staff
Are you overlooking a large pool of assets? That may occur when it is hard to put a number on an asset--for example, valuing a guaranteed steady payment stream, such as pension plan and Social Security payments, for retirees. Ignoring those assets may cause you to be too over-invested in fixed income. But how do you value a stream of payments? A look at one approach
July 2008 by AAII Staff
Are you overlooking a large pool of assets? That may occur when it is hard to put a number on an asset--for example, valuing a guaranteed steady payment stream, such as pension plan and Social Security payments, for retirees. Ignoring those assets may cause you to be too over-invested in fixed income. But how do you value a stream of payments? A look at one approach
The First Cut: Using Enterprise Value to Locate Bargains
June 2008 by John Bajkowski
A starting point for investors. This issue's focus is on finding bargain stocks using a stock's enterprise value to gauge the worth of a company.
June 2008 by John Bajkowski
A starting point for investors. This issue's focus is on finding bargain stocks using a stock's enterprise value to gauge the worth of a company.
Market Weakness Hits Model Shadow Stock Portfolio
April 2008 by James B. Cloonan
The market weakness continues, but it has stopped hitting small and value stocks more than the general market. The Model Shadow Stock Portfolio is now performing better than the overall market. An update on the portfolio and its holdings.
April 2008 by James B. Cloonan
The market weakness continues, but it has stopped hitting small and value stocks more than the general market. The Model Shadow Stock Portfolio is now performing better than the overall market. An update on the portfolio and its holdings.
Extreme Anxiety: Evaluating Current Market Levels
February 2008 by AAII Staff
It is easy to be swept up in deep market swings. But markets rarely stay at historical extremes. The big question is: What is "normal"? One practical approach is to examine relative fundamental values over time.
February 2008 by AAII Staff
It is easy to be swept up in deep market swings. But markets rarely stay at historical extremes. The big question is: What is "normal"? One practical approach is to examine relative fundamental values over time.
2007 Proves Underwhelming
for Small Caps and Value Stocks
January 2008 by James B. Cloonan
A year-end review of the AAII Model Shadow Stock Portfolio.
January 2008 by James B. Cloonan
A year-end review of the AAII Model Shadow Stock Portfolio.
How Interest Rate Changes Affect the Price of Bonds
January 2008 by AAII Staff
No matter the cause of interest rate movements, the impact on the bond investor is the same: Rising interest rates reduce existing bond values and falling interest rates increase existing bond values. But knowing how much bond prices can change when interest rates change will help you keep your bond risk to a level you can live with.
January 2008 by AAII Staff
No matter the cause of interest rate movements, the impact on the bond investor is the same: Rising interest rates reduce existing bond values and falling interest rates increase existing bond values. But knowing how much bond prices can change when interest rates change will help you keep your bond risk to a level you can live with.
Master Strategists for 2007: AAII's Top Stock Screens
January 2008 by Wayne A. Thorp
The fiercest battle in 2007 was not among the strategists, but against the market itself. Nonetheless, the top strategist's win was decisive: The O'Shaughnessy Small Cap Growth and Value methodology closed the year up 43.9%.
January 2008 by Wayne A. Thorp
The fiercest battle in 2007 was not among the strategists, but against the market itself. Nonetheless, the top strategist's win was decisive: The O'Shaughnessy Small Cap Growth and Value methodology closed the year up 43.9%.
Investment Products: If It Has to Be Sold, Don't Buy It!
November 2007 by William Reichenstein, Larry Swedroe
Financial firms can add, at best, only a small value by buying and combining securities into a portfolio. Many investors haven't thought about this, but it explains why investments and products with commissions should be avoided.
November 2007 by William Reichenstein, Larry Swedroe
Financial firms can add, at best, only a small value by buying and combining securities into a portfolio. Many investors haven't thought about this, but it explains why investments and products with commissions should be avoided.
The Unsettled State of the Life Settlement Market
September 2007 by Peter Katt
Is your old policy worth more than its surrender value? That's what the life settlement market would have many older policyholders believe. But usually the transactions make little sense--unless you are the agent earning an enormous commission. Why it pays to be wary.
September 2007 by Peter Katt
Is your old policy worth more than its surrender value? That's what the life settlement market would have many older policyholders believe. But usually the transactions make little sense--unless you are the agent earning an enormous commission. Why it pays to be wary.
Explaining the Value Tilt and Its Implications for Investors
July 2007 by William Reichenstein
Over the long run, returns on value stocks have exceeded returns on growth stocks. The raging debate in the financial community is: Why? And can investors actually profit from this value tilt? A look at the competing explanations and their implications for investors.
July 2007 by William Reichenstein
Over the long run, returns on value stocks have exceeded returns on growth stocks. The raging debate in the financial community is: Why? And can investors actually profit from this value tilt? A look at the competing explanations and their implications for investors.
The First Cut: Low Price-to-Book Firms
April 2007 by John Bajkowski
A starting point for investors. This issue’s focus is on non-financial,exchange-listed stocks with price-to-book-value ratios among the lowest 10% of all stocks.
April 2007 by John Bajkowski
A starting point for investors. This issue’s focus is on non-financial,exchange-listed stocks with price-to-book-value ratios among the lowest 10% of all stocks.
Valuation Evaluation Using Price-Earnings Relatives
November 2006 by Wayne A. Thorp
The price-earnings ratio is one of the most popular measures of company value. But P/Es are not across-the-board comparable. The relative price-earnings ratio approach looks back at the relationship of the price-earnings ratio of a stock either to the price-earnings ratio of the overall market or to that of the company’s industry. How to screen for stocks using P/E relatives.
November 2006 by Wayne A. Thorp
The price-earnings ratio is one of the most popular measures of company value. But P/Es are not across-the-board comparable. The relative price-earnings ratio approach looks back at the relationship of the price-earnings ratio of a stock either to the price-earnings ratio of the overall market or to that of the company’s industry. How to screen for stocks using P/E relatives.
The Lakonishok Approach to Value Investing: A Payoff for Patience
October 2006 by Wayne A. Thorp
Can academic theory be put to practice? A University of Illinois finance professor formed an investment management firm using quantitative models to find value companies. A look at the contrarian Lakonishok screen and how it has fared.
October 2006 by Wayne A. Thorp
Can academic theory be put to practice? A University of Illinois finance professor formed an investment management firm using quantitative models to find value companies. A look at the contrarian Lakonishok screen and how it has fared.
First Half Model Fund Portfolio Update and a New Model ETF Portfolio
August 2006 by James B. Cloonan
A mid-year review shows the Model Fund Portfolio is in positive territory. Plus, introducing AAII's new experimental model portfolio of exchange-traded funds, focusing on low-cost, smaller-cap value-oriented ETFs.
August 2006 by James B. Cloonan
A mid-year review shows the Model Fund Portfolio is in positive territory. Plus, introducing AAII's new experimental model portfolio of exchange-traded funds, focusing on low-cost, smaller-cap value-oriented ETFs.
Foreign Investing: Keeping It Simple
April 2006 by Ron Muhlenkamp
In the early 1990s, popular wisdom was pushing foreign investments. But you can't extrapolate the past to arrive at the future. Instead, you have to have some measure of value. When investing overseas, you must take into consideration not only the markets, but also the value of the dollar. A look at the value of the dollar and when it does well.
April 2006 by Ron Muhlenkamp
In the early 1990s, popular wisdom was pushing foreign investments. But you can't extrapolate the past to arrive at the future. Instead, you have to have some measure of value. When investing overseas, you must take into consideration not only the markets, but also the value of the dollar. A look at the value of the dollar and when it does well.
Graham's Long-Term Winning Approach for Enterprising & Defensive Investors
April 2006 by Cara Scatizzi
Father knows best--at least as far as Benjamin Graham, the father of value investing, is concerned. A look at Graham's approach to long-term investing for both enterprising and defensive investors.
April 2006 by Cara Scatizzi
Father knows best--at least as far as Benjamin Graham, the father of value investing, is concerned. A look at Graham's approach to long-term investing for both enterprising and defensive investors.
Tax-Advantage Opportunities With Cash Value Life Insurance
November 2005 by Peter Katt
Life insurance has exceptional income tax characteristics that are sometimes overlooked by advisors focusing only on term insurance. A look at three situations where the tax advantages can benefit your portfolio.
November 2005 by Peter Katt
Life insurance has exceptional income tax characteristics that are sometimes overlooked by advisors focusing only on term insurance. A look at three situations where the tax advantages can benefit your portfolio.
Graham’s Simplest Approach to Selecting Stocks
September 2005 by John Bajkowski
How would Benjamin Graham’s classic value investing approach to choosing stocks have fared since 1998? A look at the results of a hypothetical portfolio.
September 2005 by John Bajkowski
How would Benjamin Graham’s classic value investing approach to choosing stocks have fared since 1998? A look at the results of a hypothetical portfolio.
Large-Cap Growth: Can It Regain the Market Leadership?
July 2005 by Steve Norwitz
Since the great Market Bubble burst in 2000, large-cap growth stocks have been perennial laggards, trailing small caps and value in each of the past five years. Can these stocks regain their market leadership? Reasons for optimism—and casues for concern.
July 2005 by Steve Norwitz
Since the great Market Bubble burst in 2000, large-cap growth stocks have been perennial laggards, trailing small caps and value in each of the past five years. Can these stocks regain their market leadership? Reasons for optimism—and casues for concern.
Mid-Cap and Growth Pull Ahead in Mid-Year Review
July 2005 by Wayne A. Thorp
The year has been rough for value-oriented strategies relative to growth approaches, while strategies investing in smaller-cap companies have outperformed strategies that focus on larger firms.
July 2005 by Wayne A. Thorp
The year has been rough for value-oriented strategies relative to growth approaches, while strategies investing in smaller-cap companies have outperformed strategies that focus on larger firms.
Advanced Estate Planning: Split-Interest Gifts and Trusts
November 2003 by Ellen J. Boling
Split-interest gifts and trusts can result in considerable estate tax savings. However, due to concurrent ownership interests, it is important to consider not only the type of asset being transferred, but how its value will change.
November 2003 by Ellen J. Boling
Split-interest gifts and trusts can result in considerable estate tax savings. However, due to concurrent ownership interests, it is important to consider not only the type of asset being transferred, but how its value will change.
The Price-Value Relationship: Do You Get What You Pay For?
May 2003 by Mark Hulbert
Direct mail marketers say that in head-to-head tests of two investment newsletters that differ only in price, the higher-priced one often receives more responses. Do more expensive newsletters provide better returns?
May 2003 by Mark Hulbert
Direct mail marketers say that in head-to-head tests of two investment newsletters that differ only in price, the higher-priced one often receives more responses. Do more expensive newsletters provide better returns?
Putting Together a Portfolio of Municipal Bond Investments
February 2003 by Annette Thau
Any decision you make about fixed-income investments regarding maturities will involve trade-offs between the amount of income generated by your portfolio and the risk to the value of principal.
February 2003 by Annette Thau
Any decision you make about fixed-income investments regarding maturities will involve trade-offs between the amount of income generated by your portfolio and the risk to the value of principal.
EBT, EBIT, EBITDA: Will the Real Earnings Figure Please Stand Up?
August 2002 by John Bajkowski
All of the various earnings measures have their value, especially when applied consistently across a given industry. But they must still be examined in the context of all three corporate financial statements.
August 2002 by John Bajkowski
All of the various earnings measures have their value, especially when applied consistently across a given industry. But they must still be examined in the context of all three corporate financial statements.
Life Insurance Issues to Be Wary of: Surrender Charges & Leaps of Faith
July 2002 by Peter Katt
There are many permanent life insurance policies that have zero surrender value for as long as five years, and very depressed surrender values for as long as 15 or 20 years. Why insurance buyers don't notice this.
July 2002 by Peter Katt
There are many permanent life insurance policies that have zero surrender value for as long as five years, and very depressed surrender values for as long as 15 or 20 years. Why insurance buyers don't notice this.
Valuing Stock Using On-Line Tools
January 2002 by Wayne A. Thorp
What you'll find at seven sites that provide models for placing a value on a stock.
January 2002 by Wayne A. Thorp
What you'll find at seven sites that provide models for placing a value on a stock.
Finding the Winners Among Low Price-to-Book-Value Stocks
August 2001 by John Bajkowski
Stock Screening: Simple value screens that look only for low prices relative to value tend to produce lists that include a few winners among many losers. One promising new system seeks low-valued stocks that also have solid financials.
August 2001 by John Bajkowski
Stock Screening: Simple value screens that look only for low prices relative to value tend to produce lists that include a few winners among many losers. One promising new system seeks low-valued stocks that also have solid financials.
When Companies Combine, and Other Accounting Confusions
July 2001 by Haruki Toyama
Stock Fundamentals: Plans are in the works to change the way companies account for mergers and acquisitions. Understanding the method used is vital for investors when determining the value of any business.
July 2001 by Haruki Toyama
Stock Fundamentals: Plans are in the works to change the way companies account for mergers and acquisitions. Understanding the method used is vital for investors when determining the value of any business.
Screening for Stocks Using the John Templeton Value Approach
May 2001 by Kenneth J. Michal
Stock Screening: Templeton was the constant comparison shopper--whether it was clothes, furniture, a home, or stocks, he always looked for the best-priced bargains.
May 2001 by Kenneth J. Michal
Stock Screening: Templeton was the constant comparison shopper--whether it was clothes, furniture, a home, or stocks, he always looked for the best-priced bargains.
The Value of Value Funds: Why You Should Always Hold Them
April 2001 by John Markese
Mutual Funds: Over long-term periods, value and growth stocks run nearly neck-to-neck in terms of performance, but the returns from value stocks are more stable, and they tend to perform better than growth during down markets.
April 2001 by John Markese
Mutual Funds: Over long-term periods, value and growth stocks run nearly neck-to-neck in terms of performance, but the returns from value stocks are more stable, and they tend to perform better than growth during down markets.
Trading Versus Holding in a Roller-Coaster Stock Market
February 2001 by Mark Hulbert
Investment Newsletters: An examination of trading performance indicates that you can better capture the value of an investment newsletter's advice by ignoring its shorter-term trades and treating its current recommendations as longer-term advice.
February 2001 by Mark Hulbert
Investment Newsletters: An examination of trading performance indicates that you can better capture the value of an investment newsletter's advice by ignoring its shorter-term trades and treating its current recommendations as longer-term advice.
Keeping Costs Low: Intelligent Indexing With Bonds
January 2001 by Albert J. Fredman
Mutual Funds: Indexing makes sense for bonds: Ultra-low costs are crucial with bonds, and there's less opportunity for managers to add value with bonds than stocks.
January 2001 by Albert J. Fredman
Mutual Funds: Indexing makes sense for bonds: Ultra-low costs are crucial with bonds, and there's less opportunity for managers to add value with bonds than stocks.
A Guide to Investing in Real Estate Investment Trusts
November 2000 by Michael Grupe
Stock Selection Strategies: Improving stability in the real estate market, compelling market values, and the search for less volatile investments in a turbulent market environment all prompt investors to give REITs a second look.
November 2000 by Michael Grupe
Stock Selection Strategies: Improving stability in the real estate market, compelling market values, and the search for less volatile investments in a turbulent market environment all prompt investors to give REITs a second look.
Shedding the Light on Value in Forgotten and Ignored Places
November 2000 by Donald Cassidy
Stock Selection Strategies: Two areas of value in the market are virtually ignored by brokerage firms' research departments and rarely traded by institutional investors: Closed-end funds and recently issued preferred stocks.
November 2000 by Donald Cassidy
Stock Selection Strategies: Two areas of value in the market are virtually ignored by brokerage firms' research departments and rarely traded by institutional investors: Closed-end funds and recently issued preferred stocks.
Investing in High-Tech Stocks: The Semiconductor Industry
July 1999 by Michael Murphy
Stock Selection Strategies: Chip makers increase the value of their products by lowering the cost of calculating or storing information, and this reliable deflation creates its own demand for new products.
July 1999 by Michael Murphy
Stock Selection Strategies: Chip makers increase the value of their products by lowering the cost of calculating or storing information, and this reliable deflation creates its own demand for new products.
Watch What Newsletters Do, Not What They Say They'll Do
July 1999 by Mark Hulbert
Investment Newsletters: Although many newsletters say they are value-oriented, the data indicates they are more growth-oriented, probably because their editors, like us, find it easier to buy stocks that are currently in fashion.
July 1999 by Mark Hulbert
Investment Newsletters: Although many newsletters say they are value-oriented, the data indicates they are more growth-oriented, probably because their editors, like us, find it easier to buy stocks that are currently in fashion.
What the Indexes Reveal About the Characteristics of Style
April 1999 by Jennifer Openshaw
Market Indexes: Portfolios that follow a particular style tend to favor certain industries and do better during certain economic environments. An examination of the characteristics of growth and value style indexes.
April 1999 by Jennifer Openshaw
Market Indexes: Portfolios that follow a particular style tend to favor certain industries and do better during certain economic environments. An examination of the characteristics of growth and value style indexes.
Analyzing Stock Investments: The Concept of Relative Value
February 1999 by Marcus W Robins
Stock Strategies: All the valuation yardsticks on the relative value curve represent valid investment approaches. However, each technique as you progress along the curve tends to pose a greater degree of risk, as measured by price volatility.
February 1999 by Marcus W Robins
Stock Strategies: All the valuation yardsticks on the relative value curve represent valid investment approaches. However, each technique as you progress along the curve tends to pose a greater degree of risk, as measured by price volatility.
Investment Approaches: Picking a Value-Oriented Adviser
November 1998 by Mark Hulbert
Investment Newsletters Column: Value stocks have outperformed growth stocks over the long term, but putting the value approach theory into practice is easier said than done. How to choose a value adviser.
November 1998 by Mark Hulbert
Investment Newsletters Column: Value stocks have outperformed growth stocks over the long term, but putting the value approach theory into practice is easier said than done. How to choose a value adviser.
Do Value-Added Programs Add Value for Shareholders?
August 1998 by Stanley Block
Feature: One method firms use to focus on shareholder interests is through EVA programs--measuring economic value added. What these programs are and how much they actually impact shareholder value.
August 1998 by Stanley Block
Feature: One method firms use to focus on shareholder interests is through EVA programs--measuring economic value added. What these programs are and how much they actually impact shareholder value.
Blue-Chip Value Investing: The Dogs of the Dow
July 1998 by Maria Crawford Scott
Stock Analysis Workshop: The purely mechanical nature of the Dow Dogs approach forces strict investor discipline and requires no investment decision-making expertise.
July 1998 by Maria Crawford Scott
Stock Analysis Workshop: The purely mechanical nature of the Dow Dogs approach forces strict investor discipline and requires no investment decision-making expertise.
Diversifying Among Investing Styles: The James O'Shaughnessy Approach
November 1997 by Maria Crawford Scott
Stock Analysis Workshop: Combining growth and value strategies in a portfolio: O'Shaughnessy's What Works approach to stock investing.
November 1997 by Maria Crawford Scott
Stock Analysis Workshop: Combining growth and value strategies in a portfolio: O'Shaughnessy's What Works approach to stock investing.
Dealing With Success: Adjusting Rules to Deal With a Larger Portfolio
October 1997 by James B. Cloonan
A Matter of Opinion: The growth in value of the Beginner's Portfolio prompts some revisions of the original rules regarding company size, number of stocks held, and reasons for selling.
October 1997 by James B. Cloonan
A Matter of Opinion: The growth in value of the Beginner's Portfolio prompts some revisions of the original rules regarding company size, number of stocks held, and reasons for selling.
An Aggressive Growth Approach to Investing in Expanding Businesses
September 1997 by Maria Crawford Scott
Stock Analysis Workshop: A look at David Alger's approach to stock selection explains where he finds growth stocks and how he places a value on them.
September 1997 by Maria Crawford Scott
Stock Analysis Workshop: A look at David Alger's approach to stock selection explains where he finds growth stocks and how he places a value on them.
Using Price-to-Sales Ratios to Screen for Out-of-Favor Stocks
October 1996 by John Bajkowski
Stock Analysis Workshop: Research suggests that the price-to-sales ratio may be a better determinant of undervalued stocks than price-earnings ratio. Building a screen based on the price-to-sales ratio.
October 1996 by John Bajkowski
Stock Analysis Workshop: Research suggests that the price-to-sales ratio may be a better determinant of undervalued stocks than price-earnings ratio. Building a screen based on the price-to-sales ratio.
Value Investing: A Look at the Benjamin Graham Approach
May 1996 by Maria Crawford Scott
Stock Analysis Workshop: Looking to the father of stock analysis for a classic approach to stock selection: Benjamin Graham and value investing.
May 1996 by Maria Crawford Scott
Stock Analysis Workshop: Looking to the father of stock analysis for a classic approach to stock selection: Benjamin Graham and value investing.
Starting an Investment Program With Dollar Cost Averaging
September 1992 by John Markese
Starting an investment plan can be daunting, particularly when facing a sea of stock market uncertainty. Taking the plunge can be made easier, however, using averaging techniques. A look at dollar cost and value averaging.
September 1992 by John Markese
Starting an investment plan can be daunting, particularly when facing a sea of stock market uncertainty. Taking the plunge can be made easier, however, using averaging techniques. A look at dollar cost and value averaging.
Stock Screening With Walter Schloss
by Cara Scatizzi
A disciple of Benjamin Graham and his value investing technique, Schloss looked for stocks that were hitting new lows and those trading at a price lower their their book value per share.
by Cara Scatizzi
A disciple of Benjamin Graham and his value investing technique, Schloss looked for stocks that were hitting new lows and those trading at a price lower their their book value per share.