Global Value Investing

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A multifaceted approach to value investing with stock valuation based on intrinsic value estimated from cash returns, appraised value of assets, and other facets of value.



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This is a guide. We are not advisors or fiduciaries. Nothing in this Web site, home page and related pages, emails, or other communications by the author, either written or oral, are intended to be a recommendation to either buy, hold, or sell any specific security or group of securities. Likewise, nothing herein should be construed as an endorsement of any financial adviser, investment manager, commercial information provider, transaction service, or brokerage firm.

We make no referrals to particular investment managers. We administer no standardized IQ tests, personality tests, or psychological profiles of particular investment managers. We perform no management audits to determine if a particular investment manager is a practitioner of the method of valuation. We conduct no financial audits to determine the amount by which a particular investment manager exceeded the average annual total return on equity of the S&P 500 or other proxy of the stock market as a whole.

Trademarks and fair use. The names Global Value Investing
TM, DCF ValuatorTM, InsighterTM and Intrinsic Value ForumTM are original trademarks. Likewise, this Web site logo and related graphic designs are original trademarks. These words and their homonyms and these designs are not yet registered or pending as trademarks according to a preliminary search using two sources: The Directory of U.S. Trademarks, 1997 Edition, and CASSIS: Patents and Trademarks on the March-April 1997 bi-monthly edition of the CD-ROM. In addition, these phrases and graphic designs are not known to be "confusingly similar" to other trademarks. Our rights in these trademarks arise from actual use, and we are in the process of filing proper applications to register them in the U.S. Patent and Trademark Office (PTO). These sources do not include trademarks covered by any of the 50 state registrations or common law trademarks which have not been registered.

A notice of copyright appears at the bottom of most pages of original content. The extensive excerpts and quotes at this Web site are intended to encourage visitors to read the original works which are given credit whenever the identity of the copyright owner is known. No one at the Value Investing Web site profits by their use, and the intent of their use is not personal gain. They are considered to be "fair use" as interpreted by The Chicago Manual of Style: The Essential Guide for Writers, Editors, and Publisher, 14th edition, 1993. Chicago: The University of Chicago Press.

Caveat Emptor! Beware potentially fraudulent pyramid sales schemes and pyramid investment schemes. The Internet is an unregulated international medium comprised of protocols for machines to intercommunicate. The operative word is unregulated. Virtual storefronts in cyberspace can disappear easily and quickly with a few keystrokes leaving no office to be raided and no files to be confiscated.

Terms of Use

Please read these terms of use ("Terms of Use") carefully before using this Web site (the "Site"). By using this Site or downloading material from this Site, you signify your agreement with these Terms of Use. If you do not agree with any of these terms, do not use this Site or download any materials from it. Value Investing (referred to as "Value Investing," "we," "us," or "our") reserves the right to modify, alter or otherwise update these Terms of Use at any time and you agree to be bound by such modifications, alterations or updates. You should visit this page from time to time to review the then-current terms because they are binding on you. This Site is maintained and operated by Numeraire.Com (hereinafter "Numeraire").

Restrictions on Use of Materials

This Site is owned by Numeraire. No information, software or other material (collectively referred to as "Materials") from this Site may be copied, modified, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that (i) you may download one copy of the Materials on any single computer for your personal, non-commercial home use only, provided you keep intact all copyright and other proprietary notices and (ii) you are allowed to use for non-commercial purposes and print the output of the investment models in the DCF Valuator application, and you can make as many copies as you want as long as the copyright and trademark notices are left intact; you may not however, distribute the DCF Valuator electronically or otherwise.

Trademarks and Copyright

In order to ensure that this information remains freely accessible, this Site and the Materials on this Site are copyrighted and are protected by U.S. and worldwide copyright laws and treaty provisions.

All other brands and names are property of their respective owners.

Global Value Investing, DCF Valuator, Insighter, and Intrinsic Value Forum trademarks may only be used with express written permission from Numeraire.Com.

Except as expressly provided in these Terms of Use, Numeraire does not grant any express or implied right to you under any copyrights, trademarks or other proprietary rights.

Linked Sites

The linked sites are not under the control of Numeraire, and Numeraire is not responsible for the content of any linked site or any link contained in a linked site. Numeraire reserves the right to terminate any link or linking program at any time. Numeraire does not endorse companies or products to which it links and reserves the right to note as such on its Web pages. If you decide to access any of the third party sites linked to this Site, you do this entirely at your own risk.


We do not promise that the Materials will work on your computer and we are not responsible if they do not.

The Materials on this Site are provided "AS IS" and without express or implied warranties of any kind including warranties of merchantablility, noninfringement of intellectual property or fitness for any particular purpose. Numeraire does not warrant that the information on this Site will be accurate, complete, uninterrupted or error-free, that defects will be corrected, or that this Site or the servers that make it available are free of viruses, worms, Trojan Horses or other harmful components. Numeraire does not make any representations regarding the use of the Materials on this Site in terms of their correctness, accuracy, reliability, or otherwise. You (and not Numeraire) assume the entire cost of all necessary servicing, repair or correction arising out of your use of the Materials on this Site. The Material that you read on this site is provided solely for educational purposes. In no event will Numeraire be responsible or liable to any person or entity for any damage, loss, injury, liability or other cause of any kind (including without limitation damages for loss of profits, business interruption or loss of information) based upon or resulting from any use or inability to use the Materials provided on this Site.


Notes, messages, ideas, suggestions, concepts or other material submitted to Numeraire ("Submissions") will be considered non-confidential and non-proprietary. Numeraire will have no obligation regarding Submissions. Numeraire and its designees will be entitled to copy, distribute, incorporate, modify and otherwise use the Submissions for any type of commercial or non-commercial use including in any media whether now know or not yet conceived. When you submit Material to this Site, you agree that Numeraire has the right to publish the Material for any type of use as outlined above including promotional and advertising purposes. Information submitted to Numeraire through this Site is governed by Numeaire's privacy policy.

Numeraire is not responsible for any Submissions or Material posted on the guestbook or the message board, if any, or message sent by means of email, if any. You will not submit or otherwise publish through the guestbook or message board:

  1. defames, libels, invades the privacy of, is obscene, pornographic, abusive or threatening;
  2. infringes on any intellectual property or other right of any person or entity, including but not limited to copyrights and trademarks;
  3. violates any law;
  4. advocates any illegal activity;
  5. advertises or solicits funds for goods or services.

You agree to indemnify Numeraire and its officers, directors, employees, agents and distributors from and against any and all third party claims, demands, liabilities, costs or expenses, including reasonable attorney's fees, resulting from your breach of any of the foregoing agreements, representations, and warranties.

In Conclusion

Unless otherwise specified, the Materials on this Site are presented solely for the purpose of education and promoting ideas available in the public domain. This Site is controlled and operated by Numeraire from its offices within the State of Texas, USA. Numeraire makes no representation that Materials on this Site are appropriate or available for use in other locations. Those who choose to access this Site from other locations do so on their own initiative and are responsible for compliance with local laws, if and to the extent local laws are applicable.

Privacy Policy

This Privacy Policy sets forth Numeraire's current policy regarding what information we gather from this Web site and how we use it. This policy is provided to you for informational purposes only. Please be advised that this policy may be changed by Numeraire at any time.

We keep everything we find out through this Web site to ourselves. We sell no product or service and thus do no marketing. We do not send spam, solicit personal information except for voluntary demographics for advertisers sponsoring the DCF Valuator in association with opt-in free subscription to the DCF Valuator Insighter email newsletter, or use cookies except possibly for easier access authorization. If you want to hear from us, you have to ask. If you send us feedback about this Web site and include a return address (real or email), we will probably try to respond to you.

Just as it is necessary to obtain the IP number for a host with a given domain name, it is often necessary to do the reverse, that is to obtain the domain name associated with a specific IP address. Simple authorization checks used by some Internet applications and some diagnostic services need the fully qualified domain name associated with an address, for example. We do not capture or in any way use email addresses or information used and/or sent in the Global Value Investing guestbook or the Intrinsic Value Forum message board except to selectively offer free subscription to the DCF Valuator Insighter email newsletter.

We look at the access logs for this Web site. The information in these logs may include computer type, browser, version, domain (,, etc.) and machine name depending on the Web server. We use this information to decide how to make this Web site more useful and interesting.

We also plan to add up the numbers to see how many of you are doing what and what you're using to do it. We count how many people visit the site and what pages are most popular. We also check to see the date and time of your visit. The only personal information that we have is what you voluntarily send us.

Personal information may be collected when you send us email, fill out guestbook forms, fill out message board forms, and fill out newsletter subscription forms. Again, we use this information ourselves and do not share it with anyone.

Visit to analyze your connection and to see a demonstration of the ways you are traced when using the Internet.

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