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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The following investment research tools and resources are listed alphabetically. Some of these resources may not be available yet on-line and thus do not have a link shown here. Information useful to intrinsic value investing is mentioned in the link descriptions, but these web sites may also contain material that is either irrelevant or even inimical to pure intrinsic value investing.

The site descriptions are often verbatim quotes from these resources and are thought to be accurate at the time of abstracting.
These quotes 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.

Please Note: We do not actively maintain this list. If you notice that a link is dead, please let us know. Inclusion of a site on this list is not to be construed as any sort of endorsement or recommendation by us of the site or its creators.



10-K Wizard Search engine for U.S. SEC filings. Filings, Insider Trading, Institutional Holdings, Pension Funds, Financials, and Company Snapshot (Advanced Wizard with closing price, absolute dollar price change, percentage price change, and share trading volume). Search categories or filters which can be combined: Ticker (with lookup), Key Word(s), SIC Code (with table), Date Range, Industry, Form Group, and Form. Access real-time filings, set alerts, and download text and financial data in tables in Excel or PDF format. 10K Wizard: Home Page



AAII Stock Investor Stocks: Stock Analysis Workshop: "Data Sources: Where to Find the Information That Meets Your Needs", AAII Journal article dated November 1995, compares then-available stock databases for depth and breadth of coverage, timeliness of data, delivery medium, and cost. AAII's Stock Investor for Windows has over 8,000 stocks on monthly CD-ROMs with weekly updates of price-related data to download from their bulletin board. that provides customizable data fields, screening, ranking, export to spreadsheet, and pre-set charts on demand. For software subscription, call 1-800-428-2244. American Association of Individual Investors

American Partnership Board The most active U.S. limited partnership trading firm, operates the Online Central Auction Facility. This is the first interactive online auction-based resale system for buyers and sellers of limited partnerships and other illiquid securities. The online auction system was designed to promote a fair and equitable marketplace for resales of illiquid securities, enhance availability of price information, and facilitate best execution.
APB - Limited Partnership Auction

Low-cost, on-line transaction service.
Welcome to Ameritrade

Annual Report Gallery Online collection of financial reports and links.
Annual Report Gallery

Arachnoid Calculators
On-line, interactive finance and scientific/engineering calculator written in JavaScript so it will run anywhere with a Java-enabled brower. Special functions include four types: Trigonometry and Logarithms, Programming, Miscellaneous Functions, and Financial Computation. In addition, on the Math, etc. page, at Money Math, the superseded Financial Calculator 2.0 includes a tutorial, presents financial equations, and calculates net present value, future value, and rate of return (interest rate) for an investment. On the Top page is a link to an article entitled "The CareWare Idea" by Paul Lutus.



BEAR Valuation Business Equity Appraisal Reports. Snap-shot and full-scale valuations of small closely-held to large companies with complex capital structures for a professional fee. Business Equity Appraisal Reports

Big Charts
Quick charts and configurable interactive charts on U.S. stocks and industries. Includes price history with earnings announcements, splits and other events.

Bloomberg Personal
Quotes, news, data, and analysis. Research a company or fund. World markets and energy (crude oils and natural gas).
Bloomberg Personal

Bloomberg Personal:Yields Yield "curves" for G-7 and Dutch governments. Only the U.S. has a curve. The others are tables. Includes U.K. governments as benchmarks from 3 months to 30 years.
Bloomberg Personal: International Yield Curves

Bonds Online
Quotes/Search, U.S. corporate, municipal, CMO, zero-coupon, Treasury and savings bonds.

Business Directory
Dow Jones guide to high-quality business web sites rated for content, speed, navigation and design.
Dow Jones Business Directory



CBS Market Watch Foreign exchange rates, international indexes, international stocks, news. - Global Markets

Coalition for Environmentally Responsible Economies
CERES is a non-profit coalition of investors, public pension funds, foundations, labor unions, and environmental, religious and public interest groups, working in partnership with companies toward the common goal of corporate environmental responsibility worldwide. The Coalition for Environmentally Responsible Economies (CERES) has emerged as a worldwide leader in standardized corporate environmental reporting and promoting the transformation of environmental management within firms. Formed out of a unique partnership between some of America's largest institutional investors and environmental groups, CERES has pioneered an innovative, practical approach toward encouraging greater corporate responsibility on environmental issues.

Council on Economic Priorities
CEP is a public service research organization dedicated to accurate and impartial analysis of the social and environmental records of corporations. Provides a Corporate Report Card with information about company social responsibility for consumers and investors that rates companies, not on sales, but on issues like environmental stewardship and treatment of employees. Council on Economic Priorities

CNNfn World Stock Markets
Exchange/bourse, index, level, change, date, and new record highs for Asia-Pacific, Europe, Africa & Middle East, and Americas with a separate page for U.S. markets that includes Dow Jones Industrial Average, NYSE Composite, NASDAQ Composite, AMEX Market Value, Standard & Poor's 500, and five other indexes.
CNNfn - World Markets

Corporate Library
A central repository for research, study and critical thinking about the nature of the modern global corporation, with a special focus on corporate governance and the relationship between companies and their shareowners. Includes CEO contracts, power and accountability, governance and performance.
The Corporate Library

CPA Class U.S. GAAP, accounting textbooks, study, annual report project (Financial Ratios: A Summary of Definitions, Guide to Understanding Financials, Anatomy of an Annual Report, 10-K Wizard search engine for SEC filings, and Tax Resources). A comprehensive source of information for those who are interested in becoming a Certified Public Accountant (CPA). Information about Financial Accounting Standards Board (FASB) and American Institute of Certified Public Accountants (AICPA). News:
FASB Proposes to Eliminate Pooling of Interests for Business Combinations, September 8, 1999; Download the FASB Proposed Statement of Financial Accounting Standards: Business Combinations and Intangible Assets, September 7, 1999. CPA Exam Information (How to become a CPA Web site)

CPCUG Historical graphs of capital markets and national economies. Economic Indicator Charts include U.S. economic charts (business cycle indicators), Canadian economic indicators, long-term graphs (market and economy), and on-line chart room. Long-Term Stock & Bond Charts include stock and bond indexes, S&P 500 Index total return, P/E and yield, interest rates, price indexes and inflation, and inflation-corrected market indexes and interest rates.
CPCUG InvestSIG - Charts



Data Downlink Corporation .xls service is the most comprehensive collection of pre-formatted, application ready, analytical information known to be available. Information is downloaded directly into your spreadsheet, saving hours of typing and data conversion. The .xls service is available on a corporate subscription basis, with premium data sets priced à la carte. .xls Home Page

. Low-cost, on-line transaction service.

DBC Online: Financial Markets: Industry Groups Information on 38 industry groups.
DBC Financial Arena: Industry Center

Crystal Ball risk analysis and decision intelligence software, based on spreadsheet, with Monte Carlo simulation; includes overview and topics about risk, models, simulation, interpreting simulation results, optimization and time-series forecasting.

Management decision-support analytics. DecisionScript is a Web application server and development platform for building server-side, JavaScript applications that use artificial intelligence. It is the first tool on the market developed explicitly for Web designers who build sites with decision-making capabilities.
Vanguard Software Corporation

Dismal Scientist
US and non-US economic information and economic analysis. Economy, Data, Thoughts, Forecasts, and Toolkit. Economy section includes Index of Leading Economic Indicators and general price level measures of Consumer Price Index and Producer Price Index and "core" CPI and PPI (excluding "high-noise" energy and food components). Toolkit section includes calculators, including CPI, PPI, and Stock Market Fair Value Calculator.
The Dismal Scientist & Stock Market Valuation Calculator



EDGAR Online
Up-to-the-minute U.S. SEC filings. Premium service includes 144 Insider Transaction filings, presentation-quality filings in word processor format, and exclusive drill-down tools.
EDGAR Online: The Source for Today's SEC Filings

Escape Artist
Offshore investments. The website for anyone moving to another country. For escaping Americans, expatriates, overseas job seekers, tax exiles, adventurers & freedom seekers.
Escape Artist

Low-cost, on-line transaction service.



FASB Exposure Drafts. U.S. Financial Accounting Standards Board. Download full text of proposed new financial accounting standards. FASB Exposure Drafts

FinanCenter Smart personal finance made easy. Calculators for stocks, bonds, and mutual funds as well as for homes, autos, credit cards, credit lines, budgeting, savings, and retirement.
FinanCenter: Smart Personal Finance Made Easy

Commercial software application with 280 industry-standard risk management routines or mathematical models to price an exhaustive array of security and derivative types including equities, bonds, commodities, options, futures, forwards, swaps, swaptions, interest rates, foreign exchange, and exotics. Competing packages costing over one million dollars provide these analytics. It is not a total risk management solution or a complete specialist exotics product, but it gives the core 80 percent of it for virtually nothing as an MS Excel add-in. The pre-built templates for the most popular applications can be used as is or be customized, and users can build their own pricing models using the computed assisted design (CAD) capabilities. In a model for equities, the user supplies the dates and cash flows. The workbook of templates includes a common equity option portfolio.Useful for hedge funds, institutional investors, and high-net-worth individual investors.
FinancialCAD Welcome Page

Financial Data Finder (Ohio State University Fisher College of Business). Search directory for a wide variety of financial topics.
Fisher College of Business Financial Data Finder

Financial Players Center Personal finance and investment education. A community concept for financial knowledge. Introduction to the time value of money (TVM). Includes three on-line single-function financial calculators: Present Value, Future Value, and Periodic Payment.
Financial Players Center

Online library for lawyers, students, the public, and business. Search FindLaw Guide for U.S. corporate and securities law.

Lists Internet resources providing substantive information concerning economics and finance-related topics. Academic journals, working papers, databases, and other sites.

Form 1040 Single source for U.S. Federal and State tax information, forms, links, mail and fax addresses. Portfolio churning creates taxable events and thus transforms recognized income into realized income. Unless in a tax-deferred account, any capital gains net of capital losses each year result in a cash tax payment to the Internal Revenue Service. 1040 and Other Tax Information Web Site

Free, unlimited access to indexed SEC Edgar filings, today's filings, email alerts of targeted company filings by creating a Watchlist, and instant download of financial data into Excel spreadsheets.
Partes® Free Real-Time SEC EDGAR Filings



Gomez Advisors Personal Finance Internet-Broker Scorecard rates and ranks each quarter brokerage firms by category (Overall Score, Ease of Use, Customer Confidence, On-site Resources, Relationship Services, and Overall Cost) and by profile (Hyper-Active Trader, Serious Investor, Life Goal Planner, and One-Stop Shopper; includes Methodology and reviews of each firm; also Internet-Banker Scorecard and Internet-Insurance Scorecard. Brokerage Scorecard

Governing Corporate Objective: Shareholders vs Stakeholders Essay by James M. McTaggart, Chairman
Peter W. Kontes, Chief Executive, Marakon Associates. "Virtually all CEOs and directors of publicly traded companies, especially in the United States, acknowledge that creating value for shareholders is an important corporate objective. Typically, however, shareholders are considered to be only one of a number of important constituencies or "stakeholders" vying for a preference in management's evaluation of key decisions. These stakeholders are usually specified to also include customers, employees, suppliers (including creditors), and the wider community."
The Governing Corporate Objective



Hoover's Online Current information in Company Capsules on approximately 11,000 companies in the U.S. and non-U.S. including approximately 8,000 U.S. public companies, 2,500 private U.S. companies and non-profit enterprises, and 500 foreign companies and U.S. subsidiaries of foreign companies. There is in-depth coverage of the 2,700 largest, fastest-growing, and most colorful companies including every U.S. NYSE, Amex, and NASDAQ NMS stock, over 1,000 NASDAQ Small Cap Market stocks, over 1,000 U.S. private companies, and over 500 foreign companies. Welcome to Hoover's Online!



Inflation Calculator A form to enter three figures: the amount of money, the initial year, and the final year. Based on the Consumer Price Index from 1800 to 1995 with pre-1975 values from the Historical Statistics of the United States and later values from the Statistical Abstract of the United States. The Inflation Calculator

Intrinsic Value Associates
Publishers of Intrinsic Value Weekly which contains commentary and valuations of economic sectors, and updates of Intrinsic Value Reports targeted primarily for institutional investors. Data tables on selected sectors. Weekly performance of the Intrinsic Value Portfolio and fundamental value drivers. Non-subscribers can still get Intrinsic Value Weekly, but on a two-week delay. Although the free copy contains then-dated information, it can be an instructive look at the thinking behind the estimation of intrinsic value.
Intrinsic Value Associates - Equity Research and Valuations

InvestingSites - Brokers Guide to investing on the Web; includes a list of links to full-service and on-line brokers and other resources.
InvestingSites: Brokers

Invest Offshore Financial privacy; offshore tax havens around the world, private banking, investments, security dealers, accountants, and law firms. Many countries levy no taxes on capital gains, corporate earnings, or dividends, so the major benefit of a tax-structured offshore investment lies in rapid profit (tax-free) compounding features of the investment. There are countries where there is no taxation of any kind, including income tax, profit tax, capital gains tax, wealth tax or estate tax. Bahamas, Bermuda, Turks & Caicos Islands, and Cayman Islands are the most popular of these. There are countries in which direct taxation is imposed at relatively low levels such as Barbados, Switzerland, Luxembourg and Channel Islands. Some of these have tax treaties with high tax jurisdictions like United States and Canada, for example Barbados that taxes income starting at the highest 2.5% rate and permitting earned surplus to be repatriated tax free to countries whose residents hold beneficial control of the offshore entity. There are countries such as Hong Kong, Monaco, Gibraltar and Malta that apply the territorial concept where only domestic-source income is taxed and foreign-source income is not. Each international banking and financial centre in the world has unique features and benefits. Although there are many trillions of U.S. dollars and Euro Dollars at work in these centres, there is a similarity to the legal structures. That is so because many of the countries referred to as offshore havens or tax havens operate by similar non-resident legislation, based on English Law, that provides virtually the same privacy and tax benefits. There are unique features of course but in the main the offshore legislation is easily compared from country to country, and there are many books on the subject.
Each country has a Government Investment Office, or agent of national investment policy that is designed to sell foreigners on the benefits of dealing in that particular jurisdiction. It pays to review this material directly before talking to professional or commercial parties who will offer you their assistance. In the Tax Havens section of, we will present the official summaries of many of these countries. The ones that appeal to you may be close enough for you to easily visit, and we encourage that, but we think that our readers should carefully examine the unique features and opportunities offered by several different countries before choosing one. InvestOffshore

Investor Protection Trust
Provides independent, objective information needed by consumers to make informed investment decisions. What's you Investment Quotient (IQ)? Investing 101: The Basics. Checking out your financial professional. Avoiding and resolving disputes. Warning: Scams, Schemes & Swindles. State listings.
IPT Web site

InvestorGuide Comprehensive resource for investing, personal finance, and learning. Contains FAQs, site search, web search, and useful articles about Advisors, 10 Principles of Investing and Personal Finance, and Overall Strategy including The InvestorGuide Strategy and Other Investment Strategies (see Value Investing). Also features research tools, an annotated directory of links, and useful information about investment fraud (see Search: List of Pages and Topics: Bird's Eye View: Fraud and Scams-Answers, and Learning: Advice on Taking Advice: Fraud and Scams).
InvestorGuide - Your Guide to Investing on the Web



Jadco Stock Charts Fundamental charts of adjusted actual and projected revenues and earnings for over 2,500 companies. The Jadco Grade is a fundamental analysis indicator of the relative value of an investment. Conceptually, it reflects the amount of growth rate of corporate earnings that can be acquired given the current stock price. Refinements to this concept have been implemented, as described below. Also, the Jadco Grade is a relative indicator, not an absolute measure. A greater Jadco Grade reflects a greater investment value, indicating a greater growth rate is available per dollar of stock.The Jadco Grade for a stock is a ratio, composed of a numerator called the G+D, and a denominator called the AP/EE. Therefore, it can be represented by the formula: Jadco Grade = (G+D)/(AP/EE). •The G+D numerator has two components that are added: •G is an adjusted, weighted average of past and projected earnings growth rates for the company •D is the projected dividend rate per share. •The AP/EE denominator is the Adjusted Price / Estimated Earnings per Share. Adjustments include: •Price is adjusted by the amount of Net Cash. •Net Cash is defined as Cash on Hand (COH) less Long Term Debt (LTD). It represents the free cash available if all LTD were paid off using COH. When COH exceeds LTD, the resulting Net Cash is positive and the Price is adjusted by being lowered by this amount. When LTD exceeds COH, the resulting Net Cash is negative and the Price is adjusted by being increased by this amount. •Estimated Earnings are composed of either: •The most recent two quarters of actual earnings plus the next two quarters of projected earnings, when projected earnings are available, or •The most recent four quarters of actual earnings, when projected earnings are not available. Jadco Stock Charts

James' Calculator A financial calculator with cash flow style for investments and fixed payment style for loans and mortgages. Calculates net present value, future value, and rate of return.
Financial Calculator



Kiplinger Online Financial calculators for (1) saving & investing, (2) mutual funds, (3) bonds, (4) stocks, (5) home, (6) auto, (7) credit card, and (8) budgeting. Financial Calculators



LENS Investment Management Activist money manager uses corporate governance campaigns against entrenched management of underperfoming companies with strong underlying values. LENS The Active Investment Alternative

Global Securities Information's Mergers & Acquisitions Database can locate comparable deals and data -- including direct access to the source documents. Gives you the ability to quickly: Conduct single-step precedent research, with over 100 searchable data items; Find concise summaries of each deal, including attorneys, financial advisors and fees; Search more than seventy types of transactions; and Find the data you need to prepare custom tables. Fee.
Global Securities Information, Inc.



Market Guide Provider of proprietary financial information for over 10,000 publicly-traded companies. New York Stock Exchange, American Stock Exchange, NASDAQ and OTC. Stock ticker lookup and quotes. Research. DRIPs. NetScreen online screening with 20 variables. StockQuest by download with over 50 pre-defined variables. Market Guide for Windows on CD-ROM with over 550 variables. Market Guide Inc.

MatLab for Finance Powerful yet easy to use financial toolbox for numerical computation and visualization from Matrix Laboratory at The MathWorks. Links to Excel.
MatLab for Finance

MEAP's Currency Conversion Calculator Daily exchange rates each weekday for 35 currencies and quarterly exchange rates for over 170 currencies provided by the U.S. Federal Reserve Bank of New York. Customize with your selection of six currencies.
Currency Conversion Calculator (JavaScript)

Media General Financial Services
Common stock database of clean, consistently-stated financial information. The MGFS Common Stock Database is comprised of annual and quarterly Balance Sheets, Income Statements and Statement of Cash Flows for over 9,000 publicly traded companies on the NYSE, AMEX and NASDAQ (includes National Market & Small Cap Stocks; does not include OTC Bulletin Board or Pink Sheets). In addition, the MGFS Database has daily price and volume information on over 10,000 issues going back to 1980. The common stock universe is divided into 215 Media General industry groups and possesses over 400 American Depository Receipts (ADRs) that trade on U.S. exchanges. The MGFS price-sensitive data is a fully adjusted reflecting increases or decreases in outstanding shares resulting from stock splits, stock dividends, mergers, stock-for-stock, or stock-for-assets acquisitions, recapitalizations, etc. All financial data are taken from actual company annual reports, 10-K reports, 10-Q reports, interim reports, EDGAR filings, and public relations wire releases. Price and volume data are based on quotations from the Composite Tape and NASDAQ Market, as furnished by the Associated Press.
Media General Financial Services

Control-premiums for valuing a controlling ownership interest in a company. Monitors mergers and acquisition activity with online report of daily deals, daily value, and year--to-date value for all announced deals in U.S. dollars.

Moody’s Investor Service Sections include ratings, research, economics, data and directory. The ratings section includes ratings and real-time rating actions, sovereign ratings, rating coverage, how to use ratings, and rating definitions.
Moody's Investors Service

Moody’s Manuals Seven years of company financial statement data and industry data. Monthly or quarterly CD-ROMs and annual archive CD-ROMs for Windows and DOS. Two versions available: one for U.S. (all 6 Manuals) 10,500 stocks, and another for International 14,500 stocks. Provides customizable data fields, screening, ranking, export to spreadsheet, and pre-set charts on demand. New York: Moody's Investors Service, Inc., a subsidiary of Dun & Bradstreet Corporation.
Moody's Investors Service: Products

Morningstar.Net Online free and fee-based information on mutual funds and stocks. Major sections include Learn, Plan, Research, and Monitor including price quotes. Research includes firm and fund Quicktakes with ticker lookup. Screening of either stocks or funds. Zack's analysts' estimates of 5-year EPS growth rates. Note: The Research Quicktake Style Box, used to summarize a stock or fund, includes two dimensions: Size (rows) and Investment Valuation (columns). The breakpoints for both dimensions are arbitrary but divide the universe into categories with comparable numbers of stocks or funds. First, Size (Small, Medium, or Large, with breakpoints at $1 billion and $5 billion) is based on market value as measured by market capitalization of equity. Second, Investment Valuation or Price Multiples (Value, Blend, or Growth; or more descriptively, Low, Medium, or High, with breakpints at 1.75 and 2.25) is based on accounting value as measured by the sum of the Price/Book and Price/Earnings ratios for the stock or fund relative to the same ratios for the S&P 500 Index. Neither the market value nor the accounting value for a stock or fund is necessarily the same quantity as its intrinsic economic value because all three concepts are different. The Style Universe results from adding a third dimension to the Style Box: return decile, a measure of relative performance, color-coded from best to worst. Note: The Monitor X-ray View combines the stocks, bonds, and cash holdings with the components of any mutual funds into an aggregate portfolio analysis.

Multex Investor Network
Research for serious investors. Online clearinghouse of institutional (brokerage house) research. By the time you download these reports, the market has already digested the analysts' recommendations. Offers a broader, more comprehensive analysis of a particular stock or market sector. Fee.


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