Global Value Investing |
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.
National
Association of Investors Corporation Investment
education for individuals, young and old, new and experienced.
Information for investment clubs and youth. Offers low-cost
Dividend Re-Investment Plans (DRIPs). Offers fee-based software
for (1) customizable screening with over 60 parameters, and (2)
analysis of S&P Compustat Datafiles of over 3,500 companies,
including Analyst Consensus Estimates (ACE) and historical
graphing. NAIC Home Page
Natural
Investing
Your money is your voice to the world. Natural
Investing is about making financial choices that are in alignment
with your personal values - your social, spiritual, environmental
and ethical concerns. The book Investing
with Your Values : Making Money and Making a Difference, 1999,
Bloomberg Press guides you through the process of creating a
profitable, values - based portfolio. It shows how to bring
personal finances - and the global economic system - into
alignment with our highest values. NIS maintains a proprietary
Social Rating which evaluates with a heart rating
(ranging from one to five hearts) the social policies and
characteristics of socially screened SRI mutual funds. NIS seeks
to promote awareness of socially and environmentally responsible
business, investing and consumer resources. Avoidance Issues :
Alcohol, Animal Welfare, Environmental Pollution, Excessive
Executive Pay, Gambling, Global Warming, Nuclear Power,
Repressive Regimes, Sweatshops and Child Labor, Tobacco, Weapons
and the Military, Workplace Discrimination; Affirmative Issues :
Affordable Housing, Clean Transportation, Community Development,
Education, Energy, Conservation, Environmental Cleanup, Job
Creation, Progressive Workplace Policies, Renewable Energy,
Recycling, Tree Substitutes, Useful Products and Services. Natural Investing
Numa Option Calculator Uses an adjusted
Black-Scholes model to value European put and call options.
Calculates theoretical option value and implied volatility. Also
available are calculators for multi-options, warrants, and
convertible bonds. NumaWeb : The Internet Resource Center For
Financial Derivatives
OnLine Investment Services Comprehensive guide to stock and commodity brokers; Discount Stock Brokers Ranked report with reviews and rankings of low-cost, middle-cost, and high-cost brokerage services; Discount Commodity Brokers Ranked report. Discount Stock and Commodity Brokers
Perspective on Value
Why Share-Owner Value? Twelve years ago, the cover of our 1984
Annual Report contained these words: "To increase
shareholder value over time is the objective driving this
enterprise." That statement is as true today as it was then
-- and that idea is more prominent than ever at The Coca-Cola
Company. In this essay, adapted from remarks delivered to the
Executives' Club of Chicago last November, Roberto C. Goizueta
discusses our mission. A
Perspective on Value
Public Register's Annual Report Service 24 hours a day,
365 days a year; free annual reports on more than 3,600
public-traded companies. The Public Register's Annual Report Service
Quicken.com
Comprehensive investment information. Company Research (enter
ticker symbol with symbol lookup), Financials (radio button),
Evaluator (Six steps: Growth Trends, Financial Health, Management
Performance, Market Multiples, Intrinsic Value
with 2-stage growth using earnings and debt instead of cash flow,
and Summary) and recent SEC Filings (rank by either Date or Form
Type). Quicken.com
Stocks
Quote.com Market quotations for stock, bond, fund, index
and money markets in U.S. and non-U.S. including governments,
foreign markets, and foreign exchange. Can personalize. Free and
fee. Quote.com, Inc.
Random.org True random number service. Uses a source of entropy outside the computer corrected for skewness to generate true as opposed to pseudo random numbers. Pseudo-random numbers have the characteristic that they are predictable, meaning they can be predicted if you know where in the sequence the first number is taken from. For some purposes predictability is a good characteristic, for others it is not. random.org
Research: Magazine -
InvestorNet Online free and fee-based information. Major
categories include Investment Research, Tracking Investments,
Analysis, and Investor Tools. Major functions include Watch List,
Portfolio, Price Quotes, Screens, and News. InvestorNet
Resources for Economists on the Internet Bill Goffe,
Department of Economics and International Business, University of
Southern Mississippi, Hattiesburg, MS. A selective guide for
academic and practicing economists and those interested in
economics. This site includes a searchable index to the entire
guide. The guide has many substantial, narrowly-focused resources
and clickable links as well as a summary Table of Contents, an
analytical Table of Contents, and a description of each non-email
resource. Resources
for Economists on the Internet
Reuters Money Network Software product with a
news clipping service and two data subscription plans: Gold for
mutual funds, and Platinum for stocks, bonds, mutual funds, CDs,
and money market funds. Monthly updates of data originated by
S&P are downloaded via local Compustat dedicated transmission
line. The Platinum plan includes 60 variables for 10,000 U.S.
stocks, 20 variables for 6,000 U.S. bonds, and 40 variables for
6,000 U.S. mutual funds. Sort, rank, and screen. Historical price
charts, current price quotes, and portfolio tracking. For
subscription, call 1-800-521-2475. Portfolio tracking at Moneynet
Robert's Online Applications In Java or JavaScript:
spreadsheet, loan pricer, portfolio pricer, commissions pricer
(over 40 transaction services for stock or option trades with
either 800 toll-free number or www address), stock volatility
charts, option strategy visualizer (3-D), option pricer,
derivatives pricer (digital, knock-in, and knock-out option
types). Robert's
Online Applications
Savings Bond Wizard
United States Treasury, U.S. Savings Bonds and Bureau of the
Public Debt, provides a "redemption value wizard", a
calculator and report writer for a portfolio of savings bonds,
and other pricing tools for savings bonds. Either download
Savings Bond Wizard 1.07, Savings Bond Wizard Information, and
Savings Bond Value Files, or create/request a diskette. Savings Bond Wizard
SEC EDGAR Archives Search The index for 1995,
1996, and 1997 is a full-text WAIS index of the header
information contained in each document. A sample header file is
included. US Securities and Exchange Commission
SEC EDGAR Database of Corporate Information
Company filings of Annual Report to Shareholders, forms ADV
(registration as an investment adviser or RIA), 10-K (annual),
10-Q (quarterly), 14 (proxies), 485 (fund prospectuses),
Schedule13D (mutual fund ownership report), 13F, executive
compensation sources, and other documents with the U.S.
Securities and Exchange Commission. A guide to corporate filings
provides a short description of the most common documents filed
with the SEC, and most are filed electronically. EDGAR. Special
purpose searches include: (1) CIK (10-digit Central Index Key)
and Ticker Symbol Lookup, (2) Current Events Analysis, (3) Mutual
Funds Retrieval, (4) Prospectus Search, (5) Exhaustive Mutual
Funds Search, (6) Schedule 13D Ownership Report, and (7)
Executive Compensation Test. Search
the EDGAR Database
SmartMoney Tools include broker ratings of best
and worst discount, full-service and online; calculators and
worksheets for personal finance. Quotes and research. Data and
tools for analyzing stocks and mutual funds. SmartMoney.com
SocialFunds.com Socially responsible investing
(SRI). "Screening" is one of the
fundamental strategies used by responsible investors. In addition
to meeting financial criteria, the "screening" process
includes or excludes companies from a portfolio based on a set of
social, environmental, ethical, or religious guidelines defined
by the investor. Includes education, funds, tools, newsletter and
services. Socially Responsible Investing
Standard & Poors Blue List U.S. corporate and
municipal bond current offerings; free & fee. Blue List
Standard & Poors Compustat PC Plus With PC
Plus financial analysis software, you have the single platform
for a comprehensive family of financial and market databases:
COMPUSTAT, covering companies in North America GLOBAL
Vantage, covering companies in the World Sector Data, both
economic and industry Economic Data, macroeconomic
statistics and indicators On-line Prices, daily market data
ACE, Analysts' Consensus Estimates I/B/E/S
Institutional Brokers Estimate System FIRST CALL, daily
consensus estimates and recommendations. Access insightful
textual information: PC Plus also provides access to extensive
textual information through the Compustat Library. The Compustat
Librarya major component of PC Plusbrings you our
premier textual databases: Standard & Poor's Stock
Reports EDGAR from Compustat Business Descriptions
Country Overviews Trends & Projections. Standard
& Poor's Compustat Home Page
Standard & Poors ComStock A real-time
market data provider delivering information from over 125
exchanges and sources worldwide. Market coverage includes
equities, options, futures, commodities, foreign exchange,
currency analysis and news. Serves as the communication pipeline
for S&P's financial data from Platt's, MMS, Equity
Services Group, MarketScope, DRI and Compustat.
Provides one-stop access to many international market data even
if real-time not needed. Standard
& Poor's ComStock on the Net
Standard & Poors Earnings Guide
(monthly; in print). Includes the Street Estimates of EPS for
next quarter, next two years, and 5-year Projected EPS growth
rate. Also includes Net Tangible book per share, Cash Flow per
share, and P/E ratio. Some of the data are available for a
download fee through StreetSmart by Charles Schwab. See
the S&P Stock Guide. S&P Equity Investor Services: Stock Screens
Standard & Poors Personal Wealth
U.S. stocks, global stocks, bonds, currencies, and commodities.
Holdings, analysis, plan and recommendations, fee and free. PersonalWealth
Standard & Poors Ratings Criteria There are
key criteria but no risk/creditworthiness ratings for eight
analytical sectors including corporate finance, managed funds,
public finance, and sovereigns. Standard & Poor's Ratings Services
Standard & Poors Stock Guide (monthly;
in print). Includes common stock rankings of earnings and
dividends based primarily on their growth and stability,
preferred stock ratings, and mutual bond fund ratings. For common
and convertible preferred stocks, also includes data on splits,
dividends, financial position, capitalization, and earnings. Note:
Some of the S&P data are available on monthly downloads
through subscription to StreetSmart by Charles Schwab via
Reuters Money Network using a local Compustat dedicated line. StreetSmart
is a package of tools and services designed primarily for
chartists and short-term traders who place more order
transactions than do long-term investors and thus generate more
retail broker commissions, wholesale dealer commissions, and
other transaction-related fees. Cui buono? S&P Equity Investor Services: Stock Screens
Statistica by StatSoft. Quick Statistica
includes all the analytic and presentation graphics of
Statistica, data management, and a wide selection of statistics. Quick
STATISTICA Interactive
Probability Calculator animated example: As you change the
parameters that control the distribution, the graphs of the
density and distribution functions change interactively. Probability
Calculator Example
Stockpoint Personalized online investment tools. Use StockFinder Pro
to search multiple data sources of nearly 10,000 publicly traded
companies. StockFinder Pro returns a list of up to one hundred
stocks that match your customized search criteria based on 30
data fields in four categories including Price (8 fields), Risk
(7 fields), Sice/Capitalization (4 fields) and Revenue and
Earnings Data (11 fields). Results are presented in a spreadsheet
format. Because StockFinder Pro is built with java, you can
interact with the results, add customized data fields, and
reorder columns according to your personal preference without
conducting another search! Stockpoint.com
StockSelector Four stock "value"
calculators based on StockSelector value (the five year average
PE of the stock times next years estimated earnings per share),
PEG value (the estimated earnings per share for next year times
the estimated long-term growth rate), Industry value (the
Industry Average PE Ratio based on next year's estimated earnings
times the company's estimated earnings for next year ), and
Present value (the estimated value of the company's book value,
adjusted for inflation, based on current earnings estimates and
using a period of five years ); also analysis of the Dow by five
ratios with rankings of the 30 stocks for each ratio at different
page at the same web site. StockSelector:
Calculators
StockSense Introduction to the discounted
cash flow (DCF) method for stock valuation with several
variations on the basic model of John Burr Williams: dividend
discount model (DDM), Gordon growth model (GGM), two-stage growth
model (2SG), and free cash flow to equity model (FCFE). The
interactive presentation of each of the equity valuation models
includes a spreadsheet with formulas and graphical
multidimensional sensitivity analysis written in JavaScript so it
will work on any computing platform. Includes links to data
sources and related resources. Stock
Valuation With Sense
Stock Smart Subscription service includes
companies, industries, U.S. markets, world markets, quotes, news,
and mutual fund information. Research covers 20,000+ companies in
58 countries with earnings and industry analysis with stock
screening. In-depth data on U.S. companies includes SEC filings.
Stock
Smart
StockTools Services include Database Query (sort by one
of 12 criteria), Quote & Graph (configurable), Industry
Groups (9 basic groups or sectors and 55 sub-groups or
industries), Portfolio Manager, and Graph Wizard (configurable). StockTools
StockVal G-Model is
"claimed" to be a variant of the classic dividend
discount model. The model output is expressed in Warranted PE
(WPE) rather than a present value calculation of a predicted
dividend stream. The WPE (i.e., the price to earnings ratio which
is warranted or justified given the set of assumptions which have
been presented to the model) is then applied to forecast earnings
points twelve months forward and twenty-four months forward. The
resulting warranted price, current and one year forward,
constitute the terminal output. Appreciation potential and
expected return projections are calculated from these values.
And, because WPE's are dynamic (they change as model variables
change), testing of different model variable assumptions is
accomplished instantly. StockV G-Model
US Tax Resources.
Federal and States income tax forms, publications and US tax
code. Tax Resources in the Internet
University Angels On-line angel investor network devoted
exclusively to students and graduates of the world's leading
universities. Makes it easy for investors and entrepreneurs in
these communities to work together to help launch or grow viable
business concepts into industry-leading organizations. UniversityAngels.com
Value Line Investment
Survey Full-page reports on approximately 1,700 stocks.
Includes 23 series of vital financial and operating statistics
going back 15 years and estimated 3 to 5 years into the future.
Each weekly issue provides updated reports on 130 stocks. Summary
data for each stock includes Rank for Timeliness (6 to 12 month
price appreciation potential), Rank for Safety (definition not
available), the Company's Financial Strength rating, and three
indices of quality (Stock's Price Stability, Price Growth
Persistence, and Earnings Predictability). Per-share data
includes Sales, Cash Flow, Earnings, Dividends Declared, Capital
Spending, and Book Value. Additional data includes Recent Price,
P/E ratio, Relative P/E ratio, and Dividend Yield, as well as
business description, commentary and the namesake Cash Flow Line.
Subscription only, but available in many libraries at the
reference desk. Also Value Line Investment Survey for Windows
has two versions available on monthly CD-ROMs with weekly updates
of price-related data to download from their bulletin board: one
for 1,700 stocks, and another for 5,000 stocks. Provides
customizable data fields, screening, ranking, export to
spreadsheet, and pre-set charts on demand. Value Line Publishing,
New York, NY. For software subscription, call 1-800-654-0508. Value
Line
Venture Capital Resource Library Venture capital
database, list and browse investment opportunities, business plan
template; FAQs, money, services, research, and free forms. Venture
Capital Resource Library
Wall Street City (Telescan)
A collection of one-question "calculators" in 13
categories of personal finance including one for Stocks that
contains nine questions about return on investment. Wall
Street City - Calculator Center
Wall Street Research Net Central collection point for
on-line information about any stock or fund. Research information
includes (1) QuickSearch filtering by several criteria in each of
price & yield, growth, ratio, and size screens; (2) a
company, including industry comparison with competitors; (3) the
economy; (4) the markets including price quotes; and (5) mutual
funds. WSRN.com:
Home Page
Wiley, John & Sons Corporate finance and
equity valuation Excel spreadsheet programs for both PC and
Macintosh by Aswath Damodaran can be downloaded free. The list of
programs appears with this hyperlink on the Models page of Value
Investing. Wiley College: Damodaran/ Corporate Finance
World Economic Forum Reports on global
competitiveness of nations. World
Economic Forum
World Wide Web Resources in Economics Describes
material that could be of interest to mainly academic economists
and is at least in part freely available on the Internet. Broad
topics. Department of Economics, Faculty of Social Science,
University of Helsinki, Finland, and the Center for Innovative
Education, Helsinki School of Economics and Business
Administration, Finland. WebEc
- WWW Resources in Economics
WorldyInvestor.com Interpreting the world for individual
investors. Price quote and ticker symbol lookup. EDGAR Online SEC
filings by form or by date. The proprietary new WI ADR Index of
100 of the largest capitalization, most frequently traded ADRs
(American Depositary Receipts listed in the U.S. and tradable by
U.S. investors) with proprietary rankings by country and or by
economic sector. All U.S. stocks, mutual funds and ADRs and
Canadian stocks; foreign exchange; global indices. worldlyinvestor.com:
Global Stocks and Market Information
Xenon Laboratories Universal Currency Convertor ™ basic list includes 66 major currencies, 3 precious metals and special drawing rights. A longer "full" list of currencies is also available. Xenon Laboratories
Yield Curve Yield curve spreads can be calculated in basis points for active U.S. Treasuries with terms of 3M, 6M, 1Y, 2Y, 3Y, 5Y, 10Y and 30Y. Provided by StockResearch.com. Treasury Yield Curve
Zacks Investment Research Free
services include e-mail alerts, earnings-per-share surprises,
company research reports, price quotes, and other data. Daily
summary of the current stock recommendations of 3,000 analysts
employed by 230 US brokerage firms gives the "full
story" for each of 6,000 companies. Zacks organizes the
brokerage recommendations and its own conclusions into a number
of fee-based and free services. Zacks
Investment Research
ZDNet Search Keep your investment information private
and not on the Internet for the world to see. Using the search
terms "stock market quotes" takes you to the downloads
for Mach 6 and Stocktick, and using the search terms
"personal stock quotes" takes you to the download for
Personal Stock Manager (PMS) v3.08 from DTLink Software. PSM
retrieves stock quotes for multiple portfolios from a variety of
Internet quote servers. Simply enter stock symbols, and PSM
automatically calls any of a dozen quote servers to get prices at
any interval you specify. PSM offers loads of options, such as
audible high/low price alerts, history maintenance, and
configurable columns. Your investments can be organized in an
Explorer-style hierarchical folder system with easy drag-and-drop
for management. Tight integration with Internet information lets
you organize sources of financial info beyond quote fetching,
using bookmarks or favorites as you would with your browser. An
optional stock ticker can display stock prices, and a nicely
organized toolbar eases use. Other features include dial-up and
proxy settings, news retrieval, extensive charting, fuzzy search
symbol lookup, and Quicken .qif import/export. A QuickStart
configuration wizard gets you connected quickly; then detailed,
well-organized help provides the details. A Gold edition, also in
the library, supports additional quote servers for more non-US
exchanges, currency exchange rates, email and pager alerts,
custom import/export, and more. Foreign currency conversion in
the Gold version allows you to convert all retrieved quotes into
a common display currency. FOREX rates can be updated
periodically over the Internet. Additionally, cash accounts can
be created in different currencies, and displayed in the currency
of your choice. Reviewed on May 11 1999. System
Requirements: Internet connection and Windows 95, 98, or NT.
Purchase Information: Shareware: Free to try, $29.95 for regular
version or $49.95 for Gold version if you decide to keep it. Search ZDNet
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