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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: chaz who wrote (45910)8/27/2001 3:37:45 PM
From: Mike Buckley  Read Replies (1) of 54805
 
Chaz,

With that in mind, in connection with NMTC here we had a brief reference to various financial reporting sites, and examples of how we can simultaneously look at sites that give near opposite readings.

Any time you are using a data feed showing historical earnings, make sure you know whether or not the site excludes one-time charges. Any site that uses data provided by Zacks excludes one-time charges. An example of one that excludes them:

quicken.excite.com

However, once you get beyond the most superficial stage of looking at a company, DO NOT rely on data feeds. Their information can occasionally be inaccurate. Always, always, always use SEC filings and only SEC filings when seriously examining data about a company. An additional benefit to using SEC filings is that you have all the data in front of you, allowing you to massage it to arrive at an understanding in the context you want to view it as opposed to being forced to relying on the context the data provider chooses to use.

For those of us now inclined to learn something about valuation ... where should we start

1)Begin here: fool.com

2) Take Pirah up on his long-time offer to teach creating a discounted cash flow.

3) Read Paul Philp's piece in the RTW about ROIC (return on invested capital)

which reporting sites seem to be the most real world?

For valuation, ignore data feeds. There are too many ways to construct the most commonly used valuation ratios; unless you know how each site is calculating them, you have no idea of the meaning of their numbers. And they are occasionally incorrect in applying their own method.

Good luck!

--Mike Buckley

P. S. I believe we might have a valuation convert in the making. :)
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