| I'm addicted to charts...teach me fundamentals |
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jwhite622
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Cash: $ 17.25
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| I'm addicted to charts...teach me fundamentals |
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I'm very weak in econimic/fundamental analysis. I can tell you if the bulls and bears like are fighting, but I usually don't know why...
Any good books? Websites? blogs?
I frequent investors.com, and use the IBD tools...but I still want to know more.
For instance, what are the basic cycles of a bull/bear market ( mid cap--tech--large cap--etc.???)
Thanks ahead for any help...
J
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Sun Apr 02, 2006 11:27 pm |
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JBendar
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Location: Woodbridge, New Jersey
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| Re: I'm addicted to charts...teach me fundamentals |
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quote:
Originally posted by jwhite622
I'm very weak in econimic/fundamental analysis. I can tell you if the bulls and bears like are fighting, but I usually don't know why...
Any good books? Websites? blogs?
I frequent investors.com, and use the IBD tools...but I still want to know more.
For instance, what are the basic cycles of a bull/bear market ( mid cap--tech--large cap--etc.???)
Thanks ahead for any help...
J
Even though a lot of members here do not have high opinions of this individual (Jim Cramer), he can give you insight into Fundamental analysis. Check the Amazon web site. You can pick up his new book for a low price. The book is worth reading even if it has a lot of hype for his other interests. My interests also lie in technical analysis (even though the basics of fundamental analysis are part of my background - Accounting). You might try to do a search on Fundamental Analysis on Yahoo or Google, and see what you get. Good luck in your search, J!
JBendar 
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Mon Apr 03, 2006 1:24 am |
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jwhite622
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Cash: $ 17.25
Posts: 84
Joined: 02 Apr 2006
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Thank you for the help. I've browsed through REAL MONEY...and I'll definetily look into the annual reports...really good lookin' out!
I'm trying to fight the emotions on silver mining right now, and I look at the technicals...but I can't decide...so I am trying to use a little bit of fundy's to overide my stupid emotions ( I don't care what anyone says...emotions are part of investing--controlling them is what seperates the crowd)...
I'm stuck between PAAS, SLW, and SSRI...SWC seems nice, but some of the fundy's scare me...
How do you feel about the Precious metals future???
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Mon Apr 03, 2006 4:33 am |
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Rolo
Yo' Daddy
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Location: Colorado/Florida
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| Re: I'm addicted to charts...teach me fundamentals |
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quote:
Originally posted by coaster
fundamentals STILL isn't going to tell you why.
I think they provide contextual clues and background when the technicals look 50/50.
quote:
Originally posted by coaster
I suppose if I had to pick one book it would be "One Up On Wall Street" by Peter Lynch.
Ditto. I can let you borrow mine, j-dub2. It'll be on my desk tomorrow. I also have his second book.
I'm about to read Lynch's third book, "Learn to Earn".
quote:
Originally posted by coaster
And then just start reading companies' quarterly and annual financials.
behehehehe...that sounds like it requires one of those attention-span thingies.
"Expect me when you see me."
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Tue Apr 04, 2006 12:39 am |
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jwhite622
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Cash: $ 17.25
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| Re: I'm addicted to charts...teach me fundamentals |
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quote:
Originally posted by Rolo
behehehehe...that sounds like it requires one of those attention-span thingies.
That'st ok...I've stocked up on the Ridilin...speaking of that...I think I'll paroose the PHARMA section...haha...I'm mad!
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edit by coaster->jwhite, I fixed your quote
code:
[quote="Rolo"]behehehehe...that sounds like it requires one of those attention-span thingies.[/quote]
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Wed Apr 05, 2006 5:18 am |
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moam293
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fundamental analysis, well there is no easy way to learn about it, its involves a lot of reading, for instance you must understand, growth, the financial ratios, understand the sector, the other companies in the sector, etc.
for instance each sector is different, so you cant assume the rules you apply to sector 1 and aplicable to sector 2.
I good place to start learning about this, look up CFA I think you can audit their courses, ie. just take the lessons and not the exams,
That way you get all you need and in context with some structure
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Thu Apr 06, 2006 3:28 pm |
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Stock Mama
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Have you read the annual reports for Berkshire Hathaway? Look here:
http://www.berkshirehathaway.com/
The only annual reports I've seen with jokes in them. Warren Buffett, regardless of whether you think he's a genius or off his rocker, is a character. The reports are also, intentionally, educational.
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Thu Apr 06, 2006 5:49 pm |
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Martin
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Location: Houston, TX
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I am sure many people here will disagree, but in my experience fundamental analysis works only if you keep it very simple. The same is true for technical analysis.
Several good examples of how simple it should be can be found in 'What works on Wall Street' by O'Shaughnessy. His technicals are no more complicated than the price change over some number of months and his fundamentals are typically something like P/S. In case you doubt that something this simple can work, there is a mutual fund (HFCGX) that uses one of the strategies in the book. Its 10 year average annual return is about 18% and its worst year was about -5%, and all that without looking at a single financial statement. More research along the same lines is available at www.aaii.com.
Having said that, my favorite book on reading financial statements is 'How to read a Financial Report' by John A Tracy. It hits all the relevant points without drowning you in accounting details. The only problem is that you probably can't really trust the financial statements companies publish. There is always a high risk of analyzing noise or the figments of the accountant's imagination.
This probably doesn't really answer your question, but maybe it provides some food for thought.
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Thu Apr 06, 2006 8:10 pm |
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JBendar
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Location: Woodbridge, New Jersey
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quote:
Originally posted by coaster
quote:
Originally posted by Martin
The only problem is that you probably can't really trust the financial statements companies publish.
When reading of some of the ways companies can artificially enhance their cash flow numbers by accepted accounting practices I have to wonder of what use auditors are.
That's why Arthur Anderson does not exist any more. 
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Fri Apr 07, 2006 1:56 am |
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jwhite622
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Joined: 02 Apr 2006
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Thank you all for the great posts... One up on wall street was lended to me, so I'll travel that road first--and hit some of the websites mentioned...hopefully I won't confuse myself 
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Fri Apr 07, 2006 3:02 am |
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anthonygodsen
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Cash: $ 3.65
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if you want, you don't have to bother with either techincal or fundamental analysis but still make smart and yet consistent profit. investment is all about money management and risk management. it's purely a mental game. to win this game, you must be mentally strong or guided by others who are mentally strong.
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Sun Apr 30, 2006 8:36 am |
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Toto
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Location: Newport Beach
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quote:
Originally posted by jwhite622
Thank you all for the great posts... One up on wall street was lended to me, so I'll travel that road first--and hit some of the websites mentioned...hopefully I won't confuse myself
"One Up on Wall Street" by Lynch is the best initial book on investing anyone can read. Toward the end of the book he talks about the PEG ratio as a quick way of valuing a company. that is what fundamental analysis is all about - valuation. Start collecting formulas.
If an analyst tells you the target price is $42 and you know guidance on future sales, you should be able to back into the forward P/E being used.
I'll go dig some up and share some with you.
My name is Toto and I am a stockoholic! 
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Sun Apr 30, 2006 3:09 pm |
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jwhite622
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quote:
Originally posted by coaster
I really like the PEG ratio as a measure of how much you're paying for growth. My criterium for a growth stock is a PEG < 1.0 -- or some analysts use its inverse: G/PE > 1.0 (Growth rate divided by PE) Something else I like to see in a growth stock is Forward PE < Trailing PE.
Can you elaborate? For instance, what is it saying about a company with a PEG less than one, and vise versa?
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Sun Apr 30, 2006 3:54 pm |
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Toto
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| Setting the Target Price - One Way |
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Setting a Target Price
There are many ways you can set a target price and one of them I use I mentioned in my last post: estimating sales, profit margins, net income, etc. The link to the Jos. A. Bank analysis does use this method, but I thought I'd provide a more step-by-step look at it. It is a method I found in "Fire Your Stock Analyst!" by Harry Domash, an investment columnist for the San Francisco Chronicle.
This time I'll use Urban Outfitter's Inc. (URBN). They're a retail company with two primary brands, Urban Outfitters and Anthropologie. They came to my attention through a small-cap screen on MSN Money and failed the Foolish 8 test only because they're no longer a "hidden gem." Their daily dollar volume exceeded 25 million shares and they're covered by some 14 analysts.
Still, I wanted to look closer at the company as it has been experiencing terrific growth lately all without any debt.
Step 1. Forecast Target Year Sales
I use MSN Money to help with this as well as Yahoo's Revenue Estimates and then look for company pronouncements about guidance to come up with sales estimates for however far out I want to go, usually only 2-3 years.
MSN Money lists annual sales going back as many as 10 years. To find URBN's, you get a stock quote, choose Financial Results under Research, and click on Statements. Then select 10-Year Summary from the Financial Statements dropdown menu.
Year Sales % Gr
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01/03 422.8 21.1
01/02 349.0 18.2
01/01 295.3 7.0
01/00 276.1 32.1
01/99 209.0 20.7
01/98 173.1 10.7
01/97 156.4 17.6
01/96 133.0 20.8
01/95 110.1 *
CAGR for the 9 years was 18.32% using the CAGR calculator here: http://www.moneychimp.com/calculator/discount_rate_calculator.htm) with 19.7% being the average over the past two years after 2001's “stumble,” which was probably related in part to 9-11.
I next go to Yahoo! Finance and get a quote. I choose Analyst Estimates under Analyst Coverage and find that analysts are estimating 23.7% growth in revenues for FY04 ($523.1 million) and 21.7% for FY05 ($636.6 million).
I then listened to URBN's conference call and found that the company's goal is to achieve 20% annual average growth every year, but this past quarter was their most profitable and successful ever, really boosting sales as much as 29%, due in part to an increase in its number of stores.
While URBN has only had one year in the past 9 where its sales exceeded 21% growth and its CAGR runs to 18%, I feel confident enough that this year sales can grow 23% and return to the company's stated goal of 20% in FY05. Thus I'd estimate sales at $520 million this year and $624.1 million next.
Step 2: Estimate Net Profit Margin
I determined URBN's future net profit margin by looking at its historical performance. Going to MSN Money and this time choosing Key Ratios under Financial Results, I click Ten-Year Summary from the list and I get URBN's net profit margin for each of the past 10 years.
Year NPM
---- ---
01/03 6.5
01/02 4.3
01/01 3.6
01/00 6.8
01/99 7.6
01/98 8.0
01/97 8.5
01/96 9.2
01/95 9.8
URBN's average margin was 7.1% and the company has been steadily improving theirs. Indeed, Q3 saw strong margins posted again so I think a 7% NPM for '04 is reasonable, increasing to 8% in '05.
Step 3: Compute Net Income
Net Income equals sales multiplied by profit margin so I take my estimated FY05 sales of $624.1 and multiply my estimated net profit margin of 8% to come up with estimated FY05 net income of $49.9 million.
Step 4: Estimate Shares Outstanding
The 10-Year Summary under Financial Statements at the MSN Money site shows a history of how many shares the company has outstanding:
Year Shares
---- ------
01/03 38.8 Mil
01/02 34.7 Mil
01/01 34.5 Mil
01/00 34.7 Mil
01/99 35.3 Mil
01/98 35.3 Mil
01/97 35.1 Mil
01/96 34.2 Mil
01/95 33.9 Mil
URBN has been fairly consistent with the number of shares out and currently they have 39.6 million shares outstanding. There were no stock options granted in the current year though they did have a 2-1 stock split in September. For our purposes here, I'll keep the number constant out to '05 at 39.6 million.
Step 5: Convert to EPS
With net income estimated and the number of shares outstanding in hand, I can then calculate the company's EPS by dividing net income by the shares:
EPS = $49.9 million / 39.6 million = $1.26
Step 6: Estimate a P/E Range
Once again I go to MSN Money's 10-Year Summary of Key Ratios and find URBN's P/E over the past 9 years:
Year P/E
---- ---
01/03 19.30
01/02 20.40
01/01 17.60
01/00 20.40
01/99 20.30
01/98 19.40
01/97 24.90
01/96 16.10
01/95 20.40
URBN's average P/E was 19.9. I'd assign a low-end P/E of 17, representing what the company's P/E was when it had during its worst year of sales growth (FY01), and 28 for the high end, which is about where it sits now, at a time when it has performed better than ever.
Step 7: Compute Target Price Range
To obtain a target price, I multiple URBN's P/E by its EPS.
FY05 Low Target Price = 17 * $1.26 = $21.42
FY05 High Target Price = 28 * $1.26 = $35.28
To determine a target price at which to buy, I average my high and low price and then add in my "margin of safety." The average price is $28.35 which I then multiply by 50% and 55% to determine a "buy-in range."
Low Buy Target = $28.35 * 50% = $14.18
High Buy Target = $28.35 * 55% = $15.59
So somewhere between $14 and $16 I would consider buying URBN. As it now sits north of $36 per stub, I would hold off on any purchase. It may be awhile before I'm able to get in, but I'll put it on my Watch List and update my notes as the quarters progress and news comes out.
This is by no means an "end all" method for determining a target price. There are a lot of variables that come into play, a lot of subjective criterion. Even so, I try to minimize the emotion by basing my estimates on facts. It is also just one method I use, another being a discounted cash flow model which I can post at another time after I work through URBN's numbers.
Rich
My name is Toto and I am a stockoholic!
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Sun Apr 30, 2006 4:39 pm |
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Toto
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| More on Valuation |
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Date: 12/09/2005
Current Share Price: $30
THE NUMBERS
For trailing twelve months (TTM), FY 2005.
HURC
Owner Earnings: $12.39 M Net earnings: $14.1 M Depreciation: $1.33 M Capital expenditures: $3.04 M
Valuation Method 1 – Peter Lynch – “PEG Quick Test”
This valuation is based on a method explained in "One Up On Wall Street" by Peter Lynch. It is a simple test meant to quickly see how fairly valued a company is at it's current price.
Hurco's owner earnings are $12.39 M, and the enterprise value (true price) of Hurco is $174.24 million. That means investors are willing to sell you a business that is generating $12.39 M per year for $174.24 M
This represents what I call a “true PE” (actually called an EV/FCF) of 14.06. Divide that by the 21% growth rate that I am using for the next three years, and you get a P/E/G (technically a EV/FCF/G) of .67. For those of you who follow Peter Lynch's line of thinking, a PEG of 1.0 means a fairly valued company -- thus we are looking at a rather nice margin of safety in this quick and simple test.
Valuation Method 2 – Harry Domash – “Fire Your Stock Analyst!”
This valuation is based on a valuation method in "Fire Your Stock Analyst!" by Harry Domash. Special thanks to TMFCop for originally posting it online, and a very special thanks to yahboy for applying it to Hidden Gems and helping me use it.
1. TTM Revenue = $125.51 M
2. Sales growth estimate next 3 years = 21%
3. Estimate TTM sales 3 years out = $222.35 M
4. Yearly Net Profit Margin = 11%
5. Estimate net income 3 years out = $24.46 M
6. Current shares outstanding = 6.22 M
7. Share dilution = 1%
8. Est shares outstanding 3 years out = 6.41 M
9. EPS 3 years out = ($24.46M / 6.41M) = $3.82
10. Estimate PE = 10
11. Calculate Fair Value 3 years out = (EPS * PE)
$3.82 * 10 = $38.20
This is saying that a fair value for the stock 3 years from now would be $38.20. Because I am most interested in those stocks that can provide me yearly returns of 25%, which is a two-bagger in three years, I can simply divide this number by two to calculate a good buy-in price which would be $19.1. As you can see, because of Hurco's great performance last quarter, we added $3 to our buy in price which we expect to get 25% annualized returns. This means we were able to increase our buy in price by almost 20% ,despite lowering sales growth estimates.
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Valuation Method 3 – TomG - The Thumbnail Sketch
I have adapted the Thumbnail Sketch to estimate the next three years rather than the next five (which is what TomG uses) to make it consistent with valuation method 2 for comparison purposes.
Step 1: Calculate owner earnings: $12.39 M
Step 2: Estimate three-year growth rates: 21%
Step 3: Apply growth and multiples. To tabulate the level of owner
earnings in three years, apply 21% yearly growth on today's run rate of $12.39 M in owner earnings. Extend it over three years. You'll come up with owner earnings of $21.95 M. To that, TomG often applies a multiple 30% above his estimated growth rate. For example, a company growing at 7% gets tagged with a 9x multiple on earnings. With HURC, I will apply a much lower multiple of 10. Hurco is a little different because it is in a cyclical industry. Its 5 year average PE is less than 10, but as it continues to grow and become unhidden, it is reasonable to expect its PE to increase as well. Hurco is cyclical, but it is also expanding into new markets such as China and possibly India. With a multiple of 10, we end up with a capitalization in 2008 of $219.5 M.
Step 4: Add net cash. Next, add back the cash and debt. HURC has net cash of $13.2 M. That brings us to a market cap of $232.7 M, the first time we can look into the future and see Hurco approaching a quarter of a billion dollar company.
Step 5: Calculate share dilution, which lessens the value of existing shares held by owners. For HURC, I use 1%. There are 6.22 M shares right now, so in 3 years there will be 6.41M shares.
Step 6: Divide. We now have an estimated range for the total value of HURC three years from now, as well as an estimated total number of ownership shares. Now, divide $232.7 M by 6.41M shares. You're left with an estimated share price in five years from today of $36.30.
Step 7: Calculate the annual projected return by dividing the estimated share prices by the present price of $30, and then take its third root. That calculation shows yearly returns of 6.6%.
Conclusion: With small caps, we target performance of 25%. At today's price, you would be looking at an annual return of 6.6%. Thus by this measure, Hurco's shares are almost fully valued looking into the future.
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My previous Hurco valuation can be found here,
http://boards.fool.com/Message.asp?mid=22914602
Quick Analysis
Executive Summary: Hurco is still a great company, but its shares are approaching full value.
Obviously, quite a lot has happened since my last valuation post. Hurco turned in a monster of a quarter, aided even further by considerable tax benefits which saved the company millions of dollars this year.
This presents a dilemma. In doing our valuation work, it can be pretty easy to get vastly different values depending on whether one is looking backwards or forwards. In looking back, one can argue that we should include the favorable tax adjustment. After all, that is money that the company earned in normal operations and has learned that it will now not have to pay in taxes, thus it is money the company gets to keep. However, looking forward we can see that this is an unusual one time occurrence of extremely low taxes (actually, according to the statement of operations, taxes were so low as to be -$361,100), and therefore earnings can not continue to grow at 21% off of this new base which is unusually high.
Going forward, I don't think it would be prudent to expect this sort of thing to occur again. In trying to get an up-to-the-minute valuation for current operations, one may include the beneficial tax credit, but as value/growth investors looking three-five years into the future, I think we should probably make assumptions based on earnings which do not include the tax credits.
With that said, if we exclude the gift from Uncle Sam, owner earnings this quarter shot up to $12.39 M for the trailing twelve months (TTM). Also important, net cash nearly doubled, from $7.28 M to $13.2 M. This is something that I think many beginning investors often forget to check. Net cash doesn't show up in the P/E ratio, so I would recommend always taking a few seconds to look up how much cash (minus long term debt) is on the books. Would you pay $100 million for a company that is earning $10 million? What if that company also had $100 million in cash sitting in a bank account? That company would be a steal (quite literally), but you'd never know it just by looking at the P/E ratio.
Sales
Anyway, in my valuation work, one of the first things one may notice is that I once again lowered my sales growth estimates. My last valuation was trying to estimate perfect performance and estimated sales growth at 25%. Well, perfect performance is exactly what we got with the company, and even at what one could argue is the peak (or approaching the peak) of a boom in the machine tool cycle, the company saw 26% sales growth. But the thing is, even at this perfect moment, sales only reached 26% growth because it was aided to the tune of 2.5% by favorable exchange rates. The dollar is coming off of all time lows against the Euro, and has risen over the last two quarters. If this trend continues, Hurco's foreign sales (which makes up the majority of its sales by far) could be hurt as foreigners find its prices to be less competitive than they once were. I don't think we should count on being aided by favorable exchange rates. I choose to try to focus on the merits of the operational business, and if exchange rates happen to swing our way, that will be an added bonus. For this reason, I have lowered my revenue growth estimates to 21% (and again this still represents a perfect performance estimate).
Profit Margin
In my last valuation, I used a TTM profit margin of 9%. I noted that margin was increasing, but that the figure should be watched closely. I'm happy to say that this trend has continued. In fact, profit margin has skyrocketed. From a FY 2004 margin of 6%, Hurco now shows a profit margin which has more than doubled in FY 2005 to 12.81%. However, this number shows the tax benefits which we are not likely to see next year. If we back out the tax benefits, we see a profit margin of 11%, which is the one I have used in this valuation. In the latest press release, our CEO mentioned a new cost cutting program which he felt will add to Hurco's bottom line. I do not have any details on the program or what the expectations are for it, but I found it very interesting that the CEO decided it was important enough to mention in the press release, so I have a feeling it is going to be a program of significance. For now, I am keeping my estimated profit margin at 11%, but with continued economies of scale and this new cost cutting program - if any readers are interested in playing around with the numbers for themselves - I would say that if anything one should lower sales estimates some and increase profit margins some.
Future Outlook/Cyclicality
Overall I think the future looks good for Hurco. Things are moving along nicely. However, as we all keep reminding ourselves, this is a cyclical business. The latest machine tool demand report for which was for the month of September 2005 (there is a delay of almost a quarter on these things) was not so good. Demand was beginning to slow somewhat, and whether this is just a blip or the beginning of a long term trend needs to be watched.
Overall, Hurco has a number of things going for it to help weather the cycle. For one, the new product line which first started rolling out in 2002 is extremely popular and selling well. This can help Hurco concentrate on gaining market share inside a market that has slowed expansion. In addition, Hurco faces the unprecedented situation of watching the two most populated countries in the world making the momentous shift from agricultural third world countries into free market-complete-with-goods-and-even-services developed countries. Despite what worldwide machine tool cycles exist, growth from China and India may help suppress the punishment. Hurco has already enjoyed explosive growth in Asia, and opened brand new center in China just a month ago. While there has been no move into India that I am aware of, management is keeping a sharp eye on that market and has said so numerous times.
In addition, sales here at home may actually be boosted by the twin hurricanes, as people in the affected southern states begin reconstruction efforts. At least, that is the feeling of industry experts. I personally am not near knowledgeable enough to determine whether business will be hurt or aided by so much destruction, so I am deferring to the industry leaders. Their theory that reconstruction will cause increased demand for machining centers certainly sounds plausible. If true, this could be an important factor in staving off a downturn in the industry.
Short Term
I would like to expand more, but my lunch break is drawing to a close so I had better wrap this up.
As you probably noticed at the end of valuation methods 2 and 3, both methods estimate that the shares are approaching full value. Hurco had a great quarter, but shares have doubled since the last valuation and that kind of out performance can only continue for so long before share price catches up with the intrinsic value of the business, even with stellar earnings. Essentially what we did was buy undervalued shares and sit and wait for a catalyst to cause the market to realize their true value. That catalyst was the stellar earnings report which woke everyone up and made them realize that maybe this isn't just a no-name $80 million company but a great company lead by strong, ethical management and bright prospects for the future (a hidden gem).
TomG's valuation method suggests that Hurco's return for the next three years will be around 6.5%. It is tough to call something like that, but I would say this is a pretty good estimate. 6.5% is about what America, Inc. earns every year with inflation added in, so essentially what this valuation is suggesting with a 6.5% return is that these shares are currently fairly valued, or close to it.
What you choose to do at this point is up to you. A lot of smart people can look very dumb by trying to make short term predictions. It is a loosing game. Personally, I am wondering if we are going to see a big sell off after Jan 1. A lot of people are sitting on gains of 50-100%, and they probably would like to lock in those profits, but they know if they wait just a couple of days they can defer those cap gains taxes for an entire year. Again…I have no idea if any of that is true, it is just an idea I am tossing out.
I am personally not allowed to sell my holdings for at least 30 more days because of the article I published and the trading agreement I signed with Fool.com, so you know I will be holding for at least that long. After that…I may end up selling, as I said may have a family member who needs a sizable personal loan and this would raise the funds.
Barring that I may sell to look for the next undervalued fish in the sea, or I may hold on and enjoy 3-5 years of tax deferred gains. I am usually averse to selling (I still have some of the very first stocks I ever bought) and I am not quick to cut out on a growing stock. As Lynch says, don't cut your flowers off and water the weeds.
Even if I do sell, the party wouldn't be over with Hurco. It is a great company, and as the trading range discussions have shown, a volatile one. I have invested a lot of time in this company, and I intend to continue following it. This may be a great place to sell and get back in on a huge dip. Maybe two months from now we will be bringing in TMFCop or Tom E to talk trading ranges and how it would be a good time to buy.
Before I bring this one to a close, I would just like to thank all of you who have helped contribute the discussions on this company. In particular, btuff2 with his constant industry updates and company commentary, and more recently platoish for bringing up the tax adjustment issue as it pertains to future earnings.
On that note, I should note that this valuation post is a little different because there is a lot more to think about. Without the stock blindingly cheap, everything is not so clear cut as in the past. I would appreciate if you would wait on making any buy/sell decisions until you have heard critiques or rebuttals from other members. I may be leaving out some very important things.
Thanks again everyone,
WBuffettJr
DISCLOSURE: Hurco makes up a significant part of my portfolio, and you should take that into consideration when reading my analysis
My name is Toto and I am a stockoholic!
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Sun Apr 30, 2006 5:26 pm |
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