Archive for February, 2008

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Posted by Dan Hung

at February 29, 2008

Buy astelin without prescription, To get a better understanding of the PEG ratio, we should look at the underlying factors in evaluating price-to-earnings and growth. To do this, astelin from canada, Buy astelin low price, we will start by making some assumptions. These assumptions may not be entirely representative of real life, cheap astelin in canada, Purchase astelin without prescription, but they will help to provide a baseline for the analysis and give some direction should you want to try to do a more rigorous analysis.

Basically, buy astelin in canada, Buy astelin once daily, we're going to do discounted earnings analysis making the assumption that long-term earnings and cash flow should be relatively similar. Thus, astelin no rx, Buy astelin online australia, we can calculate a fair value for the company based on earnings and use this to establish fair value P/E multiples.

Thus, for a no growth company we have the following equation:

from this we can quickly see that we can get a no growth P/E for any discount rate simply by dividing both sides by E to yield:

Using standard discount rates of 8, 10, and 12 percent, we get no growth P/Es of 13.5, 10, and 8.3, buy astelin without prescription. Here's we find one of the main fallacies of the PEG ratio, find astelin without prescription. Astelin online stores, As P/Es can clearly exist reasonably for a company which is not growing its earnings. A no growth company trading at a P/E level below 8.3 is likely to provide significant value to its investors provided it has begun returning earnings in the form of dividends, canadian pharmacy astelin. Cheapest astelin online, The PEG ratio for such a company would be either non-existent or near infinite suggesting a poor value. Buy astelin without prescription, Now, let's look a company which is growing its earnings. The discounted earnings would be as follows:

And, astelin pills, Find no rx astelin, predicted P/E:

Clearly, if we were to divide this by g, canada astelin, Astelin for sale, we would get a target PEG ratio. Here, buy astelin from canada, Astelin non prescription, we hit a quandry of sorts. The g term in the PEG ratio is typically the consensus estimate for next year's growth, astelin no rx required. Low price astelin, The g term in our discounted earnings model is the long term growth rate for the company which cannot exceed the required rate of return as logically the long term growth rate ought to be about equal to that of the overall economy. In the US, this amounts to about 3%, buy astelin without prescription. As it is near impossible to project out a company's earnings growth to the point that it's earnings fall in line with the economy, buy cheapest astelin on line. Order generic astelin, In fact, many companies will re-invent themselves before they allow such a thing to happen, buy cheapest astelin online. Astelin sales, It seems that it is here that my absolute PEG calculations hit a dead end. That being said, astelin tablet, Purchase astelin online, I think we've done a lot today and I may continue this series next week. Buy astelin without prescription, What have we learned. Well, cheap generic astelin, Astelin price, first and foremost there clearly is a mismatch between Price to Earnings and Growth from a units standpoint. It is clear from our analysis of a no growth company that fair value P/E can exist even when growth does not, astelin for order. Astelin overnight delivery, The key now is to determine if there is a usable range for the PEG ratio or if maybe the only thing we can do is use it as an indicator of relative value as discussed in the previous post on the PEG ratio.

I'll take the weekend to think of how to better analyze the PEG model we developed using discounted earnings analysis and will report back on Monday, where to buy astelin. Buy cheapest astelin, Also, today is the last day for you all to comment in attempts to win a free book, cost of astelin. Buy astelin without prescription, The leader right now is "TheWildInvestor" who has commented once since the free book contest began. Suffice it to say, order astelin from canada, Astelin vendors, I'm a little sad. Cheap astelin pill. Cheap astelin pharmacy. Order astelin cheap online. Buy cheap astelin.

Fundamental Analysis, Tutorials

Buy Atripla Without Prescription

Posted by Dan Hung

at February 26, 2008

1 Comment

The Price Earnings to Growth Buy atripla without prescription, ratio is often relegated to "rule of thumb" status and doesn't get much press despite that fact that it combines two of a stock's most important fundamental attributes - the price to earnings ratio and forecasted earnings growth.

One main issue with this metric is the fact that it is not much more than an arbitrary combination of two values which don't even have the same units, order atripla overnight delivery. Atripla online sale, As a result, it's hard to pinpoint exactly what the PEG ratio signifies outside of allowing a first-glance look at whether or not a company warrants its high P/E ratio, cheap atripla overnight delivery. Cheap atripla in uk, But, with a little ingenuity, find discount atripla online, Atripla in bangkok, maybe we'll be able to extract some more use out of this handy little metric.

A Measure of Market Valuation Tendencies
We've often heard of P/E being used as a method of gaging the market's current overall valuation, cheap atripla from usa. For example, if the average S&P P/E is above 15, people hoot and howl about an overbought market, buy atripla without prescription. Atripla online sales, If it's below 10, we wonder what the hell is going on, find cheap atripla online. Atripla in uk, PEG offers a similar look at what the market is willing to pay for perceived growth at any specific time.

Using the S&P 500 as a basis, atripla australia, Find atripla, we find that PEG ratios are distributed as follows:

click image for full size

90% of all PEG ratios fall between 0 and 2.5 with 10% being above this. The distribution within the 0 to 2.5 range looks roughly normal and thus allows us to do a few basic statistical calculations, cheapest atripla.

S&P 500 PEG Ratio Analysis
Mean	1.26308
Median	1.22
Standard Deviation	.4285
90% Confidence Interval	1.81 - .71

Buy atripla without prescription, Thus, it looks as if the market is currently paying somewhere between a 1.2 and 1.3 multiple for growth, though if we assume that PEGs for an average company can be normally distributed, a PEG anywhere between .71 and 1.81 is not unusual. Purchase atripla, Granted, in the case of fundamental valuation metrics, discount atripla without prescription, Cheap atripla tablet, the assumption that this number will somehow be randomly assigned is a dubious one at best. Furthermore, atripla buy drug, Approved atripla pharmacy, the .71 - 1.81 range is so large that it provides very little overall benefit to our understanding of the stock in question other than that most seem to have normal valuation relative to growth.

For those wondering, buy discount atripla online, Cheap atripla online, if outliers were added back into this analysis, mean PEG would rise to 1.52 but median PEG would rise only to 1.27 which would seem to say that there are a small number of outliers which skew PEG ratio distribution significantly, atripla rx. Atripla alternative, We can likely assume that these extreme PEG ratios are due to extraneous circumstances and not to traditional valuation.

What did we learn here, buy atripla without prescription. Well, sale atripla, Atripla cost, for one thing, it would seem that PEG ratios do not tend to 1 as is the general rule of thumb, buy atripla pills. Atripla cheap price, That being said, the other general rule that a PEG ratio greater than 2 is "overvalued" seems to be corroborated by our analysis, real atripla without prescription. Find cheap atripla, Thus, it would seem that we've narrowed the usable range of the PEG ratio to between .71 and 1.81 and with a critical value around 1.25, order atripla no prescription required. Canadian atripla, Obviously, this analysis has less to do with true valuation and more just a look at the general range that investors are willing to pay for their stocks, atripla online without prescription. Buy atripla without prescription, I admit that the analysis is crude and makes some assumptions which may be suspect (let me know if you feel that any part of this post is glaringly weak), but I think the overall look allows some insight into the usefulness of the PEG ratio and should help you to make more informed decisions when using it. Atripla tablets, In the next post, I plan to discuss how to use the PEG ratio as an active valuation metric as opposed to simply a screening metric, order atripla no rx. Buy atripla on line, We'll look at discounted earnings/cash flow analysis and risk premiums, and try to tie it to growth in order to create a more accurate model for predicting fair-value PEG ratios, atripla india. Buy atripla internet, Or, at least we'll try, best price atripla. Order atripla in us, To tell the truth, I haven't done this quite yet and it may turn out that there is no such thing as a fair-value PEG ratio, purchase atripla overnight delivery. Cheapest generic atripla online, Your guess is as good as mine. Feel free to post your thoughts on how you might go about creating an "absolute PEG model" for valuing stocks.

Fundamental Analysis, Tutorials

Buy Atrovent Without Prescription

Posted by Dan Hung

at February 24, 2008

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Looks like my little "Weekend Diversions Buy atrovent without prescription, " idea is not quite weekly feature but more a whenever-I-want feature, but I do hope its interesting and helpful for you all out there when I do write it. This week, online atrovent, Order atrovent on internet, I've found an interesting site I'd like to link out to called Zooble. With a name like Zooble, atrovent online, Overnight atrovent, you'd think it was some sort of new web 2.0, social networking web application, atrovent online without a prescription. Atrovent purchase, It's not. It's actually a pretty neat blog where the writer shares reviews and links to various services which allow you to blog for money, cheap atrovent from uk. Though, to tell the truth it links out to many services that allow just about anyone to make money online, not just through blogs, buy atrovent without prescription. Buy atrovent online cheap, The blog is quite cool and usually stays on topic though the author, being in it for the money, find discount atrovent, Cheap atrovent no prescription, will sometimes do paid blog posts for some less than scrupulous services. For example, atrovent side effects, Find atrovent on internet, there's a post from February 10th which advertises cash-advance loans or payday loans. Any good investor knows that these are never a smart decision, order no rx atrovent. Where to order atrovent, That being said, there are a lot of very cool services that you may never have thought of using for your own blog, buy atrovent overnight delivery. Buy atrovent without prescription, I, for one, did not know about how many paid post services there are out there. For example, Type or Write, Squidoo, and Review Stream. Order discount atrovent online, Prior to happening upon the Zooble blog, I had only heard of Pay Per Post which is cute, order atrovent no prescription, Best price for atrovent, but doesn't seem to have many great advertisers.

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Posted by Dan Hung

at February 21, 2008

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Buy augmentin without prescription, Was yesterday's post on investing in your vices a little disheartening. Order augmentin, Does the "angel" investor inside you wish you could only invest in cute and cuddly companies which breed unicorns and consume green house gases. Luckily, I think we all know that there's more than one way to make money in the markets, buy cheap augmentin internet. Order cheap augmentin online, Yes, vice can be a consistently profitable business model, augmentin buy, Order augmentin from us, but there are many other great ideas borne of societal necessity which are beneficial.

Socially responsible investing is not quite as easy as vice investing, buy augmentin in us. Find augmentin online, While vices are pretty easy to identify, things which are "socially responsible" are harder to quantify, augmentin us. These days there are all kinds of socially responsible funds, buy augmentin without prescription. Cheap augmentin, Some funds are guided by religious principles, others by sustainable development, discount augmentin online, Buy discount augmentin, and still others simply promise not to invest in clear vice businesses.

So, augmentin from india, Augmentin without prescription, is there a benefit in socially responsible investing. Well, augmentin without a prescription, Buy augmentin us, the investment thesis goes something like this. A "clean" company which operates with good labor relations, drug augmentin online purchase, Buy augmentin generic, environmental awareness, and socially beneficial products are less likely to be hit by premium shrinking events - bad press, price of augmentin, Tablet augmentin, potential lawsuits, product recalls, certified augmentin, Compare augmentin prices online, or just social backlash. Buy augmentin without prescription, Furthermore, companies with "sustainable" business models are more likely to be able to adapt to changing markets and more likely to be developing solutions for the future as opposed to hoping to hold customers captive with old world products.

Obviously, cheap augmentin on internet, Cheapest generic augmentin, the downside here is that one could say that being "clean" invariably involves higher expenses. Moral guidelines don't often guarantee acceptance of a business' products or services, buy augmentin online without prescription. Augmentin canada, Truth be told, socially responsible investing is merely the addition of social screens to standard investing strategies, order cheap augmentin. Cheap augmentin from canada, One can think of it as an additional quality metric. It's really hard to say whether or not it is an effective quality metric, but at the very least you can feel ethically edified by your investment decisions, buy augmentin without prescription. More interestingly, augmentin no prescription, Augmentin without rx, investing your money in a socially responsible fund which also participates in advocacy can be a way for you to allow your money to generate social dividends. The fund manager, buy cheap augmentin online, Order augmentin without prescription, being able to purchase more significant shares of ownership can engage managerial teams in dialogue on best practices, propose shareholder resolutions, buy generic augmentin, Discount augmentin, and influence proxy votes. To learn more about some funds which actively participate in shareholder activism on behalf of their socially inclined constituents, no prescription augmentin, Order discount augmentin, check out Calvert Funds.

To learn more about socially responsible investing check out: http://socialfunds.org, augmentin sale. Buy augmentin online, As with any investment strategy, it's important to screen not just for social/moral guidelines but also for performance, augmentin cheapest price. Augmentin overnight shipping, Once again, SocialFunds.org provides a rather comprehensive list of most known socially responsible funds, augmentin prices.

Stock Strategies, Tutorials

Buy Avalide Without Prescription

Posted by Dan Hung

at February 20, 2008

2 Comments

Buy avalide without prescription, So, my last post on a few contests that I've entered got me thinking about my propensity to play games of chance. I wouldn't say I have a gambling problem, but I do find myself drawn to those games when I have a few extra bucks lying around, buy no rx avalide. We all know that gambling whether it be a buck on the Megamillions or re-mortgaging your house in Atlantic City, Avalide overnight, rarely ever pays off. But, is there a way we can turn our vices into profit for ourselves, cheapest avalide price. But of course.

Here's the investment thesis, buy avalide without prescription. Avalide in malaysia, Vice is fun. We're all prone to it. Smoking, cheap avalide tablets, drinking, Avalide free sample, gambling, fighting. Yea, cheapest avalide prices, they're not the greatest qualities that mankind has to offer but, Cheap price avalide, as sure as the sun will rise, there will be people indulging themselves in it. Buy avalide without prescription, Heck, businesses have made a killing exploiting our vices for years. And, avalide professional, as the old saying goes, Generic avalide cheap, "If you can't beat'em, join'em." So, go out and find those publicly traded companies and buy their stock, buy avalide lowest price. Now, Discount avalide no rx, you're the house and the house always wins, right.

Well, certified avalide, the idea of "vice investing" isn't novel at all. Avalide buy drug, In fact, aerospace/defense, gaming, avalide online, alcohol, Order cheap avalide, and tobacco have long been considered defensive industries due to their relatively better ability to sustain business in adverse climates. With talk to recession in the air, it would that there isn't a better time than now to indulge your vices, buy avalide without prescription. But, do vice investing strategies work, cheap avalide pill. Well, Avalide approved, take a look at this chart.

VICEX

This is the chart for The Vice Fund, started in September of 2002, order avalide no rx. In the last five years, Cheap avalide in usa, it has achieved a Morningstar 5-star rating for both 3 and 5 year periods. Buy avalide without prescription, It has a Lipper Ranking in the top 10 and top 5 of all "Multi-Cap Core" funds. Since inception, it's averaging 16% return per year, buy cheapest avalide online. And, Avalide india, as you can see, it has bested all major market indexes - Dow Jones, NASDAQ, avalide cheap, S&P 500, Order avalide on internet, Russell 2000 - over the last 5 years. While the Vice Fund would have more than doubled your money, the best return from a market index would not have been able to double your investment, buy avalide on line.

This isn't a big advertisement for The Vice Fund, Cheap price avalide, but more to draw your attention to the benefits of "amoral" investing. It would seem that the Vice Fund is living proof that investing is not necessarily about emotions or ethics, but instead about finding companies which can be profitable day in and day out, buy avalide without prescription. And, a company which sells "vice" truly has a captive audience (in this world and the next, buy avalide in us. Sorry, Buy cheapest avalide on line, couldn't resist the joke.)

Do you have to give your money over to The Vice Fund if you'd like to partake in this strategy. Of course not. Just remember the main sectors a vice strategy participates in - Aerospace/Defense, canadian pharmacy avalide, Gaming, Order avalide without prescription, Alcohol, and Tobacco. Buy avalide without prescription, The fund is surprisingly un-creative in how it goes about its investing. A look at its holdings shows that it owns 38 companies though 96% of assets are tied up in its top 25 holdings, discount avalide no rx. Most are large caps that we've all heard of. Where to order avalide, In Aerospace/Defense, we see Boeing, Lockheed Martin, buy no rx avalide, and General Dynamics. Avalide order, In tobacco, we see Altria, Carolina Group, buy avalide online cheap, and British American. In alcohol, Diageo, InBev, and SABMiller, buy avalide without prescription. Buy avalide from us, In gaming, you see MGM Mirage, International Game Technologies, cheapest generic avalide online, and Penn National Gaming. Order avalide from us, While you may be unfamiliar with some of these names, just think brands. F-16, avalide, F/A-18 Hornets, Cheap avalide no rx, you name the military aircraft and it probably had Boeing, Lockheed, or General Dynamics involved in its development. Becks, Miller, Smirnoff, Baileys, Johnny Walker, and Tanqueray are made by the three largest alcohol holdings in this fund. Buy avalide without prescription, If you've ever been to a casino or watched a prize fight on TV, you've probably heard of MGM Mirage. If you look closely next time your in front of a gaming machine, you've probably heard of International Gaming Technologies. And, next time you're in a drug store, look behind the counter, almost every pack will be made by one of Altria, Carolina, and British Tobacco.

So, if you're interested in starting a little vice strategy of your own. You don't need to look far. Just think of how you usually indulge your own vices. Or, ask that uncle that your parents don't like you talking to. With a long enough investment horizon, your chances of missing are probably slim.

Stock Strategies, Tutorials

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Posted by Dan Hung

at February 19, 2008

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