Index

1. Balance sheet
   1. company strength
   2. shareholders, equity
2. Banks
   1. Buffett perspective
   2. management, importance
   3. valuation
3. Bargain purchase
   1. folly
4. Bargain Screener (Graham)
5. Beating the Street (Lynch)
6. Beneish, Messod
7. Beneish M-score, warning sign analysis
8. Berkowitz, Bruce
9. Berkshire Hathaway (BRK)
   1. BNSF Railway purchase
   2. book value
   3. Buffett letters
   4. company purchases
   5. control, purchase (Buffett consideration)
   6. intrinsic value
   7. ownership
   8. P/B bands
   9. share buybacks
10. Berra, Yogi
11. Bezos, Jeff
12. BioSpecifics Technologies Corp., stock gains
13. Biotech stocks, trading
14. BlackBerry
    1. business value
    2. dominance
    3. involvement
    4. problems
15. Black Monday crash (1987)
16. Blockbuster
    1. replacement
    2. value loss
17. Blue Monday
18. BNSF. See Burlington Northern Santa Fe
19. Book value
20. Brexit referendum (2016)
21. Broadest Owned Portfolio (GuruFocus)
22. Buffett, Howard
23. Buffett, Warren
    1. business perspective
    2. company purchase price
    3. holding period
    4. intrinsic value perspective
    5. money, investment approach
    6. portfolio concentration
    7. shareholder letters
24. Burlington Northern Santa Fe (BNSF) Railway
    1. Berkshire purchase
    2. stocks
       1. decline
       2. purchase
25. Burry, Michael
26. Business
    1. asset-heavy business, running
    2. capital-intensive business, running
    3. competitiveness
    4. control
    5. cyclicity
    6. impact
    7. operation
    8. price/value, contrast
    9. quality, perspective
    10. remaining life
    11. returns, measurement
    12. understanding
27. Business growth
    1. matrix, importance
    2. rate, future
28. Business Predictability Rank (GuruFocus)
29. Buy and hold approach
30. Buybacks
    1. track record, warning sign analysis
31. Buying pools, risk

C

1. Capital
   1. capital-intensive business, running
   2. cost, return on invested capital (contrast)
   3. permanent loss, risk (absence)
   4. return on investment
2. Capital expenditure (capex)
   1. capex/pretax income ratio
   2. percentage
   3. requirement/returns, company invested capital
   4. ROIC, contrast
3. Carter, Jimmy
4. Cash
   1. deals
   2. excess cash
   3. holding
   4. impact
   5. inflows
      1. impact
   6. level
   7. trash, analogy
5. Caterpillar, profit margins
6. Checklist Manifesto, The (Gawande)
7. Checkup questions
8. Chen, John
9. Chevron (CVX), (P/E) (P/B) (Shiller P/E)
10. Chipotle Mexican Grill
    1. debt, absence
    2. revenue growth
11. Chrysler, purchase (recommendation)
12. Church & Dwight (CHD)
    1. EPS/FCF, contrast
    2. performance
    3. stock decline
13. Cigar-butt investing
14. Circuit City
    1. closure
    2. value loss
15. Citigroup, LBO deal commitment
16. Coca-Cola
    1. Berkshire Hathaway ownership
    2. growth stage/terminal stage, assumptions
    3. overpayment
    4. position
    5. stock
       1. purchase
       2. trading
    6. Yacktman Fund holding
17. Combs, Todd
18. Commodity prices, unpredictability
19. Commodity producers
20. Commodity products
21. Common Stocks and Uncommon Profits (Fisher)
22. Companies
    1. acquisitions
    2. aging
    3. asset-light business, return on investment capital
    4. balance sheet
       1. strength
    5. bankruptcy, impossibility
    6. basket
    7. Buffett perspective
    8. buybacks
    9. capital (permanent loss), risk (absence)
    10. competitive advantage
    11. debt, absence
    12. debt loads, categories
    13. economic moat
    14. EPS growth
    15. evaluation process
    16. fair price/intrinsic value
    17. fair price purchase
    18. growth
        1. acceleration
        2. capability, display
        3. profitability
    19. historical financial statements, consultation
    20. interest coverage, low level
    21. intrinsic values
    22. invested capital, capex requirement/returns
    23. investment, ease
    24. investment problems
    25. long-term survivability
    26. lower price purchase
    27. low price sale, process
    28. margin
    29. past performance
    30. performance
        1. characteristics
        2. demonstration
    31. positive signs
    32. predictability ranking (GuruFocus)
    33. profitability
        1. consistency
        2. demonstration
    34. purchase
        1. checklist
        2. price
        3. warning signs
    35. quality
        1. defining
        2. purchase/location
    36. regulatory landscape, shift
    37. reinvestments
    38. return on invested capital
    39. revenue/earnings, growth
    40. serial acquirer, impact
    41. serviceability, cash/operating cash flow (impact)
    42. tax efficiency
    43. timing, impact
    44. valuation
23. Companies, Lynch categories
24. Company debt
    1. absence
    2. serviceability, cash/operating cash flow (impact)
    3. serviceability, problems
25. Competitive advantage
26. ConocoPhillips, oil prices
27. Consumer cyclicals
    1. net income
    2. sectors, impact
28. Consumer defensive net income
29. Consumer defensive sectors, insensitivity
30. Corporate profit margin
31. Costco Wholesale
    1. operating margins
    2. profit margin, comparison
32. Cost, dividend yield
33. Cost of capital, return on invested capital (contrast)
34. Crocs, stocks (trading)
35. Cuban missile crisis
36. CVS Health Corp.
    1. DOW net income
    2. earnings line
    3. max/min P/E chart
    4. median P/E chart
    5. net income
37. Cycles
    1. banking insensitivity
    2. cycle-adjusted Shiller P/E
    3. examination
38. Cyclicals
    1. avoidance
    2. earnings
    3. examination
    4. Lynch company category
    5. profit margins
    6. turnarounds
39. Cyclicity

D

1. Daily Journal Inc., shareholder meeting
2. Danaher, gains
3. Danger zones, avoidance (importance)
4. Davidson, Lorimer
5. Days sales of inventory
6. Days sales outstanding
7. DCF. See Discounted cash flow
8. Debt
   1. absence
   2. issuance, warning sign analysis
   3. issuers, Moody’s (impact)
   4. loads, levels
   5. reduction, positive company sign
   6. serviceability
      1. cash/operating cash flow, impact
      2. problems
9. Deep-asset bargains, profitability
10. Deep-bargain investing
11. Deep bargains, investment timing
12. Deep-value investing
    1. problems
    2. stocks, qualifications
    3. tangible book value
    4. tax inefficiency
    5. timing/pain
    6. value, erosion
13. Depreciation, depletion, and amortization (DDA), estimates
14. Discounted cash flow (DCF)
    1. calculation, avoidance
    2. calculator (GuruFocus)
    3. model
       1. assumptions
    4. reverse DCF
15. Discounted earnings, See’s Candy examplet
16. Discount rate
17. Diversification requirement, satisfaction
18. Dividend-income investing
19. Dividend-income portfolios, requirements
20. Dividend payout ratio
    1. level
    2. warning sign analysis
21. Dividends
    1. cash distribution
    2. increase, commitment
    3. increase, positive company sign
    4. payments, continuation
    5. payout ratio
22. Dividend yield
    1. current level
    2. historical range, relationship
23. Dollar Tree, performance
24. Dow Chemical
    1. cyclicality
    2. net income
25. Dow Jones Industrial Average (DJIA)
    1. losses
26. Downcycles, stock valuation attractiveness
27. Dunkin’ Donuts
    1. balance sheet/income statement
    2. low interest coverage

E

1. Earnings
   1. discounted earnings, See’s Candy examplet
   2. divergence
   3. free cash flow (FCF), contrast
   4. growth
   5. growth rate
      1. warning sign analysis
   6. importance
   7. peak
   8. pretax earnings, See’s Candy examplet
   9. See’s Candy examplet
   10. yield, calculation
2. Earnings before interest, tax, depreciation, and amortization (EBITDA)
3. Earnings per share (EPS)
   1. free cash flow (FCF), contrast
   2. growth, continuity
   3. growth rate
      1. distribution
      2. stock performance, correlation
   4. usage
4. Earnings power value (EPV)
5. EBIT/EV ratio
6. EBIX Inc.
   1. short attack
   2. stock performance
7. Ebola outbreak (2014)
8. Economic cycles, healthcare/consumer defensive sector insensitivity
9. Economic moat
10. Edison, Thomas
11. Eisenhower, Dwight (heart attack)
12. Emerging growth companies, examination
13. Emerson Radio Corp.
14. Energy net income
15. Enron, bankruptcy
16. EPV. See Earnings power value
17. Equity risk premium
18. European debt crisis (2010)
19. EV/EBITDA ratio
20. EV/EBIT ratio
21. Exceptional underlying economics
22. Excess cash
23. Exchange-traded funds (ETFs)
24. Exercise price (strike price)
25. Exxon Mobile, product portfoliop diversification

F

1. Fairfax Financial
   1. stock manipulations/problems
2. Fairholme Fund
3. Fair P/E ratio
   1. calculation
   2. Lynch rule of thumb
4. Fair value (Lynch)
5. Fair Value calculation (Lynch)
6. Fast growers
   1. Lynch company category
7. Fearson, Scott
8. Federal Reserve (Fed), interest rate (increase)
9. Financial companies
   1. evaluation
   2. P/B ratio, relationship
10. Financial crisis (2008)
11. Financial strength
    1. distribution
    2. warning sign analysis
12. First Solar, trading level
13. Fisher, Philip
14. Float, short percentage (warning sign analysis)
15. For-profit education companies, investigation
16. Forward P/E, higher level (warning sign analysis)
17. Forward rate of return
    1. application
18. FPA Capital
19. FPA Crescent Fund
20. France, Anatole
21. Free cash flow (FCF)
    1. earnings, contrast
    2. earnings per share (EPS), contrast
    3. FCF per share
    4. negative level
    5. net income, divergence
22. Fundamental competitive strength
23. Future market returns, projections

G

1. Gain
   1. growth, contrast
   2. predictability, contrast
   3. profit margin, contrast
   4. ROIC, contrast
2. Gawande, Atul
3. GEICO Insurance
   1. Buffett perspective
   2. competitive strength
   3. self-destruction
   4. turnaround
4. General Dynamics (GD)
   1. growth
   2. negative tangible book value
   3. overvaluation
   4. Peter Lynch chart
5. Global Crossing, impact
6. GMO
7. Goldman Sachs, CHD downgrade
8. Google
   1. capex/pretax income ratio
   2. capital requirement
   3. competition
   4. economic moat
      1. building
   5. growth
   6. operating margins
   7. purchase
9. Governments, support/incentives
10. Graham, Benjamin
    1. Bargain Screener
    2. intrinsic value perspective
    3. Net Current Asset Bargains
    4. Net-Net Screener
    5. portfolio diversification
    6. stock price comparisons
11. Graham Number
    1. calculation
       1. problem
12. Grantham, Jeremy
13. Great Depression
14. Greenblatt, Joel
15. Greenwald, Bruce
16. Gross Domestic Product (GDP)
17. Gross margin growth, warning sign analysis
18. Gross National Product (GNP)
19. Growth
    1. above-average growth
    2. distribution
    3. gain, contrast
    4. profitability
    5. stage
    6. years, number (calculation)
20. Growth rates
    1. distribution
    2. terminal growth rate
    3. value, dependencet
21. GSI Group Inc.
22. GuruFocus
    1. All-In-One Screener
    2. Broadest Owned Portfolio
    3. Business Predictability Rank
    4. company predictability ranking
    5. DCF calculator
    6. DCF model, intrinsic value
    7. Net-Current-Asset-Bargain
    8. portfolio tracking
    9. Predictability Ranking
    10. reverse DCF calculator
    11. two-stage fair value calculator
    12. Value Conference (2016)
23. Gurus, impact

H

1. Healthcare net income
2. Healthcare sectors, insensitivity
3. Heineken, Russo portfolio
4. Heins, Thorsten
5. Herbalife, short attack
6. Highest Duty (Sullenberger)
7. High-return companies, purchase
8. Historical range
   1. dividend yield, relationship
   2. stock price, contrast
   3. valuation ratios, relationship
9. Holding period
10. Holding time, actions
11. Home Depot, competition
12. Housing crisis (2007)
13. Hurdle rate, setting

I

1. IBM, position
2. Icahn, Carl
3. Income
   1. consumer cyclical net income
   2. consumer defensive net income
   3. energy net income
   4. healthcare net income
   5. net income, free cash flow (divergence)
4. Industry-wide distress
5. Inflation-induced costs
6. Insiders
   1. activity ratios
   2. buy/sell ratio
   3. purchases
      1. positive company sign
   4. sales
   5. trends
7. Insurance companies, valuation
8. Intelligent Investor, The (Graham)
9. Interest coverage
   1. low level
   2. profitability
   3. warning sign analysis
10. Intrinsic value
    1. calculation
    2. DCF model
    3. equation
    4. Graham/Buffett perspective
    5. terminal years, effect
11. Invested capital, capex requirement/returns
12. Investment
    1. capital, return
    2. dividend-income investing
    3. hurdle
    4. opportunity, loss
    5. return, calculation
13. Iscar, purchase
14. iShares 1—3 Year Treasury Bond ETF SHY, purchase

J

1. JC Penney
   1. business value
   2. struggles
   3. turnaround effort
2. Johnson & Johnson (JNJ)
   1. earnings line
   2. profitability/returns
   3. P/S bands
   4. stock price, fluctuation
3. Johnson, Ron

K

1. Kennedy, John F. (assassination)
2. Keynes, John Maynard
3. K-Mart, closure
4. Koch Optics purchase
5. Kodak, film replacement
6. Korean War
7. Kraft Heinz, position
8. Krispy Kreme, product quality

L

1. Lamont, Owen
2. Lampert, Eddie
3. Lands’ End, spinoff
4. Leveraged buyouts (LBOs) deals, Citigroup commitment
5. Liquidation values
6. Long-term investors, opportunities
7. Long-term profitability
8. Long-term value investors
9. Lowe’s, competition
10. Lubrizol, purchase
11. Lynch, Peter
    1. company categories
    2. company debt perspective
    3. earnings
       1. importance
       2. line
    4. Fair Value calculation
    5. Fidelity role
    6. General Dynamics (GD) chart
    7. money, making
    8. Peter Lynch Fair Value
    9. portfolio, diversification
    10. questions

M

1. Macy’s, struggles
2. Magic Formula (Greenblatt)
3. Management, impact
4. Managing Hedge Fund Risk (Parker)
5. Maraboli, Steve
6. Margin of safety (MOS)
   1. calculation
   2. defining
   3. requirements, relaxation
7. Margins
   1. expansion/compression cycles
8. Market
   1. crash
   2. cycles
   3. cyclicality
   4. index ETFs, trading
   5. irrationality
   6. long-term increase
   7. panic
   8. projected future returns
   9. share, gain
   10. timing, avoidance
   11. valuations
       1. change
   12. volatility
9. Marks, Howard
10. Marriott, stock purchase
11. Materials
    1. net income
    2. revenue
    3. sector, capital-intensive/asset-intensive characteristics
12. Max/min P/E chart (CVS)
13. McDonald’s
    1. CEOs, changes
    2. mistakes
14. Median P/E charts
    1. CVS
    2. Southwest Airlines (LUV)
15. Median P/S value
16. Median ROIC
17. Medivation Inc., stock performance
18. Merger arbitrage
    1. success
19. Microsoft
    1. economic moats, building
    2. profitability/returns
20. Mid-American Energy, purchase
21. Mistakes, avoidance (importance)
22. Money
    1. investment approach
    2. loss
23. Montier, James
24. Moody’s
    1. buybacks
    2. capex/pretax income ratio
    3. economic moat/capital requirement
    4. impact
    5. importance
    6. negative equity
    7. operating margins
    8. power, reduction
25. Morgan, J.P.
26. Mortgages
    1. mortgage-backed securities, ratings, sales
27. Most Important Thing, The (Marks)
28. Motorola Mobility, Google purchase
29. Munger, Charlie
    1. company perspective
    2. expectations
    3. opportunities
    4. undervaluation statement
30. Musk, Elon

N

1. National Indemnity Company
2. Nestle, Russo portfolio
3. Net-assets-bargain portfolio, performance
4. Net cash
5. Net-cash per share
6. Net-Current-Asset-Bargain (GuruFocus)
7. Net Current Asset Bargains (Graham)
8. Net current asset value (NCAV)
   1. bargain portfolio, generation (2011)
9. Netflix
   1. buybacks
   2. stock prices, justification
10. Net income, free cash flow (divergence)
11. Net-Net Screener (Graham)
12. Net-net working capital (NNWC)
    1. bargain portfolio
    2. levels (2008)
    3. levels (2009)
    4. portfolio, examples
13. New Coke, invention
14. New shares, issuance (warning sign analysis)
15. Non-cyclical businesses, purchases
16. Normalized free cash
17. Nortel
    1. impact
    2. patents
18. Nygren, Bill

O

1. Oakmark Funds
2. Oaktree Capital
3. Obamacare, enactment
4. Oil price, XOM net income (contrast)
5. One Up on Wall Street (Lynch)
6. Operating cash flow
   1. capex percentage
   2. impact
7. Operating losses, warning sign analysis
8. Operating margin
   1. growth, warning sign analysis
   2. stability
9. Oplink
   1. acquisition
   2. annual report (2001)
   3. stock value, decrease
10. Options
    1. premiums, collection
11. Orchard Supply Hardware, spinoff
12. Owner earnings, reported earnings divergence

P

1. Pabrai, Mohnish
2. Parker, Virginia Reynolds
3. Passive portfolios
   1. approach
4. Past behavior, impact
5. Paulson, John (merger arbitrage success)
6. Pearl Harbor, attack
7. Pearson, Michael
8. PEG ratio
9. PepsiCo
   1. earnings line
   2. Yacktman Fund holding
10. Performance
    1. examination process
11. Pernod Ricard, Russo portfolio
12. Persian Gulf War
13. Peter Lynch Chart
    1. limitations
    2. median P/S earnings line
    3. problems
14. Peter Lynch Earnings Line
15. Peter Lynch Fair Value
16. PetroChina, P/B ratio
17. Philip Morris International, Russo portfolio
18. Piotroski F-score, warning sign analysis
19. Piotroski, Joseph
20. Portfolios
    1. GuruFocus tracking
    2. performance
21. Precision Castparts Corp., acquisition
22. Predictability, gain (contrast)
23. Predictability Ranking (GuruFocus)
24. Pretax earnings, See’s Candy examplet
25. Priceline, growth rate
26. Price-to-book (P/B) ratio
    1. Berkshire Hathaway (BRK) bands
    2. Chevron (CVX) levels
    3. financial companies, relationship
    4. historical range, relationship
27. Price-to-earnings (P/E) ratio
    1. Chevron (CVX) levels
    2. fairness
    3. historical range, relationship
    4. shrinkage
28. Price-to-sales (P/S) ratio
    1. Amazon, bands
    2. application
    3. historical range, relationship
    4. JNJ bands
    5. median P/S value
    6. Southwest Airlines (LUV) bands
29. Price, value (contrast)
30. Primecap Management
31. Prince, Charles
32. Procter & Gamble (P&G)
    1. earnings line
    2. profitability/returns
    3. Yacktman Fund holding
33. Products
    1. acquisition costs, reduction
    2. consumer purchases
    3. future
34. Profitability
    1. consistency
       1. requirement
    2. distribution
    3. example
    4. long-term profitability
    5. rank, warning sign analysis
    6. S&P500 gain, contrast
    7. S&P500 loss, contrast
35. Profit margins
    1. distribution
    2. fluctuation
    3. gain, contrast
    4. growth, positive company sign
    5. high level, consideration
    6. S&P500, relationship
    7. stability
    8. trend
36. Projected future market returns
37. Projected return, actual return (contrast)
38. Property, plant, and equipment (PPE) spending
39. Put options
    1. sale

R

1. RadioShack, value loss
2. Rate of return
   1. forward rate of return
   2. rate of return-based valuation, focus
3. Recessions
   1. banking insensitivity
   2. company stock price
4. Regulatory risk, consideration
5. Reinvestments
6. Research-In-Motion
   1. market value, loss
   2. problems
7. Return
   1. projected return, actual return (contrast)
   2. rate. See Rate of return.
   3. return-based valuation rate, focus
8. Return on equity (ROE)
   1. delivery
   2. distributions
   3. generation
   4. high levels
9. Return on invested capital (ROIC)
   1. capex, contrast
   2. company level
   3. cost of capital, contrast
   4. delivery
   5. distribution
   6. gain, contrast
   7. generation
   8. measurements
   9. median ROIC
      1. distribution
10. Return on investment capital
11. Return on shareholder’s equity
12. Revenue
    1. growth
       1. warning sign analysis
    2. warning sign analysis
13. Reverse DCF
    1. calculator (GuruFocus)
    2. input parameters
14. Risk
    1. premium
    2. risk-adjusted returns
    3. undervaluation
15. Rodriguez, Robert
16. ROE. See Return on equity
17. ROIC. See Return on invested capital
18. Romick, Steven
19. Rothschild, Baron
20. Russo, Tom

S

1. Safety margin
2. Sales, decline (impact)
3. SandRidge Energy
   1. bankruptcy
   2. debt servicing, incapability
   3. money, loss
4. Schlesinger, James
5. Schloss, Walter
   1. portfolio diversification
6. Sears Canada, profitability
7. Sears Holdings
   1. Berkowitz position
   2. business value
   3. retail business, spending
   4. shares buybacks
   5. shopping, frequency
   6. struggles
   7. value, unlocking
8. See’s Candy
   1. Berkshire Hathaway purchase
   2. Buffett investment/purchase
   3. Buffett perspective
   4. cash
   5. earnings/discounted earnings
   6. future cash flow
   7. pretax earningst
9. September 11 (2001) attacks
10. Serial acquirer, impact
11. Seritage, purchase
12. Share buybacks
    1. positive company sign
13. Shareholders
    1. return on equity
    2. reward
    3. value, dilution
14. Shiller P/E
    1. Chevron (CVX) levels
    2. cycle-adjusted Shiller P/E
    3. historical mean
    4. ratio
15. Shiller, Robert
16. Shoney’s, stock purchase
17. Shorts
18. Short-term governmenet bonds
19. Short-term put options, usage
20. Short-term Treasury bills, purchase
21. Shrinkage expenses, reduction
22. Silicon Graphics International Corp.
23. Sloan ratio, warning sign analysis
24. Sloan, Richard
25. Slow growers
    1. Lynch company category
26. Soapstone Networks, Inc. (stock loss)
27. SolarCity, purchase
28. Solar-panel companies, appearance
29. Southwest Airlines (LUV)
    1. earnings per share (EPS)
    2. median P/E chart
    3. price-to-earnings (P/E) ratio
    4. P/S bands
30. Sports Authority, closure
31. Stalwarts
    1. Lynch company category
32. Standard & Poor’s500
    1. company changes
    2. company performances
    3. gain, profitability (contrast)
    4. Index
    5. index funds, investment
    6. level (2008)
    7. loss, profitability (contrast)
    8. percentage, examples
    9. profit margin, relationship
33. Standard & Poor’s Global, power (reduction)
34. Starbucks
    1. gains
    2. product quality
35. Stock market
    1. bubble, impact
    2. cyclicality
    3. returns
36. Stock performance, EPS growth rate (correlation)
37. Stocks
    1. equal weighting
    2. price
       1. fluctuations
       2. historical range, contrast
    3. purchase, example
    4. qualifications
    5. Shiller P/E ratio
    6. shorting, gain/loss
    7. value
38. Subprime borrowers, loans
39. Sullenberger, Sully
40. SunEdison, bankruptcy/trading level
41. Sungarden Investment Research, study
42. SunPower Corp., trading level
43. Suntech Power, bankruptcy
44. Survival-biased study

T

1. Tangible book per share
2. Tangible book value
3. Tax efficiency
4. Tax inefficiency
5. Tax rate, warning sign analysis
6. Technology
   1. bubble, acceleration/peak
   2. sector, behavior
7. Templeton, John
8. Templeton, Lauren
9. Tequila crisis
10. Terminal growth rate
11. Terminal stage
12. Tesla
    1. electric car market share
    2. SolarCity purchase
13. Texas Select, insurance
14. The Limited, stock purchase
15. Theory of Investment Value, The (Williams)
16. TJX, growth
17. TMC GDP
18. Total market cap over GDP, ratio
19. Total-market-value/GDP ratio
20. Total market value over GDP, ratio
21. TreasuryDirect, usage
22. Turnarounds
    1. investment, avoidance
    2. Lynch company category
23. Two-stage fair value calculator (GuruFocus)
24. Tyler Technologies, stock performance

U

1. Unicorns
2. United Airlines, LBO failure
3. U.S. companies, financial strength (distribution)
4. U.S. government debt-ceiling crisis (2011)

V

1. Valeant, problems
2. Valuation
   1. approaches
   2. historical range, relationship
   3. investor sensitivity
   4. market valuations
   5. methods
      1. comparison
   6. ratios
      1. approach
3. Value
   1. dependencet
   2. erosion
   3. growth
   4. investing
4. Value Conference (GuruFocus)
5. Value investors
   1. buy and hold approach
   2. price bargains
6. Value traps
   1. decline, stages
7. ValueVision Media, Inc.
8. Vornado Inc., money loss

W

1. Wal-Mart (WMT)
   1. Altman-Z-Score
   2. Beneish M Score
   3. buybacks
   4. competition
   5. earnings, increase
   6. earnings per share, increase
   7. overpayment
   8. overvaluation
   9. P/E ratio
   10. Piotroski-F Score
   11. profitability/returns
   12. P/W
   13. Sloan Ratio
   14. stocks
       1. overvaluation
       2. purchase/gain
2. Warning signs
3. Washington Mutual, shares buybacks
4. Watsa, Prem
5. Weighted average cost of capital (WACC)
6. Weight Watchers, value trap example
7. Wells Fargo
   1. position
   2. trading level
8. Williams, John Burr
9. Wilshire 5000 Full Cap Price Index
10. Winfrey, Oprah
11. WorldCom, impact

X

1. XOM net income, oil price (contrast)

Y

1. Yacktman Asset Management, proxy fight
2. Yacktman, Donald
   1. business examination
   2. Chrysler purchase avoidance
   3. forward rate of return, application
   4. hurdle rate, setting
   5. investment philosophy
   6. management capability
   7. non-cyclical business purchases
   8. philosophy
3. Yacktman Fund
   1. performance, comparison

Z

1. Zero-interest environment
2. Zhengrong, Shi