Issues -- Manifest Investing

Expected Returns Issues

Expected Returns, May 2005

"If the stock market were truly efficient, I'd be a bum on the street corner with a tin cup." - Warren Buffett.

Expected Returns, March 2005

We believe that the answer is a resounding "Yes!" Manifest, even. Welcome to the return of our monthly newsletter focused on strategic long-term investing..

Quality Legend:
Blue	Excellent with quality greater than 80.
Green	Good with quality between 60 and 80.
Neutral	Average or below average with quality between 20 and 60.
Red	Poor with quality less than 20.
Companies with less than 10 years of history are penalized by 5 points per year.
PAR Legend:
Green	PAR is within the target range of MIPAR +5-10%, currently 10.4%-15.4%
Yellow	PAR is above the target range of MIPAR +10%, currently 15.4%
PAR	Projected Annual Return
MIPAR	The Manifest Investing Median PAR of all stocks in the database.
Company Name Legend:
*	Not covered by Value Line Standard Edition.
b	Uses price-to-book value for valuation purposes.
P/CF	Uses price-to-cash flow for valuation.