Research Articles

7 Attractive Dividend Aristocrats Proving the Wisdom of the Masters

Julie C - Friday, October 29, 2010
When I entered this business 40 years ago, it seemed reasonable to me to study how the best investors behaved. The two investing masters that I respected the most were Peter Lynch and Warren Buffett. If I was going to be of value to others, it only made sense that I learn as much as I could from those who had amassed the best and most consistent track records. What struck me the most, as I studied these Masters, was how similar and aligned their investment philosophies were.
Therefore, I concluded that there must be profound wisdom in their investing approaches and practices.
Today, some 40 years later, what frustrates me the most, is how so much of their words of wisdom go unheeded by investors. I feel that a lot of this has to do with most people’s almost uncontrollable need for instant gratification. The phrase ”active portfolio management” has taken on a new meaning in modern times. Today people think in terms of holding periods of days, weeks or months. Yet, two foundational principles shared by both Warren Buffett and Peter Lynch are to invest in great businesses for the long-term, and to ignore the stock market.
Wisdom of the Masters
The following three quotes by Warren Buffett speak to these points:
"If you aren't willing to own a stock for 10 years don't even think about owning it for 10 minutes" Warren Buffett, 1996 Berkshire Hathaway annual report
"Inactivity strikes us as intelligent behavior." Warren Buffett, 1996 Berkshire Hathaway annual report
"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years." Warren Buffett
From Peter Lynch, we offer the following corroborative quote from his best-selling book One Up on Wall Street:
"The stock market ought to be irrelevant. If I could convince you of this one thing, I’d feel this book has done its job. If you don't believe me, believe Warren Buffett. "As far as I'm concerned," Buffett has written, "the stock market doesn't exist. It is only there is a reference to see if anybody is offering to do anything foolish."
Dividend Aristocrats - Validating the Wisdom of the Masters
In this article, our third in our series on how to know when to buy and when to sell a stock, we intend to test some of the important axioms promulgated by the investing greats Peter Lynch and Warren Buffett. We will endeavor to accomplish this by offering real-world examples as evidence of the veracity of their ideas. Our goal is not only to illuminate the lessons that these great investors have taught, but also to have a little fun along the way. In order to accomplish this, we will quote a lesson and then utilize our EDMP, Inc. F.A.S.T. Graphs to analyze dividend aristocrats that provide proof of the wisdom behind their words.
GDF-EDMP Value Formula for Moderate Growth
Before we get started some points of clarification regarding our EDMP, Inc. F.A.S.T. Graphs are in order. With the exception of one company in this article, Consolidated Edison (ED), the dividend aristocrats we will analyze will possess earnings growth rates between 5% and 15% (of course as dividend aristocrats, each will have a history of increasing their dividend for at least 25 consecutive years).
Therefore, each F.A.S.T. Graph will utilize our “GDF-EDMP” formula for valuing a moderately fast growing business. This formula is a modified version of Ben Graham's famous formula for valuing a business (best applied to low growth 5% or less) and the widely accepted PEG ratio formula (best applied to fast growers 15% or higher). Calculations based on these formulas will draw our orange earnings justified valuation line.
The essence of what the orange earnings justified valuation line represents is what we call earnings yield. This is the rate of return that the cash flows (earnings) of the business generates, based on the original capital investment into the business. In other words, this is the cash on cash return from the earnings the company produces. The slope of the line will equal the rate of change of earnings growth that the company produces over time. Therefore, if the stock price touches the orange line at the time of original investment and then touches it again at the ending date being measured, then the capital appreciation rate of return component will equal the growth rate of earnings.
To state this more simply, the thesis states that when the price touches the orange line the company is trading at fair value. When the price is above the orange line the stock is overpriced, and when the price is below the orange line the company is undervalued. However, in time the price will inevitably revert to the mean. Therefore, our F.A.S.T. Graph™ tool allows the researcher to visually determine whether the company is fairly priced, overpriced or under priced. In his best-selling book One Up on Wall Street, Peter Lynch had this to say about the relationship between a company's stock price and its earnings:

The Importance of Earnings

"You can see the importance of earnings on any chart that has an earnings line running alongside the stock price. On chart after chart the two lines will move in tandem, or if the stock price strays away from the earnings line, sooner or later it will come back to the earnings." Peter Lynch - One Up On Wall Street
The following F.A.S.T. Graph on the VF Corp (VFC), a global apparel company, provides a quintessential example of Peter Lynch's words. As you can clearly see, the black price line follows the orange earnings justified valuation line very closely since 1992. When the price rises above the orange earnings justified valuation line, like it did in 1997 and 1998, it quickly came back to earnings. Then, it did this again in calendar year 2007 when the price of VF Corp. (VFC) once again became overvalued. Additionally, there were several periods where the price line fell below the orange earnings justified valuation line and then subsequently moved back to True Worth™ value. (Red arrows point to overvaluation – yellow arrows point to undervaluation). (Click to enlarge)
The following calculated performance chart associated with the above price and earnings correlated graph reveals the veracity of the relationship between earnings growth and shareholder returns. As can be seen from the above F.A.S.T. Graph of VF Corp. (VFC), the company's earnings growth rate was 8.3% (purple circle). The closing annualized rate of return of 8% (purple circle) shown on the chart below closely correlates to the earnings growth rate. Furthermore, this dividend aristocrat has generated a total return for its shareholders of 9.2%.
There are two points of interest that need to be noted here. First of all, VF Corp. based on its starting fair valuation on 12/31/1991 and its earnings growth rate generated $323.140.48 of capital appreciation ($423,140.48 minus $100,000 originally invested). Secondly, dividend income of $103,387.80 represented about one third of the total return shareholders received. Clearly, capital gains (appreciation) were more important to shareholders from this moderately fast growing business.
The F.A.S.T. Graph below revisits Consolidated Edison Inc. (ED), a slow-growing utility stock that we originally reviewed in our previous article in this series. Note that this earnings and price correlated F.A.S.T. Graph utilizes the GDF (Graham Dodd Formula) version for companies growing at 5% or less. However, also notice the validation of Peter Lynch's quote regarding the relationship of price-to-earnings. When the price line strays from the earnings justified valuation line, over or under, it inevitably returns to value.
From the performance chart associated with earnings and price correlated F.A.S.T. Graphs above on Consolidated Edison Inc. there are a couple of important points to note. First of all, the closing annualized rate of return of 3% correlates very closely to the earnings growth of 2.1% seen in the graph above. Second, the dividend of $136,296.86 is greater than the $74,126.05 capital gain ($174,126.05 minus $100,000 originally invested equals $74,126.05). This establishes the fact that dividend income is much more important with slower growers than it is with moderate or fast growers.
There is a second, but related Peter Lynch quote from his best-selling book One Up on Wall Street, that can be validated by looking at a second F.A.S.T. Graph on VF Corp. over a timeframe which started with VF Corp. being undervalued. The following F.A.S.T. Graph looks at VF Corp. since calendar year 2000 when its price was below its earnings justified valuation line. Although its earnings growth rate had dropped from over 8% to just under 7%, you will soon discover from the associated performance graph below how undervaluation enhanced shareholder returns. But first, the Peter Lynch quote:
A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies… when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically about it, the chances are you'd do pretty well." Peter Lynch One Up On Wall Street
Although the above earnings and price correlated F.A.S.T. Graph does not end with the price dramatically above the earnings justified valuation line, it is clear from the associated performance chart below, that shareholder returns were enhanced to a level greater than the earnings growth rate achieved.
Undervaluation at the beginning of calendar year 2002 created a closing annualized rate of return of 10%, which was significantly greater than the 6.9% earnings growth rate achieved. When dividend income of $49,395.06 is added to the total (paid out not reinvested), the total annualized rate of return exceeds 11% per annum. As Peter Lynch stated, when you buy a great business on sale chances are you'll do pretty well.
More Important Lessons From the Masters
The following Warren Buffett and Peter Lynch quotes provide added color and insight into successfully answering the important questions of when to buy and when to sell a common stock. After each quote we will provide a link to a series of EDMP, Inc. F.A.S.T. Graphs that validate the primary message behind each of these words of wisdom from the masters. There will be a drop-down window at the top left of each quote where you can advance from the current graph to the next. A brief commentary explaining the points will be included.
"I don't believe in predicting markets. I believe in buying great businesses - especially companies that are undervalued, and/or under-appreciated" Peter Lynch One Up On Wall Street
"What makes stocks valuable in the long run isn't the market. It's the profitability of the shares in the companies you own. As corporate profits increase, corporations become more valuable and sooner or later, their shares will sell for a higher price." Peter Lynch, Worth Magazine, September 1995
"To buy excellent businesses at a price that makes business sense... this offers you the highest predictable annual compounding rate of return possible with the least amount of risk." Mary Buffett & David Clark 'Buffettology'

See our F.A.S.T. Graphs™ on Target

"If we find a company we like, the level of the market will not really impact our decisions. We will decide company by company. We spend essentially no time thinking about macroeconomic factors. In other words, if somebody handed us a prediction by the most revered intellectual on the subject, with figures for unemployment or interest rates, or whatever it might be for the next two years, we would not pay any attention to it. We simply try to focus on businesses that we think we understand and where we like the price and management." Warren Buffett

See our F.A.S.T. Graphs™ on Kimberly-Clark

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework." Warren Buffett

See our F.A.S.T. Graphs™ on 3M Co.

With all due humility and reverence to the masters quoted in this article, I offer the following quote from yours truly, that summarizes the important messages contained in this article.
"In the long run, it's EARNINGS that determine market price and dividend income."Charles C. Carnevale, EDMP, Inc.

See our F.A.S.T. Graphs™ on Clorox Co.

Summary and Conclusions
When you carefully scrutinize the important messages and lessons taught by great masters like Warren Buffett and Peter Lynch, you should be convinced of the wisdom of their words. Most of what they teach can be validated and seen in real world examples with real world companies. We offered many examples in this article to substantiate these statements.
In the long run the evidence seems clear, earnings determine market price and dividend income. Both your expected capital appreciation and total dividend income will be a function of earnings and how fast earnings grow. Valuation, or more importantly, sound valuation is a key to achieving the appropriate returns from any given company relative to its specific rate of change of earnings growth. Once you understand these critical relationships between earnings and valuation and how they relate to stock prices and dividends, sound and safe investing decisions can be intelligently made. In our next series we will look at when to buy or sell REITs and MLPs.
The opinions in this document are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit transactions or clients. Past performance of the companies discussed may not continue and the companies may not achieve the earnings growth as predicted. The information in this document is believed to be accurate, but under no circumstances should a person act upon the information contained within. We do not recommend that anyone act upon any investment information without first consulting an investment advisor as to the suitability of such investments for his specific situation.

Comments
Anonymous commented on 18-Oct-2012 10:54 AM
Thank you for the good writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how could we communicate?
free online casinoonline casino australia pokies online
Anonymous commented on 18-Oct-2012 01:45 PM
I'm still learning from you, as I'm trying to achieve my goals. I definitely liked reading everything that is written on your blog.Keep the tips coming. I enjoyed it!best sump pump
Anonymous commented on 19-Oct-2012 02:47 AM
The must have summer
Canada Goose JacketsOutlet styles include the timeless denim and leather as well as cropped and trench-style style items.
Canada Goose Parkas Outletare great in winter for warmth; they can be great on different styles and can go with casual or formal looks.The
Canada Goose OutletExpedition Parka provides heavy-duty warmth thanks to its high-quality duck down insulation.It is not a novelty that military style tops the leading fashion trends
Canada Goose Jackets Outletdue to its refined and classic influences and qualities.
Anonymous commented on 19-Oct-2012 04:52 AM
Designs of this season give you the unlimited cool feelings in this cool summer. The new designs of Coach products in the Coach Outlet enrich our daily life.
Anonymous commented on 19-Oct-2012 10:38 AM
I understand that in Egyptian hieroglyphics Louis Vuitton Official Website the course of development from ideograms to phonetic writing can be studied.Regarding the craft,the goods fromCoach Outlet Store is tight,the seams are aligned and details emulate the designer's actual handbags.west plus southwest around the commune,Louis Vuitton Online Store is usually a pure gardening plus Commune.Coach Outlet Online The staff was adamant about the policy even though they acknowledged there was nothing stopping us from coming in the next day and purchasing from another shop girl.Louis Vuitton Outlet iphone cases I was excited to see this coat online since I love Louis Vuitton, and I needed a new coat like this.This Louis Vuitton Canada for sale belongs to the sounding just what are termed asLouis Vuitton vintage best sellers.
Anonymous commented on 19-Oct-2012 03:33 PM
I really appreciate this post. I've been looking everywhere for this! Thank goodness I found it on Bing. You've made my day! Thank you again!Going Here Try These Outright hereClick For InfoClick To Investigate
Anonymous commented on 21-Oct-2012 04:30 PM
A person essentially assist to make severely articles I'd state. That is the very first time I frequented your web page and up to now? I surprised with the research you made to create this actual publish incredible. Wonderful task!halogen oven review
Anonymous commented on 22-Oct-2012 02:34 PM
You have noted very interesting points ! ps nice web site . "What a grand thing, to be loved What a grander thing still, to love" by Victor Hugo.online casino
Anonymous commented on 22-Oct-2012 05:15 PM
Wow, awesome blog structure! How long have you ever been blogging for? you make blogging glance easy. The whole glance of your site is fantastic, let alone the content!Dehumidifier reviews |coffee grinder reviews | Best Generator |Humidifiers | leaf blower reviews | best paint sprayer

Post a Comment




Captcha Image


Testimonials


“I appreciate your work, Chuck. As a subscriber to FAST Graphs™, I use the tool to decide on whether to purchase additional shares of what I currently hold or to add a new holding. Your articles help me make full use of the tool and give other readers valuable information, if they take the time to learn. One of the biggest enhancements that I use is the FFO data added for MLPs and REITs.”


“When FAST Graphs™ were unavailable because of Hurricane Sandy, I realized how much I need them in order to make investment decisions.

(Wish I could be) Long FAST Graphs!!!”


“One more vote for the value of FAST Graphs™; just started a subscription to Chuck's great service (premium), and am having a ball analyzing so many stocks quickly.”


“I feel very ill-equipped to make investment decisions without Fast Graphs. :-)”


“Yesterday, I signed up for your F.A.S.T. Graphs™. It's a really amazing, valuable tool for checking over/undervaluation of stocks. Wish I had it years and years ago!!”


“Love the F.A.S.T. Graphs™: One glance and you know a whole lot.”


“About Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


"Chuck -- Your proprietary F.A.S.T. Graphs™ are a VERY impressive tool!"


“If there were an Investor Hall of Fame for people who have helped others with their investing, and sharing valuable information, you and your F.A.S.T. Graphs™ would get one of my selections.”


“I love Chuck's F.A.S.T. Graphs™! Well worth the price of admission for what he gives you.”


"Chuck - Thank you for your well thought out articles. I tend to be a visual type of person so I really appreciate the F.A.S.T. Graphs™ approach."


"Great article, as always! I always look forward to your articles, and am especially eagerly awaiting your next in this series. I find the F.A.S.T. Graphs™ extremely helpful."


“Your F.A.S.T. Graphs™ put all of this in a single artful picture and the accompanying spreadsheets hammer home the point.”


“I use the F.A.S.T. Graphs™ method to evaluate all of my ideas. I recommend it for individual investors, since it helps them focus on data and get past the many emotional arguments.”


“I recently subscribed to the F.A.S.T. Graphs™, and these articles are helping me learn how to better use them. They really do give you a good quick look at the valuations picture. A much needed tool!”


“I also always appreciate the clear-cut information provided through your F.A.S.T. Graphs™ and articles.”


“Thanks, Chuck, for your F.A.S.T. Graphs™. Each of these graphs is worth 1,000 words in describing a company's growth, consistency and valuation. Thanks for sharing your graphs.”


“Thanks, Chuck. Love the F.A.S.T. Graphs™! It makes investing so much more clear.”


“Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


”I am amazed at the usefulness of your F.A.S.T. Graphs™ and I plan on using them for a long time to come.”


“Chuck's F.A.S.T. Graphs™ will give you a tool to find those well chosen stocks...”


“Thanks for the F.A.S.T. Graphs™, Chuck. They are the best tool I've used.”


Recent Posts


Tags

OUTR stock research FOSL MKC PRGO UEPS long-term value HOG CATY TSCO LQDT HCA BMO CINF OHI HON DOV ASNA BOKF VCO ESRX THRM CCK PCLN AAN COO LOW FTR AB HGT intrinsicvalue COP TUP NEE LEN SAM TXT MGA MIDD long-term growth GMCR AFSI OHI,EPR,WPG,JLL best-of-breed MGEE ORI EPHC dividend-paying RJF SCL IDA P growth BF.B CLF CAPE CACC NROM WY RTN DHR FOMC BMS GEOS TNGO WASH EXLS DTEGY CAM fastgraphs CTL DAN FB CVS US Economy OXY SWKS HE FCFS CLX ECL dividendpaying market currents MHP DTV AOS HCN SBRA DollarCostAverging DLPH PM HPQ WMT BCOR ITC BWLD CPB FLIC ONE HBI BH ED:SCG DR KMB ED MDP WMT,ROST,GIS,GE,JNJ,KO UNP FF GPS PNR URI JKHY Overvalued RDS.A BHB dividend income AFG THO HSC cyclical CM BPL CBRL MPW CKSW TGI MSFT DRIP GPI BLL WFM WRLD WLP TGT Materials BOBE MTW GPCM ETP WAG high-yield LLY COL TEVA PII DNB HCBK XRX PortfolioDesign Consumer discretionary JRN hyper growth stocks RKT cashflow SRCE biotech dividends,earnings growth AZO fair valuation TE value investing CNC SHW SNI market timing WEC interest rates consumer HRL VRX KFT SNCR HP GrowthOriented VVC LXU MNR OSIS CTSH MMM IR, CBI CPN KMP ATHM SLW Yield macro TU CELG investing for total return VAL Valuation suvivorship basis CSL NKE fundamental stock research tool FDX TIS long ideas MCY STMP TAC DividendChampions DRC ACN AGN PNW SJM ACE JNJ diversified machinery EK ABC capital appreciation PG NTES EE RCII OKS INFY CHE NFLX MNTX RSG,RTN ULTA Buffett POR TGH DECK ROST CAH ESI MAN BG earnings SoundValuation BANF NSRGY M RY NOC ACI JWML.Y Fundamentals CSX GLT DGAS Aristocrat RIMM AET dividend-growth TWGP IBM LLL PPL value-oriented NOG FAST earnings growth DELL LTM dividend BKH T TNC OKE GOOGL SXL DFS DGX ANTM CERN TWX FL ZBRA CTRX RMD WST GOOG SCG ABT CanadianBanks HAS FTI,HTZ JOY EMC MELI KR GES HighQuality EnergySector ORCL BMRC highqualityR ARLP Stock Research Analysis Market Outlook stock Share Buybacks IBN PCP POM portfolio KO JPM BEAV ARRS AM MDT Macro view PFE C SIG R TIF investing for income BigFive,Canadian WSM BDX INGR SAVE LL AMCX BIIB dividend growth fair value short ideas intrinsic value BAP AMAG REXX JCI CSCO LKQ LMT TSM CTAS ZUMZ RSG NSR WHR blue-chip CRI KMT DMRC WU PNM AMT ACR WIN APEI MA OZRK BCE CTG MTZ NSC MCK BRS food service ECHO SFG JCOM CLX,EMR HRS ANDE JAZZ dividend growth investing SPY Dividend Champions MGRC DLR stockResearchTool sell MNK NPM FAST Graphs ATW VMI CFR RRC SYK PSX ENDP TOT FRAN AEG DOM OII MAT FRED BBBY Challengers COST dividends UTHR EMR, MMM GOLD cash flow WWW SHOO REITs BAX EBAY K TRV GT MCD Telecommunications GE SYNA ITW FBHS MSA dividendGrowth AVD CACI QCOR SWK POWR POT DORM MYL ICLR PCL SILVER DRI intrinsic value,stocks,earnings,fundamentals,stock research tool,due diligence QCOM CGY treasury RBC FDO STE AZZ DTE XOM XEL AMGN SPLS SBR ALTE CBU ACQ Utilities Sector SCHW JWN MUR UNM DVA WFC DPS PRAA ENSG mid-cap ETR SLGN due diligence PFG NC SHPG ABM dividend paying stocks LH BLK machinery BHP value trap AA X CHD PNRA BIDU HCI CB VFC BWP AEP DividendAristocrats CL stock research tool long HNZ Dividend Ideas fast-growing UNH utility stocks F PEP BR AXP HCP banks PB Champions FairlyValued BNS. EXC Contenders APD GIS BCR ACM VRTU SWFT mid-sized OGE EV AVP SNH ConsumerDiscretionary investment RAI COH TROW stocks SON INWK ALB FairValuation GPC UHS AFAM CMI RS DKS GILD MNST CTBI PAG MATW SYY NLY ACOM MRK INT BNS MAIN SIVB BAC GWW ETN WGL AKRX investing AGLP DIS growth stocks AIRM ITW, EWBC CHS technology AFL,CVX,ED,JNJ,MCD,PG,SWK,T,WMT,TGT,ABM,AFL,BEN,BMS,CB,CBSH,CTBI DDS biotechnology marketvaluation MHS Bond,TGT,UTX VZ CXRX BRLI EAT ODFL TEG: WEC: DE RSO TEF CTCM ADP act ROSE KALU SYT HIBB THC BMTC DD Utilities FinancialSector UL MO FAF KCAP CVX,SWK,MCD,TGT,PG,WMT,JNJ,MDT,AFT,T,ED FC INTC AMG CR JSFT healthcare HSY true worth PPG LZB CVX AMBN investing for income,growth and income MCHP AAPL KO,CLX,CELG,JCP,GT,MSI,PEP,ED SEIC SHR CIO SBUX long-term investing suvivorship InterestRates SU GAS THFF AMP PKG IPAR SO DOW HSNI UTX AMZN KSS HD UN BBY FLO NA ADT WBA free cash flow CRLI GD CNSL D PDFS MSCC beta Aristocrats V CAT long-term returns CASY AFL Industrial 3NSRGY EMR GME BA total return PEG InformationTech LINE stock analysis FUL AIG VTR CLR market ADM IR NVS CE SUBX HII regional banks AAP TMP GNTX retirement PBI dividend paying TICC economy LO PRXL O APH BOFI ABBV RRD blue chip WVR BEN DividendIncome FISV

Archive

Testimonials


“I appreciate your work, Chuck. As a subscriber to FAST Graphs™, I use the tool to decide on whether to purchase additional shares of what I currently hold or to add a new holding. Your articles help me make full use of the tool and give other readers valuable information, if they take the time to learn. One of the biggest enhancements that I use is the FFO data added for MLPs and REITs.”


“When FAST Graphs™ were unavailable because of Hurricane Sandy, I realized how much I need them in order to make investment decisions.

(Wish I could be) Long FAST Graphs!!!”


“One more vote for the value of FAST Graphs™; just started a subscription to Chuck's great service (premium), and am having a ball analyzing so many stocks quickly.”


“I feel very ill-equipped to make investment decisions without Fast Graphs. :-)”


“Yesterday, I signed up for your F.A.S.T. Graphs™. It's a really amazing, valuable tool for checking over/undervaluation of stocks. Wish I had it years and years ago!!”


“Love the F.A.S.T. Graphs™: One glance and you know a whole lot.”


“About Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


"Chuck -- Your proprietary F.A.S.T. Graphs™ are a VERY impressive tool!"


“If there were an Investor Hall of Fame for people who have helped others with their investing, and sharing valuable information, you and your F.A.S.T. Graphs™ would get one of my selections.”


“I love Chuck's F.A.S.T. Graphs™! Well worth the price of admission for what he gives you.”


"Chuck - Thank you for your well thought out articles. I tend to be a visual type of person so I really appreciate the F.A.S.T. Graphs™ approach."


"Great article, as always! I always look forward to your articles, and am especially eagerly awaiting your next in this series. I find the F.A.S.T. Graphs™ extremely helpful."


“Your F.A.S.T. Graphs™ put all of this in a single artful picture and the accompanying spreadsheets hammer home the point.”


“I use the F.A.S.T. Graphs™ method to evaluate all of my ideas. I recommend it for individual investors, since it helps them focus on data and get past the many emotional arguments.”


“I recently subscribed to the F.A.S.T. Graphs™, and these articles are helping me learn how to better use them. They really do give you a good quick look at the valuations picture. A much needed tool!”


“I also always appreciate the clear-cut information provided through your F.A.S.T. Graphs™ and articles.”


“Thanks, Chuck, for your F.A.S.T. Graphs™. Each of these graphs is worth 1,000 words in describing a company's growth, consistency and valuation. Thanks for sharing your graphs.”


“Thanks, Chuck. Love the F.A.S.T. Graphs™! It makes investing so much more clear.”


“Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


”I am amazed at the usefulness of your F.A.S.T. Graphs™ and I plan on using them for a long time to come.”


“Chuck's F.A.S.T. Graphs™ will give you a tool to find those well chosen stocks...”


“Thanks for the F.A.S.T. Graphs™, Chuck. They are the best tool I've used.”