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J. Royden Ward is the Editor
of the Cabot Benjamin Graham Value Letter (available at BenjaminGraham.net
and Cabot.net).
In 1946, Dr. Wilson Payne,
Dean of the Investment Department at Babson College, and
Benjamin Graham, professor of Advanced Security Analysis
at Columbia University and investment advisor with the
Graham-Newman Corporation, collaborated to devise
formulas that would estimate a fair value range for
stocks based on Mr. Graham’s guidelines. The fair value
range indicated the high and low price range for the
next 12 to 24 months for each stock. The formulas were
based on the 10 year histories of price, sales, cash
flow, earnings, dividends, and book value per share for
each company.
In 1969, Dr. Wilson Payne and J. Royden Ward, Director
of Research at Econometrics Research and Management in
Boston, teamed up to develop computerized models that
would utilize the formulas that Dr. Payne and Benjamin
Graham devised to estimate a fair value range for stocks
23 years earlier. The models were successfully
back-tested to check their validity in the difficult
stock markets of the 1960’s. In addition to the fair
value models, Dr. Payne and J. Royden Ward added
Benjamin Graham’s guidelines for standards of quality,
standards of quantity, and standards of earnings growth
to their analysis model. The resulting product was
purchased by J. Royden Ward and made available to
institutional investors during the next 30 years.
About the Cabot Benjamin Graham
Value Letter
The models, based on the value approach taught by
Benjamin Graham, are now offered to private investors in
the Cabot Benjamin Graham Value
Letter. The
Cabot Benjamin Graham Value Letter
includes current market conditions, market forecasts,
and his opinion of the prevailing economic conditions.
Stocks are recommended in the
two value Models:
-
The Classic Benjamin
Graham Value Model
screens the Benjamin
Graham Data Base monthly to detect the stocks that
meet Benjamin Graham’s seven original criteria for
value. Subscribers are told exactly when to buy and when to
sell.
-
The Wise Owl Model
forecasts a trading range for the Dow Jones Industrial
Average every six months. Subscribers can gauge whether
the stock market is undervalued or overvalued using
our high/low estimates for the market. Other Special
Features include analyses of small cap stocks, high
yielding stocks, REITS, and other topics.
Cabot Benjamin Graham Value Letter
Contact Information
Cabot Heritage Corporation
176 North Street
Salem, MA 01970
(978) 745-5532
The
above description was assembled
using information from the
publisher's site. All registered
or unregistered trademarks
referenced herein are the
property of their respective
owners, and no trademark rights
to the same are claimed. |
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