Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: [CANSLIM] Stock Strategy Performance: The Winners and Losers in 2001
Date: Fri, 26 Jul 2002 13:21:43 -0500
Next Article (by Author): Re: [CANSLIM] Intro: Jeffrey Gasta Kent Norman
Previous Article (by Author): Re: [CANSLIM] Intro: Jeffrey Gasta "Katherine Malm"
Articles sorted by: [Date]
[Author]
[Subject]
This is a multi-part message in MIME format.
- ------=_NextPart_000_0128_01C234A7.62AEC980
Content-Type: multipart/alternative;
boundary="----=_NextPart_001_0129_01C234A7.62AEC980"
- ------=_NextPart_001_0129_01C234A7.62AEC980
Content-Type: text/plain;
charset="iso-8859-1"
Content-Transfer-Encoding: quoted-printable
- ----- Original Message -----=20
From: Gene Ricci=20
To: canslim@lists.xmission.com=20
Sent: Tuesday, February 19, 2002 10:49 PM
Subject: [CANSLIM] Stock Strategy Performance: The Winners and Losers in =
2001
Stock Strategy Performance: The Winners and Losers in 2001
By John Bajkowski
The Joseph Piotroski screen seeking financially strong low =
price-to-book-value stocks was the best-performing strategy in 2001, =
while the David Dreman With Estimate Revisions screen was the weakest. =
Both screens showed strong reversals from their 2000 performance, =
highlighting the danger of blindly investing in the prior year's best =
performer.=20
For the last four years we have presented and discussed a new monthly =
stock screen on the Stock Screens segment of AAII.com, while =
simultaneously tracking the success and updating the results of all the =
previous screens. We now have 50 screens that cover the full spectrum of =
investment approaches, ranging from small-cap growth to large-cap value. =
Some of the approaches attempt to capture the investment philosophy of =
famous investors such as Warren Buffett, while other screens explain and =
implement basic investing approaches, such as investing in stocks with =
low price-to-sales ratios.=20
At the beginning of each month, we run each screen using AAII's Stock =
Investor and produce a table of passing companies for each screen, which =
is posted on-line. We construct a fresh hypothetical portfolio for each =
screen every month. Stocks are purchased in equal dollar amounts at the =
start of the month and sold/rebalanced at the end of the month. A stock =
is sold if it no longer meets the initial criteria, and new stocks are =
added if they qualify. The price gains (dividends excluded) for these =
portfolios are tracked. No additional screens are applied in =
constructing the portfolios.=20
The performance reflects buying and selling each month at the month-end =
closing. The impact of factors such as commissions, bid-ask spread, =
dividends, and time-slippage (time between the initial decision to buy a =
stock and the actual purchase) are ignored. While this makes the =
reported performance unachievable, in a best-case scenario, all =
approaches are subject to the same conditions and procedures. However, =
higher turnover portfolios would typically benefit from our simplified =
rules. The goal of tracking the performance of the screens is to help =
gain an understanding of how each approach reacts in different market =
conditions, and to gain a feel for their characteristics.=20
Even with over four years of performance tracking under our belt, it is =
early to determine if any approach has special characteristics that will =
make it a top performer over the long haul. But, we have had the =
opportunity to observe the reaction of the screens during bull and bear =
markets.=20
Winners and Losers
As 2001 is drawing to a close, the S&P 500 may show back-to-back =
calendar-year losses-the first such event since 1973 and 1974. As =
revealed in Table 1, most of the indexes show negative returns through =
December 14. Only the S&P SmallCap 600 index shows a positive rate of =
return through December 14. Just as in 2000, small-cap stocks generally =
outperformed large-cap issues. The technology-heavy Nasdaq 100 lost =
almost a third of its value in 2001 after losing 36.8% in 2000.=20
"Cap" refers to market capitalization, which is determined by =
multiplying the number of shares outstanding by the market price. The =
S&P 500 is a popular benchmark for stock market performance, but it only =
covers the largest companies traded on U.S. exchanges. The S&P MidCap =
400 measures mid-sized firms while the S&P SmallCap 600 tracks small-cap =
companies.=20
The other matrix that is normally used to segment stocks is the growth =
versus value style. Value approaches seek stocks that are priced cheaply =
relative to tangible variables such as earnings, book value, or sales. =
Growth approaches seek stocks with rapidly expanding earnings, with =
little regard to the stock price.=20
The screening approaches listed in Table 1 are grouped by growth versus =
value approach. The table shows the price change from January 1, 2000, =
through December 14, 2001, along with the gains or losses during 2000, =
1999 and 1998. The Total Gain columns do not include dividends. Higher =
yield large-cap value strategies such as the Dogs of the Dow would be =
affected the most by excluding dividends.=20
The Joseph Piotroski screen seeking financially strong =
low-price-to-book-value stocks was the best performing strategy in 2001, =
with a gain of 87.3% after showing a 0.9% loss in 2000. The David Dreman =
With Estimate Revisions screen was the weakest performer in 2001, with a =
35.0% loss after gaining 38.7% in 2000. The screen seeks out larger =
stocks with low price-earnings ratios that have had recent upward =
earnings revisions. Most of the losses for the screen came in September =
and October, with very few passing stocks (one in September, three in =
October). These strong reversals highlight the dangers of investing in =
last year's best-performing market segment without first appraising its =
ability to continue its strong performance. So far, the growth-oriented =
screen that follows the William O'Neil CANSLIM approach has shown some =
of the most consistently strong performance gains: 53.5%, 38.0%, 36.6%, =
and 28.2% over the last four years. The Martin Zwieg screen is the other =
long-term standout, with a four-year gain of 299.7%.=20
Risk
When measuring performance, the risk of the strategy should be =
considered. The Monthly Variability columns report the greatest monthly =
gain and loss as an indication of the volatility that has occurred over =
the last four years. For example, the most that the Martin Zwieg =
approach gained in a single month was 32.7%, while the most that it lost =
in a single month was 24.2%. By way of comparison, the most that the S&P =
500 index gained in a single month was 9.7%, while its largest single =
monthly loss was 14.6%.=20
The Monthly Variability columns also report the monthly standard =
deviation over the full study period. Standard deviation is a measure of =
total risk, expressed as a monthly change. It indicates the degree of =
variation in return experienced by a strategy relative to its average =
over the test period. The higher the standard deviation, the greater the =
total risk of the strategy. The Graham Defensive Investor (Utility) =
screen has the lowest monthly standard deviation figure of 4.7%, while =
the Richard Driehaus approach exhibited the highest monthly standard =
deviation of 15.3% over the same four-year period.=20
Turnover Rates
The Monthly Holdings columns provide data on portfolio holdings over =
time-the average number of stocks that were in each portfolio over the =
last four years along with the average holdover percentage from month to =
month. The Dogs of the Dow Low Priced Five approach always has five =
stocks in the portfolio, but the Geraldine Weiss Blue Chip Dividend =
Yield approach averaged 11 passing stocks with as many as 25 stocks for =
a given month, and no passing stocks at the end of November 2001. The % =
Holdover column gives an indication of the turnover for a given =
strategy. The higher the percentage holdover, the more often companies =
stay in a portfolio from month to month. As a general rule, approaches =
that focus on value tend to have less portfolio turnover than the pure =
growth approaches, and they tend to be less volatile and outperform =
other approaches during bear markets. However, value approaches can fall =
behind other approaches, particularly in the strongest portion of a bull =
market.=20
Portfolio Characteristics
Table 2 presents the characteristics of the stocks that passed the =
screens in each approach at the end of November.=20
The current price-earnings ratio (price divided by trailing 12-month =
earnings per share) for this group of screens ranges from 3.8 for the =
value-oriented Fundamental Rule of Thumb screen to 53.1 for the Richard =
Driehaus approach.=20
Both the historical and estimated growth rates of earnings follow the =
predictable script. The more growth-oriented approaches typically have =
higher historical and expected earnings growth rates, while the value =
approaches tend to have lower growth rates.=20
Market capitalization is provided as a gauge for the size of firms =
passing each screen. Strategies such as the Dogs of the Dow and =
O'Shaughnessy Value are clearly invested in the large-cap segment. =
Fundamental Rule of Thumb, Graham Enterprising Investor, Low Price/Book, =
Peter Lynch, Stock Market Winners, and the Shadow Stocks are at the =
other end of the spectrum, with low market caps.=20
The relative strength index is calculated against the performance of the =
S&P 500. Stocks with performance equal to the S&P 500 over the last 52 =
weeks have a relative strength index of zero. Negative numbers indicate =
underperformance, while positive numbers indicate outperformance.=20
For details on how the screens were constructed and to follow their =
performance over time, go to the Stock Screens area of AAII.com.=20
Conclusion
As you look at the performance of the screens, do not simply follow the =
strategies that have the highest performance. Instead, try to understand =
the forces that affect their performance. Here are some important =
questions to ask that will help you evaluate any series of screens that =
seek to capture an investment approach:=20
a.. How is the portfolio reacting relative to the current market =
environment? If it is deviating substantially, what is the cause of that =
deviation-is it the particular stock picks, or it is perhaps =
overconcentration in a particular sector that is a result of the =
particular set of screens you have chosen?=20
b.. Are the portfolio's characteristics more similar to a value-based =
or growth-based approach? That may give you a better idea of how the =
portfolio is likely to behave.=20
c.. Are the screens actually capturing the kinds of companies you want =
to invest in based on your chosen investment approach? Also, are the =
screens producing any unintentional biases?=20
d.. What is the proper benchmark to measure the performance of your =
portfolio? It is important to look at the characteristics of your =
portfolio (market capitalization, industry concentration, growth vs. =
value) to properly select a benchmark.=20
e.. How frequently do your screens cause your portfolio to =
substantially change?=20
Most importantly, remember that screening is just a first step in =
investing. There are qualitative elements that cannot be captured =
effectively by a quantitative screening process.=20
John Bajkowski is AAII's vice president of financial analysis and editor =
of Computerized Investing.=20
More articles by John Bajkowski=20
=A9 AAII Journal January 2002, Volume XXIV, No. 1=20
Table 1. Performance of Stock Screens on AAII's Web Site=20
Strategy
Value Total Gain (%) Monthly Variability (%) Monthly Holdings =20
2001* 2000 1999 1998 Cumulative Std. Dev. High Low Avg. % Holdover =
Cash Rich 11.9 40.5 37.1 -3.8 107.4 8.0 17.6 -20.7 37 74%=20
David Dreman 21.6 38 -3.0 -1.5 60.2 5.6 12.6 -15.4 20 67%=20
David Dreman with Est Revisons -35.0 38.7 6.7 10.7 6.5 7.7 11.4 =
- -25.8 7 21%=20
Dogs of the Dow -3.4 4.1 5.7 9.8 16.7 5.9 16.1 -13.1 10 92%=20
Dogs of the Dow (Low Priced 5) 4.9 3.2 -2.0 24.6 32.2 6.7 19.1 =
- -14.0 5 82%=20
Low Price-to-Free-Cash-Flow 55.4 17.8 10 2.6 106.6 6.6 25.1 -14.4 =
30 75%=20
Fundamental Rule of Thumb 31.1 28.7 11.7 -9.4 70.7 8.6 33.8 -19.2 =
50 75%=20
Graham-Defensive Investor (Non-Utility) 52.7 12.0 3.6 9.6 94.0 6.6 =
15.7 -14.6 24 83%=20
Graham-Enterpising Investor 47.9 24.2 -5.0 -7.3 61.8 6.9 23.4 =
- -18.7 8 68%=20
Josef Lakonishok -2.4 36.7 14.8 7.3 64.3 6.5 16.6 -13.7 16 9%=20
John Neff 57.8 37.3 17.4 9.3 178.1 8.2 26.8 -20.2 19 65%=20
O'Shaughnessy-Value 7.8 22.3 -3.9 7.2 35.8 6.3 15.5 -14.0 50 78%=20
Joseph Piotroski 87.3 -0.9 27.1 17.9 178.1 8.7 25.7 -17.2 8 79%=20
Low Price/Book 42.7 -22.7 31.1 -3.4 39.7 10.1 50.2 -18.4 nmf nmf=20
P/E Relative 11.7 20.3 -6.0 26.5 59.8 5.0 13.3 -12.4 27 19%=20
Geraldine Weiss Blue Chip Div. Yield* 25.6 18.8 3.9 3.3 60.2 6.2 =
14.3 -13.1 11 72%=20
Growth & Value=20
Buffettology-EPS Growth 21.5 5.9 17.7 4.0 57.6 7.0 15.0 -20.4 39 =
88%=20
Buffettology-Sustainable Growth 24.0 3.3 14.6 7.4 57.6 7.4 16.5 =
- -18.0 25 85%=20
Philip Fisher 61.7 -16.7 5.4 2.6 45.7 10.6 25.6 -26.7 42 69%=20
Peter Lynch 35.1 3.2 8.9 1.3 53.7 5.1 16.4 -17.4 28 77%=20
Oberweis Octagon 11.8 18.4 33.4 15.6 104.1 9.7 23.3 -23.2 23 59%=20
O'Shaughnessy-Growth 13.7 11.5 19.5 19.4 80.7 6.6 13.9 -17.9 50 =
61%=20
Low Price-to-Sales 37.3 23.3 21.1 13.2 132.1 6.4 14.8 -17.8 44 57% =
T. Rowe Price 4.7 35.2 -4.5 1.8 37.7 7.0 13.3 -18.0 19 67%=20
John Templeton 12.8 20.3 8.1 16.2 70.6 6.7 14.3 -18.2 29 73%=20
Stock Market Winners 36.9 27.6 21.7 -12.0 87.1 6.7 17.5 -16.7 15 =
36%=20
Value on the Move (PEG with Est Growth) 28.4 22.9 11 2.1 78.9 6.8 =
15.7 -23.1 61 51%=20
Value on the Move (PEG With Hist Growth) 17.5 19.4 18 1.5 68 5.4 =
12.7 -19.1 131 63%=20
Ralph Wanger 12.7 -2.8 3.2 -2.4 10.3 7.9 22.8 -19.8 31 71%=20
Martin Zweig 51.2 46.2 17.1 54.5 299.7 10.1 32.7 -24.2 13 53%=20
Growth=20
Richard Driehaus -31.7 -8.3 107.4 0 29.7 15.3 51.3 -25.7 10 30%=20
Inve$tWare Quality Growth II 5.3 18.5 -3.0 14.5 38.7 6.7 18.2 =
- -22.0 35 89%=20
William O'Neil's CANSLIM 53.5 38 36.6 28.2 271 8.3 23.6 -23.1 11 =
45%=20
Sector/Specialty=20
ADRs -7.1 9.9 4 2.3 8.6 7.5 31.1 -17.7 15 58%=20
DRPs 27.2 13.1 4.4 -4.3 43.7 6.2 18.4 -13.6 29 76%=20
Dual Cash Flow 19.9 5.7 114.3 0.9 174 8.8 34.7 -16.2 39 68%=20
Est Rev Down 20.8 -7.1 21.9 -15.0 16.2 8.2 17.6 -23.3 221 23%=20
Est Rev Down 5% 21.2 -4.2 27.8 -3.9 42.6 9.4 23.6 -23.2 70 11%=20
Est Rev Up -5.8 2.2 38.2 29.9 72.8 7.4 12.2 -18.6 155 18%=20
Est Rev Up 5% -13.1 3.6 107.1 43.3 167 11.1 30.8 -21.7 38 8%=20
Graham-Defensive Investor (Utility) 0.8 51.4 -8.4 14.6 60.2 4.7 12 =
- -7.3 18 83%=20
Insider Net Purchases 16.4 -38.3 7.5 0 -22.7 10.7 26.7 -19.0 25 =
65%=20
Michael Murphy Technology 24.6 -52.1 139.7 29.7 85.5 15 44.7 -27.8 =
19 78%=20
Strong ROE 12.2 31.4 1 18.8 76.9 6.8 13 -22.2 34 82%=20
Short % Outstanding 4 -31.7 -26.9 0 -48.0 13.9 33.3 -24.1 25 82%=20
Short Interest Change 5.4 -51.8 111.1 0 7.2 14.7 34.1 -27.4 25 24% =
Short Ratio 14 -40.9 2.2 0 -31.1 10 37.8 -24.5 25 53%=20
Shadow Stocks 25.2 -10.5 16.8 -4.3 25.1 6.4 22.2 -17.4 nmf nmf=20
Shadow Stocks-Growth Screen 68.5 -6.2 0.7 -8.8 45.2 6.9 18.6 -18.3 =
10 56%=20
Shadow Stocks-Value Screen 5.8 -13.5 4.8 -11.9 -15.5 6.9 23.4 =
- -17.8 16 77%=20
Indexes=20
DJ 30 -9.0 -6.2 25.2 16.1 24.1 5.3 10.2 -15.1 =20
S&P 500 -14.9 -10.1 19.5 26.7 15.7 5.3 9.7 -14.6 =20
S&P/Barra 500 Growth (incl. dividends) -12.9** -22.1 28.3 42.1 =
23.8 6.3 9.2 -13.0 =20
S&P/Barra 500 Value (incl. divs.) -13.0** 6.1 12.7 14.7 19.3 5.2 =
10.4 -16.1 =20
S&P MidCap 400 -4.8 16.2 13.3 17.7 47.5 6.3 12.0 -18.7 =20
S&P SmallCap 600 1.4 11.0 11.5 -2.1 22.9 6.4 13.3 -19.4 =20
Nasdaq 100 -31.4 -36.8 102.0 85.5 62.2 13.0 25.0 -27.5 =20
Unless otherwise stated, figures do not include dividends or =
transactions costs.
*Through 12/14/2001
**Through 11/30/2001=20
Table 2. Portfolio Characteristics of Stock Screens=20
Strategy
Value P/E Ratio (X) P/E to EPS Est. Growth (X) Hist. EPS Growth =
(%) Estimated Long-Term EPS Growth (%) Market Cap. ($ Million) 52-Week =
Relative Strength (%)=20
Cash Rich 17.9 1.3 19.9 20.0 280.3 10.0=20
David Dreman 11.6 1.3 8.7 9.4 2131.3 15.0=20
David Dreman with Est Revisons 10.6 0.7 15.3 13.9 3200.9 22.0=20
Dogs of the Dow 18.6 1.9 4.7 9.3 36532.0 14.0=20
Dogs of the Dow (Low Priced 5) 18.6 1.6 11.1 9.8 74421.2 -16.0=20
Low Price-to-Free-Cash-Flow 9.6 0.9 5.3 12.5 231.5 23.5=20
Fundamental Rule of Thumb 3.8 0.6 32.3 18.3 62.3 14.0=20
Graham-Defensive Investor (Non-Utility) 13.2 1.1 14.2 14.0 409.1 =
35.0=20
Graham-Enterpising Investor 5.4 na 16.4 na 39.0 32.5=20
Josef Lakonishok 30.1 1.5 14.8 11.1 2664.5 3.0=20
John Neff 7.8 0.6 17.6 14.0 796.3 5.0=20
O'Shaughnessy-Value 16.8 1.6 7.6 9.4 9243.1 17.0=20
Joseph Piotroski 8.2 0.7 2.1 15.8 101.0 5.0=20
Low Price/Book 10.1 0.8 -16.9 15.5 22.4 -29.0=20
P/E Relative 13.2 1.0 13.6 12.5 2555.3 26.5=20
Geraldine Weiss Blue Chip Div. Yield* 12.8 1.3 22.9 10.0 355.8 =
64.0=20
Growth & Value=20
Buffettology-EPS Growth 18.6 1.4 30.2 17.1 2072.5 30.0=20
Buffettology-Sustainable Growth 15.1 1.2 30.5 17.1 1447.7 14.0=20
Philip Fisher 8.8 0.5 36.2 20.0 129.0 5.0=20
Peter Lynch 7.1 0.7 30.6 15.3 36.6 15.5=20
Oberweis Octagon 14.7 0.8 19.9 19.7 204.9 91.0=20
O'Shaughnessy-Growth 19.1 1.1 1.9 17.0 313.7 269.0=20
Low Price-to-Sales 15.0 1.4 -3.3 14.5 185.0 39.5=20
Stock Market Winners 12.8 1.0 18.4 11.0 62.8 73.0=20
T. Rowe Price 9.2 0.6 39.8 15.1 685.5 54.0=20
John Templeton 10.5 0.8 24.3 14.6 1853.7 18.5=20
Value on the Move (PEG With Est Growth) 13.0 0.8 28.2 16.0 419.2 =
86.0=20
Value on the Move (PEG With Hist Growth) 12.7 1.0 21.6 15.4 141.9 =
71.5=20
Ralph Wanger 19.6 1.1 38.3 22.3 332.0 65.0=20
Martin Zweig 18.1 0.8 18.9 16.0 1364.8 113.5=20
Growth=20
Richard Driehaus 53.1 1.4 -20.0 32.9 541.8 6.0=20
Inve$tWare Quality Growth II 34.3 1.5 28.6 22.5 2901.2 42.0=20
William O'Neil's CANSLIM 11.6 1.1 36.7 19.7 305.2 99.0=20
Sector/Specialty=20
ADRs 15.4 1.7 31.2 12.5 6472.1 -4.0=20
DRPs 18.8 1.6 15.0 11.5 2606.0 11.0=20
Dual Cash Flow 17.2 1.3 2.3 16.4 130.8 37.0=20
Est Rev Down 18.3 1.4 11.4 14.3 1435.2 8.0=20
Est Rev Down 5% 21.1 1.3 5.8 16.7 785.1 -7.0=20
Est Rev Up 23.4 1.4 12.4 16.5 1426.7 41.5=20
Est Rev Up 5% 22.6 1.9 5.2 17.4 1346.3 86.0=20
Graham-Defensive Investor (Utility) 12.0 1.7 5.8 6.8 2122.0 5.0=20
Insider Net Purchases 14.7 0.8 -8.0 21.0 156.7 8.0=20
Michael Murphy Technology 10.2 2.4 32.2 24.3 281.0 -37.0=20
Strong ROE 21.0 1.1 32.0 18.8 869.7 60.0=20
Short % Outstanding 16.1 0.8 26.9 22.5 406.9 22.0=20
Short Interest Change 22.1 1.8 7.0 17.5 197.3 51.0=20
Short Ratio 16.9 0.6 -16.7 12.8 167.6 8.0=20
Shadow Stocks 19.1 1.0 13.8 20.5 71.1 18.0=20
Shadow Stocks-Growth Screen 18.0 0.5 43.3 26.8 280.0 39.5=20
Shadow Stocks-Value Screen 8.4 0.6 36.3 18.8 63.1 19.0=20
All Exchange-Listed Stocks 16.4 1.4 5.9 16.3 166.6 14.0=20
Data as of 11/30/2001. *Data as of 11/2/2001.=20
=A9 AAII Journal January 2002, Volume XXIV, No. 1=20
- ------=_NextPart_001_0129_01C234A7.62AEC980
Content-Type: text/html;
charset="iso-8859-1"
Content-Transfer-Encoding: quoted-printable
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=3DContent-Type content=3D"text/html; =
charset=3Diso-8859-1">
<META content=3D"MSHTML 6.00.2716.2200" name=3DGENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY bgColor=3D#ffffff>
<DIV> </DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3Dgenr@swbell.net href=3D"mailto:genr@swbell.net">Gene Ricci</A> =
</DIV>
<DIV><B>To:</B> <A title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV><B>Sent:</B> Tuesday, February 19, 2002 10:49 PM</DIV>
<DIV><B>Subject:</B> [CANSLIM] Stock Strategy Performance: The Winners =
and=20
Losers in 2001</DIV></DIV>
<DIV><BR></DIV>
<DIV><FONT face=3D"Comic Sans MS"><FONT color=3D#005263 size=3D3>Stock =
Strategy=20
Performance: The Winners and Losers in 2001</FONT></DIV>
<DIV><FONT face=3DPALATINO color=3D#666666>By <A=20
href=3D"http://aaii.com/searchall/metasearch.shtml?SUBMIT=3DQuery&AAI=
IJ_AUTHOR=3DBajkowski%2C+John">John=20
Bajkowski</A></FONT></DIV>
<DIV><FONT color=3D#666666></FONT> </DIV>
<DIV><FONT color=3D#666666>The Joseph Piotroski screen seeking =
financially strong=20
low price-to-book-value stocks was the best-performing strategy in 2001, =
while=20
the David Dreman With Estimate Revisions screen was the weakest. Both =
screens=20
showed strong reversals from their 2000 performance, highlighting the =
danger of=20
blindly investing in the prior year=92s best performer. =
</FONT><BR></DIV>
<P><A name=3DBODY><A name=3Da></A><FONT face=3Dverdana =
color=3D#005263><B><FONT=20
size=3D+1>F</FONT></B></FONT>or the last four years we have presented =
and=20
discussed a new monthly stock screen on the <A=20
href=3D"http://aaii.com/stkscrns/index.shtml">Stock Screens</A> segment =
of=20
AAII.com, while simultaneously tracking the success and updating the =
results of=20
all the previous screens. We now have 50 screens that cover the full =
spectrum of=20
investment approaches, ranging from small-cap growth to large-cap value. =
Some of=20
the approaches attempt to capture the investment philosophy of famous =
investors=20
such as <A =
href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Warren=20
Buffett</A>, while other screens explain and implement basic investing=20
approaches, such as investing in stocks with low price-to-sales ratios.=20
<P>At the beginning of each month, we run each screen using AAII=92s =
<I><A=20
href=3D"http://aaii.com/stinvstr/intro/index.shtml">Stock =
Investor</A></I> and=20
produce a table of passing companies for each screen, which is posted =
on-line.=20
We construct a fresh hypothetical portfolio for each screen every month. =
Stocks=20
are purchased in equal dollar amounts at the start of the month and=20
sold/rebalanced at the end of the month. A stock is sold if it no longer =
meets=20
the initial criteria, and new stocks are added if they qualify. The =
price gains=20
(dividends excluded) for these portfolios are tracked. No additional =
screens are=20
applied in constructing the portfolios.=20
<P>The performance reflects buying and selling each month at the =
month-end=20
closing. The impact of factors such as commissions, bid-ask spread, =
dividends,=20
and time-slippage (time between the initial decision to buy a stock and =
the=20
actual purchase) are ignored. While this makes the reported performance=20
unachievable, in a best-case scenario, all approaches are subject to the =
same=20
conditions and procedures. However, higher turnover portfolios would =
typically=20
benefit from our simplified rules. The goal of tracking the performance =
of the=20
screens is to help gain an understanding of how each approach reacts in=20
different market conditions, and to gain a feel for their =
characteristics.=20
<P>Even with over four years of performance tracking under our belt, it =
is early=20
to determine if any approach has special characteristics that will make =
it a top=20
performer over the long haul. But, we have had the opportunity to =
observe the=20
reaction of the screens during bull and bear markets. </P>
<H2><FONT color=3D#005263>Winners and Losers</FONT></H2>
<P>As 2001 is drawing to a close, the S&P 500 may show back-to-back=20
calendar-year losses=97the first such event since 1973 and 1974. As =
revealed in <A=20
href=3D"http://aaii.com/ajmember/journal/200201/stkscrntable1.shtml">Tabl=
e 1</A>,=20
most of the indexes show negative returns through December 14. Only the =
S&P=20
SmallCap 600 index shows a positive rate of return through December 14. =
Just as=20
in 2000, small-cap stocks generally outperformed large-cap issues. The=20
technology-heavy Nasdaq 100 lost almost a third of its value in 2001 =
after=20
losing 36.8% in 2000. </P>
<P>=93Cap=94 refers to market capitalization, which is determined by =
multiplying the=20
number of shares outstanding by the market price. The S&P 500 is a =
popular=20
benchmark for stock market performance, but it only covers the largest =
companies=20
traded on U.S. exchanges. The S&P MidCap 400 measures mid-sized =
firms while=20
the S&P SmallCap 600 tracks small-cap companies.=20
<P>The other matrix that is normally used to segment stocks is the =
growth versus=20
value style. Value approaches seek stocks that are priced cheaply =
relative to=20
tangible variables such as earnings, book value, or sales. Growth =
approaches=20
seek stocks with rapidly expanding earnings, with little regard to the =
stock=20
price.=20
<P>The screening approaches listed in <A=20
href=3D"http://aaii.com/ajmember/journal/200201/stkscrntable1.shtml">Tabl=
e 1</A>=20
are grouped by growth versus value approach. The table shows the price =
change=20
from January 1, 2000, through December 14, 2001, along with the gains or =
losses=20
during 2000, 1999 and 1998. The Total Gain columns do not include =
dividends.=20
Higher yield large-cap value strategies such as the <A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs of the =
Dow</A>=20
would be affected the most by excluding dividends.=20
<P>The <A=20
href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Joseph=
=20
Piotroski</A> screen seeking financially strong low-price-to-book-value =
stocks=20
was the best performing strategy in 2001, with a gain of 87.3% after =
showing a=20
0.9% loss in 2000. The <A=20
href=3D"http://aaii.com/stkscrns/archive/dreman2/19991004.shtml">David =
Dreman With=20
Estimate Revisions</A> screen was the weakest performer in 2001, with a =
35.0%=20
loss after gaining 38.7% in 2000. The screen seeks out larger stocks =
with low=20
price-earnings ratios that have had recent upward earnings revisions. =
Most of=20
the losses for the screen came in September and October, with very few =
passing=20
stocks (one in September, three in October). These strong reversals =
highlight=20
the dangers of investing in last year=92s best-performing market segment =
without=20
first appraising its ability to continue its strong performance. So far, =
the=20
growth-oriented screen that follows the <A=20
href=3D"http://aaii.com/stkscrns/archive/Canslim/19980202.shtml">William =
O=92Neil=20
CANSLIM</A> approach has shown some of the most consistently strong =
performance=20
gains: 53.5%, 38.0%, 36.6%, and 28.2% over the last four years. The <A=20
href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin =
Zwieg</A>=20
screen is the other long-term standout, with a four-year gain of 299.7%. =
</P>
<H2><FONT color=3D#005263>Risk</FONT></H2>
<DIV><FONT face=3Dverdana color=3D#005263><B><FONT =
size=3D+1>W</FONT></B></FONT>hen=20
measuring performance, the risk of the strategy should be considered. =
The=20
Monthly Variability columns report the greatest monthly gain and loss as =
an=20
indication of the volatility that has occurred over the last four years. =
For=20
example, the most that the <A=20
href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin =
Zwieg</A>=20
approach gained in a single month was 32.7%, while the most that it lost =
in a=20
single month was 24.2%. By way of comparison, the most that the S&P =
500=20
index gained in a single month was 9.7%, while its largest single =
monthly loss=20
was 14.6%. </DIV>
<P>The Monthly Variability columns also report the monthly standard =
deviation=20
over the full study period. Standard deviation is a measure of total =
risk,=20
expressed as a monthly change. It indicates the degree of variation in =
return=20
experienced by a strategy relative to its average over the test period. =
The=20
higher the standard deviation, the greater the total risk of the =
strategy. The=20
<A =
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=20
Defensive Investor</A> (Utility) screen has the lowest monthly standard=20
deviation figure of 4.7%, while the <A=20
href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
d=20
Driehaus</A> approach exhibited the highest monthly standard deviation =
of 15.3%=20
over the same four-year period. <A name=3Db></A>
<H2><FONT color=3D#005263>Turnover Rates</FONT></H2>
<DIV>The Monthly Holdings columns provide data on portfolio holdings =
over=20
time=97the average number of stocks that were in each portfolio over the =
last four=20
years along with the average holdover percentage from month to month. =
The <A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs of the =
Dow Low=20
Priced Five</A> approach always has five stocks in the portfolio, but =
the <A=20
href=3D"http://aaii.com/stkscrns/archive/weiss/19981030.shtml">Geraldine =
Weiss=20
Blue Chip Dividend Yield</A> approach averaged 11 passing stocks with as =
many as=20
25 stocks for a given month, and no passing stocks at the end of =
November 2001.=20
The % Holdover column gives an indication of the turnover for a given =
strategy.=20
The higher the percentage holdover, the more often companies stay in a =
portfolio=20
from month to month. As a general rule, approaches that focus on value =
tend to=20
have less portfolio turnover than the pure growth approaches, and they =
tend to=20
be less volatile and outperform other approaches during bear markets. =
However,=20
value approaches can fall behind other approaches, particularly in the =
strongest=20
portion of a bull market. </DIV>
<DIV> </DIV>
<H2><FONT color=3D#005263>Portfolio Characteristics</FONT></H2>
<DIV><A =
href=3D"http://aaii.com/ajmember/journal/200201/stkscrntable2.shtml">Tabl=
e=20
2</A> presents the characteristics of the stocks that passed the screens =
in each=20
approach at the end of November. </DIV>
<P>The current price-earnings ratio (price divided by trailing 12-month =
earnings=20
per share) for this group of screens ranges from 3.8 for the =
value-oriented <A=20
href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
mental=20
Rule of Thumb</A> screen to 53.1 for the <A=20
href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
d=20
Driehaus</A> approach.=20
<P>Both the historical and estimated growth rates of earnings follow the =
predictable script. The more growth-oriented approaches typically have =
higher=20
historical and expected earnings growth rates, while the value =
approaches tend=20
to have lower growth rates.=20
<P>Market capitalization is provided as a gauge for the size of firms =
passing=20
each screen. Strategies such as the <A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs of the =
Dow</A>=20
and <A=20
href=3D"http://aaii.com/stkscrns/archive/oshau/19990601.shtml">O=92Shaugh=
nessy=20
Value</A> are clearly invested in the large-cap segment. <A=20
href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
mental=20
Rule of Thumb</A>, <A=20
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=20
Enterprising Investor</A>, <A=20
href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Low=20
Price/Book</A>, <A=20
href=3D"http://aaii.com/stkscrns/archive/Lynch/19980302.shtml">Peter =
Lynch</A>, <A=20
href=3D"http://aaii.com/stkscrns/archive/winners/19990802.shtml">Stock =
Market=20
Winners</A>, and the <A=20
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow =
Stocks</A>=20
are at the other end of the spectrum, with low market caps.=20
<P>The relative strength index is calculated against the performance of =
the=20
S&P 500. Stocks with performance equal to the S&P 500 over the =
last 52=20
weeks have a relative strength index of zero. Negative numbers indicate=20
underperformance, while positive numbers indicate outperformance.=20
<P>For details on how the screens were constructed and to follow their=20
performance over time, go to the <A=20
href=3D"http://aaii.com/stkscrns/archive/">Stock Screens</A> area of =
AAII.com. <A=20
name=3Dd></A>
<H2><FONT color=3D#005263>Conclusion</FONT></H2>
<DIV>As you look at the performance of the screens, do not simply follow =
the=20
strategies that have the highest performance. Instead, try to understand =
the=20
forces that affect their performance. Here are some important questions =
to ask=20
that will help you evaluate any series of screens that seek to capture =
an=20
investment approach: </DIV>
<P>
<UL>
<LI>How is the portfolio reacting relative to the current market =
environment?=20
If it is deviating substantially, what is the cause of that =
deviation=97is it=20
the particular stock picks, or it is perhaps overconcentration in a =
particular=20
sector that is a result of the particular set of screens you have =
chosen?=20
<P></P>
<LI>Are the portfolio=92s characteristics more similar to a =
value-based or=20
growth-based approach? That may give you a better idea of how the =
portfolio is=20
likely to behave.=20
<P></P>
<LI>Are the screens actually capturing the kinds of companies you want =
to=20
invest in based on your chosen investment approach? Also, are the =
screens=20
producing any unintentional biases?=20
<P></P>
<LI>What is the proper benchmark to measure the performance of your =
portfolio?=20
It is important to look at the characteristics of your portfolio =
(market=20
capitalization, industry concentration, growth vs. value) to properly =
select a=20
benchmark.=20
<P></P>
<LI>How frequently do your screens cause your portfolio to =
substantially=20
change? </LI></UL>
<P>Most importantly, remember that screening is just a first step in =
investing.=20
There are qualitative elements that cannot be captured effectively by a=20
quantitative screening process.=20
<P><BR><FONT face=3Dpalatino color=3D#666666><I>John Bajkowski is =
AAII=92s vice=20
president of financial analysis and editor of </I>Computerized =
Investing.=20
<BR><IMG src=3D"http://aaii.com/images/checkmark.gif"> <A=20
href=3D"http://aaii.com/searchall/metasearch.shtml?SUBMIT=3DQuery&AAI=
IJ_AUTHOR=3DBajkowski%2C+John"><FONT=20
color=3D#990033>More articles by John Bajkowski</FONT></A></FONT>=20
<P><BR><FONT face=3Dverdana size=3D-2>=A9 AAII Journal January 2002, =
Volume XXIV, No.=20
1</FONT> <BR></P>
<TABLE cellSpacing=3D0 cellPadding=3D4 width=3D"100%" border=3D1>
<TBODY>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD bgColor=3D#005263 colSpan=3D11><FONT color=3D#ffffff><B>Table 1. =
Performance=20
of Stock Screens on AAII=92s Web Site</B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#c7cdc8>
<TD vAlign=3Dbottom align=3Dleft rowSpan=3D2><FONT=20
color=3D#005263><B>Strategy<BR><I>Value</I></B></FONT></TD>
<TD colSpan=3D5><FONT color=3D#005263><B>Total Gain =
(%)</B></FONT></TD>
<TD colSpan=3D3><FONT color=3D#005263><B>Monthly Variability (%)=20
</B></FONT></TD>
<TD colSpan=3D2><FONT color=3D#005263><B>Monthly Holdings =
</B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#c7cdc8>
<TD><FONT color=3D#005263><B>2001*</B></FONT></TD>
<TD><FONT color=3D#005263><B>2000</B></FONT></TD>
<TD><FONT color=3D#005263><B>1999</B></FONT></TD>
<TD><FONT color=3D#005263><B>1998</B></FONT></TD>
<TD><FONT color=3D#005263><B>Cumulative</B></FONT></TD>
<TD><FONT color=3D#005263><B>Std. Dev.</B></FONT></TD>
<TD><FONT color=3D#005263><B>High</B></FONT></TD>
<TD><FONT color=3D#005263><B>Low</B></FONT></TD>
<TD><FONT color=3D#005263><B>Avg.</B></FONT></TD>
<TD><FONT color=3D#005263><B>% Holdover</B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/cashrich1/20000306.shtml">Cash=20
Rich</A></TD>
<TD>11.9</TD>
<TD>40.5</TD>
<TD>37.1</TD>
<TD>=963.8</TD>
<TD>107.4</TD>
<TD>8.0</TD>
<TD>17.6</TD>
<TD>=9620.7</TD>
<TD>37</TD>
<TD>74%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Dreman/19980406.shtml">David=20
Dreman</A></TD>
<TD>21.6</TD>
<TD>38</TD>
<TD>=963.0</TD>
<TD>=961.5</TD>
<TD>60.2</TD>
<TD>5.6</TD>
<TD>12.6</TD>
<TD>=9615.4</TD>
<TD>20</TD>
<TD>67%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/dreman2/19991004.shtml">David=20
Dreman with Est Revisons</A></TD>
<TD>=9635.0</TD>
<TD>38.7</TD>
<TD>6.7</TD>
<TD>10.7</TD>
<TD>6.5</TD>
<TD>7.7</TD>
<TD>11.4</TD>
<TD>=9625.8</TD>
<TD>7</TD>
<TD>21%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
of the=20
Dow</A></TD>
<TD>=963.4</TD>
<TD>4.1</TD>
<TD>5.7</TD>
<TD>9.8</TD>
<TD>16.7</TD>
<TD>5.9</TD>
<TD>16.1</TD>
<TD>=9613.1</TD>
<TD>10</TD>
<TD>92%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
of the Dow=20
(Low Priced 5)</A></TD>
<TD>4.9</TD>
<TD>3.2</TD>
<TD>=962.0</TD>
<TD>24.6</TD>
<TD>32.2</TD>
<TD>6.7</TD>
<TD>19.1</TD>
<TD>=9614.0</TD>
<TD>5</TD>
<TD>82%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/cashflow1/19991101.shtml">Low=20
Price-to-Free-Cash-Flow</A></TD>
<TD>55.4</TD>
<TD>17.8</TD>
<TD>10</TD>
<TD>2.6</TD>
<TD>106.6</TD>
<TD>6.6</TD>
<TD>25.1</TD>
<TD>=9614.4</TD>
<TD>30</TD>
<TD>75%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
mental=20
Rule of Thumb</A></TD>
<TD>31.1</TD>
<TD>28.7</TD>
<TD>11.7</TD>
<TD>=969.4</TD>
<TD>70.7</TD>
<TD>8.6</TD>
<TD>33.8</TD>
<TD>=9619.2</TD>
<TD>50</TD>
<TD>75%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
Defensive=20
Investor (Non-Utility)</A></TD>
<TD>52.7</TD>
<TD>12.0</TD>
<TD>3.6</TD>
<TD>9.6</TD>
<TD>94.0</TD>
<TD>6.6</TD>
<TD>15.7</TD>
<TD>=9614.6</TD>
<TD>24</TD>
<TD>83%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
Enterpising=20
Investor</A></TD>
<TD>47.9</TD>
<TD>24.2</TD>
<TD>=965.0</TD>
<TD>=967.3</TD>
<TD>61.8</TD>
<TD>6.9</TD>
<TD>23.4</TD>
<TD>=9618.7</TD>
<TD>8</TD>
<TD>68%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/lakonishok/20010406.shtml">Josef=
=20
Lakonishok</A></TD>
<TD>=962.4</TD>
<TD>36.7</TD>
<TD>14.8</TD>
<TD>7.3</TD>
<TD>64.3</TD>
<TD>6.5</TD>
<TD>16.6</TD>
<TD>=9613.7</TD>
<TD>16</TD>
<TD>9%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
href=3D"http://aaii.com/stkscrns/archive/neff/20000807.shtml">John =
Neff</A></TD>
<TD>57.8</TD>
<TD>37.3</TD>
<TD>17.4</TD>
<TD>9.3</TD>
<TD>178.1</TD>
<TD>8.2</TD>
<TD>26.8</TD>
<TD>=9620.2</TD>
<TD>19</TD>
<TD>65%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/oshau/19990601.shtml">O=92Shaugh=
nessy=97Value</A></TD>
<TD>7.8</TD>
<TD>22.3</TD>
<TD>=963.9</TD>
<TD>7.2</TD>
<TD>35.8</TD>
<TD>6.3</TD>
<TD>15.5</TD>
<TD>=9614.0</TD>
<TD>50</TD>
<TD>78%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Joseph=
=20
Piotroski</A></TD>
<TD>87.3</TD>
<TD>=960.9</TD>
<TD>27.1</TD>
<TD>17.9</TD>
<TD>178.1</TD>
<TD>8.7</TD>
<TD>25.7</TD>
<TD>=9617.2</TD>
<TD>8</TD>
<TD>79%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Low=20
Price/Book</A></TD>
<TD>42.7</TD>
<TD>=9622.7</TD>
<TD>31.1</TD>
<TD>=963.4</TD>
<TD>39.7</TD>
<TD>10.1</TD>
<TD>50.2</TD>
<TD>=9618.4</TD>
<TD>nmf</TD>
<TD>nmf</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/relatives1/20001002.shtml">P/E=20
Relative</A></TD>
<TD>11.7</TD>
<TD>20.3</TD>
<TD>=966.0</TD>
<TD>26.5</TD>
<TD>59.8</TD>
<TD>5.0</TD>
<TD>13.3</TD>
<TD>=9612.4</TD>
<TD>27</TD>
<TD>19%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/weiss/19981030.shtml">Geraldine =
Weiss Blue Chip Div. Yield*</A></TD>
<TD>25.6</TD>
<TD>18.8</TD>
<TD>3.9</TD>
<TD>3.3</TD>
<TD>60.2</TD>
<TD>6.2</TD>
<TD>14.3</TD>
<TD>=9613.1</TD>
<TD>11</TD>
<TD>72%</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D11><FONT =
color=3D#005263><B><I>Growth &=20
Value</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
ogy=97EPS=20
Growth</A></TD>
<TD>21.5</TD>
<TD>5.9</TD>
<TD>17.7</TD>
<TD>4.0</TD>
<TD>57.6</TD>
<TD>7.0</TD>
<TD>15.0</TD>
<TD>=9620.4</TD>
<TD>39</TD>
<TD>88%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
ogy=97Sustainable=20
Growth</A></TD>
<TD>24.0</TD>
<TD>3.3</TD>
<TD>14.6</TD>
<TD>7.4</TD>
<TD>57.6</TD>
<TD>7.4</TD>
<TD>16.5</TD>
<TD>=9618.0</TD>
<TD>25</TD>
<TD>85%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/fisher/19981005.shtml">Philip=20
Fisher</A></TD>
<TD>61.7</TD>
<TD>=9616.7</TD>
<TD>5.4</TD>
<TD>2.6</TD>
<TD>45.7</TD>
<TD>10.6</TD>
<TD>25.6</TD>
<TD>=9626.7</TD>
<TD>42</TD>
<TD>69%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Lynch/19980302.shtml">Peter=20
Lynch</A></TD>
<TD>35.1</TD>
<TD>3.2</TD>
<TD>8.9</TD>
<TD>1.3</TD>
<TD>53.7</TD>
<TD>5.1</TD>
<TD>16.4</TD>
<TD>=9617.4</TD>
<TD>28</TD>
<TD>77%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/oberweis/20011203.shtml">Oberwei=
s=20
Octagon</A></TD>
<TD>11.8</TD>
<TD>18.4</TD>
<TD>33.4</TD>
<TD>15.6</TD>
<TD>104.1</TD>
<TD>9.7</TD>
<TD>23.3</TD>
<TD>=9623.2</TD>
<TD>23</TD>
<TD>59%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/OShau/19990601.shtml">O=92Shaugh=
nessy=97Growth</A></TD>
<TD>13.7</TD>
<TD>11.5</TD>
<TD>19.5</TD>
<TD>19.4</TD>
<TD>80.7</TD>
<TD>6.6</TD>
<TD>13.9</TD>
<TD>=9617.9</TD>
<TD>50</TD>
<TD>61%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/pricetosales/20010702.shtml">Low=
=20
Price-to-Sales</A></TD>
<TD>37.3</TD>
<TD>23.3</TD>
<TD>21.1</TD>
<TD>13.2</TD>
<TD>132.1</TD>
<TD>6.4</TD>
<TD>14.8</TD>
<TD>=9617.8</TD>
<TD>44</TD>
<TD>57%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/troweprice/19981204.shtml">T. =
Rowe=20
Price</A></TD>
<TD>4.7</TD>
<TD>35.2</TD>
<TD>=964.5</TD>
<TD>1.8</TD>
<TD>37.7</TD>
<TD>7.0</TD>
<TD>13.3</TD>
<TD>=9618.0</TD>
<TD>19</TD>
<TD>67%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/templeton/20010507.shtml">John=20
Templeton</A></TD>
<TD>12.8</TD>
<TD>20.3</TD>
<TD>8.1</TD>
<TD>16.2</TD>
<TD>70.6</TD>
<TD>6.7</TD>
<TD>14.3</TD>
<TD>=9618.2</TD>
<TD>29</TD>
<TD>73%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/winners/19990802.shtml">Stock=20
Market Winners</A></TD>
<TD>36.9</TD>
<TD>27.6</TD>
<TD>21.7</TD>
<TD>=9612.0</TD>
<TD>87.1</TD>
<TD>6.7</TD>
<TD>17.5</TD>
<TD>=9616.7</TD>
<TD>15</TD>
<TD>36%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
the=20
Move (PEG with Est Growth)</A></TD>
<TD>28.4</TD>
<TD>22.9</TD>
<TD>11</TD>
<TD>2.1</TD>
<TD>78.9</TD>
<TD>6.8</TD>
<TD>15.7</TD>
<TD>=9623.1</TD>
<TD>61</TD>
<TD>51%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
the=20
Move (PEG With Hist Growth)</A></TD>
<TD>17.5</TD>
<TD>19.4</TD>
<TD>18</TD>
<TD>1.5</TD>
<TD>68</TD>
<TD>5.4</TD>
<TD>12.7</TD>
<TD>=9619.1</TD>
<TD>131</TD>
<TD>63%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/wanger2/20011105.shtml">Ralph=20
Wanger</A></TD>
<TD>12.7</TD>
<TD>=962.8</TD>
<TD>3.2</TD>
<TD>=962.4</TD>
<TD>10.3</TD>
<TD>7.9</TD>
<TD>22.8</TD>
<TD>=9619.8</TD>
<TD>31</TD>
<TD>71%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin=20
Zweig</A></TD>
<TD>51.2</TD>
<TD>46.2</TD>
<TD>17.1</TD>
<TD>54.5</TD>
<TD>299.7</TD>
<TD>10.1</TD>
<TD>32.7</TD>
<TD>=9624.2</TD>
<TD>13</TD>
<TD>53%</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D11><FONT=20
color=3D#005263><B><I>Growth</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
d=20
Driehaus</A></TD>
<TD>=9631.7</TD>
<TD>=968.3</TD>
<TD>107.4</TD>
<TD>0</TD>
<TD>29.7</TD>
<TD>15.3</TD>
<TD>51.3</TD>
<TD>=9625.7</TD>
<TD>10</TD>
<TD>30%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/naic/20000110.shtml">Inve$tWare =
Quality Growth II</A></TD>
<TD>5.3</TD>
<TD>18.5</TD>
<TD>=963.0</TD>
<TD>14.5</TD>
<TD>38.7</TD>
<TD>6.7</TD>
<TD>18.2</TD>
<TD>=9622.0</TD>
<TD>35</TD>
<TD>89%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Canslim/19980202.shtml">William =
O=92Neil=92s CANSLIM</A></TD>
<TD>53.5</TD>
<TD>38</TD>
<TD>36.6</TD>
<TD>28.2</TD>
<TD>271</TD>
<TD>8.3</TD>
<TD>23.6</TD>
<TD>=9623.1</TD>
<TD>11</TD>
<TD>45%</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D11><FONT=20
color=3D#005263><B><I>Sector/Specialty</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/adr/19990907.shtml">ADRs</A></TD=
>
<TD>=967.1</TD>
<TD>9.9</TD>
<TD>4</TD>
<TD>2.3</TD>
<TD>8.6</TD>
<TD>7.5</TD>
<TD>31.1</TD>
<TD>=9617.7</TD>
<TD>15</TD>
<TD>58%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/DRP/20010604.shtml">DRPs</A></TD=
>
<TD>27.2</TD>
<TD>13.1</TD>
<TD>4.4</TD>
<TD>=964.3</TD>
<TD>43.7</TD>
<TD>6.2</TD>
<TD>18.4</TD>
<TD>=9613.6</TD>
<TD>29</TD>
<TD>76%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/dualcash1/20001204.shtml">Dual =
Cash=20
Flow</A></TD>
<TD>19.9</TD>
<TD>5.7</TD>
<TD>114.3</TD>
<TD>0.9</TD>
<TD>174</TD>
<TD>8.8</TD>
<TD>34.7</TD>
<TD>=9616.2</TD>
<TD>39</TD>
<TD>68%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev=20
Down</A></TD>
<TD>20.8</TD>
<TD>=967.1</TD>
<TD>21.9</TD>
<TD>=9615.0</TD>
<TD>16.2</TD>
<TD>8.2</TD>
<TD>17.6</TD>
<TD>=9623.3</TD>
<TD>221</TD>
<TD>23%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev=20
Down 5%</A></TD>
<TD>21.2</TD>
<TD>=964.2</TD>
<TD>27.8</TD>
<TD>=963.9</TD>
<TD>42.6</TD>
<TD>9.4</TD>
<TD>23.6</TD>
<TD>=9623.2</TD>
<TD>70</TD>
<TD>11%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev=20
Up</A></TD>
<TD>=965.8</TD>
<TD>2.2</TD>
<TD>38.2</TD>
<TD>29.9</TD>
<TD>72.8</TD>
<TD>7.4</TD>
<TD>12.2</TD>
<TD>=9618.6</TD>
<TD>155</TD>
<TD>18%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev Up=20
5%</A></TD>
<TD>=9613.1</TD>
<TD>3.6</TD>
<TD>107.1</TD>
<TD>43.3</TD>
<TD>167</TD>
<TD>11.1</TD>
<TD>30.8</TD>
<TD>=9621.7</TD>
<TD>38</TD>
<TD>8%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
Defensive=20
Investor (Utility)</A></TD>
<TD>0.8</TD>
<TD>51.4</TD>
<TD>=968.4</TD>
<TD>14.6</TD>
<TD>60.2</TD>
<TD>4.7</TD>
<TD>12</TD>
<TD>=967.3</TD>
<TD>18</TD>
<TD>83%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/insiders1/20000905.shtml">Inside=
r=20
Net Purchases</A></TD>
<TD>16.4</TD>
<TD>=9638.3</TD>
<TD>7.5</TD>
<TD>0</TD>
<TD>=9622.7</TD>
<TD>10.7</TD>
<TD>26.7</TD>
<TD>=9619.0</TD>
<TD>25</TD>
<TD>65%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Murphy/19980803.shtml">Michael=20
Murphy Technology</A></TD>
<TD>24.6</TD>
<TD>=9652.1</TD>
<TD>139.7</TD>
<TD>29.7</TD>
<TD>85.5</TD>
<TD>15</TD>
<TD>44.7</TD>
<TD>=9627.8</TD>
<TD>19</TD>
<TD>78%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/ROE/20010314.shtml">Strong=20
ROE</A></TD>
<TD>12.2</TD>
<TD>31.4</TD>
<TD>1</TD>
<TD>18.8</TD>
<TD>76.9</TD>
<TD>6.8</TD>
<TD>13</TD>
<TD>=9622.2</TD>
<TD>34</TD>
<TD>82%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short %=20
Outstanding</A></TD>
<TD>4</TD>
<TD>=9631.7</TD>
<TD>=9626.9</TD>
<TD>0</TD>
<TD>=9648.0</TD>
<TD>13.9</TD>
<TD>33.3</TD>
<TD>=9624.1</TD>
<TD>25</TD>
<TD>82%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
Interest Change</A></TD>
<TD>5.4</TD>
<TD>=9651.8</TD>
<TD>111.1</TD>
<TD>0</TD>
<TD>7.2</TD>
<TD>14.7</TD>
<TD>34.1</TD>
<TD>=9627.4</TD>
<TD>25</TD>
<TD>24%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
Ratio</A></TD>
<TD>14</TD>
<TD>=9640.9</TD>
<TD>2.2</TD>
<TD>0</TD>
<TD>=9631.1</TD>
<TD>10</TD>
<TD>37.8</TD>
<TD>=9624.5</TD>
<TD>25</TD>
<TD>53%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
Stocks</A></TD>
<TD>25.2</TD>
<TD>=9610.5</TD>
<TD>16.8</TD>
<TD>=964.3</TD>
<TD>25.1</TD>
<TD>6.4</TD>
<TD>22.2</TD>
<TD>=9617.4</TD>
<TD>nmf</TD>
<TD>nmf</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
Stocks=97Growth Screen</A></TD>
<TD>68.5</TD>
<TD>=966.2</TD>
<TD>0.7</TD>
<TD>=968.8</TD>
<TD>45.2</TD>
<TD>6.9</TD>
<TD>18.6</TD>
<TD>=9618.3</TD>
<TD>10</TD>
<TD>56%</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
Stocks=97Value Screen</A></TD>
<TD>5.8</TD>
<TD>=9613.5</TD>
<TD>4.8</TD>
<TD>=9611.9</TD>
<TD>=9615.5</TD>
<TD>6.9</TD>
<TD>23.4</TD>
<TD>=9617.8</TD>
<TD>16</TD>
<TD>77%</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D11><FONT=20
color=3D#005263><B><I>Indexes</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft>DJ 30</TD>
<TD>=969.0</TD>
<TD>=966.2</TD>
<TD>25.2</TD>
<TD>16.1</TD>
<TD>24.1</TD>
<TD>5.3</TD>
<TD>10.2</TD>
<TD>=9615.1</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft>S&P 500</TD>
<TD>=9614.9</TD>
<TD>=9610.1</TD>
<TD>19.5</TD>
<TD>26.7</TD>
<TD>15.7</TD>
<TD>5.3</TD>
<TD>9.7</TD>
<TD>=9614.6</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft>S&P/Barra 500 Growth (incl. dividends)</TD>
<TD>=9612.9**</TD>
<TD>=9622.1</TD>
<TD>28.3</TD>
<TD>42.1</TD>
<TD>23.8</TD>
<TD>6.3</TD>
<TD>9.2</TD>
<TD>=9613.0</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft>S&P/Barra 500 Value (incl. divs.)</TD>
<TD>=9613.0**</TD>
<TD>6.1</TD>
<TD>12.7</TD>
<TD>14.7</TD>
<TD>19.3</TD>
<TD>5.2</TD>
<TD>10.4</TD>
<TD>=9616.1</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft>S&P MidCap 400</TD>
<TD>=964.8</TD>
<TD>16.2</TD>
<TD>13.3</TD>
<TD>17.7</TD>
<TD>47.5</TD>
<TD>6.3</TD>
<TD>12.0</TD>
<TD>=9618.7</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft>S&P SmallCap 600</TD>
<TD>1.4</TD>
<TD>11.0</TD>
<TD>11.5</TD>
<TD>=962.1</TD>
<TD>22.9</TD>
<TD>6.4</TD>
<TD>13.3</TD>
<TD>=9619.4</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft>Nasdaq 100</TD>
<TD>=9631.4</TD>
<TD>=9636.8</TD>
<TD>102.0</TD>
<TD>85.5</TD>
<TD>62.2</TD>
<TD>13.0</TD>
<TD>25.0</TD>
<TD>=9627.5</TD>
<TD> </TD>
<TD> </TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D11><I>Unless otherwise stated, =
figures do not=20
include dividends or transactions costs.<BR>*Through=20
12/14/2001<BR>**Through 11/30/2001</I></TD></TR></TBODY></TABLE>
<DIV> </DIV>
<DIV>
<TABLE cellSpacing=3D0 cellPadding=3D4 border=3D1>
<TBODY>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD bgColor=3D#005263 colSpan=3D7><FONT color=3D#ffffff><B>Table 2. =
Portfolio=20
Characteristics of Stock Screens</B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#c7cdc8>
<TD vAlign=3Dbottom align=3Dleft><FONT=20
color=3D#005263><B>Strategy<BR><I>Value</I> </B></FONT></TD>
<TD><FONT color=3D#005263><B>P/E Ratio (X)</B></FONT></TD>
<TD><FONT color=3D#005263><B>P/E to EPS Est. Growth =
(X)</B></FONT></TD>
<TD><FONT color=3D#005263><B>Hist. EPS Growth (%)</B></FONT></TD>
<TD><FONT color=3D#005263><B>Estimated Long-Term EPS Growth=20
(%)</B></FONT></TD>
<TD><FONT color=3D#005263><B>Market Cap. ($ Million)</B></FONT></TD>
<TD><FONT color=3D#005263><B>52-Week Relative Strength =
(%)</B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/cashrich1/20000306.shtml">Cash=20
Rich</A></TD>
<TD>17.9</TD>
<TD>1.3</TD>
<TD>19.9</TD>
<TD>20.0</TD>
<TD>280.3</TD>
<TD>10.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Dreman/19980406.shtml">David=20
Dreman</A></TD>
<TD>11.6</TD>
<TD>1.3</TD>
<TD>8.7</TD>
<TD>9.4</TD>
<TD>2131.3</TD>
<TD>15.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/dreman2/19991004.shtml">David=20
Dreman with Est Revisons</A></TD>
<TD>10.6</TD>
<TD>0.7</TD>
<TD>15.3</TD>
<TD>13.9</TD>
<TD>3200.9</TD>
<TD>22.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
of the=20
Dow</A></TD>
<TD>18.6</TD>
<TD>1.9</TD>
<TD>4.7</TD>
<TD>9.3</TD>
<TD>36532.0</TD>
<TD>14.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
href=3D"http://aaii.com/stkscrns/archive/dow/19990301.shtml">Dogs =
of the Dow=20
(Low Priced 5)</A></TD>
<TD>18.6</TD>
<TD>1.6</TD>
<TD>11.1</TD>
<TD>9.8</TD>
<TD>74421.2</TD>
<TD>=9616.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/cashflow1/19991101.shtml">Low=20
Price-to-Free-Cash-Flow</A></TD>
<TD>9.6</TD>
<TD>0.9</TD>
<TD>5.3</TD>
<TD>12.5</TD>
<TD>231.5</TD>
<TD>23.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/valuerule1/20001106.shtml">Funda=
mental=20
Rule of Thumb</A></TD>
<TD>3.8</TD>
<TD>0.6</TD>
<TD>32.3</TD>
<TD>18.3</TD>
<TD>62.3</TD>
<TD>14.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
Defensive=20
Investor (Non-Utility)</A></TD>
<TD>13.2</TD>
<TD>1.1</TD>
<TD>14.2</TD>
<TD>14.0</TD>
<TD>409.1</TD>
<TD>35.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
Enterpising=20
Investor</A></TD>
<TD>5.4</TD>
<TD>na</TD>
<TD>16.4</TD>
<TD>na</TD>
<TD>39.0</TD>
<TD>32.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/lakonishok/20010406.shtml">Josef=
=20
Lakonishok</A></TD>
<TD>30.1</TD>
<TD>1.5</TD>
<TD>14.8</TD>
<TD>11.1</TD>
<TD>2664.5</TD>
<TD>3.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
href=3D"http://aaii.com/stkscrns/archive/neff/20000807.shtml">John =
Neff</A></TD>
<TD>7.8</TD>
<TD>0.6</TD>
<TD>17.6</TD>
<TD>14.0</TD>
<TD>796.3</TD>
<TD>5.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/oshau/19990601.shtml">O=92Shaugh=
nessy=97Value</A></TD>
<TD>16.8</TD>
<TD>1.6</TD>
<TD>7.6</TD>
<TD>9.4</TD>
<TD>9243.1</TD>
<TD>17.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Joseph=
=20
Piotroski</A></TD>
<TD>8.2</TD>
<TD>0.7</TD>
<TD>2.1</TD>
<TD>15.8</TD>
<TD>101.0</TD>
<TD>5.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/piotroski/20010730.shtml">Low=20
Price/Book</A></TD>
<TD>10.1</TD>
<TD>0.8</TD>
<TD>=9616.9</TD>
<TD>15.5</TD>
<TD>22.4</TD>
<TD>=9629.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/relatives1/20001002.shtml">P/E=20
Relative</A></TD>
<TD>13.2</TD>
<TD>1.0</TD>
<TD>13.6</TD>
<TD>12.5</TD>
<TD>2555.3</TD>
<TD>26.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/weiss/19981030.shtml">Geraldine =
Weiss Blue Chip Div. Yield*</A></TD>
<TD>12.8</TD>
<TD>1.3</TD>
<TD>22.9</TD>
<TD>10.0</TD>
<TD>355.8</TD>
<TD>64.0</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D7><FONT color=3D#005263><B><I>Growth =
&=20
Value</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
ogy=97EPS=20
Growth</A></TD>
<TD>18.6</TD>
<TD>1.4</TD>
<TD>30.2</TD>
<TD>17.1</TD>
<TD>2072.5</TD>
<TD>30.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Buffet/19980702.shtml">Buffettol=
ogy=97Sustainable=20
Growth</A></TD>
<TD>15.1</TD>
<TD>1.2</TD>
<TD>30.5</TD>
<TD>17.1</TD>
<TD>1447.7</TD>
<TD>14.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/fisher/19981005.shtml">Philip=20
Fisher</A></TD>
<TD>8.8</TD>
<TD>0.5</TD>
<TD>36.2</TD>
<TD>20.0</TD>
<TD>129.0</TD>
<TD>5.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Lynch/19980302.shtml">Peter=20
Lynch</A></TD>
<TD>7.1</TD>
<TD>0.7</TD>
<TD>30.6</TD>
<TD>15.3</TD>
<TD>36.6</TD>
<TD>15.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/oberweis/20011203.shtml">Oberwei=
s=20
Octagon</A></TD>
<TD>14.7</TD>
<TD>0.8</TD>
<TD>19.9</TD>
<TD>19.7</TD>
<TD>204.9</TD>
<TD>91.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/OShau/19990601.shtml">O=92Shaugh=
nessy=97Growth</A></TD>
<TD>19.1</TD>
<TD>1.1</TD>
<TD>1.9</TD>
<TD>17.0</TD>
<TD>313.7</TD>
<TD>269.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/pricetosales/20010702.shtml">Low=
=20
Price-to-Sales</A></TD>
<TD>15.0</TD>
<TD>1.4</TD>
<TD>=963.3</TD>
<TD>14.5</TD>
<TD>185.0</TD>
<TD>39.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/winners/19990802.shtml">Stock=20
Market Winners</A></TD>
<TD>12.8</TD>
<TD>1.0</TD>
<TD>18.4</TD>
<TD>11.0</TD>
<TD>62.8</TD>
<TD>73.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/troweprice/19981204.shtml">T. =
Rowe=20
Price</A></TD>
<TD>9.2</TD>
<TD>0.6</TD>
<TD>39.8</TD>
<TD>15.1</TD>
<TD>685.5</TD>
<TD>54.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/templeton/20010507.shtml">John=20
Templeton</A></TD>
<TD>10.5</TD>
<TD>0.8</TD>
<TD>24.3</TD>
<TD>14.6</TD>
<TD>1853.7</TD>
<TD>18.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
the=20
Move (PEG With Est Growth)</A></TD>
<TD>13.0</TD>
<TD>0.8</TD>
<TD>28.2</TD>
<TD>16.0</TD>
<TD>419.2</TD>
<TD>86.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/value1/20000501.shtml">Value on =
the=20
Move (PEG With Hist Growth)</A></TD>
<TD>12.7</TD>
<TD>1.0</TD>
<TD>21.6</TD>
<TD>15.4</TD>
<TD>141.9</TD>
<TD>71.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/wanger2/20011105.shtml">Ralph=20
Wanger</A></TD>
<TD>19.6</TD>
<TD>1.1</TD>
<TD>38.3</TD>
<TD>22.3</TD>
<TD>332.0</TD>
<TD>65.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/zweig/20010903.shtml">Martin=20
Zweig</A></TD>
<TD>18.1</TD>
<TD>0.8</TD>
<TD>18.9</TD>
<TD>16.0</TD>
<TD>1364.8</TD>
<TD>113.5</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D7><FONT=20
color=3D#005263><B><I>Growth</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/driehaus1/20000403.shtml">Richar=
d=20
Driehaus</A></TD>
<TD>53.1</TD>
<TD>1.4</TD>
<TD>=9620.0</TD>
<TD>32.9</TD>
<TD>541.8</TD>
<TD>6.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/naic/20000110.shtml">Inve$tWare =
Quality Growth II</A></TD>
<TD>34.3</TD>
<TD>1.5</TD>
<TD>28.6</TD>
<TD>22.5</TD>
<TD>2901.2</TD>
<TD>42.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Canslim/19980202.shtml">William =
O=92Neil=92s CANSLIM</A></TD>
<TD>11.6</TD>
<TD>1.1</TD>
<TD>36.7</TD>
<TD>19.7</TD>
<TD>305.2</TD>
<TD>99.0</TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D7><FONT=20
color=3D#005263><B><I>Sector/Specialty</I></B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/adr/19990907.shtml">ADRs</A></TD=
>
<TD>15.4</TD>
<TD>1.7</TD>
<TD>31.2</TD>
<TD>12.5</TD>
<TD>6472.1</TD>
<TD>=964.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/DRP/20010604.shtml">DRPs</A></TD=
>
<TD>18.8</TD>
<TD>1.6</TD>
<TD>15.0</TD>
<TD>11.5</TD>
<TD>2606.0</TD>
<TD>11.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/dualcash1/20001204.shtml">Dual =
Cash=20
Flow</A></TD>
<TD>17.2</TD>
<TD>1.3</TD>
<TD>2.3</TD>
<TD>16.4</TD>
<TD>130.8</TD>
<TD>37.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev=20
Down</A></TD>
<TD>18.3</TD>
<TD>1.4</TD>
<TD>11.4</TD>
<TD>14.3</TD>
<TD>1435.2</TD>
<TD>8.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev=20
Down 5%</A></TD>
<TD>21.1</TD>
<TD>1.3</TD>
<TD>5.8</TD>
<TD>16.7</TD>
<TD>785.1</TD>
<TD>=967.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev=20
Up</A></TD>
<TD>23.4</TD>
<TD>1.4</TD>
<TD>12.4</TD>
<TD>16.5</TD>
<TD>1426.7</TD>
<TD>41.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/analyze1/19990502.shtml">Est =
Rev Up=20
5%</A></TD>
<TD>22.6</TD>
<TD>1.9</TD>
<TD>5.2</TD>
<TD>17.4</TD>
<TD>1346.3</TD>
<TD>86.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Graham/19980105.shtml">Graham=97=
Defensive=20
Investor (Utility)</A></TD>
<TD>12.0</TD>
<TD>1.7</TD>
<TD>5.8</TD>
<TD>6.8</TD>
<TD>2122.0</TD>
<TD>5.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/insiders1/20000905.shtml">Inside=
r=20
Net Purchases</A></TD>
<TD>14.7</TD>
<TD>0.8</TD>
<TD>=968.0</TD>
<TD>21.0</TD>
<TD>156.7</TD>
<TD>8.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/Murphy/19980803.shtml">Michael=20
Murphy Technology</A></TD>
<TD>10.2</TD>
<TD>2.4</TD>
<TD>32.2</TD>
<TD>24.3</TD>
<TD>281.0</TD>
<TD>=9637.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/ROE/20010314.shtml">Strong=20
ROE</A></TD>
<TD>21.0</TD>
<TD>1.1</TD>
<TD>32.0</TD>
<TD>18.8</TD>
<TD>869.7</TD>
<TD>60.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short %=20
Outstanding</A></TD>
<TD>16.1</TD>
<TD>0.8</TD>
<TD>26.9</TD>
<TD>22.5</TD>
<TD>406.9</TD>
<TD>22.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
Interest Change</A></TD>
<TD>22.1</TD>
<TD>1.8</TD>
<TD>7.0</TD>
<TD>17.5</TD>
<TD>197.3</TD>
<TD>51.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/short1/20000710.shtml">Short=20
Ratio</A></TD>
<TD>16.9</TD>
<TD>0.6</TD>
<TD>=9616.7</TD>
<TD>12.8</TD>
<TD>167.6</TD>
<TD>8.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
Stocks</A></TD>
<TD>19.1</TD>
<TD>1.0</TD>
<TD>13.8</TD>
<TD>20.5</TD>
<TD>71.1</TD>
<TD>18.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
Stocks=97Growth Screen</A></TD>
<TD>18.0</TD>
<TD>0.5</TD>
<TD>43.3</TD>
<TD>26.8</TD>
<TD>280.0</TD>
<TD>39.5</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><A=20
=
href=3D"http://aaii.com/stkscrns/archive/shadow/20010212.shtml">Shadow=20
Stocks=97Value Screen</A></TD>
<TD>8.4</TD>
<TD>0.6</TD>
<TD>36.3</TD>
<TD>18.8</TD>
<TD>63.1</TD>
<TD>19.0</TD></TR>
<TR vAlign=3Dcenter align=3Dmiddle bgColor=3D#ececec>
<TD align=3Dleft><FONT color=3D#005263><B>All Exchange-Listed=20
Stocks</B></FONT></TD>
<TD><FONT color=3D#005263><B>16.4</B></FONT></TD>
<TD><FONT color=3D#005263><B>1.4</B></FONT></TD>
<TD><FONT color=3D#005263><B>5.9</B></FONT></TD>
<TD><FONT color=3D#005263><B>16.3</B></FONT></TD>
<TD><FONT color=3D#005263><B>166.6</B></FONT></TD>
<TD><FONT color=3D#005263><B>14.0</B></FONT></TD></TR>
<TR vAlign=3Dcenter align=3Dleft>
<TD bgColor=3D#c7cdc8 colSpan=3D7><I>Data as of 11/30/2001. *Data as =
of=20
11/2/2001.</I></TD></TR></TBODY></TABLE>
<P><FONT face=3Dverdana size=3D-2>=A9 AAII Journal January 2002, Volume =
XXIV, No.=20
1</FONT> <BR></P><A name=3Db></A></FONT></DIV></BODY></HTML>
- ------=_NextPart_001_0129_01C234A7.62AEC980--
- ------=_NextPart_000_0128_01C234A7.62AEC980
Content-Type: image/gif;
name="checkmark.gif"
Content-Transfer-Encoding: base64
Content-Location: http://aaii.com/images/checkmark.gif
R0lGODlhDwAPALP/AP///wgICCEhIUpKSnNzc4yMjLW1tQAAAMDAwAAAAAAAAAAAAAAAAAAAAAAA
AAAAACH5BAEAAAgALAAAAAAPAA8AQAQuEMlJqxXB2I3KEddxZFwpFRo3HIU1BG0AmgZq3jhxDHRA
lh6eSUdQjYi9Q5ETAQA7
- ------=_NextPart_000_0128_01C234A7.62AEC980--
- -
- -To subscribe/unsubscribe, email "majordomo@xmission.com"
- -In the email body, write "subscribe canslim" or
- -"unsubscribe canslim". Do not use quotes in your email.
Next Article (by Author): Re: [CANSLIM] Intro: Jeffrey Gasta Kent Norman
Previous Article (by Author): Re: [CANSLIM] Intro: Jeffrey Gasta "Katherine Malm"
Articles sorted by: [Date]
[Author]
[Subject]