Sources & methods

Datasets in use

Calculator formulas

Salary benchmark

gap = salary − national median; gap % = gap ÷ national median × 100

Purchasing-power scenario

nominal = P × (1 + g/100)^n; real = nominal ÷ (1 + i/100)^n; change = real − P

Stock screener valuation math (illustrative)

price after safety discount = conservative value × (1 − discount/100); price at overvaluation premium = upper value × (1 + premium/100)

Workforce budget

annual = headcount × pay × (1 + burden/100); monthly = annual ÷ 12

Public finance & sectors

debt-to-GDP % = debt ÷ annual GDP × 100; operating margin % = (revenue − cost) ÷ revenue × 100

Stock screener research questions

The screener's "What a numeric match cannot tell you" questions are adapted in original wording from Mauboussin and Rappaport, Expectations Investing, revised edition (2021), PDF pages 104-130; Koller et al., Valuation: Measuring and Managing the Value of Companies, seventh edition (2020), PDF pages 84-92; and Damodaran, The Dark Side of Valuation, third edition (2018), PDF pages 340-347. These books supply methods, not current issuer or market data, and no excerpts are reproduced here. The "Is today's cash flow built to last?" question also draws on chapters of the same Koller et al. edition at PDF pages 346-365, 633-653, 688-708 and 722-740, used as methods, not current issuer data. Further methods for the growth, cash-burn and cash-flow questions come from the same Damodaran edition at PDF pages 441-447 and 725-734; Ittelson, Financial Statements, PDF pages 141-180; and the same Mauboussin and Rappaport edition at PDF pages 45-47, 62-73, 98-102 and 184-201. These are research methods, not current company data; the books' company figures, tax and legal points are not used. Ross, Westerfield and Jordan, Essentials of Corporate Finance, 11th edition (2023), PDF pages 480-493 and 553, supports checking debt repayment and covenant terms in the "Who else has a claim on the company's value?" question, and PDF pages 992-994 and 1307 explain current borrowing cost and refinancing risk for the same question; the textbook is a method source, not current issuer data. Fight, Cash Flow Forecasting (2006), PDF pages 13-17, 91-94 and 157-158, supports the downside cash-coverage check in the same question as a method source, not current issuer data. Marshall, Good Stocks Cheap (2017), PDF pages 41-43 and 102-104, supports checking who pays and whether many counterparties share one financing or sales dependency. This is a research method, not current issuer data. Vause, Guide to Analysing Companies, sixth edition (2014/2015), PDF pages 110, 131 and 256, supports checking receivable sales with recourse and inventory repurchase obligations in the "Is today's cash flow built to last?" question, as a research method, not current company evidence. Dato' H.C. Eu, Do You Really Want to Master Value Investing? See How to Get Higher Returns with Lower Risks (2022), PDF pages 126-132, 398-399 and 591-615, supports comparing management's stated plan with later segment results, and PDF pages 531-557 support testing losses and asset protection before a turnaround. These are research methods, not current issuer data. Benjamin Graham and David L. Dodd, Security Analysis, second edition (1940; uploaded modern reprint), PDF pages 145-148 and 188-198, supports checking total group obligations and depreciation when reading interest coverage. This is a research method, not current company evidence. Benjamin Graham and David L. Dodd, Security Analysis, second edition (1940; uploaded modern reprint), PDF pages 424-450, 459-467, 511-515 and 524-528, supports checking one-time items, reserves, affiliated business results, depreciation and asset write-downs when assessing reported earnings. This is a research method, not current company evidence. Lawrence A. Cunningham, ed., The Essays of Warren Buffett: Lessons for Corporate America, third edition (2013), original uploaded PDF pages 58-62, 71-77, 133-138, 148-156, 172-180, 193-199 and 285-286, supports the conditional questions about competitive erosion, capital allocation and share consideration, accrued obligations and contingent liquidity, and option incentives. The book provides research methods, not current evidence about the ten sample companies. Benjamin Graham, The Intelligent Investor, fourth revised text with Jason Zweig commentary (Graham text 1973; commentary 2003), uploaded PDF B083, pages 149 and 154-157, supports checking new offerings and short public records, and pages 180-183 support checking variable earnings and misleadingly low earnings multiples. These support research methods, not current issuer facts. Seth A. Klarman, Margin of Safety (1991), uploaded PDF B084, pages 124-134, supports checking how uncertain valuation assumptions affect a calculated result. This is a research method, not current issuer evidence. Aswath Damodaran, Valuation: Art, Science, Craft or Magic? (2016), uploaded PDF B085, pages 39-42, supports checking country exposure through sales and operations rather than headquarters alone. This is a research method, not current issuer evidence. Aswath Damodaran, Investment Valuation, third edition (2012), uploaded PDF B087, pages 379-385 and 397-399, supports comparing shareholder payouts with cash available after reinvestment and debt flows, and checking how shortfalls are financed. This is a research method, not current issuer evidence. Aswath Damodaran, Investment Valuation, third edition (2012), uploaded PDF B087, pages 623-628, supports comparing bank loss provisions with realized loan losses and deteriorating credit quality over time. This is a research method, not current issuer evidence. Aswath Damodaran, Narrative and Numbers: The Value of Stories in Business (2017), uploaded PDF B088, pages 103-125 and 149-161, supports testing whether growth implied by a share price is consistent with market size, competition, margins and reinvestment. This is a research method, not current issuer evidence. Paul D. Sonkin and Paul Johnson, Pitch the Perfect Investment (2017), uploaded PDF B102, pages 310-312 and 331-345, supports asking what could close an estimated price/value gap and testing a slower timeline. This is a research method, not current issuer evidence. Neil G. Van Luven, My Secrets of Balance Sheet Optimization (2014), PDF B109, pages 68-71 and 230-233, supports comparing receivables and billings across comparable periods while accounting for seasonality and business changes. This is a research method, not current issuer evidence. J. Carlos Jarillo, Strategic Logic (2003), uploaded PDF B113, pages 47-53, 56-64, 87-99 and 217, supports asking which activity earns lasting profit, why rivals cannot copy it, and who may capture the gains. This is a research method only; the book's historical company examples and figures are not current issuer evidence. James J. Valentine, Best Practices for Equity Research Analysts (2011), uploaded PDF B122, pages 59-70 and 155-156, supports identifying the few critical factors, the filings or events that could confirm or disprove them, and when to revisit the research. This is a research method only; the book's historical company examples and old market assumptions are not current issuer evidence. Mariusz Skonieczny, Scuttlebutt Investor (2016), uploaded PDF B127, pages 24-29 and 48-49, supports checking for selection bias in customer references and comparing independent perspectives. This is a research method only; the book's historical company anecdotes are not current issuer evidence. Kenneth S. Hackel, Security Valuation and Risk Analysis (2011), uploaded PDF B130, pages 313, 465-466, 560-563 and 566-567, supports checking which entity owes each debt, guarantees and cross-default terms, whether subsidiary or restricted cash can repay debt that is due, and whether planned asset sales and credit lines are reliably available. This is a research method only; the book's historical issuer figures, old accounting rules and proprietary scoring are not current issuer evidence or new screener rules. Heather Brilliant and Elizabeth Collins, Why Moats Matter (2014), uploaded PDF B144, pages 38-57, supports checking whether a company's competitive advantage is strengthening or weakening over time. This is a research method, not current issuer evidence. Pat Dorsey, The Five Rules for Successful Stock Investing (2004), uploaded PDF B167, pages 256-261 and 268, supports comparing how loan income and funding costs respond to rate changes and whether loan losses offset added interest income in bank research. This is a research method only; the book's 2002-2003 bank figures and industry judgments are historical, not current issuer evidence or screening rules. Charles H. Brandes, Value Investing Today, third edition (2004), uploaded PDF B180, original PDF page 75, supports checking when material long-term customer-contract prices can change as wages and supply costs rise. This is a research method only, not a finding about a sample company or a new screening rule. The book's historical examples and performance claims are not current issuer evidence. John A. Tracy, Accounting For Dummies, fourth edition (2008), uploaded PDF B187, original PDF pages 251-256, supports checking whether manufacturing more than a company sells leaves fixed factory costs in inventory and temporarily lifts reported profit. This is a conditional research method only; the book's fictional figures and dated accounting descriptions are not current issuer evidence or new screening rules. Edgar Wachenheim III, Common Stocks and Common Sense (2016), uploaded PDF B188, original PDF pages 63-64, illustrates how a credit-rating downgrade can trigger immediate collateral demands when funding markets are stressed. This supports a conditional liquidity research check only; the book's historical AIG account is not current issuer evidence or a new screening rule. Vishal Khandelwal, Corporate Governance: When Words Speak Loud, in Safal Niveshak's Value Investing Almanack, issue 1 (February 16, 2015), uploaded PDF B194, original PDF pages 18-20, supports asking for the amounts and dates behind vague management terms. This is a conditional research method, not evidence of misconduct or a finding about a sample company. Richard L. Evans, Finding Winners Among Depressed and Low-Priced Stocks, third edition (1999), uploaded PDF B199, original PDF pages 74-75, illustrates how interest relief after bankruptcy can improve results while operating problems remain. This supports a conditional manual research check only; the book's historical company stories, share prices and trading rules are not current issuer evidence or new screening rules. Lita Epstein, Reading Financial Reports For Dummies, second edition (2009), uploaded PDF B208, original PDF pages 254-277, prompted a check for restated results and material weaknesses in financial-reporting controls; current guidance comes from the SEC Investor.gov bulletin "How to Read an 8-K". This is a research method only; no saved company has been checked for this issue, and the book's historical examples are not current issuer evidence or new screening rules. Kaplan Schweser, SchweserNotes 2022 Level I CFA Book 2: Financial Statement Analysis, uploaded PDF B209, original PDF page 81, prompted the manual check of supplemental noncash investing and financing disclosures. FASB Accounting Standards Update 2016-15, paragraph 230-10-50-4 gives examples of assets acquired with related liabilities. No sample company was newly checked, and no numeric screen or status changed. James R. Hitchner and Michael J. Mard, Financial Valuation Workbook (2003), uploaded PDF B210, original PDF pages 78 and 81, prompted the manual check that a compared value and its earnings or cash flow belong to the same owners and use matching definitions. This is a historical private-company method prompt only, not current issuer evidence or a new screening rule. Current guidance: CFA Institute, 2026 Market-Based Valuation: Price and Enterprise Value Multiples. A historical PDF compilation, DCF Analysis, uploaded PDF B211, original PDF pages 10-13 and 16-18, prompted the manual check of assumptions behind value expected after the detailed forecast. Its examples contain arithmetic and cash-flow or discount-rate mismatches, so none of its numbers, forecast periods or formulas are used. Current method support: Aswath Damodaran, Terminal Value, and his lecture Terminal Value (PDF), pages 38-44, which explain that a high share of value from later years is not by itself a flaw. This is a research method only, not current issuer evidence or a new screening rule. Kenneth Jeffrey Marshall, Good Stocks Cheap (2017), uploaded PDF B216, original PDF pages 31, 61-62 and 131-133, prompted the manual check of how much cash is needed to operate and how much is truly excess. This is a historical method prompt only, not current issuer evidence or a new screening rule; restricted cash or cash unavailable to the relevant company is not treated as usable, and neither the no-excess nor the all-excess case is a fair value or buy signal. Current method support: Aswath Damodaran, The Value of Cash and Cross Holdings (PDF), section "Operating versus Non-operating (Excess) Cash". Robert Novy-Marx, Quality Investing (PDF, author's copy), uploaded PDF B217, original PDF pages 8-10, 23-24 and 29-30, prompted the manual check of gross profit relative to total assets for operating companies with comparable statements. It is not applied to the bank or REIT review paths, not calculated for any sample company, and adds no cutoff, ranking or screen. The paper's backtests use historical data through 2013 and do not establish current returns or company outcomes. This is a research method only, not current issuer evidence. Benjamin Graham, Benjamin Graham on Investing, edited by Rodney G. Klein with commentary by David M. Darst (2009 collection of 1917-1927 articles), uploaded PDF B219, original PDF pages 52-56, prompted the manual question about payouts funded by using up a resource. Only those pages informed it; the book's historical company figures, old tax rules and valuations are not used. For current disclosure context, see the SEC's mining property disclosure guide. No sample company has been assessed for this issue. This is a research method only, not current issuer evidence. Benjamin Graham, Benjamin Graham on Investing, uploaded PDF B219, original PDF pages 197-201, a historical case, separately prompted the manual check for contracts that require future purchases even when no loan is recorded. Its historical amounts, 1920 company facts and recommendations are not used. For current disclosure context, see eCFR Item 303, 17 CFR 229.303(b)(1), Liquidity and capital resources, which requires discussion of material cash requirements from known contractual and other obligations. No sample company has been assessed for this issue. This is a research method only, not current issuer evidence. Benjamin Graham, Benjamin Graham on Investing, uploaded PDF B219, original PDF pages 388-396, separately prompted the manual clarification that a dividend paid in extra shares of the same company is not cash paid to owners or, by itself, an investment gain. Its historical issuer numbers, forecasts and tax claims are not used. For current plain-language context, FINRA's Corporate Actions by Public Companies: What You Should Know distinguishes a cash dividend from a stock dividend. No sample company has been assessed for this issue. This is a research method only, not current issuer evidence. The uploaded NetNet STOCKS compilation, B221, original PDF page 111, prompted the manual question "Can you buy or sell at the shown price?" It is used as a method prompt only; its historical performance claims and portfolio rules are not used. For current investor education, the SEC's Microcap Stock Basics (Part 1 of 3: General Information) explains that low trading volume can make shares hard to sell and that trades may materially affect price. No sample company has been assessed for this issue. Martin J. Whitman and Fernando Diz, Distress Investing: Principles and Technique (2009), uploaded PDF B224, original PDF pages 70-71, prompted the manual check for lawsuits, regulatory actions and other claims that could require a large payment. Its historical case facts, amounts and conclusions are not used. For current disclosure context, see eCFR Item 103, 17 CFR 229.103(a), Legal proceedings, which addresses material pending legal proceedings. No sample company has been assessed for this issue. This is a research method only, not current issuer evidence. Allen C. Benello, Michael van Biema and Tobias E. Carlisle, Concentrated Investing (2016), uploaded PDF B225, original PDF pages 86-87 and 91, prompted the manual question "Would this add too much risk to your portfolio?" It is used as a method prompt only; its historical backtest returns, recommendations and issuer facts are not used. For current investor education, see FINRA's Concentrate on Concentration Risk. No sample company has been assessed for portfolio risk, and the screener gives no position size. Separately, Robert G. Hagstrom, The Warren Buffett Portfolio (1999), uploaded PDF B231, original PDF pages 87-88, prompted the manual comparison of a new idea with an existing holding in the same question. It is used as a method prompt only; the book's issuer data, historical returns, holding counts and position sizes are not used. For current context on risk, fees, diversification and liquidity, see the SEC's Investment Products page. Separately, the same book, B225, original PDF pages 144-145, prompted the manual check of voting rights and share classes in "Did the company's plan show up in its results?" It is used as a method prompt only; its historical company facts, votes, prices, conclusions and performance claims are not used. For current investor education, the dual-class common stock section of the SEC Office of Investor Education and Advocacy's Updated Investor Bulletin: Investing in an IPO explains shares with different voting rights. That bulletin is about IPOs; the manual question asks readers to verify the latest voting rights of any company they study. No sample company has been assessed for this issue.

Thornton L. Oglove with Robert Sobel, Quality of Earnings (1987), uploaded PDF B229, original PDF pages 62-72, prompted the manual check in "Did the company's plan show up in its results?" that compares shareholder letters or presentations with same-period filings. It is used as a method prompt only; the book's 1980s issuer facts, percentages, prices and outcomes are not used as current evidence. No sample company has been assessed for this issue.

Kenneth S. Hackel, Security Valuation and Risk Analysis: Assessing Value in Investment Decision Making (2011), uploaded PDF B232, original PDF pages 163-166, prompted the issuer-defined free-cash-flow comparison in "Is today's cash flow built to last?" Original PDF pages 137 and 167 prompted the long-project payment-timing check in "Who pays, and what keeps sales running?" The cited pages were read and visually checked for these additions; the sequential reading pass is now complete, with remaining visual verification gaps documented. It is used as a method prompt only; the book's historical issuer figures, outdated accounting and tax rules, discretionary expense percentages and proprietary valuation models are not used. For the free-cash-flow check only, see the SEC Division of Corporation Finance Non-GAAP Financial Measures interpretations, Question 102.07, on checking a free cash flow definition and reconciliation and on required payments that may remain outside it. No sample company has been assessed for these new questions.

Kenneth S. Hackel, Security Valuation and Risk Analysis: Assessing Value in Investment Decision Making (2011), uploaded PDF B232, original PDF pages 278-279 and 318, prompted the capital-base and write-down caveat for return on invested capital in "Will growth earn more than it costs?" These pages were read and visually checked for this addition; the sequential reading pass is now complete, with remaining visual verification gaps documented. It is used as a method prompt only; no historical company figures, private models, fixed thresholds, old tax or accounting rules, or book quotations are used. For independent context on how accounting choices affect the capital and profit being compared, see Aswath Damodaran's Economic Value Added page. Koller, Goedhart and Wessels, Valuation, seventh university edition (2020), supplied PDF pages 698-705, informed the small-capital and outsourcing cautions (added October 21, 2026). Research method only; not current company data. No sample company has been assessed for this question.

Kenneth S. Hackel, Security Valuation and Risk Analysis: Assessing Value in Investment Decision Making (2011), uploaded PDF B232, original PDF pages 385-387, 396 and 399, prompted the pension check in "Who else has a claim on the company's value?" comparing pension cash funding with accounting expense and assumptions. These pages were read and visually checked for this addition; the sequential reading pass is now complete, with remaining visual verification gaps documented. It is used as a method prompt only; no historical issuer figures, old accounting or tax rules, fixed thresholds, automatic cash-flow adjustments, private models or book quotations are used. For independent context only, Con Edison's 2025 pension benefits note separately discloses pension expense or credit, actual contributions, asset returns, discount-rate assumptions and expected future contributions. It was opened and the relevant passages read; it is not an SEC general rule or evidence about our sample companies, and no issuer numbers are copied. No sample company has been assessed for this question.

Kenneth S. Hackel, Security Valuation and Risk Analysis: Assessing Value in Investment Decision Making (2011), uploaded PDF B232, original PDF pages 427-428, prompted the conditional fair-value-input check in "Does reported profit reflect the real business?" These pages were read and visually checked; the sequential reading pass is now complete, with remaining visual verification gaps documented. This is a method prompt only. Historical issuer figures, old accounting rules, proprietary models and book quotations are not used. A Level 3 classification is not treated as proof of impairment or fraud. For independent background on inputs and measurement uncertainty at the reporting date, see FASB Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820). Its relevant disclosure discussion was opened and read; it is background, not a complete current accounting guide. No sample company has been assessed for this question.

Kenneth S. Hackel, Security Valuation and Risk Analysis: Assessing Value in Investment Decision Making (2011), uploaded PDF B232, original PDF pages 367-368 and 575-576, prompted the cash-tax and deferred-tax check in "Is today's cash flow built to last?" These cited pages were read and individually visually checked. The sequential reading pass covers all 625 original pages; 293 have been individually visually checked and 332 retain visual verification gaps. This is a conditional research method only. Historical issuer figures, old tax and accounting rules, fixed tax-rate bands, proprietary models and book quotations are not used. For independent disclosure background, see FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740), whose relevant discussion of tax expense, deferred tax components and cash taxes paid net of refunds was opened and read. This is background, not a complete current accounting guide. No sample company has been assessed for this question.

Currency-exposure research method: Raghu Palat, Fundamental Analysis for Investors, fourth edition (2010; first ebook 2016), uploaded PDF B237, original PDF page 48. The method passage on original PDF page 48 was read and individually visually checked. Sequential reading of all 225 original PDF pages is complete; 77 pages were individually visually checked, and 148 text-read pages remain visual verification gaps. The method is expressed in original wording. Historical country figures, currency trends, mechanical exporter/importer predictions and book quotations are excluded. Independent filing context: SEC Investor.gov, How to Read a 10-K/10-Q (MD&A, Item 7A and financial-statement notes), and Ingersoll Rand 2025 Form 10-K (foreign-currency and hedge disclosures). The relevant context passages were opened and read. No Ingersoll Rand amounts or findings are imported, and no sample company has been newly assessed.

Project-flexibility valuation method: Aswath Damodaran, An Introduction to Valuation, uploaded PDF B249, original PDF pages 20-22, prompted the conditional check in "Will growth earn more than it costs?" The 26 original pages were text-read; 18 were individually visually checked, including pages 20-22, and 8 text-read pages retain visual verification gaps. Attribution is based on correspondence with the author's NYU page; the PDF's publication date is not established. The relevant contingent-claim discussion on that page was opened and read. This is a method only. No option price, added valuation premium, historical issuer fact or new sample-company finding is used.

Research-record method: Benjamin Graham, On Being Right in Security Analysis (1946), reprinted in Benjamin Graham, Building a Profession: Classic Writings of the Father of Security Analysis, edited by Jason Zweig and Rodney N. Sullivan (2010), uploaded PDF B253, original PDF pages 33-37, prompted the manual clarification about a judgment's type, review period and evidence, reasoning versus the share-price result, and whole-group evaluation. These method pages were read and individually visually checked. All 335 original pages are accounted for: 334 available-text pages were read plus the image-only cover; 165 pages were individually visually checked, and 170 text-read pages retain visual verification gaps. The editors' discussion on original pages 23-24 is separate context. Historical issuer facts, returns, legal or tax claims, valuation formulas, fixed cutoffs and success assurances are not used. This is a research method only, not a record of tested WTN returns. No sample-company finding, screen or status is changed.

Hedge-payment research method: Seth A. Klarman and Jason Zweig, Opportunities for Patient Investors, Financial Analysts Journal, September/October 2010, ahead-of-print copy, uploaded PDF B256, original PDF page 10, prompted the conditional check of payments expected from a hedge and access to collateral. All 11 original pages were text-read and individually visually checked, with no remaining visual gaps. Historical fund holdings, forecasts, issuer figures, return claims and assurances of protection are not used. Independent background: the Federal Reserve's Interagency Supervisory Guidance on Counterparty Credit Risk Management, whose introduction, stress-testing and collateral passages were opened and read. That guidance is for banking organizations; it supplies risk context here, not a new legal requirement for operating companies. No sample company has been assessed for this question.

Investor borrowing and order-execution checks: Robert H. Summers, Day Trading for Dummies: A Beginner's Guide to Risk Management Strategies and Trading Psychology (copyright 2022), uploaded PDF B260, original PDF pages 46, 48, 51, 58 and 59, prompted the manual clarifications in "Would this add too much risk to your portfolio?" and "Can you buy or sell at the shown price?" All 90 originals are accounted for: 89 available-text pages were read plus the image-only cover; 34 pages were individually visually checked and 56 text-read pages retain visual verification gaps. The cited pages were read and individually visually checked. The book contains calculation, unit and execution-price errors; its examples, leverage limits, trading rules and return assurances are excluded. Independent context checked October 3, 2026: FINRA Rule 2264, Margin Disclosure Statement, for U.S. securities margin risks, and SEC Investor.gov, Stop, Stop-Limit, and Trailing Stop Orders, for stock-order execution limits. These passages were opened and read. No sample company or investor account has been assessed, and the screener gives no position size.

Relative price and supported value: Aswath Damodaran's An Introduction to Valuation, relative-valuation basis and limitations, supports the clarification that a stock can be cheaper than peers while the whole group is overpriced. This is a manual research check; no sample-company finding is made.

Currency and inflation in valuation: Aswath Damodaran's Chapter 5 discussion issues and derivations, sections 8 and 9, supports matching cash flows and discount rates by currency and treatment of inflation. This is a manual research check, not a new valuation calculation or a company finding.

Management quality counted once: Benjamin Graham, The Intelligent Investor, revised edition with commentary by Jason Zweig, chapter 11, printed page 293 (original scanned PDF page 307, uploaded PDF B265), discusses how management quality can be counted repeatedly in past results, projected earnings and long-term prospects. It prompted the manual check against adding a separate premium for management improvement already in a forecast, and the review note for a recent leadership change. This is educational method attribution, not fresh issuer evidence, a score or a numerical rule. No sample-company finding, screen or status is changed.

Related-party deals and outside shareholders: Jason Zweig, commentary on chapter 19 of Benjamin Graham's The Intelligent Investor, revised edition with Zweig commentary, printed pages 500-501 (original scanned PDF pages 514-515, uploaded PDF B265). The historical Enron example prompted the questions about personal benefits, company financing of asset buyers and independent review. This is educational method attribution, not fresh issuer evidence or a finding about any sample company. The executive-pay discussion on printed pages 510-511 (original scanned PDF pages 524-525, B265) also prompted the check on which results and time period unlock executive awards, and whether the rewards reflect lasting company improvement or wider industry gains. Its suggested voting rules and numerical cutoffs are not WTN screening rules.

WHATSTHENET Business health assessment method: the Business health assessment applies five fixed, disclosed rules (revenue growth, cash runway, current ratio, payroll share, revenue per employee against payroll per employee) worth 100 points. The thresholds are editorial rules of thumb, not industry standards or lending criteria. It is automated, not AI-powered, and runs only in the browser.

WHATSTHENET Scenario forecast method: the Scenario forecast compounds the user's own annual rates monthly, as (1 + rate)^(month / 12), for revenue, headcount, wages and non-payroll costs. Results are user-directed scenarios, not predictions. No external data is used.

WHATSTHENET Management dashboard method: the Management dashboard uses the workforce budget's loaded-cost formula (headcount x pay x (1 + employer cost %)) per role and compares current and planned staffing. Inputs stay in the browser.

WHATSTHENET installable app method: the site provides a web app manifest and a service worker generated with vite-plugin-pwa (Workbox). It precaches built files and core educational pages, uses network-first caching for pages, never caches /api/ responses, and stores no calculator entries. It registers only on the published site, never in previews.

WHATSTHENET Data API method: the developer preview serves read-only JSON at /api/v1/ built from data already on this site (BLS Occupational Outlook Handbook figures, CBO tables, the stored Treasury snapshot, and labelled calculator examples). Each response names its source, observation date, retrieval date (null when not recorded), units and methodology. It is a preview, not a production API.

Company stress test method (Apple pilot): the Company stress test uses figures from Apple's Form 10-Q for the quarter ended June 27, 2026, checked October 2, 2026. It anchors monthly cash on nine-month operating cash before working-capital movements (which already contains taxes and net interest), backs out modelled operating payments so taxes and interest are counted once, and applies working-capital changes once. Debt tranches, coupons and maturity dates are illustrative proxies from carrying balances; actual principal schedule, hedges, credit availability, covenants and solvency are Unknown. Results are illustrative, calculated in the browser, and never change screener statuses.

Bruce C. Greenwald and coauthors, Value Investing: From Graham to Buffett and Beyond, second edition (2021), uploaded PDF B230, original PDF pages 140-141, prompted the leverage-sensitivity explanation in "Who else has a claim on the company's value?" It is used as a method prompt only; the book's historical examples and issuer numbers are not current evidence. Aswath Damodaran's An Introduction to Valuation explains the general difference between the value of a whole business and the value of its equity. No sample company has been checked for this issue.

Separately, the same Greenwald book (B230) prompted three manual checks, as method only: original PDF pages 78-85 for comparing asset value with sustainable earnings; pages 335-337 and 383-384 for asking what step could realize a seeming asset bargain; and pages 327, 425 and 433 for recording decisions and later revisiting both holdings and passed ideas. The book's historical issuer facts, fixed cutoffs and return claims are not current evidence. For independent valuation context, see Aswath Damodaran's An Introduction to Valuation. No sample company has been assessed for these checks.

Acquisition-deal multiples, such as those discussed in Pratt and Niculita, Valuing a Business, fifth edition (2008), PDF pages 340-354, are not used as automatic values for public minority shares, because control, synergies and deal terms differ. The same book's chapters on debt, preferred stock and options informed the screener's "Who else has a claim on the company's value?" question. It supplies a method, not current issuer data.

Evidence behind inventory and customer bills: Gyan B. Pipara, Balance Sheet Decoded, fourth edition (March 2023), publisher sample B266, Chapter 15, printed pages 166 and 180-181 (original PDF pages 36 and 50-51), prompted checking what inventory verification and customer-balance confirmation actually cover and what remains unresolved. The supplied PDF is a 52-page sample, not the full book. Its historical case figures, Indian legal requirements and numerical shortcuts are not WTN screening rules or current company evidence.

Currency risk through competition: Roger G. Ibbotson and Gary P. Brinson, Global Investing: The Professional's Guide to the World Capital Markets (McGraw-Hill, 1993), chapter 2, printed page 22 (original scanned PDF page 18, research source B268), prompted the question about imported rivals in 'Who pays, and what keeps sales running?' That page was read and individually visually checked. Review of the supplied 176-page scan is complete (see the reading-scope note below). This is a research method only; historical currency quotes, policy claims and book examples are not current evidence. No sample company has been assessed for this question.

Total return against a suitable benchmark: Roger G. Ibbotson and Gary P. Brinson, Global Investing: The Professional's Guide to the World Capital Markets (McGraw-Hill, 1993), chapter 7, printed pages 134-139 (original scanned PDF pages 74-76, research source B268), prompted the introductory check on counting dividends and comparing a stock's result with a relevant market index over the same dates and in the same currency. Those method pages were read and individually visually checked; review of the supplied 176-page scan is complete (see the reading-scope note below). The SEC's Investor.gov Investor Bulletin: Performance Claims (September 15, 2022), whose dividend, methodology and benchmark passages were opened and read on October 9, 2026, supports checking reinvested dividends, fees and taxes, benchmark suitability and the limits of past results. This is an educational manual comparison method only. Historical index rules, country return tables, rankings, examples and book wording are excluded; it is not a current issuer assessment, a tested WTN return, automatic benchmarking or a new screen.

Checking a successful past test: Roger G. Ibbotson and Gary P. Brinson, Global Investing: The Professional's Guide to the World Capital Markets (McGraw-Hill, 1993), chapter 9 conclusion, printed page 194 (original scanned PDF page 104, research source B268), prompted the question "How was a successful past test checked?" Its argument is that a rule found in old data may not repeat in another period or market, that costs can limit whether it can be used, and that published patterns may fade. The practical question about whether a rule was changed after seeing results is WTN's own. That page was read and individually visually checked; review of the supplied 176-page scan is complete (see the reading-scope note below). The SEC's Investor.gov Investor Bulletin: Performance Claims (September 15, 2022), whose back-testing, past performance and fees passages were read on October 9, 2026, supports separating hypothetical past tests from actual results and checking how costs were treated. A check in another period does not guarantee future success. Historical patterns, returns, tax rules, issuer facts and book wording are excluded. This is an educational manual question only; it makes no WTN performance claim and no current company finding.

Missing failed companies in a past test: Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig (uploaded PDF B278, original PDF page 87), prompted the check for companies that later failed or stopped trading. The check is original manual educational guidance, not a backtest engine and not a WTN return claim. This integration's source review covers original pages 1-112 of 635, each read and individually visually inspected; the remaining pages and endnotes are still under review. Independent primary support: the CFA Institute Research Foundation's Investment Model Validation: A Guide for Practitioners (PDF), selected section "Possible Pitfalls in Backtests", printed pages 7-8 (PDF original pages 18-19), opened and read on October 9, 2026, specifically its passages on historical index membership and survivorship bias. Only those selected passages were reviewed, not the full report. Historical returns, thresholds, company examples and book wording are excluded. No sample company has been assessed for this issue.

An index versus an investment return: Roger G. Ibbotson and Gary P. Brinson, Global Investing: The Professional's Guide to the World Capital Markets (McGraw-Hill, 1993), chapter 15, printed page 308, footnote 9 (original scanned PDF page 161, research source B268), explains the use of a spot commodity index as a proxy because the futures contract did not exist over the full historical period. It prompted checking what investment someone could have owned in a period whose return is shown. The practical question and plain wording are WTN's own. That page was read and individually visually inspected; review of the supplied 176-page scan is complete (see the reading-scope note below). The SEC's Investor.gov Investor Bulletin: Index Funds (August 6, 2018), whose index-versus-fund, fees and tracking passages were read on October 9, 2026, supports the distinction between an index that cannot be bought directly and a fund whose results can differ due to costs and imperfect tracking. Indexes remain useful comparisons; this does not reject them as benchmarks. Historical commodity returns, proxy assumptions and book wording are excluded. This is a manual educational check only, with no current company finding or WTN return claim.

Dates behind estimated asset values: Roger G. Ibbotson and Gary P. Brinson, Global Investing: The Professional's Guide to the World Capital Markets (McGraw-Hill, 1993), chapter 13, printed pages 269-270 and 276-277 (original scanned PDF pages 141-142 and 145, research source B268), discusses appraisals updated at different times, smooth reported histories and liquidity risk. It prompted the check on valuation dates in "Does reported profit reflect the real business?" The practical filing questions and plain-language wording are WTN's own. Those pages were read and individually visually inspected; review of the supplied 176-page scan is complete (see the reading-scope note below). The SEC's Investor.gov Investor Bulletin: Non-traded REITs (August 31, 2015), whose share-value-transparency and liquidity passages were read on October 9, 2026, covers non-traded REIT shares, whose periodic property appraisals may be untimely; its description of share liquidity does not apply to exchange-traded shares. The WTN check concerns estimates of underlying assets, which are distinct from a traded share price. Historical returns, correlations, tax rules, issuer numbers and book wording are excluded. This is a manual educational check only, with no current company finding.

Reading scope for Global Investing (research source B268): All available content in the supplied 176-page scan was read and every scanned page was individually visually inspected. The file includes covers, copyright details, contents, chapter text and the index. No separate interior title page was observed. This records review of the supplied file, not independent confirmation that every page of the printed edition is present. Historical figures and forecasts remain method context, not current company evidence.

Checking the starting number: William Poundstone, Priceless: The Myth of Fair Value (and How to Take Advantage of It), first edition (2010), chapter 53, original uploaded PDF pages 175-176 (research source B271), prompted the check in "What growth does a share price assume?" on the number an estimate started from. These two pages were fully read and individually visually inspected; the broader file review is complete with the image-detail limits described below. The stock-price examples and the independent business-value comparison are WTN's original application, not tested investment outcomes. Thomas Mussweiler, Fritz Strack and Tim Pfeiffer (2000), 'Overcoming the Inevitable Anchoring Effect: Considering the Opposite Compensates for Selective Accessibility': its publisher abstract and footnote 3 were opened and read on October 9, 2026; the full paper was not reviewed. They describe reduced anchoring in two studies and warn that the strategy does not inevitably improve judgment. This is a manual educational check only, not issuer evidence or a new numeric rule.

Reading scope for Priceless (research source B271): All available text in the supplied 240-page PDF was read and every page was individually visually inspected, including the endnotes, bibliography and index. Tiny details in low-resolution images on original PDF pages 1, 106, 107, 124, 148 and 167 remain unreadable or uncertain. Complete image transcription and the completeness of the printed edition are not claimed.

ADR share basis: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 92-95 (research source B274), prompted the receipt-to-share comparison. These pages were fully read and individually visually inspected. Investor.gov's Investor Bulletin: American Depositary Receipts (August 17, 2012) was opened and read on October 9, 2026 for share ratios, Form F-6 scope and depositary fees. Investor.gov's International Investing was opened and read on October 9, 2026 for currency and home-country risks. Comparing price and financial amounts on the same share and currency basis is WTN's manual application. No current issuer finding or new numeric rule.

Reading scope recorded for this integration on October 9, 2026 (Fundamentals of Financial Instruments, research source B274): Original PDF pages 1-96 of the supplied 921-page second-edition file had been read and each page individually visually inspected. Pages 97-921 were outside the completed review scope at that checkpoint. The wider library review continues. No full-book or independently complete printed-edition review is claimed. Contents and illustration lists do not count as review of the later chapters. Historical rates, rules and examples are not current issuer evidence.

Cash-flow periods and rates: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 128 and 133-135 (research source B274), prompted the period-matching check. These pages were fully read and individually visually inspected. Microsoft Support's PV function documentation, opened and read on October 9, 2026, supports matching the interest-rate and payment-period units. Its EFFECT function documentation, opened and the definition read on the same date, distinguishes a quoted annual rate from an effective annual rate that accounts for compounding. These are calculation conventions, not a return forecast or current issuer evidence. The book's unspecified-rate assumption, annualization shortcuts and hypothetical figures are not adopted.

Dividend timing: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 165-167 (research source B274), prompted the check of dividend entitlement and cash payment dates. These pages were fully read and individually visually inspected. Investor.gov's Ex-Dividend Dates guidance, opened and read on October 9, 2026, supports checking exchange date rules, the effect on payment eligibility and share prices, and different rules for large or share-paid dividends. Its T+1 investor bulletin, opened and read on the same date, describes the shorter settlement cycle for covered transactions beginning May 28, 2024. The book's T+3 claim and its description of payment timing as merely academic are not adopted. No issuer dividend date, dividend entitlement or expected return has been verified here.

Tracking-stock terms: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 180-181 (research source B274), prompted the check of what a separate ticker actually represents. These pages were fully read and individually visually inspected. The SEC's Tracking Stocks explanation, last modified September 3, 2004, was opened and read on October 9, 2026 as background. Liberty Media's Form 10-Q for the period ended March 31, 2025, Note 3, printed pages I-13 to I-14, was opened and its tracking-stock discussion read on the same date. That dated example distinguishes assigned businesses, assets and liabilities from direct ownership, and explains exposure to the parent company's risks. It is an example of terms to investigate, not a current classification or company assessment. The book's claim that a successful division means its tracking-stock price will rise is not adopted. Current filings and actual share terms are needed before applying this check.

Debt rate exposure: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 289-292 (research source B274), prompted the check of rate formulas and reset dates. These pages were fully read and individually visually inspected. Investor.gov's Corporate Bonds guidance, opened and read on October 9, 2026, explains fixed coupons and periodic floating-rate resets. Goldman Sachs ETF Trust's combined information statement/prospectus dated June 16, 2026, opened on the same date, was read specifically for Floating and Variable Rate Obligations Risk and the discussion of interest-rate swaps, caps, floors and collars. Those sections describe reset lags, rate floors and contracts that change interest payments. Checking the company's own loan and hedge amounts, expiry dates and terms together is WTN's manual application, not a verified issuer finding or a new numeric rule. B274 remains a partial review through original page 304 of 921. No full-book review or current company debt assessment is claimed.

Secured borrowing capacity: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 370-372 (research source B274), prompted the check of collateral values and lending margins. These pages were fully read and individually visually inspected. The Federal Reserve staff note Proportionate margining for repo transactions, February 14, 2025, opened and read on October 9, 2026, was reviewed specifically for collateral haircuts and demands for cash as margins rise. Builders FirstSource's 2025 Form 10-K, filed February 17, 2026, opened and read on October 9, 2026, was reviewed specifically for Liquidity and Capital Resources and Note 8's revolving-facility discussion. Those sections distinguish eligible assets and lender reserves from the credit limit, and subtract outstanding loans and letters of credit from availability. Checking the company's own asset-based loan terms and payment triggers during stress is WTN's manual application. The book's blanket safety and margin claims are not adopted. B274 remains a partial review through original page 400 of 921. No full-book review, universal haircut, new numeric rule or current finding for the ten companies is claimed.

Hedge fit: Sunil Parameswaran, Fundamentals of Financial Instruments: An Introduction to Stocks, Bonds, Foreign Exchange, and Derivatives, second edition (2022), original uploaded PDF pages 446-451 (research source B274), prompted the check of matching the hedge with the business exposure and risk left when related prices diverge. These pages were fully read and individually visually inspected. Southwest Airlines' 2025 Form 10-K, Note 10, printed page 117, opened and read on October 9, 2026, was reviewed for its historical discussion of weaker crude-oil and jet-fuel price relationships and the distinction between economic hedges and hedge accounting. The same passage reports termination of its fuel hedges in 2025; it is not evidence of a current hedge program. Matching product or currency, amount and payment dates is WTN's manual application. B274 remains a partial review through original page 464 of 921. No full-book review, trading strategy, numeric rule or current finding for the ten sample companies is claimed.

Insider transaction context: a local compilation file named "Value Investing - Value Traps.pdf" (research source B275), original PDF pages 1-39 actually read and individually visually checked, with its insider-trading article on original pages 36-39, prompted the Form 4 check in "Did the company's plan show up in its results?" Article authorship and original publication dates are not established from the file, and it is not treated as a complete original tutorial. Corroboration reviewed October 9, 2026: SEC/Investor.gov, Updated Investor Bulletin: Insider Transactions and Forms 3, 4, and 5 (January 26, 2021), and SEC Form 4, revision 03-26, selected text read: form fields on original PDF pages 1-3, direct and indirect ownership and derivative exercise instructions on pages 8-9, transaction codes on pages 11-12 and the plan indicator and adoption date on page 12. This was selected textual corroboration, not a full visual review of the form. It supports reading transaction type, holdings and plan disclosure, not predicting returns. The file's claims about 52-week highs and lows, insider-confidence predictions, thresholds and historical issuer data are not adopted. No finding for the ten sample companies is claimed.

Growth, capacity and costs: Michael J. Mauboussin and Alfred Rappaport, Expectations Investing: Reading Stock Prices for Better Returns, revised and updated edition (2021), original uploaded PDF pages 63-69 (research source B277), actually read and individually visually inspected, prompted the cost and capacity check in "Will growth earn more than it costs?": which costs stay fixed for a time, where capacity limits sit and when the next spending step arrives. Only the method is used; no historical issuer amounts are adopted. This review of the supplied file is partial, not a full-book review. Independent context reviewed October 9, 2026: Michael J. Mauboussin and Dan Callahan, Morgan Stanley Counterpoint Global, Cost of Capital: A Practical Guide to Measuring Opportunity Cost (report header February 15, 2023), selected PDF page 6, which describes how operating profit responds to sales given fixed and variable costs. Filing disclosures: Regulation S-K Item 102 (material properties, including capacity and utilization) and Regulation S-K Item 303 (changes in costs and revenue, and cash requirements for capital spending). No finding for the ten sample companies is claimed.

Scenario odds and average value: Michael J. Mauboussin and Alfred Rappaport, Expectations Investing: Reading Stock Prices for Better Returns, revised and updated edition (2021), research source B277, original uploaded PDF pages 133-145, actually read and individually visually inspected, prompted "How much does your estimate depend on the odds?" The supplied-file review remains partial. Independent background opened and read on October 9, 2026: Aswath Damodaran, "DCF Myth 3.2: If you don't look, its not there!" (May 23, 2016), selected text on data assessment, distribution assumptions and linked inputs. Only the manual method is used. Historical issuer figures, assigned odds, returns, tax examples, book tables and wording are excluded. No finding for the ten sample companies is claimed.

Forecast confidence and feedback: Expectations Investing (Mauboussin and Rappaport, revised 2021), original PDF pages 221-223 and chapter 12 note 3 on original page 245, prompted this original manual extension to the odds question. All 255 available original pages were read and individually visually inspected by October 9, 2026; completeness against a separate printed edition is unverified. Primary author context: Mauboussin and Callahan, Feedback, March 16, 2022, selected discussion on pages 6-7 and 13-15. Cited studies were not fully reviewed. No source wording, chart, historic figures or probabilities for the ten sample companies are reproduced.

Deal terms and closing risk: Michael J. Mauboussin and Alfred Rappaport, Expectations Investing: Reading Stock Prices for Better Returns, revised and updated edition (2021), research source B277, original uploaded PDF pages 184-201, actually read and individually visually inspected, prompted "What could change before a deal closes?" The supplied-file review remains partial. Independent background opened and read on October 9, 2026: SEC guide to merger filings and the 2009 BNSF merger proxy, selected text on payment terms, limits on share exchanges, approvals, delays and termination costs. The proxy is a historical disclosure example, not current company evidence. Only the manual method is used. Historical prices, financial figures, book tables and wording are excluded. No finding for the ten sample companies is claimed.

Buying power when reviewing a result: Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig, uploaded PDF B278, original PDF pages 67-70, prompted distinguishing a gain in money from a gain after inflation. This source review currently covers originals 1-80 of 635, with each page read and visually checked; the remaining pages are still under review. The U.S. Bureau of Labor Statistics' Consumer Price Index FAQ, under 'Who is covered by the CPI?' and 'How is the CPI used?', supports the purchasing-power explanation and the limit of an average household basket. This is a manual review question. No historical inflation figure, fund recommendation, chart, performance probability or investment guarantee was adopted.

Money added or withdrawn when reviewing a result: Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig, uploaded PDF B278, original PDF pages 131-133, prompted checking the effect of contribution timing on a comparison. This review has covered originals 1-144 of 635, with each page read and visually checked; the remaining pages are under review. David L. Allison's CFA Institute article, Performance Reporting: Winning the Scoreless Game (October 9, 2013), under 'Your Rate of Return (Net-of-Fees) and Investment Values', explains why return calculations must account for money entering or leaving an account. This is a manual review check. The book's historical returns, chart, investment allocation and recovery claims were not adopted.

Job income and stock risk: Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig, uploaded PDF B278, originals 127-128, 144-145 and 179, prompted this check. This review has covered originals 1-200 of 635, with each page read and visually checked; the remaining pages are under review. The SEC's Investor Bulletin: Ten Things You Should Know About Investing (July 17, 2014), in its employer-stock paragraph, explains that a loss in employer shares can coincide with job loss. FINRA's Concentrate on Concentration Risk (June 15, 2022), under correlated assets, describes shared risks within an industry. This is a manual research question, not a personal allocation or a finding about any sample company. The book's historical returns and suggested allocations were not adopted.

Recommendation incentives: Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig, uploaded PDF B278, originals 242-244, 248, 254-256, prompted this check. At this integration, originals 1-264 of 635 have been read and individually visually checked; the remaining pages and endnotes are under review. The SEC's Analyzing Analyst Recommendations (August 29, 2010), under 'Potential Conflicts of Interest' and 'What Conflicts May Mean to You', supports checking ownership and business ties without assuming a conflict makes a recommendation wrong. Its Investor Alert: Beware of Stock Recommendations on Investment Research Websites (April 10, 2017) describes undisclosed paid promotion. Updated Investor Alert: Fraudulent Stock Promotions (March 29, 2016) identifies return promises and buying pressure. These are educational checks, not a finding about any sample company. Historical legal rules, fee thresholds, issuer facts and book wording were not adopted.

Adjusted-profit checks: Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig, uploaded PDF B278, originals 282, 285-289, 294-297, prompted this check. At this integration, originals 1-312 of 635 have been read and individually visually checked; the remaining pages and endnotes are under review. The SEC's Non-GAAP Financial Measures guidance, selected Questions 100.01 (December 13, 2022), 100.02, 100.03 and 102.11 (May 17, 2016), supports checking recurring costs, consistent treatment between periods, unusual gains versus losses and related tax effects. Its Financial Reporting Manual, Topic 8, explains the comparison with standard accounting measures and reconciliation. This is a manual research check, not a finding about a sample company. Historical issuer figures, tax assumptions, blanket exclusions and book wording were not adopted.

Warrant exercise cash (added October 10, 2026): Benjamin Graham, The Intelligent Investor, with commentary by Jason Zweig, uploaded PDF B278, original page 374, prompted the warrant check in "Can a cash-burning company reach its next milestone?" At this integration, originals 1-400 of 635 have been read, with native text and each individual full-page visual inspected; page 374 has no embedded image. The remaining 235 originals, including endnotes and copyright pages, are unread, and the whole book and the studies it cites are not complete. The Citius Pharmaceuticals 2025 prospectus, selected contract-summary paragraphs "Pre-funded Warrants", "Common Warrants" and "Cashless Exercise" only (not the whole filing or the executed agreement), illustrates that a cashless exercise brings in no cash and that pre-funded warrants are mostly paid upfront. This is not an assessment of Citius. This is a manual research check with no finding for any of the ten sample companies; book prose, charts, historical issuer figures and return claims were not adopted.

Customer financing and guarantees (added October 10, 2026): the same B278 copy, original page 395, prompted the customer-financing check in "Who pays, and what keeps sales running?" Within the same 1-400 review, the table embedded on page 395 was individually inspected. The Terex 2016 financial-report update filed in 2017, selected Accounts Receivable and Guarantees paragraphs only, illustrates customer default risk and credit guarantees given by an issuer. It is not a current assessment of Terex or a statement of current accounting rules. This is a manual research check with no finding for any of the ten sample companies; no accusation, book wording or historical figure was adopted.

Screen terms and the research note

Screen terms (added October 10, 2026): the plain-language glossary on the screener is WTN's own paraphrase, informed by selected sections of the SEC Beginners' Guide to Financial Statements (February 4, 2007; income statement and cash flow sections, including the operating margin formula) and the SEC staff Non-GAAP Financial Measures interpretations, Question 102.07 (May 17, 2016), which notes that free cash flow is typically operating cash flow less capital spending, has no uniform definition and does not represent residual cash available for discretionary spending. Only those sections were read; this is not a review of the whole guidance or of any issuer. FCF yield on the screener uses saved equity market value, not enterprise value.

Optional research note: the note form on the screener is WTN's original implementation of the existing dated-research guidance. Its evidence fields are entered by you and are not verified by WTN. A note never changes a screen, status or count and is not a conclusion about a company. It is held only in your browser's page memory; leaving or reloading clears it, and the download is created locally on your device.

My portfolios (added October 10, 2026): ticker lists you create or import are the one exception to page-only memory. Portfolio names, ticker symbols and the company names you supply are saved in this browser's local storage on this device (key wtn.portfolios.v1) and are never sent to WTN or placed in a link. Imported files are read in your browser; shares, costs, prices and other columns are ignored and not stored. A saved symbol that is in the current research library shows its reviewed research; any other symbol is shown as Not researched, and a symbol that is also in the ten-company sample can link to its existing dated sample result without a fresh assessment. Financial inputs in tools and research notes stay page-only.

Current research library (reviewed October 10, 2026): 80 tickers from 79 issuers (GOOG and GOOGL are two Alphabet share classes sharing one set of financials). Each record cites primary issuer filings and releases checked against dated vendor statements and quote observations; every citation links to its registered source with its publication and access dates, and the source kind (primary disclosure or vendor observation) is shown. Scenarios are conditional analyst assumptions, not forecasts or price targets. Unresolved inputs remain Unknown and are never treated as zero. Screens recalculate from each record's stated inputs (monetary amounts in U.S. dollars); a numeric match is not a buy clearance, and no record is ownership-cleared. Long dashes in the supplied text were converted to colons or commas under the site writing rule; no figure, date, identifier or link was changed. DigitalBridge (DBRG) is kept as a completed-acquisition record and is excluded from active screening.

Reading scope update (October 19, 2026): the supplied 635-page PDF of The Intelligent Investor (B278; Graham, 1973 edition, with commentary by Jason Zweig, 2003) has been fully text-read and each page individually visually inspected. Original page 592 supplies the copyright dates; 2024 conversion metadata in the file is not a publication date. B279, Corporate Valuation for Portfolio Investment by Robert A. G. Monks and Alexandra Reed Lajoux (2011), has now been fully text-read and each of its 560 supplied original pages individually visually inspected, including appendices, notes, recommended reading and index. This describes the supplied PDF; referenced external publications are not claimed as fully reviewed.

Checking social and environmental claims (added October 19, 2026): B279 original pages 513-516, read in the context of the complete Appendix N (original pages 508-521), prompted the short added check in "Did the company's plan show up in its results?" WTN distinguishes spending, activity and measured change, then asks separately for evidence of a financial effect. Primary method background checked October 19, 2026: OECD and European Union (2024), Measure, Manage and Maximise Your Impact, Chapter 1, Design, selected discussion on activity, outcomes and causal links; and the IFRS Foundation's IFRS S1 overview, selected About section on cash flows, financing and cost of capital. Only these sections were read, not the full OECD report or IFRS S1 standard. This is a manual research prompt, not an assertion that a reporting rule applies to every issuer, a social-impact rating or a company conclusion. The book's historical figures and examples are not used as current evidence, and no screen or valuation input changes.

Alternate asset uses (added October 19, 2026): Monks and Lajoux's 2011 book, B279 original pages 87-88, prompted the added check in "Does reported profit reflect the real business?" The Australian Accounting Standards Board's AASB 13, December 2022 compilation, selected paragraphs 27-29 only, supplies primary valuation context on possible uses, restrictions and conversion costs. WTN uses its own research questions, not a claim that this Australian standard applies to every issuer or that an asset estimate guarantees cash for shareholders.

Audit report and business survival (added October 20, 2026): Kaplan Schweser, SchweserNotes 2023 Level I CFA Book 2: Financial Statement Analysis, B294 original pages 14-15, prompted this check. Originals 1-16 have been read and each whole page visually inspected; the book remains under review. Selected primary background checked October 20, 2026: PCAOB AS 2415 paragraphs .03-.04 and .07-.09 on management plans and the limits of going-concern reporting; AS 3101 paragraphs .02-.05, .11-.15 and .18 on the opinion, critical audit matters and explanatory language. WTN's prompt is a manual research method, not an audit or a company finding. The historical guide's blanket audit-report requirements are not adopted.

Brands and technology rights (added October 19, 2026): B279 original page 93 prompted the question "Does the company control its key brands and technology?" Primary context was checked in USPTO MPEP section 301, Ownership/Assignability, selected ownership, assignment and licensing sections I-III, and the SEC's 2020 Regulation S-K modernization rule, selected material intellectual-property disclosure paragraphs on pages 31-33 and final text on pages 119-120. Neither full publication is claimed read. The questions are WTN's original wording; no book case history, accounting rule or company-specific ownership conclusion was adopted.

Leadership continuity and staff retention (added October 19, 2026): B279 original page 312, the human-capital row on original page 353 and note 13 on original page 370 prompted this manual research question. Selected primary context was checked in the SEC's 2020 Regulation S-K modernization rule, human-capital discussion on pages 48-51 and final text on page 120, and SEC staff's October 27, 2009 Bulletin 14E, section C, on leadership vacancies. These selected sections support the research topic, not a current legal mandate, a required staffing metric or a claim that retention predicts returns. Neither full publication nor the human-capital book cited in note 13 is claimed read. WTN uses original wording and makes no company finding.

Checking whether valuation estimates provide separate evidence (added October 19, 2026): B279 original pages 443-444, in Appendix D's reprinted valuation-report summary, prompted this original manual check in "What growth does a share price assume?" One approach there was fitted to two others and explicitly was not an independent valuation. This is method attribution only; no historical transaction values, model assumptions or findings are applied to WTN's companies. Separate primary background: the Federal Reserve and OCC's April 4, 2011 Supervisory Guidance on Model Risk Management, selected discussion of shared assumptions on printed page 4 and benchmarking caution on printed page 13. This historical guidance is used as methodological background, not a statement of current regulatory requirements. Neither the full guidance nor the underlying standalone valuation report is claimed read. This check does not establish an issuer value, return forecast or ownership clearance.

Information available during a past test (added October 19, 2026): Mark J S Keenan's Advanced Positioning, Flow, and Sentiment Analysis in Commodity Markets (second edition, 2020), uploaded PDF B280, original page 41 (printed page 20), prompted the added check in "How was a successful past test checked?" All 281 supplied original pages of this copy have now been text-read and individually visually inspected. Completeness against a separate printed edition and the external works it references are not independently verified. Primary background checked October 19, 2026: the CFTC's Commitments of Traders release schedule, selected explanation distinguishing the observation date from publication, and its November 18, 2025 notice of delayed reports, selected opening and publication table. These illustrate why actual availability matters; WTN's general past-test check is its own method, not a CFTC investment recommendation. Neither CFTC page is claimed reviewed in full. No commodity signal, release-time trading rule, return claim or company conclusion was adopted, and no screen input changes.

Forecast baseline comparison (added October 20, 2026): Keenan, Chapter 14, section 14.5, B280 originals 253-254 (printed pages 232-233), prompted WTN's added baseline check in "How was a successful past test checked?" The author explicitly calls the lagged model's performance unsatisfactory. WTN's own arithmetic from the book's Table 14.14: the training period's more common direction was up (313 of 602), fixed before the holdout; always predicting up gives 28 of 52 correct, the same as the model's 28 of 52. The general method, comparing a forecast with a simple rule fixed from earlier data, is WTN's. For a comparable baseline see the scikit-learn DummyClassifier documentation, selected description of the most_frequent strategy, which is determined by the training labels; no library was run and its code was not reviewed. The book's raw data was not replicated. Accuracy is not investment return, and no commodity trading rule was adopted.

Interpreting statistical evidence (added October 20, 2026): Review of The Modern Intelligent Investor by Elias Marun Helo (2013 MBA project), uploaded B283 originals 100-106, prompted this manual check. All 175 supplied originals have been text-read and individually visually inspected; the referenced spreadsheet is not embedded in this PDF. Primary method background checked October 20, 2026: the American Statistical Association's 2016 statement (selected journal statement, printed pages 131-132), selected definition and principles 1-6. The journal article and its cited works are not claimed reviewed in full. No source portfolio returns, ratings or company findings were adopted, and no screen inputs change.

Offering proceeds check (added October 20, 2026): Mastering Fundamental Analysis by Michael C. Thomsett (copyright page 1998), uploaded B284 original 72 (printed 64), prompted this manual check. All 243 supplied PDF pages were reviewed to their available extent on October 20, 2026. The scan omits printed pages 69 and 223, including Figure 5.2, and contains partly unreadable passages and repeated pages; missing content is not claimed reviewed. Selected sections of the SEC staff's Updated Investor Bulletin: Investing in an IPO (October 14, 2022), covering reading the final prospectus, Use of Proceeds, Offering price and Selling shareholders, were checked October 20, 2026. The bulletin and its linked works are not claimed reviewed in full. No source dilution rule, IPO assessment or return claim was adopted, and no screen inputs change.IPO return comparison (added October 23, 2026): Essentials of Corporate Finance, 11th edition, by Stephen A. Ross, Randolph W. Westerfield and Bradford D. Jordan (copyright 2023), selected PDF pages 1247 and 1257–1258, prompted the offer-price and share-allocation check. Those pages were read as text and individually inspected visually. The ‘How do I invest in an IPO?’ and ‘Offering price’ sections of the SEC staff bulletin linked above were checked October 23, 2026. This does not claim review of the whole book or bulletin; no historical IPO return, company finding or screen input is adopted.

Stock-split comparison check (added October 20, 2026): the historical Choose Stocks Wisely blog compilation, attributed to Dr. Paul W. Allen, uploaded B285 originals 45–46, prompted this manual check. All 68 supplied PDF pages were reviewed using native text and individual full-page visuals. This does not claim review of the referenced book, the entire blog or outside linked works. Selected body definitions and examples from Investor.gov’s Stock Split and Reverse Stock Splits were checked October 20, 2026. Historical SEC staff guidance, Codification of Staff Accounting Bulletins, Topic 4 C and selected Topic 4 D Question 1 interpretation (last modified March 9, 2011), provides background on retrospective share treatment; the complete publication and accounting standards were not reviewed. No historical company/vendor claim, valuation formula or return claim was adopted, and no screen inputs change.

Backtest holdings and concentration (added October 20, 2026): Quantitative Value by Wesley R. Gray and Tobias E. Carlisle (copyright 2013), uploaded B287 originals 22–23, prompted this manual check. Originals 1–24 of the supplied 223-page PDF have been text-read and individually visually inspected; the remaining pages, including the detailed testing chapters, are still under review. Selected primary background checked October 20, 2026: the SEC staff’s Investor Bulletin: Performance Claims (September 15, 2022), Methodology and Back-Testing paragraphs, and FINRA’s Concentrate on Concentration Risk (June 15, 2022), opening definition and discussion of intentional concentration, asset performance and correlated assets. These are background for WTN’s own question about tested holdings and allocation rules, not a regulator-prescribed backtest procedure. Neither full publication nor their linked works is claimed reviewed. The book’s return record, thresholds and trading rules were not replicated or adopted, and no screen input or company status changes.

Risk rank versus event probability (added October 20, 2026): Quantitative Value by Wesley R. Gray and Tobias E. Carlisle (copyright 2013), uploaded B287 original 75, Table 4.1 and its preceding explanation of percentile ranks, prompted this manual check in "How much does your estimate depend on the odds?" Originals 1–80 of the supplied 223-page PDF have been text-read and individually visually inspected; the remaining pages are still under review. Selected primary background checked October 20, 2026: NIST/SEMATECH e-Handbook section 7.2.6.2, Percentiles, the definitions of order statistics, ranks and percentiles, and scikit-learn’s Probability calibration documentation, its two opening paragraphs on class labels, probability estimates and calibration. These are statistical background for WTN’s own explanation. Neither complete publication, their linked works, source code nor a prediction model was reviewed or run. No book risk score, threshold, historical company finding or return claim was adopted, and no screen input or company status changes.

Buyback follow-through (added October 20, 2026): Quantitative Value by Wesley R. Gray and Tobias E. Carlisle (copyright 2013), uploaded B287 originals 134–136, prompted this check in "Did the company's plan show up in its results?" Originals 1–136 of the supplied 223-page PDF have been text-read and individually visually inspected; the rest remains under review. Selected primary background checked October 20, 2026: 17 CFR 229.703 (Item 703), paragraphs (a)–(b), the repurchase table and its instructions, as displayed by eCFR up to date October 16, 2026. These distinguish reported purchases from remaining authorization and identify program dates, expirations and terminations. Only that displayed section, not the rest of the regulations or linked works, was reviewed. WTN uses it as background for its own manual comparison of announcements and later filings. No book return claim, score, threshold or current company finding was adopted, and no screen input or company status changes.

Benchmark comparability (added October 20, 2026): Quantitative Value by Wesley R. Gray and Tobias E. Carlisle (copyright 2013), uploaded B287 originals 157–159, prompted this refinement in "How was a successful past test checked?" Originals 1–160 of the supplied 223-page PDF have been text-read and individually visually inspected; the rest remains under review. Selected primary background checked October 20, 2026: the SEC Office of Investor Education and Advocacy’s September 15, 2022 Investor Bulletin: Performance Claims, its methodology, back-testing and benchmark-performance paragraphs, and the Description paragraph of S&P Dow Jones Indices’ S&P 500 Equal Weight Index page. The bulletin discusses comparable market segments, investments, dividends and costs; the index description illustrates different weighting of the same companies. These selected passages support WTN’s own manual comparison, not a validated attribution model. Neither complete linked publications nor index methodology or historical data were reviewed or run. No book return, benchmark choice, score, threshold or current company finding was adopted, and no screen input or company status changes.

Manager holdings snapshots (added October 20, 2026): Quantitative Value by Wesley R. Gray and Tobias E. Carlisle (copyright 2013), uploaded B287 originals 140 and 143, prompted this check in "Who benefits from this stock recommendation?" All 223 supplied pages have been reviewed using native text or OCR and individual full-page visual inspection; clipped tables and inconsistencies are recorded in the research notes. Selected primary background checked October 20, 2026: the SEC Division of Investment Management's Frequently Asked Questions About Form 13F, questions 7–8, 25, 39–43, 52 and 58c–58d. These are staff views, not a Commission rule. WTN's original manual check makes no finding about a manager or company and changes no screen input or company status.

Withdrawal timing (added October 20, 2026): Do You Really Want to Master Value Investing? by Dato' H.C. Eu (copyright 2022), uploaded B288 originals 67-68, prompted the return-order check in "Would this add too much risk to your portfolio?" Originals 1-72 of the supplied 713-page PDF have been text-read and individually visually inspected; the rest remains under review. The check compares the same investment returns in different orders while keeping planned withdrawals unchanged. A separate hypothetical arithmetic example confirmed that early losses can leave less money after withdrawals; it is not historical performance or a return forecast. Selected primary background checked October 20, 2026: Investor.gov's Managing Lifetime Income, the Retirement Asset Allocation paragraph, discusses reviewing allocation as goals, circumstances and time horizons change. It does not prescribe this comparison or a withdrawal rate. This adds manual planning guidance only, with no calculator, allocation, screen input or company status changes.

Valuing different businesses (added October 20, 2026): Do You Really Want to Master Value Investing? by Dato' H.C. Eu (copyright 2022), uploaded B288 original 165, prompted the manual sum-of-the-parts check in "Who pays, and what keeps sales running?" Originals 1-168 of the supplied 713-page PDF have been text-read and individually visually inspected; the remainder is under review. Selected primary background checked October 20, 2026: Aswath Damodaran's NYU Stern valuation lecture, Session 21 (spring 2017), PDF originals 14, 19 and 23 (slides 113, 118 and 122), illustrates valuation by business, different costs of capital and deduction of shared corporate expenses. Only these selected pages were visually reviewed; no lecture example's company values or rates are adopted. This is original manual guidance, with no calculator, screen input or company status changes.

Risk willingness and financial capacity (added October 20, 2026): Do You Really Want to Master Value Investing? by Dato' H.C. Eu (copyright 2022), uploaded B288 original 212, prompted this distinction in "Would this add too much risk to your portfolio?" Originals 1-224 of the supplied 713-page PDF have been text-read and individually visually inspected; the remainder is under review. Selected primary background checked October 20, 2026: FINRA staff's Know Your Risk Tolerance (October 9, 2024), the opening definition, Risk Tolerance Factors discussion of reliance on funds and personality, and Why Risk Tolerance Matters discussion of willingness versus ability and changing circumstances. These selected passages support WTN's original planning question. No linked publications, questionnaire or scoring model were reviewed, and no risk score, allocation, screen input or company status changes.

Drug-development milestone check (added October 19, 2026): Mapping the Markets: A Guide to Stockmarket Analysis, by Deborah Owen and Robin Griffiths (2006), uploaded copy B281 original page 97 (printed page 86), prompted WTN's added drug-development check in "Can a cash-burning company reach its next milestone?" Selected sections of the current FDA pages Step 3: Clinical Research and Step 4: FDA Drug Review, checked October 19, 2026, distinguish permission to study a drug in people from approval to market it for its intended use. The pages are not claimed reviewed in full, and not every drug follows the same path. The book's trial percentages and phase descriptions were not adopted; no drug, issuer or approval likelihood was assessed, and no screen inputs changed.

Commodities & Futures lessons (added October 20, 2026): the four Commodities & Futures lessons explain general mechanisms using selected sections of CFTC and CME Group education pages checked October 19, 2026, with Keenan's book as historical background. Linked videos, regulations and exchange product specifications were not audited. Worked examples are original WTN arithmetic, not market facts, current contract terms or recommendations.

Investment alternatives (added October 20, 2026): Koller, Goedhart and Wessels, Valuation: Measuring and Managing the Value of Companies, seventh university edition (2020), supplied PDF pages 158 and 164-170, informed the check comparing spending with delay or no investment, and protected cash flow with new sales. Research method only; not current company data or a valuation premium.

Profits through a business cycle (added October 21, 2026): Koller, Goedhart and Wessels, Valuation, seventh university edition (2020), supplied PDF pages 1030-1040, informed this manual check. Review profits and funding through a downturn before extending a strong year into the future. Research method only; not current company data.

Revenue and cash timing (added October 21, 2026): John Del Vecchio and Tom Jacobs, What’s Behind the Numbers? (2013), supplied PDF pages 40–55, informed the manual distinction between sales recorded before billing and customer payments for work still owed. Check the company’s current filings and contract terms. Research method only; not current issuer evidence or a claim of manipulation.

Share claims (added October 20, 2026): Koller, Goedhart and Wessels, Valuation: Measuring and Managing the Value of Companies, seventh university edition (2020), supplied PDF pages 525-533, informed matching option and convertible claims to the share count and avoiding double counting. Research method only; not current company data.

Source data versus your scenarios

Published source data on this site: the occupational figures, the Treasury and CBO figures on the Economy page, and the dated stock-screener sample, each described above. The calculators do not use any of these economy figures. Every number in a calculator result is arithmetic applied to values you entered, including all defaults, which are illustrative starting points rather than measured quantities.

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