Financial Independence – Are We There Yet?

The ultimate goal, here at Avrex Money, is to achieve Financial Independence.

This blog has been in existence for three years. During this time, I have written a whopping total of 22 posts. Wow! With that output rate, I can officially declare myself, the “Least Prolific Personal Finance Blogger in Canada.” 🙂

Why have I written so few posts?
Well, mostly because I’m lazy. 😉 Another reason is that there are already so many superb personal finance blogs out there, sharing quality information, that I feel I would just be repeating the same information. The final reason is that, if you’re disciplined, the road to Financial Independence is actually fairly simple.

What does it take to reach Financial Independence?

  • LBYM
    Live Below Your Means. ie. Save more than you earn.
  • Low fees
    Invest in a low-cost passive ETF index portfolio. This will shave years off of your working life.
  • Patience
    The magic of compounding will get you there quicker than you think.

In other words…. it’s kinda boring. And that’s ok. There’s no need to be constantly checking your portfolio. Just keep saving and re-balancing your portfolio as required. This gives you more time to go outside and enjoy life.

Are_We_There_Yet_Financial_Independence

Has Avrex Money reached Financial Independence?
Nope, not yet. But, I’m definitely on the last lap of this race.

Before I declare my ‘Findependence Day’, there are issues that I need to explore further and refine. These include:

  • Projected Retirement Expenses.
    How do I envision my lifestyle when I’m not working? How much will this cost? Do I have enough money now?
  • Probability of Success.
    Since I will be drawing down my portfolio until death, I need to determine what probability of success is an acceptable risk, and how much money that will require. I will also need to determine how to mitigate the chance of failure (i.e. going broke).
  • Asset Allocation.
    What will my Asset Allocation look like? How will I structure my assets across my registered versus non-registered accounts to minimize taxes and maximize retirement income?
  • Health.
    Quality of Life is another important factor in trying to determine if it’s finally time to leave your full-time gig.

The reason for this post, is that I’d like declare that…

“I will be writing here more often to explore these pre-retirement issues.”

I hope you join me, as I document my thoughts and steps, as I head towards the finish line.

Thank you,
Avrex

Tax Rate in Retirement

Years ago, I built a spreadsheet to calculate how much money I would need to retire. I would update it regularly. One of the biggest factors in knowing ‘when you have enough to retire’ is to look at your spending habits and determine how much you want to spend in your retirement years. For example, in today’s dollars, I have estimated that I might need about $33,000 annually to retire.

However, one factor in my spreadsheet that I just glossed over, was the average tax rate during retirement. During my working years, my average tax rate is about 23%. In the spreadsheet that I created years ago, I also blindly used the same 23% tax rate during retirement.

That meant that during my retirement years, I would need an income of $42,850 at 23% taxation in order to obtain the $33,000 in after tax dollars that I require.

But, I now realize that my average tax rate in retirement will probably look much different than it does during my working years.

Example 1: Retirement income

I pulled up the 2015 Taxtips.ca calculator for Ontario, and entered a breakdown in today’s dollars, an example of how I might receive my future retirement income.
RRSP withdrawal: $10,000
Cdn dividends: $5,000
Income/interest: $17,000 (this includes $13,000 from CPP/OAS)
Capital gains: $5,000

The calculator states that with 37,000, I would pay approx. $3,700 in taxes, leaving $33,300 for retirement income. This is an average tax rate of 10 %.

I now see that I don’t need nearly as much money as I originally thought I needed.
i.e. $42,850 @ 23% versus $37,000 @ 10%

Example 2: Early Retirement income

The news gets even better, if you are saving for early retirement. i.e. The years before you receive CPP (at age 65) and OAS (at age 67) from the government.

Here at Avrex Money, to reach “Financial Independence” as soon as possible, we are maximizing our RRSP/TFSA accounts and are pouring further savings into a non-registered account.

In order to bridge the time between early retirement and receiving CPP/OAS payouts from the government, I’ll need to withdraw money from my RRSP as well as selling dividend stocks from my non-registered account.

Once again, using the Taxtips calculator, I entered another scenario of how I might earn income in my early retirement years.
RRSP withdrawal: $15,000
Cdn dividends: $10,000
Income/interest: $5,000
Capital gains: $5,000

The calculator states that I would pay approx. $2,000 in taxes, leaving $33,000 for retirement income. This is an average tax rate of 5.7 %.

In this early retirement example, I would only need $35,000 @ 5.7% tax (versus $42,850 @ 23% in the original calculation) to receive the $33,000 that I require for retirement income.

Conclusion

The Average Tax Rate in retirement can drastically affect the calculation of how much money you require in order to retire. In my examples above, I discovered that I only need to allow for 5.7% taxation in early retirement and 10% taxation during the normal retirement phase.

Canadian Companies : The Piotroski F-Score

In a previous post, I discussed The Piotroski F-Score, as a metric to assist in determining the financial health of a company. Review the post, The Piotroski F-Score, to see how this score is calculated.

Today, let’s apply this metric to our home market: Canada.

Here are the Piotroski F-Scores for companies in the S&P/TSX Composite Index (which represents approximately 95% of Canada’s equity market capitalization). Note that Hudson’s Bay (HBC.TO) is the only company in this index with a perfect score of ‘9’.

[table id=12 datatables_fixedheader=”top” /]

The above list represents the bulk of Canada’s market capitalization.
What about smaller Canadian companies? Are there some hidden Piotroski gems among the smaller companies? Yes, there are.

[table id=13 datatables_fixedheader=”top” /]

Smaller companies such as these, also warrant further investigation.
Typically these companies don’t have as much analyst coverage, so there is the potential to uncover some hidden value.

In the future, Avrex Money will dig deeper into the valuations of both larger and smaller Canadian companies. To ensure that you don’t miss out, don’t forget to sign up for the free email updates below.

A reminder. A single method, such as The Piotroski F-Score should not be used in isolation.
Although it is a useful financial health indicator, it is just one metric to consider, when investigating a company.

(Note: This page is updated periodically with the latest F-Score data.)

2015 Option Income Goals

In 2015, I’ve challenged myself to generate income by selling call/put options.
With that said, here is the 2015 Avrex Options Income Challenge

Goal:

I would like to make a $12,000 profit in 2015. (i.e. $1,000 per month).

However, the problem with options, is that the resulting returns are highly variable. There is a large range of possible outcomes.

What are my past results in selling options?
2014. n/a. (I didn’t trade any options. Life was too busy.)
2013. -$2,720 (After sustaining loses early in the year, I shut things down.)
2012. +$17,940 (This was a great year. I hope to get back to this level of success.)

What is my options strategy?

1. Sell options for premium.
The purpose of the above portfolio is to generate income by selling call/put options. Sometimes I will sell these options naked. Sometimes I’ll employ an option spread to protect against excessive downside losses. In all cases, I’ll be selling for a credit and a potential profit.

In general, I look for options with volatility. By selling this volatility, I want to gain premium dollars.

In this challenge, I will be sharing my transactions of selling these calls and puts in my non-registered portfolio. (I do buy long calls and long puts in my registered RRSP/TFSA accounts. However, that won’t be included here.) My goal is to demonstrate profits by short selling.

2. Duration.
The average contract length in my opening portfolio is 6 months. By initiating contracts that are about 6 months away, I hope to be lazy and not do too much trading in the interim. I’ll just monitor and make changes as I need to . (I do also occasionally dabble in weekly options).

3. Directional bias.
I select options in which I have a directional bias in the underlying. With short contract durations, I can’t necessarily expect the underlying to move in the expected direction in that time frame. However, a directional bias is still important, as I’m still playing the probability that it might move in that direction.

Why do I call this a challenge?
Options are a zero-sum universe. Somebody wins and somebody loses. For every transaction, there are an equal number of dollars won and dollars lost. The theoretical return on options is zero. (To take this further, the return is actually negative, due to commissions.)

The second reason that this is a ‘challenge’ is because I’m openly posting this here for all to see.
This is not a paper account. This is a real account. If my positions crash and burn and I lose a lot of money, you will see it documented here.

Risk
There is substantial risk here. Each individual option position contains a fair amount of risk and will fluctuate wildly. i.e. I could have some big winners and some big losers.

Does this worry me? Not overly. I look at this like stock diversification (or in this case, options diversification). By holding many (different) options, in aggregate, I believe that my risk is reduced.

For example, here’s what I expect my individual returns will look like: small win, small win, BIG LOSS, small win, small win, BIG LOSS, small win, BIG LOSS, small win, etc. Aggregated, I expect to have a positive result.

Options as part of a diversified investment portfolio.
I hold low-fee bond and equity index ETFs plus individual stocks in my overall investment portfolio. Options can be a good alternative investment class to add for further diversification of your portfolio.

Did I mention that this was risky?
I did a stress test on my opening account positions.
If all of my underlying stocks crash by 30%, I will lose -$20,000.

If a short term major event happens, that unhinges the market, there’s nothing I can do about it. I accept it. I’ve calculated the probabilities and believe that over the long term (years), I have a positive Expected Value.

If Options are a zero-sum universe, why do you bother?
I believe that options are like insurance. There are many investors that are willing to pay an insurance premium, in the form of an option, to ensure a minimum return on their associated stock positions. I believe that option buyers are paying a higher premium to protect their underlying position, than the expected value. Therefore, I believe I can be profitable, long-term, by net selling option premium / extrinsic value / volatility / time decay.

Updates
I hope to update the 2015 Avrex Options Income Challenge spreadsheet regularly. You can access it, by selecting the menu action “Resources – 2015 Avrex Options Income Challenge” or just click on the above hyperlink.

Disclaimer: By no means am I recommending that you do what I’m doing here. Everyone has their own method of investing. The risk profile of my option subset has a particular fit in my overall portfolio. The method of this subset suits my style and I understand the risks involved.

2014 Winter Olympics – Predicted Medal Totals – Plus 17 Key Events for Canada

Normally at AvrexMoney, we discuss topics on Investing and Saving you money.
Today, we’ll take a little detour as I share with you one of my other passions.
The Olympics. And more specifically, Canada at the Olympics.

How will Canada perform at these Olympics?
To get the answer, let’s look and see what the bookmakers are saying. We’ve analyzed the bookmaker odds for each of the 98 Events at this year’s Olympics.

Country Medal Standings – Predicted Based on Bookmaker Odds
If everything went ‘exactly’ according to the book, here’s what the Predicted Country Medal Standings would look like. (Only countries with 10 or more medals are dislayed.)

Rank Country Gold Silver Bronze Total
1 Norway 18 14 12 44
2 USA 17 9 12 38
3 Canada 13 13 4 30
4 Germany 8 10 7 25
5 Austria 6 6 2 14
6 South Korea 6 4 4 14
7 Netherlands 5 6 5 16
8 Switzerland 5 3 2 10
9 Russia 3 8 8 19
10 China 3 4 3 10
11 France 2 6 4 12
12 Sweden 0 3 8 11



Canada would place a very respectable 3rd place, when looking at both the total medals won and the number of gold medals. A 3rd place finish would make this Canadian blogger very proud, as we would have surpassed the totals of other strong sporting nations such as Germany and the host nation of Russia.

However, the count of 13 Gold medals, based on the bookmaker’s odds, is somewhat optimistic.

Below, I’ve listed 17 Key Events for Canada. The Bookmakers show that Canadians have a slight edge in 13 out of 17 of these events. But statistically, for many of these head-to-head matches, the outcome might be similar to a coin flip, with Canada having a slight edge (for example, 60% vs 40%) in 13 of these events. This would mean that realistically, Canada could take home 10 or 11 gold medals. Still an excellent showing for Canada.

17 Key Events for Canada at the 2014 Winter Olympics

  1. Bobsleigh – Women : Humphries (Can) vs Meyers (USA)
  2. Curling – Women : Canada vs Sweden and Great Britain
  3. Curling – Men : Canada vs Sweden and Great Britain
  4. Figure Skating – Ice Dance : Virtue/Moir (Can) vs Davis/White (USA)
  5. Figure Skating – Men : Patrick Chan (Can) vs Yuzuru Hanyu (Japan)
  6. Figure Skating – Team : Canada vs Russia
  7. Freestyle Skiing – Ladies’ Moguls : Justine Dufour-Lapointe (Can) vs Hannah Kearney (USA)
  8. Freestyle Skiing – Ladies’ Ski Slopestyle : One of these Canadians needs to step up and take the gold: Dara Howell (Can), Kaya Turski (Can)
  9. Freestyle Skiing – Men’s Moguls: One of these Canadians needs to step up and take the gold: Mikael Kingsbury (Can), Alexandre Bilodeau (Can)
  10. Ice Hockey – Men : Canada vs Russia
  11. Ice Hockey – Women : Canada vs USA
  12. Short Track – Men’s 500 m : Charles Hamelin (Can) vs Victor An (Rus)
  13. Short Track – Men’s 1000 m : Charles Hamelin (Can) vs Victor An (Rus)
  14. Short Track – Men’s 1500 m : Charles Hamelin (Can) vs Lee Han-Bin (South Korea)
  15. Short Track – Men’s 5000 m Relay : Canada vs USA
  16. Snowboard – Ladies’ Snowboard Cross : Dominique Maltais (Can) vs Lindsey Jacobellis (USA)
  17. Snowboard – Men’s Slopestyle : One of these Canadians needs to step up and take the gold: Mark McMorris (Can), Maxence Parrot (Can)

Bonus Time

If you are big Olympic fan, I’ve included some bonus material.

Below is the full Olympic Schedule, showing starting times (in Eastern Standard Time) as well as
an indicator showing if a Canadian medal hopeful is participating in the event.

I’ve also included the entire list of Medal predictions (based on bookmaker odds) for all 98 events.

Enjoy the Olympics. Go, Canada, Go!

*****************************************************************

If you find scrolling through these embedded frames cumbersome, you can also view these as Google Docs, here:
2014 Olympic Event Schedule
2014 Olympic Medal Prediction Odds

Locked-in Retirement Accounts – A Road Map

The purpose of this article is to look at how you can control and direct your company pension money: from the day you leave your job, until the day you die.

Life Stage: Pension Savings

Approximately one-third of Canadians have a company sponsored Registered Pension Plan (RPP).

When I leave my company, what are my pension options?

  • You can leave the funds in the company plan. Some companies allow this option and will continue to administer the funds on your behalf. Some companies do not allow this option.
  • If you are going to work for another company, you can move your funds to your new company’s RPP (if one exists).
  • Purchase an immediate Life Annuity (if allowed).
  • Transfer to a Locked-in Plan.
  • a combination of the above.

Registered Pension Plans (RPP) can be either a:

  • Defined Contribution (DC) Pension
  • Defined Benefit (DB) Pension

Defined Benefit (DB) pension holders
For those that hold a Defined Benefit (DB) pension, there may be no further need to look at the locked-in account path. The DB pension holder is already in a great position. The payout is guaranteed by the employer. Any shortfalls in the plan, must be made up by the employer. The road map below shows that it is possible for the DB pension holder to take the ‘commuted value’ of his pension and move it to another account. However, he should only do that if he’s very confident that he can ‘beat’ the return promised by the company. It’s usually better for the plan member to remain in the guaranteed DB pension plan.

Defined Contribution (DC) pension holders
Some DC pension holders, might be thinking along the following lines…

If I don’t want to purchase a Life Annuity and don’t want my company to manage my funds, what can I do with my pension?
You can move the funds to a locked-in plan.

But, why do my funds have to go into a locked-in plan? Why can’t I just move my Registered Pension Plan (RPP) to my Registered Retirement Savings Plan (RRSP)?
Legislative rules require that an RRP must be used to purchase a form of retirement income.

Let’s look at the Locked-in Retirement Accounts Road Map

Locked-in Retirement Accounts LIRA LRSP LIF LRIF pensions

To proceed down the Locked-in path, you must use one of the following government mandated Locked-in accounts:

  • Locked-in Retirement Account (LIRA)
  • Locked-in RRSP (LRSP)

The plan that you can use depends on your province of residence.
LIRAs are available in: Ontario, Alberta, Quebec, Saskatchewan, Manitoba, Nova Scotia, Prince Edward Island, New Brunswick and Newfoundland.
LRSPs are available in: British Columbia, Yukon, Northwest Territories, Nunavut.
LRSPs are also mandated for all federally regulated pension plans, regardless of province. For example, let’s say you leave your job at an Ontario bank. Even though you work in Ontario, your pension would not be transferred to a LIRA. Instead it would be transferred to a LRSP, due to the fact that bank pensions are federally regulated.

LIRAs and LRSPs are similar in that:

  • All funds are locked-in.
  • No additional personal contributions can be made to the plan (although holdings can appreciate in value). At a future date, if you leave a second company, those funds can also be added to the already established locked-in plan account.

Money cannot be removed from a LIRA/LRSP account, until the minimum retirement age is reached. Once that age has been reached, money can be moved to an account (i.e. LIF, LRIF, discussed below) that allows for regular income withdrawls. The minimum retirement age varies by provincial legislation. For example, in Ontario the minimum age is 55 (or possibly earlier if allowed by the originating RPP).

Life Stage: Retirement

You’ve now reached the point in the road map, where you are retired and ready to start receiving income.

You can transfer your funds to one of the following plans:

  • Life Annuity
  • Life Income Fund (LIF)
  • Locked-in Retirement Income Funds (LRIF)
  • Prescribed Registered Retirement Income Funds (PRRIF)

Life Annuity accounts provide the annuitant with a guaranteed series of future payments until death. There is the advantage of piece of mind with this option. One perceived disadvantage of this plan, is that by giving a lump sum of money to a financial institution, you do not maintain control of the investments anymore.
Locked-in Retirement Income Fund (LRIF) accounts can only be opened in Manitoba and Newfoundland. Several provinces, such as Ontario, have moved away from LRIFs with the LRIF rules being harmonized with the rules governing LIFs.
Prescribed Registered Retirement Income Fund (PRRIF) accounts can only be opened in Manitoba and Saskatchewan.
Life Income Fund (LIF) accounts are available in all provinces except Prince Edward Island and Saskatchewan.

The structure and function of LRIFs and PPRIFs are very similar to LIFs. Let’s look further at LIFs (as a larger portion of the population are eligible for them).

Life Income Fund (LIF)

  • is used to provide a regular retirement income.
  • you control your investment options within the Fund.
  • Minimum annual payout levels are dictated by federal rules. Maximum annual payout levels are dictated by provincial rules. You can pick any income level that you desire (between the minimum and maximum values).
  • when you reach the age of 80, the remaining LIF assets are used to purchase a life annuity (in most provinces).

In this article, we have been concentrating on Locked-in plans. Remember, these are plans in which an employer has made contributions, and therefore are subject to additional legislative restrictions.

Many of us are more familiar with the
– Registered Retirement Savings Plan (RRSP)
– Registered Retirement Income Fund (RRIF)
These are plans in which personal contributions have been made (i.e. no employer contributions).

To help us better understand locked-in plans, you can think of:
– a LIRA/LRSP as being similar to a RRSP, but with additional restrictions.
– a LIF/LRIF as being similar to a RRIF, but with additional restrictions. In fact, LIFs have the exact same minimum withrawl formula as RRIFs.

Can I unlock these plans?
Some provinces allow for the “unlocking” of a portion of these locked-in accounts.
For example, 50% of the funds are allowed to be unlocked in: Ontario, Alberta, Manitoba, and federal based pensions. There is also a timing issue to consider, when unlocking. In Ontario, after you create a LIF, you have only 60 days to perform this unlock process.

Conclusion:

For those readers who want to retain control over the investments within their portfolio when they retire (i.e. they don’t want to purchase a Life Annuity and don’t require a company to manage their funds), going down the locked-in account path will give them this flexibility. To gain the most freedom upon retirement, move your RPP to a LIF and then immediately ‘unlock’ 50% of the funds.

For more Details…
This article provides an explanation of the locked-in plans for those who are leaving their RPP plans. However, the rules around locked-in plans are highly dependent on provincial legislation. Please visit your provincial government website for further details on these provincial variances.

Should I be take risks with my TFSA?

Although the TFSA is called a ‘savings account’, it should be considered an ‘investment account’. Some individuals have taken on risks, to grow their accounts far beyond their initial contributions.

Similar to the Financial Post’s query earlier this year, MoneySense magazine was also asking it’s readers to let them know how well they were doing with their TFSA accounts, in what they called, “The Great TFSA Race”. Here is the ‘winner’ of their search.

A 38 year old man, named Jim, has the largest recorded TFSA with over $300,000. Wow!

Here are some quotes from the article.

“I have a good defined-benefit pension with my employer, so I knew I could take some risk with the TFSA. If it goes to zero, I’m fine with that. I saw the TFSA as a way to swing for a home run.”

The article also mentioned that he had maxed out his RRSP and that he was a conservative ‘vanilla type of person’ with his other investments.

So, how did he do it?
He made two consecutive all-in bets on two penny stocks.

Based on his personal profile, I can understand why he did it.
He’s got a ‘safe’ DB pension and a maxed-out RRSP, that is conservatively invested.
He should be set when he retires, regardless of how well his TFSA performs.
Yes, he did get lucky in his TFSA. He got two home runs. Good for him.

Home Run TFSA

In regards to my personal situation, I don’t have a safe DB pension. However, the goal is to retire at an early age. This means that I must maximize my RRSP, plus build a significant non-registered portfolio. By the time I retire, my TFSA will be a small percentage of my overall portfolio.

If the majority of my portfolio is conservative, then there’s nothing wrong with taking on some riskier investments in my TFSA, as part of an overall diversified portfolio.

What kinds of riskier investments?
The gentleman in the article made two consecutive all-in bets on two penny stocks. Personally, the all penny stock portfolio is too risky. However, I see nothing wrong with investing in some higher risk investment items such as: solid small-cap stocks or equity option contracts, within one’s TFSA account.

Should others utilize this ‘risky TFSA’ approach?

Probably not, unless you have a profile similar to Jim above, or have enough assets to include higher risk items.

For younger people, in their 20s and 30s, the TFSA will be a large part of their future retirement portfolio. Therefore, you should treat your TFSA (and the rest of your investment profile) with reasonable care.

Ensure that you have created a diversified and properly allocated investment portfolio for yourself.

Don’t always go for the home run. Jim was lucky. You may strike out.

[Flickr: FaceMePLS]

S&P / TSX Composite Index – Company Dividend Yields and Rates

Here is the dividend yields and dividend growth rates for all companies in the S&P / TSX Composite Index.

The table is sorted by Company Name, but feel free to sort by any column, or use the Search box to find your favorite company (for example: Royal Bank)

Last updated: Sept 17, 2013.

[table id=11 datatables_fixedheader=”top” /]

The Piotroski F-Score

Valuating a company using the Piotroski F-Score

Congratulations. You’ve discovered a nice cheap value stock to invest in.
But wait. Maybe that company’s stock price is cheap and/or unpopular for a reason.
Maybe the company’s financial health is not as good as you think and that’s the reason the stock price has been beaten down.

Back in 2000, professor Joseph Piotroski wrote an important paper, on a method of fundamental analysis that he derived, entitled, Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers.

Piotroski looked at nine fundamental signals to measure the health of a company.
He gathered this data by looking at the company’s last two annual financial statements.

For each checklist item below, a company would score 1 point for a pass and a 0 points for a fail.

  1. Net Income. Is the last year net income positive.
  2. Operating Cash Flow. Is the last year operating cash flow positive.
  3. Return on Assets. Is last year’s ROA greater than the prior-year ROA.
  4. Quality of Earnings. Does the last year of operating cash flow exceed net income.
    (This warns of possible accounting tricks)
  5. LT Debt vs Assets. Is the ratio of long-term debt to assets down from a year-ago.
    (i.e. Is debt decreasing?). If a company has no long term debt, they still score 1 point, as long as the assets are increasing.
  6. Current Ratio. Is the last year current ratio greater than the prior-year current ratio.
    (i.e. This measures increasing working capital.)
  7. Shares Outstanding. Is the number of shares outstanding no greater than a year-ago.
    (i.e. Share buy-backs are better than share dilution.)
  8. Gross Margin. Is the last year gross margin greater than the prior-year gross margin.
    (i.e. This could indicate improving competitiveness.)
  9. Asset Turnover. Is the last year asset turnover ratio (percentage in increased sales) greater than the prior-year asset turnover ratio. (i.e This could indicated increased productivity.)

Adding up these scores gives the company a resulting ‘Piotroski F-Score’. A perfect score is a 9.
Piotroski back-tested his method and showed that it would have produced returns well above the broader market averages over a two-decade period.

Research your company

As you can see, with a couple of years of financial data, it’s relatively easy to come up with an F-Score for a company that you want to research.

One thing to keep in mind is that the Piotroski F-Score is just one valuation method. A single method should not be used in isolation. There are dozens of valuation metrics that are utilized at Avrex Money, when evaluating a stock.

However, having said that, the Piotroski F-Score metric is a good method to use as a start, with it’s combination of nine fundamental signals.

“But, I don’t want to have to do all that research work.
Give me some F-Scores of companies that I want to invest in.”

I’m glad you asked. 🙂
In a couple of weeks, I’ll post the F-Scores of companies that are potential investment candidates. To ensure that you don’t miss out, don’t forget to sign up for my free email updates.