By Steve Alexander:
The safest and most reliable path to stock market success is to invest in CRAP stocks.
The strategy we follow, Joel Greenblatt?s Magic Formula Investing (MFI), is a great mechanical, qualitative screen for digging up candidates. But to find the CRAPpiest of stocks, we need to get our hands dirty and dig our noses into the financial statements, conference calls, SEC filings, and industry research. Only then can our portfolios come out smelling like roses.
What in the heck am I talking about? 4 points of research:
Conservatively managed
The best companies are managed conservatively, and are always focused on earning high returns on capital instead of overpaying simply to grow or build an empire. By maintaining reasonable levels of debt and always having a healthy cash balance for the inevitable bumps in the road, these companies are built to last through thick and thin.
How can you tell if
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