Where facts conquer fiction. Dig deep for facts. Dig deeper for value.
Summer 1984. Commenced full-time private investment operation. Organized rigorous systematic program of research on stock market investment approaches, valuation models and pricing models.
Summer 1995. Based on an extensive exhaustive research project, drafted three working papers, abstracts of which are published online at Social Sciences Research Network / Financial Economics Network.
FEN Reference: JFA:C-WPS98-116
Title: Critique of Asset Pricing Circularity
Date: First Submitted on 13 June 1995
FEN Reference: JFA:C-WPS98-107
Title: The R&D Effect with Static Stock Pricing
Date: First Submitted on 6 July 1995
FEN Reference: JFA:C-WPS98-108
Title: The R&D Effect with Dynamic Stock Pricing
Date: First Submitted on 29 August 1995
Fall 1995. A Dissertation Proposal is submitted and approved. The research question is both scientifically interesting and important. The research approach is original and the methodology is valid. The general objective is to demonstrate the independent research competence of the scholar. The specific objectives are to explore certain concepts and to test several hypotheses about capital market efficiency.
25 May 1996. Completed Ph.D. dissertation entitled Capital Market Efficiency of Firms Financing Research and Development that was published in microform edition by UMI Dissertation Services, Ann Arbor, Michigan, UMI Number 9624265. This theoretical and empirical study is a rarity in academic research in that the original findings are not a result of credit-shifting or data snooping. The research findings, after years of sustained meticulous analysis, surprisingly turned out to be significant and therefore publishable in academic journals. The biggest surprise was the unexpected discovery of logical circularity in conventional asset pricing models that specify a factor in a class of variables including size.
The doctoral research also offers a cautionary tale. The effort required to pursue the official dissertation proposal without taking compromising shortcuts took years and was greatly expanded out of necessity to protect the original ideas and data from academic colleagues including members of the dissertation committee. The work had to be done in stealth without teaching assistantships, research assistantships, scholarships, fellowships, research grants or other entrapping entanglements offered on standard collegial terms.
19 December 1996. Launched a website named Value Investing with Investment Valuation. After a year or so, the website was renamed Global Value Investing with Stock Valuation.
25 April 1999. Reserved the Numeraire.com domain name for the Global Value Investing website and the expanding collection of investment related websites. The additional website include Intrinsic Value Forum, DCF Valuator, Global Stock Investing, Timeless Quotations, Spaceship Earth, and Numeraire Chautauqua.
16 September 1999. Introduced the DCF Valuator website consisting of eight online interactive model types with click-through demonstrations and context-sensitive pop-up help windows. The models calculate intrinsic value, implied growth and rate of return from user inputs and present the results in narrative, tables and graphs. The website includes supporting articles and resources.
4 July 2000. Created the "World of Money" screensaver for free distribution. Informative and entertaining, it contains music, video and graphic images that are hyperlinked to web pages at the Numeraire domain. User configurable with mute, customizable transitions, and password protection for when away from monitor.
18 October 2000. Previewed the enhanced next-generation DCF Valuator Pro web-based application. The new Model Chooser, Input Analyzer and Quality Grader modules augment the suite of eight basic DCF Valuator model types.
21 December 2000. Added the Stock Hurdler module to clear three market hurdles: price, volume, and market capitalization. This module is intended to avoid potentially manipulative situations. Added the Fallen Angel Profiler to fit six criteria of fallen angel companies. Upgraded the suite of eight DCF Valuator model types with new features and functionality: opening page to describe any investment asset other than listed stocks in Canada and the United States to simplify the addition of new countries and exchanges; closing page to provide an indicated investment decision to buy, hold, sell or pass; choice of three report styles (complete, summary and text only); and input options to Reset Default and Clear Form.