Warren Buffett's Secret Formula and Valuation Analysis

Warren Buffett's Secret Formula and Valuation Analysis

Last Updated by WikiWealth

Buffett Analysis

WikiWealth provides the complete investment picture for thousands of companies. Click any link to see the Buffett Analysis. Each research report breaks down the long term and short term potential of a stock's investment. Need a research shortcut? Use our experimental mode to see how you can experiment with our actual analysis (see tutorial Buffett Analysis Experimental Mode).

Buffett Investment Analysis

Agilent Tech
Alcoa
Asset Acceptance
AirTran
Alabama Aircraft
Aaron Rents
AAON
Advance Auto Parts
Apple
Advanced Analogic Tech
Anglo American
Atlas Air Worldwide
AllianceBernstein
Advanced Battery Tech
Abaxis
ABB Ltd
Abington Bancorp
AmerisourceBergen
Ameris Bancorp
Advisory Board
Acco Brands
Arkansas Best
Asbury Automotive
Applera Corp
ABM Industries
Abiomed Inc
American Bancorp of New Jersey
Abbott Labs
AmBev
Barrick Gold
American Physicians
American Capital
American Campus
Accelrys
ACE
Aceto
AmeriCredit
Alliance Bernstein Income Fund
Arch Capital
Acergy
Aluminum Corp of China
Arch Coal
ACI Worldwide
Alcon
American Commercial Lines
Aecom Tech
Accenture
Amcol International
Acorda Therapeutics
Affiliated Computer
Actel
Actions Semiconductor
Acura Pharma
Alberto-Culver
Acxiom
ADAM
Adobe Systems
Agree Realty
ADC Telecomm
Analog Devices
Archer-Daniels-Midland
ADP
American Dental Partners
Adaptec
Alliance Data
Autodesk
Adtran
Advent Software
Associated Estates Realty
Ameren
Aegon NV
Advanced Energy Inds
American Equity
Agnico-Eagle Mines
American Eagle
American Electric Power
AEP Industries
Aercap
AES Corp
Aetna
Astoria
Almost Family
AFC Enterprises
Affymetrix
Affymax
American Financial
AFLAC
AmTrust Financial
Agco
Argo Group
AGL Resources
Allergan
American Capital Agency
Assured Guaranty
AMERIGROUP
Agrium
Agilysys
Allied HealthCare
Alliance
Aspen Insurance
Allied Healthcare
AMN Healthcare
AIG
Altra Holdings
Albany International
American Italian Pasta
Alliance Imaging
Air Methods
Air T
Airvana
Applied Industrial Tech
Apartment Investment
Aixtron
Assurant
Arthur J. Gallagher
Akamai Tech
Acadia Realty Trust
Akorn
AK Steel Holding
Albemarle
Assisted Living Concepts
Alico
Allete
Alexander & Baldwin
Alamo
Align Technology
Allegiant Travel
Alon USA Energy
Alaska Air
Alkermes
Allstate
Alliance Financial
Analogic
Alloy
Alaska Communications
Alterra Capital Holdings
Altera
Alcatel
Autoliv
Alexander's
Alexza Pharma
Allis-Chalmers
American Greetings
Applied Materials
AMB Property
Applied Micro Circuits
AirMedia
AMICAS
Advanced Micro Devices
Ametek
Amedisys
Affiliated Managers
Amgen
American Independence
Amkor Tech
Amylin Pharma
American Medical
Ameron Intl
Ameriprise Financial
American Physicians
AMR Corp
Albany Molecular Research
American Superconductor
AMERISAFE
Amsurg
American Software
American Tower
TD Ameritrade
American Woodmark
America Movil
Amazon
AutoNation
ANADIGICS
American National Insurance
American Caresource
Andersons
Anaren
Abercrombie & Fitch
AngioDynamics
Anworth Mortgage
AnnTaylor
Alpha Natural Resources
Ansys
Answers
Aegean Marine
American Oriental Bioeng
Alliance One
Aon
AO Smith Corp
Ampco-Pittsburgh
Apache
APCO Argentina
Anadarko Petroleum
Air Products & Chemicals
American Public Education
Amphenol
Acme Packet
Atlas Pipeline Pt
Apogee Enterprises
Apollo
AspenBio Pharma
Applied Signal Tech
AmeriGas Partners
A-Power Energy
Aracruz Celulose
Accuray
Arbitron
Ariba
American Reprographics
Arena Resources
Arden Group
Alexandria Real Estate
Approach Resources
Airgas
American Railcar
Arch Chemicals
Alliance Resource
ARM
Aeropostale
Arrow Financial
ArQule
Arris Group
Array BioPharma
Arc Sight
Art Tech
Artesian Resources
Art's-Way Manufacturing
Aruba Networks
Arrow Electronics
Associated Banc-Corp
Ameristar Casinos
American Science & Engineering
On Assignment
Ashland
American Safety
AsiaInfo
ASM Intl
ASML Holding
Ascena Retail
Grupo Aeroportuario del Sureste
Astec Industries
Ascent Solar Tech
Advanced Semiconductor
ATC Technology
ATA
Advantest
Astea International
Alphatec
athenahealth
Atheros Communications
Allegheny Tech
Alliant Techsystems
Ames National
Atlas America
ATMI
Atmel
Atlas Energy Resources
Atlantic Tele-Network
Atmos Energy
ATP Oil & Gas
AptarGroup
ATRION Corp
Astronics Corp
ATS Medical
Actuant
Activision Blizzard
Atwood Oceanics
AngloGold Ashanti
AU Optronics
Yamana Gold
Avista
AeroVironment
AvalonBay
Advocat
Avocent
American Vanguard
Avid Technology
Aviat Networks
Avon Products
Avnet
AVX
Avery Dennison
Allied Waste Industries
Allied World Assurance
Armstrong World Industries
American Water Works
American States Water
AXA
Anixter International
American Express
Amrep Corp
Axis Capital
Axsys Technologies
Allegheny
Acuity Brands
Aircastle
Astrazeneca
AutoZone
Allianz SE
AZZ Inc
Barnes Group
Boeing
Natus Medical
Bank of America
Brookfield Asset
BancFirst
Banner
Credicorp
Bare Escentuals
Basic Energy Srvs
Bioanalytical Systems
Baxter Intl
Blackboard
Bed Bath & Beyond
Banco Bradesco
BreitBurn Energy
Bill Barrett Corp
BHP Billiton
BigBand Networks
Black Box
Research in Motion
Barrett Business Srvs
BB&T
Bilbao Viscaya Argentaria
Best Buy
Brunswick
BCE Inc
Brink's Company
InfoSpace
Balchem
CR Bard
Barclays
Blue Coat
Smart Balance
Belden CDT
Bridge Bancorp
Black & Decker
Brandywine Realty
Becton Dickinson
CardioNet
BE Aerospace
Bebe Stores
Beckman Coulter
Beacon Roofing Supply
Franklin Resources
Brigham Exploration
Baldor Electric
Brown-Forman
BankFinancial
Saul Centers
Bunge
General Cable
BGC Partners
Big 5 Sporting Goods
Briggs & Stratton
Buckeye GP
B&G Foods
BIGLARI
Benchmark Electronics
Baker Hughes
Berkshire Hills Bancorp
BHP Billiton
Brookfield Homes
Sotheby's
Baidu.com
Bidz.com
Big Lots
Biogen
Bio-Rad Laboratories
Bioclinica
Biodel
BioScrip
Brookfield Infrastructure
Actuate
BJ's Wholesale
BMP Sunstone
BJ's Restaurants
BJ Services
Bank of New York
BlackRock Kelso
Brookdale Senior Living
Buckle
Blueknight Energy
Black Hills
Buckeye Tech
Bank Mutual
Barnes & Noble
Burger King
The Bank of Kentucky
Builders FirstSource
BlackRock
Blackbaud
Ball
Blount Intl
Immucor
Latinoamericano de Exportaciones
Banco Macro
BMC Software
Badger Meter
Bank Of Montreal
BioMed Realty
Bank of Marin Bancorp
Bemis
Bryn Mawr Bank
BioMimetic Therapeutics
Bristol-Myers Squibb
Beneficial Mutual
Benihana
Burlington Northern
Bank of Nova Scotia
Bob Evans Farms
Bank of Hawaii
BOK Financial
Bolt Technology
Bon-Ton Stores
Dynamic Materials
LaCrosse Footwear
BP Global
Biosante Pharma
Boston Private
Buckeye Partners
Brookfield Properties
Popular
BP Prudhoe Bay Royalty
Broadridge Financial
Brady
Brocade Comm
Broadcom
BRE Properties
BRF-Brasil Foods
Berkshire Hathaway
Brookline
Bruker
Brooks Automation
Barr Pharma
Bio-Reference Labs
Bronco Drilling
Brown & Brown
Bristow Group
Berry Petroleum
BioSphere Medical
Sierra Bancorp
Boston Scientific
British Sky Broadcasting
BT Group
Baytex Energy Trust
BancTrust Financial
Blyth
Peabody Energy
BTU Intl
Bucyrus Intl
Anheuser Busch
First Busey
Biovail
Compania Mina Buenaventura
BorgWarner
Baldwin & Lyons
Buffalo Wild Wings
Boardwalk Pipeline
Brown Shoe
Bway Holding
Blackstone
Bluelinx Holdings
Boston Properties
BancorpSouth
Boyd Gaming Corp
Bally Tech
Citigroup
CA
Cabela's
Camden National
Credit Acceptance
Cache
Cadence Financial
CAE Inc
ConAgra Foods
Cardinal Health
Canon
Cheesecake Factory
Continental Airlines
Cal-Maine Foods
Caliper Life Sciences
Cameron Intl
AM Castle & Co
Mexican Restaurants
CAS Medical Sys
Cass Information Sy
Caseys General Stores
Caterpillar
Cardtronics
Cato Corp
Cathay General
Cavium Networks
Chubb
Cincinnati Bell
Capitol Bancorp
Companhia Brasileira de Distribuicao
Cooper Industries
Cbeyond
CB Richard Ellis
Chicago Bridge & Iron
Christopher & Banks
CBL & Associates
Cambrex
CombiMatrix
Cape Bancorp
Caribou Coffee
Ciber
Cracker Barrel
CBS Corp
Commerce Bancorp
Cubist Pharma
Cabot
Community Bank Sys
Cadbury
CBIZ Inc.
Circuit City
Capital City Bank
Calgon Carbon
Coca-Cola Enterprises
Coca Cola Hellenic Bottling
Crown Castle
Cameco
Crown Cork & Seal
Carnival
Cabot Microelectronics
Clear Channel
Cogent Communications
Cross Country Healthcare
CompuCredit
Compania Cervecerias Unidas
CDI Corp
Cadence Design Sys
Cedar Shopping Centers
Cadiz
Celanese
Corporate Executive
CEC Entertainment
Career Education
Central European Distribution
Constellation Energy
Ceom Israel
Celgene
Brightpoint
Central Garden & Pet
Century Aluminum
CNOOC
Constellation Energy
Cephalon
Cerner
Central European Media
Ceva Inc
CF Industries
Capitol Federal Financial
Cardinal Financial
Cullen/Frost Bankers
China Fire & Security
Colfax Corp
Veritas
Celadon
Cognex
Consolidated Graphics
China Telecom
China-Biotics
City Holding
Church & Dwight
Churchill Downs
Chindex Intl
Chemed
Chemical Financial
CH Energy
Choice Hotels
C&D Tech
Charlotte Russe
Chesapeake Energy
Cherokee
Check Point Software
China Mobile
Champion Industries
China Natural Resources
Chordiant Software
Charming Shoppes
Chartered Sem
C.H. Robinson Worldwide
Chico's FAS
Catalyst Health
Chunghwa Telecom
Chelsea Therapeutics
Chattem
China Unicom
CIGNA
Citizens
BanColombia
Ciena
Comp En De Mn Cemig
China Infrastructure
Chimera Investment
Cincinnati Financial
CIRCOR Intl
Cninsure
CIT Group
COMSYS IT Partners
Citizens Holding
Corus Entertainmt
SEACOR SMIT
Checkpoint Sys
CKE Restaurants
CKX
Colgate-Palmolive
Core Labs
CLARCOR
Clinical Data
Cliffs Natural Resources
Center Financial
Clean Harbors
Mack-Cali Realty
Calamos
Calumet
Clean Energy Fuels
Colonial Properties
Continental Resources
Clarient
Celestica
Clearwater Paper
Clorox
Canadian Imperial
Comerica
Commercial Metals
Columbus McKinnon
Comcast
CME Group
China Medical Tech
Chipotle Mexican Grill
Cummins
Cantel Medical
Capstead Mortgage
Compass Minerals
CMS Energy
Comtech Telecom
CNA Financial
Center Bancorp
Centene
CNH Global
Canadian National Railway
China Information Security
Cinemark Holdings
Cleco Power
Conmed
CenterPoint
Canadian Natural Resources
Concur Technologies
Cohn & Steers
Consolidated Comm
Century Casinos
CNF
CONSOL Energy
CoBiz Financial
Corinthian Colleges
Capital One Financial
Cabot Oil & Gas
Cogo Group
Cogent
Coach
Coherent
Cohu
Converted Organics
Coca-Cola Bottling
Rockwell Collins
Columbia Banking Sys
Columbia Sportswear
3Com
Comverge
Conn's
Cooper Companies
ConocoPhillips
Core-Mark
Costco
Covidien
Canadian Pacific Railway
Campbell Soup
CPEX Pharma
CPB
Canterbury Park
Cepheid
Castlepoint
CPI Intl
Chesapeake Utilities
California Pizza Kitchen
CPFL Energia
Capella Education
Calpine
Copano Energy
Copart
Computer Programs & Sys
Camden Property
Conceptus
Compuware
Complete Production Srvs
Chiquita Brands Intl
Crane Company
Celera
CRA Intl
Citizens Republic Bancorp
Ceradyne
Credo Petroleum
Cree Inc
Cresud S.A.C.I.F.
CRH PLC
Carter's
Comstock Resources
Charles River Labs
Salesforce.com
America's Car-Mart
Cornell Corrections
Crocs
Carbo Ceramics
Courier Corp
Carpenter Tech
Cross Timbers Royalty
Cirrus Logic
CorVel
Crown Media
Crucell
CryoLife
Carrizo Oil & Gas
Credit Suisse
Cogdell Spencer
Clifton Savings
Computer Sciences
Cascade Microtech
Cisco Sys
Cardiac Science
CapitalSource
Centerstate Banks of Florida
CoStar Group
CSG Systems
Cash America Intl
Canadian Solar
China Sky One Medical
Carlisle Companies
CSP
China Security & Surveillance
CSS Industries
Coinstar
Capital Senior Living
China Sunergy
Carriage Services
Capital Southwest
CSX
Cintas
Cooper Tire & Rubber
Community Trust
CTC Media
Constant Contact
Century Telephone
Citi Trends
Ctrip.com
SXC Health
CTS Corp
Cognizant
CommScope
Connecticut Water Service
Centex
Citrix Systems
Cubic Corp
Carnival ADS
Cutera
Cousins Properties
Central Vermont Pub Svc
Covanta
CVB Financial
Cablevision
Covance
Convergys
Calavo Growers
Coventry
CVR Energy
CommVault
Cenveo
CVS Caremark
Covenant Transport
Care Investment Trust
CVD Equipment
Chevron
Curtiss-Wright
Clayton Williams Energy
Common Wealth REIT
California Water
Coldwater Creek
Cemex
CNX Gas
Concho Resources
Cox Radio
Corrections of America
Cypress Semiconductor
CyberSource
Cyberonics
Centennial Comm
China Yuchai Intl
Community Health Sys
Cymer
City National
Cytec Industries
Cytokinetics
Cytori Therapeutics
Citizens & Northern
Cosan
Dominion Resources
Danaos Corp
Dai'ei
Daktronics
Delta Air Lines
Darling Intl
Deutsche Bank
Diebold
Double Eagle Petroleum
Double-Take Software
Donaldson
NTT DoCoMo
Ducommun
Dime Community
Dyncorp
DCT Industrial Trust
EI Du Pont
Daimler AG
Dynamex
Developers Diversified Rlty
Dillard
Data Domain
Deere & Co
D&E Comm
Deckers Outdoor
Delhaize Group
Douglas Emmett
Deltic Timber
Dell
Denny's
Diageo
Duncan Energy Partners
Dean Foods
Delphi Financial
Discover Financial
Delta Natural Gas
Donegal Group
Digi Intl
DG FastChannel
Duoyuan Global Water
Quest Diagnostics
D.R. Horton
Diamond Hill Investment
Danaher
DHT Maritime
Dice Holdings
eDiets.com
DineEquity
Diodes
Walt Disney
Discovery Comm
DISH Network
DivX
Delek
Dick's Sporting Goods
Dolby Labs
DFC Global Corp
Del Monte Foods
Digital Realty Trust
Dollar Tree
Deluxe Corp
Dolan Media
DemandTec
Dorchester Minerals
Diamond Foods
Genentech
Dun & Bradstreet
Danvers Bancorp
Dendreon
Dionex
Denbury Resources
Diamond Offshore
Dominion Resources
Dorman
Dover
Dow Chemical
Amdocs
DPL
DCP Midstream Pt
Dr Pepper Snapple
Delta Petroleum
Domino's Pizza
Dresser-Rand
Dynamics Research
Duke Realty
Diamondrock Hospitality
Darden Restaurants
Digital River
Doral Financial
Dril-Quip
Durect
DryShips
Discovery Labs
Datascope
Descartes Sys
DSP Group
DST Systems
DayStar Tech
DSW
Diana Shipping
DTE Energy
Deutsche Telekom
Diamond Mgmt
DTS
DIRECTV
Duckwall-Alco
Duff & Phelps
Duke Energy
DeVry
DaVita
Devon Energy
Cal Dive
Drew Industries
Dreamworks Animation
Datawatch
Dawson Geophysical
DXP Enterprises
Dycom Industries
Dyax
Dynacq Healthcare
Dynegy
ENI
Encore Acquisition
Brinker Intl
eBay
Ennis
Ebix
Emergent Biosolutions
Meridian Interstate
Encore Bancshares
EnCana
Ecolab
Eclipsys
US Ecology
Encore Capital
ConEd
Empire District Electric
EDEN Bioscience
Education Realty
Electronic Data Systems
New Oriental Education
El Paso Electric
Euronet Worldwide
Ecology and Environment
Enbridge Energy Pt
Enbridge Energy Mgmt
Electronics for Imaging
Enterprise Financial
Equifax
Energy West
Eagle Bulk Shipping
Energen
NIC Inc
EastGroup Properties
Vaalco Energy
eHealth
Employers Holdings
Edison Intl
Eastman Kodak
Estee Lauder
EMS Technologies
Elan Corp
EarthLink
Echelon
Syneron Medical
COPEL
Electro Rent
Equity Lifestyle Properties
Electro-Sensors
Emulex
Callaway Golf
EMC
EMC Insurance
EMCOR Group
Elbit Imaging
Eastman Chemical
Emerson Electric
Emergency Medical Srvs
Enbridge
Endo Pharma
Energy Conversion Devices
Endurance Specialty
Enersis S A
Reed Elsevier
EnerNOC
Encore Energy
Energizer
EnerSys
Ensign
Enzo Biochem
Enzon Pharmaceuticals
Empresa Nacional de Elec
EOG Resources
El Paso
Ambassadors
Bottomline Tech
El Paso Pipeline
Enterprise Products
Enterprise GP
Epoch Holding
Epicor Software
EPIQ Systems
Entertainment Properties
Embarq
Equinix
Equity Residential
EQT Corp
Equity One
Enerplus Resources
LM Ericsson Telephone
Erie Indemnity
Energy Recovery
Embraer
Eagle Rock Energy
eResearch Technology
Electronic Arts
EnergySolutions
ESB Financial
Emeritus
EsCc Tech
Euroseas
Enstar
ITT Educational
Electro Scientific
Esterline Tech
Evergreen Solar
Elbit Systems
Escalon Medical
Express Scripts
Essex Property
ESSA Bancorp
ENSCO
Energy Transfer Equity
E*Trade
Ethan Allen
Eaton
Energy Transfer Partners
Entergy
Eurand
Eaton Vance
EV Energy Partners
Evercore Partners
ev3
Edwards Lifesciences
East West Bancorp
Exactech
Exar Corp
Exelon
Exelixis
Exterran
ExlService
Excel Maritime
Eagle Materials
Expeditors Intl of Washington
Expedia
Exponent
Extra Space Storage
Extreme Networks
EZchip Semiconductor
EZCORP
Ford Motor
First Acceptance
First Advantage
First American
FalconStor Software
Farmer Brothers
FARO Tech
Fastenal
Facebook
First Bancorp
First Community Banc
FuelCell Energy
First Commonwealth
First Cash Financial
Foundation Coal
FTI Consulting
First Citizens Banc
Fairchild Semiconductor
FCStone
Freeport-McMoran
Federal-Mogul
Family Dollar
Fresh Del Monte Produce
FactSet Research
FedEx
FirstEnergy
FEI
Franklin Electric
First Financial Banc
First Financial
Frozen Food Express
FBL Financial
Flushing Financial
First Financial Bank
F5 Networks
Farmers Capital Bank
First Financial Northwest
Ferrellgas Partners
FGX
First Horizon National
Fair Isaac
Financial Federal
Federated Investors
Finish Line
Sourcefire
Fidelity National Info
Financial Institutions
Fiserv
Fifth Third Bancorp
Comfort Systems
National Beverage
Foot Locker
Flanders Corp
Flextronics Intl
First of Long Island
Flir Systems
Flowers Foods
Flow International
Fluor
Flowserve
Fly Leasing
First Midwest
FMC
Federal Home Loan Mtg
Focus Media
FirstMerit
First Mercury Financial
Fresenius Medical Care
Fomento Economico Mexicano
F.N.B.
Fundtech
FortuNet
Fidelity National
First Niagara Financial
First Bancorp
Federal National Mortgage
Liz Claiborne
Fortune Brands
Amicus Therapeutics
Forestar Group
FormFactor
Forrester Research
Fossil
FPIC Insurance
First Potomac Realty
First Industrial Realty
Fred's
Fairfax Financial
Furmanite
First Merchants
Frontline
Force Protection
Federal Realty
Forest Labs
First South Bancorp
Fifth Street Finance
Fisher Comm
Fushi Copperweld
First Solar
Flagstone Reinsurance
Federal Signal
Forest Oil
L.B. Foster
Fuel Systems
Frontier Financial
France Telecom
Fuel Tech
Fibernet Telecom
FMC Technologies
Frontier Oil
Frontier Communications
FUJIFILM
HB Fuller
Fulton Financial
Cedar Fair
Fuqi Intl
First Union
Foster Wheeler
Forward Air
Fox Chase Bancorp
FX Energy
Genpact
Giant Interactive
German American
Great Atlantic & Pacific Tea
Nicor
Global Axcess
Greatbatch
Glacier Bancorp
Gabelli Asset Mgmt
Global Indemnity
Greenbrier Companies
Global Cash Access
Gannett
Genesco
Globecomm Systems
General Dynamics
Gardner Denver
Goodrich Petroleum
General Electric
Greif Bros
Genon Energy
Gencor Industries
Genzyme
Geo Group
GeoResources
GeoEye
Geron Corp
Guess?
Gaylord Entertainment
GenTek
Gafisa SA
Griffon Corp
Gold Fields
GFI Group
Goldcorp
Grupo Financiero Galicia
Gerdau
Graco
Greenhill
CGI Group
Gulf Island Fabrication
GigaMedia
G-III Apparel
Gildan Activewear
Gilead Sciences
General Mills
Given Imaging
G&K Services
Global Crossing
Global Industries
Gleacher
Golden Enterprises
Great Lakes Dredge & Dock
GulfMark Offshore
GLG Partners
Golar LNG
GlobalOptions
Global Partners
Greenlight Capital
Glatfelter
Corning
General Motors
Green Mountain
Gamestop
Gmarket
General Maritime
GATX
GMX Resources
Gerdau AmeriSteel
General Communication
Global Traffic Network
Great Northern Iron Ore
Genco Shipping
Gentex
Genworth Financial
Randgold Resources
Google
Genuine Parts
Group 1 Automotive
Global Payments
Gulfport Energy
Gen-Probe
The Gap
Goodrich
W.R. Grace
Gerber Scientific
Griffin Land & Nurseries
Garmin
Green Bankshares
U.S. Global Investors
Gammon Lake Resources
Glimcher Realty
Goldman Sachs
Great Southern Banc
General Steel
GSI Commerce
GlaxoSmithKline
Global Sources
Goodyear Tire & Rubber
GrafTech Intl
Good Times Restaurants
Gentiva
Chart Industries
Triple-S Mgmt
GTx Inc
Getty Realty
Granite Construction
Gevity HR
Genesee & Wyoming
WW Grainger
Genoptix
Great Plains Energy
GenCorp
Gymboree
Hawaiian Holdings
Haemonetics
Hain Celestial
Halliburton
Hallmark Financial
Harman Int'l Industries
Hasbro
Haynes Intl
Huntington Bancshares
HSBC
Hancock Holding
Hanesbrands
Harvard Bioscience
Hudson City Bancorp
HCC Insurance
Heritage-Crystal Clean
Hackett Group
Health Care REIT
HCP
Healthcare Services
Home Depot
HDFC Bank
Hawaiian Electric
H&E Equipment Srvs
Heico Corp
Heckmann
Helen of Troy
Holly Energy
Hercules Offshore
Hess
Hewitt Associates
HHGregg
Harleysville Group
Hanger Orthopedic
Hugoton Royalty Trust
Evraz Highveld
Harte-Hanks
Hillenbrand
Hibbett Sports
hi/fn
Hartford Financial
Hill Intl
Himax Tech
Hittite Microwave
Highwoods Properties
Petrohawk Energy
Hecla Mining
Herbalife
Harmonic
HealthSouth Corp
HLTH
Helix Energy Solutions
Health Management
Honda Motor
Home Properties
Home Inns & Hotels
Horace Mann Educators
Hampton Roads
HMS Corp
Harmony Gold Mining
Harleysville
HNI Corp
Huaneng Power Intl
Harvest Natural Resources
Hansen Medical
Health Net
Heinz
Holly Corp
Harley-Davidson
Zhongpin
Hollysys Automation
Hologic
H BancShares
Home Federal Banc
Honeywell
Cascal
Hornbeck Offshore
Starwood
Hot Topic
Helmerich & Payne
Hercules
Hewlett-Packard
Hospitality Properites
Heartland Payment Sys
Healthcare Realty
H&R Block
Harbin Electric
Hill-Rom Holdings
Hormel Foods
Herley Industries
Harris
Healthspring
Harsco
Henry Schein
Heidrick & Struggles
HSN
Hanwha SolarOne Power
Hospira
Host Hotels & Resorts
Hershey
Hersha Hospitality
Heritage Commerce
Hutchinson Tech
Harvest Energy
Hilltop Holdings
Hitachi
Heartland Express
Heartland Financial USA
Hearst-Argyle Television
Hutchison Telecom
Hertz Global
Hub Group
Hughes Comm
Humana
Huntsman
Huron Consulting
Haverty Furniture
Headwaters
Healthways
Houston Wire & Cable
Harry Winston Diamond
Hawkins
Hexcel Corp
Homex Development
IAC/InterActive
Iamgold
Integra LifeSciences
Interline Brands
Iberia Bank
Interactive Brokers
IBM
ICICI Bank
Intl Bancshares
Intercontinental Exch
ICF International
Internet Capital
ICON
International Coal
Iconix
ICU Medical
ICx Tech
L-1 Identity Solutions
IDACORP
Interactive Data
InterDigital
Indevus Pharma
Idenix Pharma
Idera Pharma
Industrial Srvs of America
I.D. Systems
IDT Corp
Integrated Device Tech
Idexx Labs
Icahn Enterprises
Integrated Electrical Srvs
IDEX
International Flav/Frag
I-Flow Corp
Interface
Intl Game Tech
iGATE
Independence Holding
Intercontinental Hotels
IHS
Information Services
Insteel Industries
Internet Initiative Japan
Interval Leisure
Perusahaan Satlt
II-VI
Ikanos Comm
Illumina
Ingram Micro
Imax
ImmunoGen
Ingles Markets
Immersion
Imation Corp
UNOVA
Internap Network
Incyte Corp
Independent Bank
Internet Brands
Informatica
Infinity Pharma
Infinera
Infosys Tech
ING Group
Ingredion
Interactive Intelligence
IntegraMed America
World Fuel Services
Intel
INTL Fcstone
Intuit
InnerWorkings
Innospec
International Paper
Inter Parfums
Infinity Property & Casualty
IPC The Hospitalist
IPC
iPCS
Interpublic
IPG Photonics
Innophos
Imperial Sugar
Ingersoll-Rand
iRobot
Inland Real Estate
International Rectifier
IRIS Intl
Iron Mountain
IRSA Inversiones Y Representaciones
Investors Bancorp
Intl Speedway
International Shipholding
Intersil
Isle of Capri Casinos
Isilon Systems
Intuitive Surgical
Integral Systems
Gartner
ITC
Investment Tech
InterMune
Itron
ITT
Banco Itau Holding Financeira
Illinois Tool Works
i2 Technologies
infoGROUP
Intevac
Invacare Corp
Ivanhoe Mines
Invesco
Iowa Telecom
Interwoven
Orix Corp Ads
IXYS Corp
Jack In The Box
Jarden Corp
JAKKS Pacific
Jo-Ann Stores
JA Solar
Sun Microsystems
J. Alexander's
J.B. Hunt Transport
Jabil Circuit
JetBlue
John B. Sanfilippo & Son
J. Crew
Johnson Controls
j2 Global Comm
JC Penney
JDA Software
JDS Uniphase
Jacobs Engineering
Jefferies Group
J & J Snack
Jack Henry & Associates
Jones Lang LaSalle
Johnson & Johnson
Juniper Networks
Janus Capital
Jones Apparel Group
51job
St. Joe
Jos. A. Bank Clothiers
JPMorgan Chase
James River Coal
China Finance Online
Jinpan Intl
Jackson Hewitt
Nordstrom
Kellogg
Kadant
Kaiser Aluminum
Kaman
KB Financial
KB Home
KBR
KBW
Knight Capital
Kinetic Concepts
Kansas City Life Insurance
Kenneth Cole
Kaydon
Key Energy Srvs
Kelly Services
Korea Electric Power
Kirby
KeyCorp
Kaiser Federal Financial
Kforce
Kingsway Financial
Korn/Ferry Intl
King Pharma
Kinam Gold
Kimco Realty
Krispy Kreme Doughnuts
KLA-Tencor
Kulicke and Soffa
Kimberly-Clark
Kinder Morgan Energy
Kinder Morgan Mgmt
Kennametal
CarMax
Kindred Healthcare
Kendle
Knoll
Konami
Knology
Kensey Nash
Knight Transportation
Kenexa Corp
Coca Cola
Coca Cola Femsa
Kona Grill
KongZhong
Koppers Holdings
Kopin
Kroger
Kilroy Realty
Kraft Foods
Kite Realty
Kearny Financial
Kronos Worldwide
K-Sea Transportation
Kohl's
Kansas City Southern
K-Swiss
Korea Telecom
Key Tech
K-Tron Intl
Kubota Corp
KVH Industries
Quicksilver Resources
Quaker Chemical
Kyocera
Loews
LaBranche & Co
Multi-Color
Lakes Entertainment
Lithia Motors
Lamar Advertising
Lancaster Colony
Lawson Products
Layne Christensen
Lazard LTD
Lakeland Bancorp
Liberty Global
US Airways
LDK Solar
Landauer
Ladish
Leap Wireless Intl
Lincoln Electric
Leggett & Platt
Lennar
Leapfrog Enterprises
China Life Insurance
Lan Airlines
Littelfuse
Laclede
Lions Gate Ent
Ligand Pharma
Laboratory of America
LHC Group
LaSalle Hotel Properties
Life Tech
Lihir Gold
Lennox Intl
Limco -Piedmont
Lincoln Educational
Linn Energy
Liberty Media Corp
Lakeland Financial
Lumber Liquidators
L-3 Communications
Limelight Networks
Linear Technology
Eli Lilly
Legg Mason
LeMaitre Vascular
LMI Aerospace
Luminex
Lockheed Martin
Lincoln National
Lance
Lincare
Landec
LinkedIn
Lindsay Corp
Alliant Energy
Landry's Restaurants
Lorillard
Logitech Intl
LookSmart
LoopNet
Grand Canyon Education
Loral Space and Comm
Lowe's
Life Partners
LG Display
LifePoint Hospitals
Lender Processing Srvs
LivePerson
Louisiana-Pacific
Liquidity Services
Lam Research
Liberty Property
Lattice Semiconductor
Lsi Corp
Landstar System
Liberty Media
LTC Properties
Limited Brands
Life Time Fitness
Learning Tree
Luby's
Lufkin Industries
Leucadia
Lululemon Athletica
Southwest Airlines
Luxottica
Steinway Musical
Level 3 Comm
Las Vegas Sands
Lifeway Foods
Lawson Software
Lexmark
Lexington Realty
Lsb Industries
Lloyds Tsb
LSI Industries
Live Nation
Lubrizol
Macy's
Mastercard
Mid-America Aprt
Macerich
Magnetek
Mako Surgical
PC Mall
Manpower
Manhattan Associates
ManTech
MAP Pharma
Marriott Intl
Masco
Masimo
Mattel
Martek Biosciences
Matthews Intl
Maxygen
MB Financial
MBIA
Metabolix
MiddleBrook Pharma
Mobile TeleSystems
Merchants Bancshares
Mediacom
McDonald's
Microchip Tech
McKesson
Moody's
Monarch Casino & Resort
Micrel
MICROS Systems
Marcus Corp
Mercury General
MedAssets
MDC Holdings
Medical Action
Medicines
Meredith
McDermott
Allscripts-Misys Healthcare
Midas
Medtronic
MedCath
MDU Resources
Medivation
Mariner Energy
Measurement Specialties
Mediware Info Sys
Medarex
Massey Energy
Media General
Methode Electronics
MercadoLibre
Micrus Endovascular
Mentor Graphics
Methanex
Merrill Lynch
MetLife
Metro Bancorp
Man Financial Global
MFA Mortgage
Maidenform Brands
Manulife Financial
McAfee
Mizuho Financial
Multi-Fineline Electronix
M&F Worldwide
Magna
Multimedia Games
MGE Energy
Magellan Midstream
Moneygram
Magellan Health
MGM Mirage
McGrath RentCorp
Morgans Hotel
Mohawk Industries
Maiden Hldgs
M/I Homes
McGraw-Hill
Medco Health
Marshall & Ilsley
Macquarie Infrastructure
Middleby
Meadowbrook Insurance
Millipore
MI Developments
Mitcham Industries
Mobile Mini
Molecular Insight Pharma
Mirant
Micromet
Mitsui
McCormick & Co
Markel
MKS Instruments
Makita
MarketAxess
Herman Miller
Mueller Industries
Martin Marietta Materials
ModusLink Global
Mellanox Tech
Marsh & McLennan
Motorola Mobility
3M Company
Magellan Midstream
McMoRan Exploration
Maximus
Merit Medical
MannKind Corp
Monmouth REIT
Monro Muffler Brake
Mentor Intl
Altria
Molina Healthcare
Molex
Monsanto
Morningstar
Mosaic
Movado
Move Inc
Melco Crown
Met-Pro
Modis Professional
Medical Properties
Monolithic Power Systems
Marine Products
Mindray Medical Intl
Mercury Computer Sys
Montpelier RE
Merck
Marathon Oil
Marten Transport
Marvell Technology
Medicis Pharmaceutical
Morgan Stanley
Mine Safety Appliances
Mesabi Trust
Microsemi
MSCI
MSC Software
Middlesex Water
MainSource
Microsoft
MSC Industrial Direct
Martha Stewart Living
MicroStrategy
Mission West Properties
ArcelorMittal
M&T Bank
Mettler-Toledo
MGIC
Meritage Corp
Mechel Steel
Vail Resorts
Medtox Scientific
Materion
Matrix Service
MTS Systems
Mitsubishi UFJ
Manitowoc
Minerals Tech
Matrixx Initiatives
MasTec
Micron Tech
Murphy Oil
Metavante Tech
Marvel Entertainment
Men's Wearhouse
MarkWest Energy Pt
MWI Veterinary Supply
MeadWestvaco
Monster Worldwide
Maxim Integrated Prod
Maxwell Tech
Myers Industries
Myriad Genetics
Mylan Laboratories
MYR Gp
Magyar Telekom
Netsuite
Nabi Biopharma
Nash-Finch
NewAlliance Bancshares
Nanometrics
NASB Financial
Nordic American Tanker
Nathan's Famous
National Instruments
National Interstate
Navistar
Navigators
National Bank of Greece
Neurocrine Biosciences
Noble Energy
Nabors Industries
NBT Bancorp
NACCO Industries
National City
Navigant
NCI
National CineMedia
NCR
NCI Building Sys
The9
Nasdaq OMX
99 Cents Only Stores
Nordson
Noble Energy
Nextera Energy
Newmont Mining
Neogen
NET Servicos Comunicacao
NetLogic Microsystems
NewMarket
Newport
NewStar Financial
Northfield Bancorp
National Fuel Gas
Netflix
National Financial Pt
Newfield Exploration
National Grid Transco
Natural Gas Services
Eastern American
National Health
Nationwide Health
NightHawk Radiology
NiSource
Nice-Systems
NII Holdings
Blue Nile
Nidec Corp
New Jersey Resources
NIKE
National Bankshares
Nektar Therapeutics
NL Industries
Nalco
Nobel Learning
Annaly Capital
Navious Maritime
Navios Maritime
Nomura Holdings
Nelnet
National Retail Properties
Northrop Grumman
Nokia
National Oilwell Varco
Novell
Noven Pharma
Neenah Paper
National Penn
National Presto
Enpro Industries
Newpark Resources
National Research
Northstar Realty Finance
NRG Energy
Inergy
Inergy
Natural Resource
North Euro Oil Royality
NuStar Energy
Nissan
Norfolk Southern
Valero GP Holdings
Insight Enterprises
National Semiconductor
Administaff
Nanosphere
NeuStar
Nstar
Ness Technologies
Netapp
NetScout
Nintendo
Nam Tai Electronics
Netease.com
NATCO Gp
Nortel Inversora
Ntelos
NutriSystem
Northern Trust
Nippon Telegraph & Tele
NBTY
Northeast Utilities
Nuance Comm
Nucor
Nu Skin Enterprises
NuVasive
Nvidia
NV Energy
NVE Corp
Novellus Sys
Novo Nordisk
NVR
Novartis
Novatel Wireless
Northwest Bancorp
NorthWestern
Newell Rubbermaid
National Western Life Ins
Northwest Natural Gas
Northwest Pipe
News Corp
New York & Co
Nexstar Broadcasting
NxStage Medical
Nexen
New York Community Bk
Nymagic
New York Times
NYSE Euronext
New Zealand Telecom
Realty Income
OneBeacon Insurance
Owens Corning
OceanFirst Financial
Ocwen Financial
Omnicare
Old Dominion Freight Line
Office Depot
Odyssey Healthcare
Orient-Express Hotels
Orion Energy
Corp Office Properties
Oriental Financial
Orthofix Intl
Omega Flex
OGE Energy
Omega Healthcare
Owens-Illinois
Oi SA
O. I. Corp
Oceaneering Intl
Oil States Intl
ONEOK
ONEOK Partners
Southwest Bancorp
Olin
Grupo Aeroportuario del Centro Norte
Omnicom
Omnicell
Odyssey Marine
OM Group
Owens & Minor
Obagi Medical Products
Omniture
OfficeMax
Old National Bancorp
ON Semiconductor
Onvia
Oplink Comm
OPNET Tech
OpenTV
Opnext
Oppenheimer
Ormat Tech
Orbital Sciences
Orbcomm
Online Resources Corp
Oracle
Orexigen Therapeutics
Odyssey Re
Old Republic Intl
Oritani Financial
O'Reilly Automotive
Orion Marine
Old Second
Overseas Shipholding
OSI Pharma
OSI Systems
Oshkosh Truck
Osteotech
Overstock.com
OraSure Tech
Open Text
Otter Tail
Outdoor Channel
OmniVision
Orbitz Worldwide
Oxford Industries
optionsXpress
Occidental Petroleum
Och-Ziff Capital
Bank of the Ozarks
Plains All American Pipeline
Pan American Silver
Grupo Aeroportuario del Pacifico
Pacer Intl
PacWest Bancorp
PAETEC
Penske Automotive
Palm
Universal Display
PAR Technology
PepsiAmericas
Patriot Transportation
Veriphone
Paychex
People's United
Pepsi Bottling
Prestige Brand
Pitney-Bowes
Porter Bancorp
Provident Bankshares
Provident New York Bk
Petrobras
Permian Basin Royalty
Pep Boys
PACCAR
Pacific Capital
Pacific Continental
PC Connection
PG&E Corp
Potlatch
Plum Creek Timber
priceline.com
Precision Castparts
Panasonic
MetroPCS
PC-Tel
Patriot Coal Corp
Petro-Canada
Patterson
Pride Intl
PDF Solutions
PharmaNet Development
PDL BioPharma
Precision Drilling
Peoples Bancorp
Peet's Coffee & Tea
Public Serv. Enterprise
Pegasystems
Pennsylvania REIT
Penn National Gaming
Penford Corp
PepsiCo
Perot Systems
Perma-Fix Environmental
Petroleum Development
PetSmart
PetMed Express
Peoples Financial
P.F.Chang's China Bistro
Pfizer
Principal Financial
P & F Industries
Provident Financial
Phase Forward
Procter & Gamble
Peapack-Gladstone
Pengrowth Energy
PTEK
Progress Energy
Progressive
Parker-Hannifin
Philips Electronics
PHH Corp
Palm Harbor Homes
Philippine Telephone
Pulte Homes
Panhandle Royalty
PICO
Polaris Industries
Pike Electric
Piper Jaffray Companies
Parker Drilling
Park Electrochemical
Packaging of America
PerkinElmer
POSCO
Parkway Properties
Protective Life
Children's Place
Polycom
ProLogis
Presidential Life
Pall
Preformed Line Products
Plantronics
Plexus
PLX Tech
Philip Morris
PMA Capital
Pharmerica
PMC-Sierra
Psychemedics
PMFG Inc
Parametric Tech
Palomar Medical Tech
PNC Financial
Pinnacle Airlines
Pinnacle Financial Pt
Pinnacle Ent
PNM Resources
Pennichuck
Pentair
Panera Bread
PrimeEnergy
Penson Worldwide
Pinnacle West
Piedmont Natural Gas
Insulet Corp
PolyOne
Pepco Holdings
Protection One
Pool Corp
Portland General Electric
Potash of Saskatchewan
Power Integrations
Powell Industries
Pozen
Pre-Paid Legal
Pharma Product Development
PPG Industries
PPL
Polypore
Post Properties
Petroquest Energy
Pro-Assurance
Portfolio Recovery
PartnerRe
Perficient
Paragon Shipping
Perrigo
Progress Software
Prgx Global
Primoris
PROS Holdings
Deltek
U.S. Auto Parts
Prudential Financial
Premier West
Pharma Resources
PAREXEL
Public Storage
PS Business Parks
Prospect Capital
Pericom Semiconductor
PriceSmart
Pearson
Collective Brands
PSS World Medical
Pacific Sunwear
Psychiatric Solutions
Portugal Telecom
Patterson-UTI Energy
Pain Therapeutics
Partner Communications
Platinum Underwriters
PetroChina
Pantry
PAM Transport
Pactiv
Prudential Public
Pulse Electronics
Penn Virginia
Penn Virginia GP
Phillips-Van Heusen
Penn Virginia
Pervasive Software
PrivateBancorp
Provident Energy
Penn West Energy
Quanta Services
Perfect World
Providence & Worcester Railroad
Praxair
Pioneer Natural Resources
Plains Exploration
Petrobras
Papa John's
Qwest Communications
QAD
Qualstar
QUALCOMM
Questcor Pharma
Quidel
QuadraMed
Qiagen
Qlogic
QLT
Quality Distribution
Quest Software
Quality Systems
Qiao Xing Mobile
Ryder System
Radiant Systems
Ralcorp
Reynolds American
Bankrate
Raven Industries
Ritchie Bros. Auctioneers
Regal-Beloit
Republic Bancorp
Robbins & Myers
Rogers Comm
Rent-A-Center
Rockville Financial
Royal Caribbean Cruises
RCN
RC2 Corp
Rowan Cos
Ardea Biosciences
Elizabeth Arden
Ruddick
RadNet
Royal Dutch Shell
Radware
Dr. Reddy's Labs
Everest Re
Resources Connection
Regency Centers
Regeneron Pharma
Reis Inc
Rentrak
Repsol
RPC
Revlon
Princeton Review
Rex Energy
Regions Financial
Regal Entertainment
RGC Resources
Response Genetics
Repligen Corp
Royal Gold
Sturm Ruger & Co
Regis Corp
Rehabcare Group
Robert Half Intl
RHI Entertainment
Red Hat
Transocean
Rimage Corp
Rio Tinto
Republic Airways
Raymond James
Rock-Tenn
Polo Ralph Lauren
Red Lion Hotels
RLI
Rand Logistics
Renaissance Learning
Rambus
ResMed
Riskmetrics
U.S. Concrete
RightNow Technologies
RenaissanceRe
Renasant
RealNetworks
Rockwood Holdings
Gibraltar Industries
Rochester Medical
Rogers Corp
Rohm & Haas
Rockwell Automation
Rollins
RBC Bearings
Roma Financial
Roper Industries
Rosetta Resources
Ross Stores
Rostelecom
Macrovision
Royale Energy
RPM
Repros Therapeutics
Range Resources
RR Donnelley & Sons
Red Robin
RSC Holdings
Reliance Steel & Aluminum
Res-Care
Republic Services
RadioShack
Resource Capital
Rosetta Stone
Rofin-Sinar Tech
RadiSys
Rudolph Tech
RTI Intl Metals
RTI Biologics
Raytheon
Rubio's Restaurants
Reed Elsevier
Rush Enterprises
Riverbed Tech
Retail Ventures
Redwood Trust
IMS Health
Royal Bank Of Canada
Ryanair
Ryland Group
Rayonier REIT
Raser Tech
Sprint Nextel
Saba Software
SAFECO
Sanderson Farms
Safety Insurance
SAIC
Saia
Boston Beer
Banco Santander
Sanmina-SCI
SAP AG
Sapient
Sandy Spring
EchoStar
Satyam
Safe Bulkers
SBA Comm
Seacoast Banking
Sinclair Broadcast
Sally Beauty
Sterling Bancshares
Star Bulk Carriers
Signature Bank
Santander
Sabine Royalty
Sabesp
Southside Bancshares
Starbucks
SeaBright Insurance
SCBT Financial
Southern Peru Copper
SCANA
Scholastic
Schnitzer Steel
School Specialty
Charles Schwab
Service Intl
Socket Mobile
Stepan Company
SciClone Pharma
Sucampo Pharma
Sycamore Networks
comScore
Steelcase
ScanSource
Shoe Carnival
Sandridge Energy
Sadia S.A.
ShengdaTech
Switch & Data Facilities
Spectra Energy
SeaChange Intl
Sealed Air
Spartech
Spartech Corp
SEI Investments
Seneca Foods
Spectra Energy Pt
Sepracor
Stifel Financial
Smithfield Foods
StanCorp Financial
iStar Financial
Ship Finance Intl
Shutterfly
SFN Group
Simmons First National
SuccessFactors
Swift Energy
Seattle Genetics
Rackable Systems
Silicon Graphics
Schawk
SigmaTron Intl
Sangamo BioSciences
Scientific Games
Schering-Plough
Star Gas Partners
Stone Energy
Shaw Group
Shore Bancshares
Shenandoah Telecom
Shuffle Master
Shinhan Financial
Sears Holdings
A. Schulman
Sunstone Hotel Investors
Steven Madden
ShoreTel
Shire
Sauer-Danfoss
Sherwin-Williams
Siemens AG
Sigma-Aldrich
National Steel
SIGA Technologies
Selective Insurance
Sigma Designs
Smith Intl
Silicon Image
Sina
Sino-Global Shipping
Sirius XM Satellite Radio
Sirona Dental Sys
SVB Financial
South Jersey Industries
J.M. Smucker
Shaw Comm
San Juan Basin Royalty
SJW Corp
Skilled Healthcare
SkillSoft
SK Telecom
Saks Inc
Tanger Factory Outlet
Skechers USA
Skyline Corp
SkyWest
Silicon Laboratories
Schlumberger
Sara Lee
Sun Life Financial
SL Green Realty
Silgan
Solera
SLM
Sterlite Industries
Silver Wheaton
Salix Pharma
St. Mary Land
Symmetry Medical
Super Micro Computer
Scotts Miracle-Gro
Semiconductor Mfg Intl
Schmitt Industries
Symyx Tech
Standard Motor Products
Stein Mart
Standard Microsystems
Smith Micro Software
Smithtown Bancorp
Semtech
Semitool
Somanetics
Snap-On
Inventure
Sun Bancorp
Synchronoss Tech
Shanda
SanDisk
Sony
Senior Housing Properties
Sun Hydraulics
Scripps Networks
Smith & Nephew
China Petroleum
Synopsys
Sonesta International Hotels
Synta Pharma
Synovus
SonicWALL
Synnex Corp
Sanofi-Aventis
Southern Co
Solutia
Soapstone Networks
Sohu.com
Renesola
Sonoco Products
Sonic
S1
SonoSite
Sonus Networks
Sovereign Bancorp
Span-America Medical
Spartan Motors
Spectrum Control
Simon Property
Suburban Propane
Siliconware Precision
Staples
Superior Energy Services
Spectranetics
Spectrum Pharma
Spirit Aerosystems
SPSS
Spartan Stores
SPX
Sociedad Quimica y Minera
Sequenom
Standard Register
1st Source
Stericycle
SurModics
Sempra Energy
StarTek
SRA Intl
Simpson Manufacturing
Stage Stores
Sasol
Santos
EW Scripps
Silver Standard Resources
3SBio
Sovran Self Storage
Silicon Storage
Seaspan
Stratasys
Standard Parking
Starent Networks
S&T Bancorp
State Bancorp
Stewart Info Services
Steris
Stec Inc
Stewart Enterprises
StellarOne
StemCells
State Auto Financial
SunTrust
St Jude Medical
Sterling Bancorp
Steel Dynamics
STMicroelectronics
Stamps.com
Steiner Leisure
Statoil
StoneMor
Suntech Power
Questar
Strayer Edu.
Sterling Construction
Streamline Health
Sutron Corp
Stratus Properties
Sterling Financial
Star Scientific
ARGON
State Street
Student Loan Corp
China Digital TV
Seagate Tech
Stereotaxis
Constellation Brands
Suncor Energy
Suffolk Bancorp
Southern Union
Sun Communities
SumTotal Systems
Sunoco
Sun Healthcare
Superior Industries
Supertex
CNA Surety
SureWest Comm
Susquehanna
Susser Holdings
Syniverse
Supervalu
SAVVIS
Stillwater Mining
Smith & Wesson
thinkorswim
Sierra Wireless
Stanley Black & Decker
Skyworks Solutions
Schweitzer-Mauduit Intl
Southwestern Energy
SWS Group
Superior Well Services
Southwest Water
Southwest Gas
Safeway
Stanley
Standex International
Sunoco Logistics
Sensient Tech
Sybase
S.Y. Bancorp
Stryker
Sykes Enterprises
Symantec
Symmetricom
Synaptics
Synovis Life Tech
Syntel
Syngenta AG
Synutra
Systemax
Sysco
AT&T
TransAlta
TAL Intl
TAM S.A.
Molson Coors Brewing
Telefonica De Argentina
Taser Intl
Carrols Restaurant
Medallion Financial
Trueblue
Timberland Company
TBS Intl
TCF Financial
Texas Capital Banc
TriCo Bancshares
Teck Resources
Tata Comm
Taubman Centers
Toronto Dominion
Teradata
Transdigm
Telephone and Data Sys
Tidewater
Teledyne Tech
TECO Energy
TechTeam Global
Tech Data
Techne
Tecumseh Products
Telefonica SA
Integrys Energy
Tyco Electronics
Telecom Argentina
Teradyne
Tesco
Tessco Tech
Teva Pharma
Terex
TFS Financial
Teleflex
Tredegar Corp
Tegal Corp
Textainer Group
Triumph Group
Teekay LNG Partners
Target
Tenet Healthcare
First Financial Indiana
Hanover Insurance
Tim Hortons
Thermadyne
Thor Industries
Thoratec
THQ
Theravance
Treehouse Foods
Telecom Italia
TIBCO Software
Titanium Metals
Tiffany & Co
TigerLogic
Telmex Intl
Temple-Inland
Team Inc
Titan Machinery
TiVo
TJX Companies
Teekay Shipping
Turkcell Iletisim Hizmetleri
Tekelec
Timken
Tomkins PLC
Ticketmaster
Tellabs
Talbots
Taleo Corp
Telekomunikasi Indonesia
Talisman Energy
Transmontaigne
Telvent
Toyota
Telemig
Torchmark
Thermo Fisher Scientific
Terremark Worldwide
Transmeta
Telefonos de Mexico
Thomas & Betts
Tennant
Tele Norte Leste
Terra Nitrogen
Teekay Tankers
Tsakos Energy
TNS
Toll Brothers
TomoTherapy
Teekay Offshore
TotalFinaElf
Towne Bank
Tutor Perini
Texas Pacific Land Trust
Teppco Pt
Tempur-pedic Intl
TriQuint Semi
Tootsie Roll
Terra Industries
TradeStation
DealerTrack
Tejon Ranch
Technology Research
Trex Company
Toreador Resources
Transatlantic
Thomson Reuters
Trident Microsystems
Speedway Motorsports
True Religion
Trimble Navigation
Torm A/S
Trustmark
Trinity Industries
T. Rowe Price
Transcananda Pipelines
TRC Companies
TrustCo Bank
The Travelers Comp
TRW Automotive
Tenaris
Technology Solutions
Tractor Supply
South Financial
Trina Solar
Taiwan Semiconductor
Tyson Foods
Tesoro Petroleum
TranS1
Telecom de Sao Paulo
Tessera Technologies
Total System Services
TheStreet.com
Tele Celular Sul Participacoes
TeleCommunication Sys
Toro
TDK Corporation
TeleTech
Tetra Tech
T-3 Energy Services
TechTarget
Tetra Technologies
Tata Motors
TTM Technologies
Terra Nova Rty
Take-Two Interactive
Telus
Mac-Gray Corp
Microtune
Tupperware
Grupo Televisa
Towers Watson
Tween Brands
Time Warner Cable
Tower Group
Titan Intl
Techwell
Thomas Weisel
Tw Telecom
Time Warner
Ternium
Texas Industries
Texas Instruments
Texas Roadhouse
Textron
Tyco Intl
Tyler Technologies
Monotype Imaging
Under Armour
Universal Truckload Srvs
United Continental
Universal American
Urstadt Biddle Properties
Unibanco Brasileiros
United Security
United Financial
UBS AG
Union Bankshares
United Bankshares
UCBH
United Community Banks
United Dominion Realty
Union Drilling
Universal Electronics
Net 1 UEPS
United Fire & Casualty
Universal Forest
UFP Tech
UGI
Ultrapar Participacoes
Amerco
Universal Health Services
Universal Health Realty
UIL Holdings
Unisys
Unilever
Ultralife Corp
Ulta Salon
Ultimate Software
Ultrapetrol
UMB Financial
United Microelectronics
Umpqua
Unilever NV
Unifirst Corp
United Natural Foods
United Health
Unum Group
Union Pacific
UniSource Energy
Unit Corp
United Online
Ultra Petroleum
United Parcel Service
Urban Outfitters
United Rentals
URS
USA Truck
Universal Stainless & Alloy
U.S. Bancorp
United Security Banc
USG Corp
US Lime & Minerals
United States Cellular
USA Mobility
USANA Health Sciences
U.S. Physical Therapy
UST
United Stationers
USEC
Ultratech
United Therapeutics
Universal Technical Institute
UTi Worldwide
UNITIL
Utah Medical Products
Unitrin
United Tech
Univest of Pennsylvania
Universal Corporation
Visa
Valspar
Vale
Value Line
Varian Medical
Vascular Solutions
Virginia Commerce
ValueClick
Vasco Data Security
Veolia Environnement
Veeco Instruments
V.F. Corp
Vector Group
Valhi
Viacom
Vicor
Video Display
Vignette
Vimpel
Virage Logic
Volt Information Sciences
VisionChina Media
Orthovita
Vivo Participacoes
Meridian Bioscience
Knightsbridge Tankers
Volcom
Village Super Market
Valence Tech
Valero Energy
Volterra Semiconductor
Valley National
Vulcan Materials
Virgin Media
Valmont Industries
Vmware
Vornado Realty
VNUS Medical Tech
Vocus
Vodafone
Volcano
VOXX International
ViewPoint Financial
ViroPharma
VistaPrint
Venoco
Validus
Virtual Radiologic
Verigy
Verisign
Virtusa
Vertex Pharmaceuticals
Pharmasset
Valeant Pharma
ViaSat
Varian Semiconductor
VSE Corp
Vishay InterTechnology
Vital Images
inVentiv Health
Ventas
Vectren
Viad Corp
Vivus
Verizon
Wabtec
Westamerica
Wacoal
Walgreen
Western Alliance Banco
Walking Company
Washington Trust
Waters Corp
Wachovia
Wabco
Wimm Bill Damn Foods
WebMD Health
Webster Financial
Websense
WCA Waste
WesCo Intl
Wellcare Group
Waste Connections
Warner Chilcott
Western Digital
WD-40
Waddell & Reed Financial
Wisconsin Energy
Wendy's Arbys Group
Werner Enterprises
WEX
Weyco
Wells Fargo
Westfield Financial
Whole Foods
MEMC Electronic
Weatherford
Willbros Group
WGL
Winnebago
WSP Holdings
Westwood Holdings
Whirlpool
World Heart Corp
Wilshire Bancorp
Windstream
Wind River Systems
Winn-Dixie Stores
Encore Wire
Wipro
Wilmington
Willdan
Westlake Chemical
Whiting Petroleum
WellPoint
Walter Industries
Waste Management
Williams Cos.
Williams Controls
Wright Medical
Weis Markets
WMS Industries
Wal-Mart Stores
Williams Pipeline PT
Western Refining
WNS Limited
VCA Antech
Worthington Industries
W.P. Carey
WPCS Intl
Watson Pharma
Washington Post
Wausau-Mosinee Paper
WPP
Williams Partners
Westar Energy
W.R. Berkley
Warnaco
Washington Real Estate
Weingarten Realty Investors
World Acceptance
WesBanco
WSFS
Willis Group
Waste Services
Williams-Sonoma
Watsco
West Pharma
West Bancorporation
Wintrust Financial
W&T Offshore
White Mountains Ins
Whitney
Aqua America
Watts Water Tech
Wet Seal
Weight Watchers
Western Union
Wuhan
Wavecom S.A.
Woodward
World Wrestling Ent
Wolverine World Wide
Web.com Group
Wuxi Pharmatech
Weyerhaeuser
Wyeth
Wyndham Worldwide
Wynn Resorts
Webzen
United States Steel
EXCO Resources
Cimarex Energy
Xcel Energy
Exide Technologies
Expressjet Holdings
XL Capital
Xilinx
XenoPort
Exxon Mobil
LECG Corp
Dentsply
X-Rite
Xyratex
Xerox
XTO Energy
Ixia
Alleghany
Yadkin Valley
Young Innovations
Yingli Green Energy
Yahoo
York Water
YPF Sociedad Anonima
YRC Worldwide
U-Store-It Trust
Yum! Brands
Yanzhou Coal Mining
Zapata
Zebra Tech
Zep
Olympic Steel
Horsehead Holding
Zions
Zimmer
Zenith National Insurance
Zoll Medical
Zoltek
Zoran
Zumiez

Warren Buffett's Secret Formula and Methodology

Buffett Stock Value Formula: Free Cash Flow / Risk Free Rate

Warren Buffett's formula was never published; however, from our research and Warren Buffett's hints over the years, this formula seems to be the most likely candidate. WikiWealth actually uses this formula in all our research reports in conjunction with Buffett's qualitative assessments of value. The numerator for this equation is found on the DCF valuation for each individual stock. It's NOPAT + Depreciation - CapEx - Net Working Capital Change. The risk free rate is the US treasury rate, a standard risk free measurement.

What we know about Warren Buffett’s approach:

1. His formula is simple. He can compute it within 5 seconds, in his head.
2. He uses both quantitative (formulaic) and qualitative (management incentives and ethics).

Why does Buffett use the risk free rate?

The risk free rate best matches Buffett’s perceived investment risk. The risk free rate incorporates inflation and a small premium to entice people to own a government investment versus just owning cash. The risk free rate naturally excludes the risk of default. The US treasury bill is considered risk free, because the US government is perceived as very strong and unlikely to default, contrary to popular political beliefs.

Risk free rate vs. the WACC?

The WACC (weighted average cost of capital) is important for businesses with many different risk factors. Buffett does not invest in these types of companies, because risks are difficult to quantify. To illustrate, Warren Buffett made a mistake investing in the banking sector before the great recession. The risk he did not anticipate was the global collapse of the financial sector due to a drop in housing prices and the securitization market. This was a black swam event, so it was unanticipated. Usually, he only invests in companies with zero (or low) risk factors, according to his statements to that affect.

Why does Buffett use the free cash flow of the business?

Free cash flow is the most important part of this analysis. The more cash a business generates, the higher the value of the business. Earnings would be a great measure if they were a reliable estimate of a businesses cash flow. Unfortunately, earnings are a very corrupt measurement. How often do actual earnings per share beat estimated earnings per share every quarter like clockwork? Manipulation. Cash flow is much harder to manipulate.

Why is his formula superior to complicated valuation models?

In essence, the fewer assumptions an investor makes, the fewer the mistakes. Buffett can afford to make fewer assumptions, because he only chooses certain companies, which pass his qualitative test of value. WikiWealth’s model imitates Buffett's qualitative test and uses his simple formula to find great investments. WikiWealth's discounted cash flow models use thousands of assumptions. The benefit for a complicated valuation model is they are far more robust, which means they can determine the value or a wider range of investments.

Buffett’s Critique of Beta?

Traditional finance says that quick movements in a stock's price increase risk and decrease the value of that investment. Higher risks decrease stock prices; this is well known and understood, but what is risk? For example, if a stock quickly drops in price, the riskiness of that investment greatly increases. Warren Buffett says that if an investment decreases in price, it automatically becomes less risky and inversely more valuable. WikiWealth agrees with this conclusion.

Buffett’s Critique of Stock Splits?

Stock splits are mostly irrelevant in terms of a stock's value. The only benefit of a stock split is for individual investors who can not purchase a whole share of a stock, like Berkshire Hathaway. A split makes individual shares cheaper, but has no influence on the company value. Some of the disadvantages of stock splits include expenses related to the voting and distribution of those shares. Any additional work, with no additional value is an expense. Splits should be avoided.

Why does Wikiwealth modify the formula?

The short answer is to include interest expense in the equation. We aren’t sure of the actual Buffett equation, but we understand the idea of simplification that Buffett’s formula achieves. Our formula includes free cash flow to the firm (free cash flow to equity shareholders, plus interest expenses), because interest expenses are volatile and hard to predict with accuracy over the long term. We adjust for this and escape another difficult assumption related to the market value of debt. We assume that the book value and market value of debt equal, therefore, we escape the difficult task of predicting either one with accuracy. By including interest to free cash flow, we eliminate two difficult assumptions.

Explain the significance of the scoring system:

Buffett Score: Wikiwealth uses Warren Buffett’s current stock portfolio as a benchmark to see whether new investments belong in that portfolio. The grade is simply a quantitative way to look at the data.

Valuation Analysis: Criteria & Score

Consistency?

This stands for the consistency of past financial results. The easiest way to predict future results is by looking at past results. If revenue grew by 4% each of the last 5 years, there’s a good chance it will grow at 4% next year. Consistent financial results demonstrate a stable operating environment for the business. Maybe the business is in the mature stage of growth.

What does a lack of consistency mean? Usually the opposite of what is mentioned above, but the lack of consistency can show additional problems like big acquisition, which dilute share value and disrupt operations and management focus. Acquisitions are a common part of business development, but large acquisition almost overwhelmingly destroys shareholder value, so avoid these scenarios.

CapEx % < Buffett Portfolio?

A low CapEx indicates that the business is probably mature and doesn’t require much investment to continue to grow. As indicated by Buffett’s portfolio, a low CapEx is favorable.

WC Investment % < Buffett Portfolio?

WC means working capital and this is the amount of additional short-term capital needed to run the business. A low, negative, or decreasing WC indicates that the company is run efficiently. The lower the better in most cases, but a company often needs more working capital as revenues grow, because they are dealing with more assets and liabilities on a day-to-day basis. The second threshold means, that if the WC is not below the average for Buffett’s portfolio, then the investment has a chance to score if the investment growth rate is below that of the revenue growth rate.

Free Cash Flow…Lots of cash is great.

Cash is the key to this valuation. They more cash a generates, the better. Most companies reinvests cash in their businesses in an effort to generate even more cash in the future. Invest a dollar today and get two dollars tomorrow.

Importance:

The overall importance of value is broken down into two main areas.
1. Consistency: 50% of the score relates to the consistency of the individual financial operations of the company.
2. Cash Flow: 50% of the score comes directly from the financial results that affect cash flow: capital expenditures, working capital, depreciation & amortization, and free cash flow.

Valuation Analysis: Score

The higher the better. A company gets points for exceeding the score of his current holdings.

Qualitative Analysis: Other Questions an Investor Must Ask

1) Is the business simple and understandable?
3) Does the business have favorable long term prospects?
2) Does the business have a consistent operating history?
4) Is management rational?
5) Is management candid with its shareholders?

A good investor must do their homework before making any investment.