How to Calculate the Intrinsic Value of Stocks Like Warren Buffett

One of the most sought after calculations in all of investing is Warren Buffett's intrinsic value formula. Although it may seem elusive to most, for anyone that's studied Buffett's Columbia Business Professor, Benjamin Graham, the calculation becomes more obvious. Remember the intrinsic value formula that Buffett uses is an embellishment of Graham's ideas and fundamentals.

One of the most amazing things about Benjamin Graham is that he actually felt bonds where safer and more probable of an investments than stocks. Buffett would strongly disagree with that today due to high inflation rates (a whole different topic), but this is important to understand in order to understanding Buffett's method for valuing equities (stocks).

When we look at Buffett's definition of intrinsic value, we know he's quoted as saying that the intrinsic value is simply the discounted value of the future cash flows of a company. So what the heck does that mean?

How to Calculate the Intrinsic Value of Stocks Like Warren Buffett

Well, before we can understand that definition, we must first understand how a bond is valued. When a bond is issued, it is placed on the market at a par value (or face value). In most cases this par value is ,000. Once that bond is on the market, the issuer then pays a semi annual (in most cases) coupon to the bond holder. These coupon payments are based on a rate that was established when the bond was initially issued. For example, if the coupon rate was 5%, then a bond holder would receive two annual coupon payments of - totaling a year. These coupon payments will continue to be paid until the bond matures. Some bonds mature in a year while other mature in 30 years. Regardless of the term, once the bond matures, the par value is repaid to the holder of the bond. If you were to value this security, the value is completely based on those key factors. For example, what is the coupon rate, how long will I receive those coupons, and how much of a par value will I receive when the bond matures.

Now you might be wondering why I described all that information about bonds when I'm writing an article about Warren Buffett's intrinsic Value Calculation? Well the answer is quite simple. Buffet values stocks the same way he values bonds!

You see, if you were going to calculate the market value of a bond, you'd simply plug the inputs of the terms listed above into a bond's market value calculator and crunch the numbers. When dealing with a stock, it's no different. Think about it. When Buffett says he discounts the future value of the cash flows, what he's actually doing is summing the dividends he expects to receive (just like the coupons from a bond), and he estimates the future book value of the business (just like the par value of a bond). By estimating these future cash flows from the key terms mentioned in the previous sentence, he's able to discount that money back to the present day value using a respectable rate of return.

Now this is the part that often confuses people - discounting future cash flows. In order to understand this step, you must understand the time value of money. We know that money paid in the future has a different value then money in our hands today. As a result, a discount must be applied (just like a bond). The discount rate is often a hotly debated issue for investors, but for Buffett it's quite simple. To start, he discounts his future cash flows by a ten year federal note because it provides him a relative comparison to a zero risk investment. He does this to start so he knows how much risk he's assuming with the potential pick. After that figure is established, Buffett then discounts the future cash flows at a rate that forces the intrinsic value to equal the current market price of the stock. This is the part of the process that might confuse many, but it's the most important part. By doing this, Buffett is able to immediately see the return he can expect from any given stock pick.

Although a lot of the future cash flows that Buffett estimates aren't concrete numbers, he often mitigates this risk by picking nice, stable companies.

How to Calculate the Intrinsic Value of Stocks Like Warren Buffett
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Although this article is a fast and furious overview of Buffett's method for calculating the intrinsic value of stocks, you can learn a lot more from this video link. The video describes in detail the information contained in this article for summing the future cash flows and how to discount them using a calculator. The link also provides a free discount calculator for you to use on any of your stock picks.

The Reasons Agriculture is Important

Why is agriculture important? The concept of 'food security' is fundamentally important, and for that reason, agriculture is important. The task of feeding its people has been perhaps the first priority of its rulers throughout history. As such, agriculture is considered to be the very basis of political and social stability of a nation since times immemorial.

Moreover, the agricultural sector plays an important role in the sphere of providing large scale employment to people. Large and moderately large farms employ workers to undertake the various jobs relating to cultivation of crops and care of farm animals. In most of the countries of the world, agriculture still remains the biggest sector responsible for the employing and feeding a large percentage of the population.

Agriculture is also important from the point of view of appraising the standard of a country's development, based on the competence of its farmers. Poorly trained farmers cannot apply the advanced methods and new technologies. The prominence of science and technology in the development of agriculture is quite clear from the words of Deng Xiaoping -

The Reasons Agriculture is Important

The development of agriculture depends first on policy, and second on science. There is neither any limit to developments in science and technology, nor to the role that they can play in the field of agricultural growth'.

Though agriculture often plays a contributory role in the 'Gross Domestic Product' - GDP - of most countries, it nevertheless requires a substantial boost from both the local and the international community.

Agriculture is traditionally based on bulk manufacturing. Harvesting is done once a season, most of the times, and stocked and used later. In fact, some thinkers opine that people have begun to adopt 'batch processing' and 'stocking' in manufacturing, as a result of the practices from agricultural thinking. Before industrialization, people with the biggest stocks of food and other supplies were considered more stable, and they were able to face challenges of nature without having to starve.

So important is the role of agriculture that new concepts keep 'cropping up' to give the traditional activity a modern turn. One such new concept the world is raving about these days is - the importance of 'organic farming'. There is evidence that, apart from their numerous other benefits, organic farms are more sustainable and environmentally sound, giving agriculture a new dimension.

The importance of agricultural practices was further established when 'Organic food' began as a small movement decades ago, with gardeners and farmers rejecting the use of conventional non-organic practices. With the growth of the Organic food market now outpacing much of the food industry, many big companies have ventured into it. With the emergence of multi-national companies, and with the creation of a legal certification framework such as the Soil Association, there is every doubt that the very definition of organic food will change, making it more of a commercial activity than ever before!

In fact, modern agriculture has already undergone a sea-change from the ancient times. Today, the importance of agriculture lies in the fact that it is practiced both for subsistence as well as commercial reasons!

The Reasons Agriculture is Important
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Christopher Schwebius is an entrepreneur who seeks out sharply defined, specifically focused topics to research. Upon finishing his research he provides relevant, un-biased information to his readers based on his discoveries and/or personal experiences. One of his latest ongoing projects can be viewed at http://www.whyisagricultureimportant.com

Professional Corporations - Advantages and Disadvantages

What is a professional corporation(PC)?

A PC is a corporation owned and operated by one or more members of the same profession (e.g. physicians, lawyers, accountants, dentists). The services provided by the corporation are generally restricted to the practice of the profession.

Professional corporations are now allowed in every province and territory across Canada. In each province/territory, the professional regulatory body usually determines whether its members may incorporate. For example, the regulatory body for physicians, in all provinces and territories, allows physicians to incorporate.

Professional Corporations - Advantages and Disadvantages

How does it differ from a common corporation?

There are some significant differences between a professional corporation and a common

corporation such as:

Only members of the same profession can be shareholders of a professional corporation in many (but not all) provinces. The officers and directors of a professional corporation must generally be shareholders of the corporation as well. The professional corporation is generally subject to the investigative and regulatory powers of the regulatory body governing the profession. A professional corporation will not protect a professional against personal liability for professional negligence.

As a result of these differences, some of the benefits commonly associated with a corporation may have a limited application for a professional corporation. This is further described below

Advantages of using a Professional Corporation

Potential tax savings

A reduced federal and provincial corporate tax rate is applied on the first 0,000 of professional income earned by a professional corporation. Some provinces apply the reduced tax rate on income of up to 0,000. The provincial limit varies by province. For 2010, the combined federal and provincial tax on income subject to the small business limit will range between approximately 11% and 19%. As a result of this lower rate, the combined corporate and shareholder taxes paid on professional services income is slightly lower than if such income were to be earned by you directly.

Potential tax deferral

Perhaps the most significant advantage of using a PC is the ability to defer taxes. Professional income earned through a corporation is taxed at two levels - once at the corporate level and then again at the shareholder level when the profits are distributed to you as dividend income.

Since income at the corporate level is taxed at a lower rate than your personal income, a tax deferral opportunity exists when the income is taxed in the corporation (at the lower rate) and is not distributed to the shareholder (i.e. you). The deferral ceases when a dividend is paid to you and you pay the tax on that dividend.

Let's illustrate. If you earn a professional income of 0,000 per year as a sole proprietor and only need 0,000 of pre-tax income for personal expenses, you will be left with 0,000 that will be taxed at the highest marginal rate. Assuming a marginal tax rate of 47%, you will be left with 9,000 to invest.

On the other hand, if you incorporate the practice, the 0,000 will be left in the corporation and taxed at the small business rate. Assuming a corporate tax rate of 18%, the corporation will be left with 4,000 to invest.

That's ,000 more.

Sole proprietor Professional corporation

Income 0,000 0,000

Personal needs (0,000) (0,000)

Remaining funds 0,000 0,000

Taxes (,000) (,000)

Net funds 9,000 6,000

Additional funds in the

professional corporation ,000

The additional funds in the corporation may be used to pay off debt, purchase capital assets, acquire investments or fund an insurance policy

Flexible employee benefits

As an employee of a professional corporation, you can access certain types of employee benefits that would otherwise not be available if you were a sole proprietor or a partner in a partnership. For example, the corporation can establish an Individual Pension Plan (discussed later on) or a Retirement Compensation Arrangement (RCA) for you. These retirement savings vehicles can also provide you with possible creditor-protection benefits. An employee health and welfare trust can also be created to provide health benefits for you and your family.

Capital gains exemption

The Canadian tax rules permit that up to 0,000 in capital gains arising from the sale of the shares of a qualified small business corporation may be exempt from tax. This 0,000 capital gains exemption is also available for shares of a professional corporation, provided certain conditions are met. However, the ownership of a professional corporation may not be as easily transferable since, in many provinces, it can only be transferred to members of the same profession.

Flexibility in remuneration

You can choose to receive a combination of salary and dividends from a professional corporation. The decision is based on the combined corporate and shareholder taxes paid in your province of residence.

Limited commercial liability

A professional corporation does not generally protect you from personal liability for professional negligence. However shareholders of a professional corporation will have the same protection as other corporate shareholders when it comes to trade creditors.

Income splitting

You can split income through a corporation by paying dividends to adult family members who are shareholders of the corporation. This strategy may be less applicable to professional corporations situated in provinces where share ownership is restricted to members of a particular profession. However other income splitting strategies, such as hiring family members to work in the business and paying them a reasonable wage for services rendered, are still available through a professional corporation.

Multiple small business deductions

As a result of a Canada Revenue Agency (CRA) ruling, it is possible for professionals operating through a professional partnership to render their services through a professional corporation and be able to access multiple Small Business Deductions (SBDs).

Income earned up to the SBD limit of 0,000 is subject to a preferential tax rate (some provinces have a higher SBD). Historically, the SBD had to be shared among all corporate partners. Given CRA's new ruling, professionals currently operating as a partnership should consider the benefits of setting up a professional corporation to take advantage of multiple SBDs.

Individual pension plan

An Individual Pension Plan (IPP) is a defined benefit pension plan that a professional corporation can set up for the professional. The IPP provides better annual contributions than RSP limits for those over 40. Assets in an IPP are protected from creditors; however, they may be subject to locking-in provisions during retirement. If you would like more information on IPPs, please consult your advisor.

Disadvantages of a Professional Corporation

Costs and complexity

The costs for establishing and maintaining a PC are usually higher than those of a sole proprietorship. Also, a professional corporation will incur more costs to file a corporate tax return, prepare T4 slips for salaries and T5 slips for dividends. A corporation is also subject to greater regulation and compliance than a sole proprietorship or partnership.

Employer health tax and EI premiums

Corporations in several provinces have to pay a provincial health tax levy once the corporate payroll has exceeded a certain threshold. Fortunately the basic amount you are not taxed on is fairly high (e.g. 0,000 in Ontario) so the impact of this tax on professional corporations may not be that significant.

Business losses

You cannot claim business losses incurred by a PC on your personal tax return; whereas, in a sole proprietorship, you may use the business losses to offset your personal income from other sources.

Liability for malpractice

As mentioned above, a professional corporation will not protect you from personal liability for professional negligence.

Who should use a professional corporation?

A PC can provide potential tax savings and tax deferral benefits. This may appeal to you if you do not require all of your income to live on. Professional corporations may also appeal to you if you wish to save for your retirement through alternative means, such as a pension plan or retirement compensation arrangement, or if you would like to limit your personal exposure to commercial liability.

Before incorporating, you should consider the cash-damming strategy, which converts all your non-deductible personal debt into tax-deductible business debt. Find out more
If you have questions on any of the issues discussed in this article, please speak with your advisor.

Professional Corporations - Advantages and Disadvantages
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Paul Jespers - Investment Advisor

RBC Dominion Securities

100 King Street West

Suite 1500

Hamilton ON

L8P 1A2

905-546-5840

1-800-461-0274

[http://www.PJWealthManagement.com]

As an Investment Advisor at RBC Dominion Securities, Paul specializes in financial strategies exclusively for business owners and Medical Professionals. Whether you're investing for your business, organization or yourself, Paul's team will customize a portfolio to meet your specific needs. You will have access to the full spectrum of investments, including stocks, bonds, mutual funds and insurance.

Wealth management is a comprehensive approach to helping you achieve your goals in life. It gives you the confidence you need to make sound financial decisions, plus the freedom to live life the way you want. It also provides a clear roadmap for your future by addressing all aspects of your financial situation at each stage of your life. Every step of the way, you are guided by Paul's team who will help you realize your personal aspirations.

Wealth management extends beyond investment advice and money management, helping you protect your lifestyle, manage your nest egg, plan your retirement and create your legacy. Paul will guide you - and your family - through each life stage by helping you understand the various financial issues, concerns and opportunities you face.

How to Calculate the Intrinsic Value of Stocks Like Warren Buffett

One of the most sought after calculations in all of investing is Warren Buffett's intrinsic value formula. Although it may seem elusive to most, for anyone that's studied Buffett's Columbia Business Professor, Benjamin Graham, the calculation becomes more obvious. Remember the intrinsic value formula that Buffett uses is an embellishment of Graham's ideas and fundamentals.

One of the most amazing things about Benjamin Graham is that he actually felt bonds where safer and more probable of an investments than stocks. Buffett would strongly disagree with that today due to high inflation rates (a whole different topic), but this is important to understand in order to understanding Buffett's method for valuing equities (stocks).

When we look at Buffett's definition of intrinsic value, we know he's quoted as saying that the intrinsic value is simply the discounted value of the future cash flows of a company. So what the heck does that mean?

How to Calculate the Intrinsic Value of Stocks Like Warren Buffett

Well, before we can understand that definition, we must first understand how a bond is valued. When a bond is issued, it is placed on the market at a par value (or face value). In most cases this par value is ,000. Once that bond is on the market, the issuer then pays a semi annual (in most cases) coupon to the bond holder. These coupon payments are based on a rate that was established when the bond was initially issued. For example, if the coupon rate was 5%, then a bond holder would receive two annual coupon payments of - totaling a year. These coupon payments will continue to be paid until the bond matures. Some bonds mature in a year while other mature in 30 years. Regardless of the term, once the bond matures, the par value is repaid to the holder of the bond. If you were to value this security, the value is completely based on those key factors. For example, what is the coupon rate, how long will I receive those coupons, and how much of a par value will I receive when the bond matures.

Now you might be wondering why I described all that information about bonds when I'm writing an article about Warren Buffett's intrinsic Value Calculation? Well the answer is quite simple. Buffet values stocks the same way he values bonds!

You see, if you were going to calculate the market value of a bond, you'd simply plug the inputs of the terms listed above into a bond's market value calculator and crunch the numbers. When dealing with a stock, it's no different. Think about it. When Buffett says he discounts the future value of the cash flows, what he's actually doing is summing the dividends he expects to receive (just like the coupons from a bond), and he estimates the future book value of the business (just like the par value of a bond). By estimating these future cash flows from the key terms mentioned in the previous sentence, he's able to discount that money back to the present day value using a respectable rate of return.

Now this is the part that often confuses people - discounting future cash flows. In order to understand this step, you must understand the time value of money. We know that money paid in the future has a different value then money in our hands today. As a result, a discount must be applied (just like a bond). The discount rate is often a hotly debated issue for investors, but for Buffett it's quite simple. To start, he discounts his future cash flows by a ten year federal note because it provides him a relative comparison to a zero risk investment. He does this to start so he knows how much risk he's assuming with the potential pick. After that figure is established, Buffett then discounts the future cash flows at a rate that forces the intrinsic value to equal the current market price of the stock. This is the part of the process that might confuse many, but it's the most important part. By doing this, Buffett is able to immediately see the return he can expect from any given stock pick.

Although a lot of the future cash flows that Buffett estimates aren't concrete numbers, he often mitigates this risk by picking nice, stable companies.

How to Calculate the Intrinsic Value of Stocks Like Warren Buffett
Check For The New Release in Health, Fitness & Dieting Category of Books NOW!
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Although this article is a fast and furious overview of Buffett's method for calculating the intrinsic value of stocks, you can learn a lot more from this video link. The video describes in detail the information contained in this article for summing the future cash flows and how to discount them using a calculator. The link also provides a free discount calculator for you to use on any of your stock picks.

The Scarlet Letter and Symbolism

The Scarlet Letter is a novel with much symbolism. Throughout the novel several characters represent other ideas. One of the most complex and misunderstood characters in the novel is Pearl, the daughter of Hester Prynne. Pearl, throughout the story, develops into a dynamic symbol - one that is always changing. Although Pearl changes, she always symbolizes evil. Pearl symbolizes evil in the story by representing God's punishment of Hester's sin, symbolizing the guilt and the scarlet letter that controls her behavior, and defying Puritan laws by being cheerful and associating with nature. Pearl represents God's punishment by her mocking and nagging of Hester. Throughout the novel she sometimes seemed to her mother as almost a witch baby (Matthiessen 104). She is a baffling mixture of strong emotions with a fierce temper and a capacity for evil. With Pearl, Hester's life became one of constant nagging, and no joy. The child could not be made amenable to rules. Hester even remarks to herself, "Oh Father in heaven - if thou art still my father - what is this being which I have brought into the world" (Hawthorne 89)? Pearl would harass her mother Piyasena/Pine 2 over the scarlet "A" she wore. In time, Hester was subjected to so much ridicule from Pearl and others that she was forced into seclusion. Pearl represents the sins of both Hester and Dimmesdale. Pearl is said to be the direct consequence of sin (Martin 108). Their sins include lying to the people about the affair that led to Pearl. Hester realizes what Pearl represents when she does not hold Pearl up in front of the "A." She carries the child around because it is a direct reflection of her sin. Hester is, "wisely judging that one token of her shame would but poorly serve to hide another" (Hawthorne 48).

Dimmesdale's sin is not adultery but not having the courage to admit that he had adulterated. Therefore his is a "concealed sin." The scarlet letter amuses Pearl, and also controls her behavior. It is noted that, Pearl has been described in terms almost exclusively of uncontrolled, chaotic passion (MacLean 54). Throughout the novel Pearl is attracted to the "A." Even when she is just a baby, "her infant's eyes had been caught by the glimmering of the gold embroidery about the letter" (Hawthorne 90). When Pearl is older and Hester throws the letter on the ground, Pearl yells at her mother until she places the "A" back on her bosom. Hawthorne says that Pearl is, "the scarlet letter in another form; the scarlet letter endowed with life," (95) which proves the she is truly the scarlet letter. Throughout the book the "A" is the sign by which the colonial authority seek to fix the crime and the criminal (Ragussis 97), although the cloth shows the sin so does Pearl. She is a far stronger device for punishing Hester than Piyasena/Pine 3 the piece of cloth on Hester's chest. Due to her influence, Pearl becomes the chief agent to her mother's salvation. Hester and Dimmesdale share much guilt because of Pearl. Dimmesdale's guilt is filled with mental anguish, and serves as a constant reminder of his sin. Dimmesdale is a minister [who] commits adultery and is driven to public confession by remorse (Martin 108). He remains silent so that he can continue to do God's work as a minister. It is said that he was a guilty character [who] finds empathy in connection with others (Peckham 92). Pearl brings him guilt when he would not stand with them on the scaffold; "Thou was not bold! - thou wast not true! ... Thou wouldst not promise to take my hand, and my mother's hand, tomorrow noontide" (Hawthorne 150)! Hester's guilt, however, is derived from both Chillingsworth and Dimmesdale. Chillingsworth married a woman who did not love him, which is one of the causes of Hester's guilt. Dimmesdale causes her guilt when he sees her suffering alone for the sin that they both committed. Though they both committed the same sin, only Hester's shines through. Pearl was cheerful due to the scarlet letter her mother possessed. When the breastplate at Governor Bellingham's Mansion distorts the scarlet "A" into something overpowering and horrible, it is Pearl who points at it, "smiling at her mother with the elfish intelligence that was so familiar an expression on her small physiognomy" (Hawthorne 99). Even as a child, Pearl is affixed to the letter "and, putting up her little hand, she grasped it, [the letter] smiling, not doubtfully, but Piyasena/Pine 4 with a decided gleam" (Hawthorne 90).

Pearl's tendency to focus on the scarlet letter is fully developed when she mimics her mother by placing a seaweed "A" on her own chest. Much of Pearl's strangeness comes from her exceptional quickness of mind and the abnormal environment in which she is reared with only her mother as a companion. As Pearl develops a personality, she becomes symbolic of the kind of passion that accompanied Hester's sin. Hester tolerated Pearl's pretentious behavior but could not find it in her heart to condemn the child. As Pearl thus becomes so closely associated with the letter "A" on Hester's breast she becomes the embodiment not only of Hester's sin but also of her conscience. Nature is an amusing hobby for Pearl; therefore one of her favorite activities is playing with flowers and trees. She fits in with natural things, "and she was gentler here [the forest] then in the grassy margined streets of the settlement, or in her mother's cottage" as Hawthorne notes in the novel (202). She is so closely affiliated to nature that the creatures of the forest approach her instead of disperse. "The mother-forest, and these wild things which it nourished, all recognized a kindred wildness in the human child" Hawthorne notes as Pearl is on a walk with her mother (202).

The Scarlet Letter and Symbolism

However, the Puritans believed that anything affiliated with the forest was evil; therefore, Pearl defies their laws by being effervescent and joyful in the woods. Some of the Puritans even believe her to be a demon offspring. So unusual is her behavior that she is often referred to in such terms as "elf child," Piyasena/Pine 5 "imp," and "airy sprite." Pearl is a virtual shouting match between the Puritanical views and the Romantic ways. Pearl is a source of many kinds of symbolism. She is both a rose and indeed the scarlet letter. If she had not been born, Hester would not have had to wear the letter. Pearl is a burden to Hester; yet Hester loves her. She is also her mother's only treasure and her only source of survival. Without Pearl, Hester would have lived a different life, one without the scarlet letter, one without sin, and one without her treasure.

The Scarlet Letter and Symbolism
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Doctor Mike Cooper has been a college level instructor since 1986. He has a Ph.D. in Computer Information Systems and a Master's Degree in Data Communications. He is a retired Army Officer and a veteran of 33 months service in Vietnam. Dr. Cooper has lived in Thailand, Belgium, Germany and still travels extensively.Dr. Cooper has been doing ebusiness since 1996 and is considered by many as an expert in this field. He also offers free term papers and tem paper assistance at http://www.TermPaperAdvisor.com and http://www.TermPapersMadeEasy.com