Author Topic: I Created a New 13-F Screener  (Read 2289 times)

Jurgis

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Re: I Created a New 13-F Screener
« Reply #20 on: November 08, 2017, 02:34:36 PM »
Honestly, maybe it's just me, but I find the whole portfolio stats part pretty worthless. Yeah, I know you did this site partially because you wanted these stats... There's at least couple issues with it:

1. Why does anyone care about portfolio P/E, ROE, etc? These are company metrics and aggregating them into a portfolio metric is IMO close to meaningless. Assume my portfolio is a company X that currently loses money, GOOGL and FCAU. What is the portfolio P/E of this and is it meaningful in any way? Not to me really.
2. Related to above: how do you average P/E, ROE, across companies? Do you account for position size, market cap, what? Or do you just simply average? (Academic questions somewhat, since I still think 1.)
3. Sorry to say, but I don't trust FCF calculation of even Morningstar and they are probably the best in doing it. I would not trust FCF calculation of random website at all. Mostly because FCF calculation really depends on what you subtract to get FCF and there's no agreement on that.

To say something positive:  8) - Holdings by Value is a nice visualization.

Regarding paying for a site: sorry, Dataroma is free. Morningstar is free (with free US library card). So, no I would not pay for this... Same for the news/etc.

Hope you wanted negative feedback.  8)
All the best. You might find others who are more positive and would pay.  :)


SlowAppreciation

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Re: I Created a New 13-F Screener
« Reply #21 on: November 09, 2017, 06:46:36 AM »
1. Why does anyone care about portfolio P/E, ROE, etc? These are company metrics and aggregating them into a portfolio metric is IMO close to meaningless. Assume my portfolio is a company X that currently loses money, GOOGL and FCAU. What is the portfolio P/E of this and is it meaningful in any way? Not to me really.

Well sure, but just like looking at the P/E of a company and calling it a day isn't really telling you much, the same goes for an investor's total portfolio. So yeah, if a company takes a bath or doesn't report a lot of GAAP earnings like a Charter or Liberty or Amazon, then that's going to inflate the P/E even though it may not represent actual intrinsic value. This shouldn't be a surprise to anyone though.

But I think it's interesting to see that someone like Chuck Akre is comfortable having a higher total portfolio P/E than someone like Buffett is.

When you get into investors like Howard Marks or Klarmann, P/E loses it's relevance. But that's the same when looking at the P/E of specific companies too. 


2. Related to above: how do you average P/E, ROE, across companies? Do you account for position size, market cap, what? Or do you just simply average? (Academic questions somewhat, since I still think 1.)

I'm simply taking the total value of the portfolio (based on current prices), divided by the total look through earnings (shares x EPS). Same approach for all other metrics.

3. Sorry to say, but I don't trust FCF calculation of even Morningstar and they are probably the best in doing it. I would not trust FCF calculation of random website at all. Mostly because FCF calculation really depends on what you subtract to get FCF and there's no agreement on that.

And that's why everyone should still do their own due diligence. What you consider true FCF is going to be different from what I consider true FCF even if we have the same exact data and info to go off of.

I can't go in and massage the #s for each company to determine what I think is their true FCF, so the best way to handle it is just do CFO-CapEx. Everyone is free to make their own adjustments from there.

FWIW, I'm using Morningstar data for the FCF calc.

John Hjorth

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Re: I Created a New 13-F Screener
« Reply #22 on: November 09, 2017, 09:40:09 AM »
Berkshire:
Quote
The limited information that follows in this press release is not adequate for making an informed investment judgment.

Please substitute "press release" with "website", and you get the picture. [ ; - ) ]
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

SlowAppreciation

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Re: I Created a New 13-F Screener
« Reply #23 on: November 14, 2017, 06:31:48 AM »
I made some updates around auto-sorting and portfolio weighting over time.

Cevian

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Re: I Created a New 13-F Screener
« Reply #24 on: December 08, 2017, 05:33:20 AM »
SlowAppreciation, I'm really enjoying this screener. Very well done and simple to use.

One wish list that may be a feature that is far fetched and difficult, if not impossible, to achieve, would be to be able to track the level cash as a holding of the collective portfolio. I believe this would be a wonderful indicator, over time, of the bearishness or bullishness of the group.

mwtorock

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Re: I Created a New 13-F Screener
« Reply #25 on: December 08, 2017, 06:58:29 AM »
very good effort. it hopefully saves time to load all data into spreadsheet and keep track of it. it would help to give a proximate range of cost base for the positions - an important consideration in coattailing.

SlowAppreciation

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Re: I Created a New 13-F Screener
« Reply #26 on: December 08, 2017, 07:46:07 AM »
SlowAppreciation, I'm really enjoying this screener. Very well done and simple to use.

One wish list that may be a feature that is far fetched and difficult, if not impossible, to achieve, would be to be able to track the level cash as a holding of the collective portfolio. I believe this would be a wonderful indicator, over time, of the bearishness or bullishness of the group.

Glad to hear that you're enjoying it. I too would love to get the cash levels, but unless these are reported to the SEC (which they're not currently), I have no way of knowing it unless management voluntarily discloses it. Berkshire we know since they're publicly traded (and Markel too).

As my next project I was going to put together a really detailed overview of Berkshire's breakdown (which would include cash levels) but I need to catch up on some reading first after spending the past few months on the screener.

Thanks for the feedback!