Stocks in Depth   Superiority     What is the company's advantage?     How strong?     How sustainable?     Financials     Accounting Rules     Company Reports     Reading an Annual Report     Income Statement     Balance Sheet     Financial Ratios     Cash Flows     Capital Expenditures     Currency Markets     Acquisitions     Company Options     Proxy     Introduction     Details     Selected Works     RORE     Return on retained earnings (RORE) is a crucial component of stock-picking     The simple math of the RORE     Why the RORE is so important     Projections Part I     You're not smarter than Wall Street in projecting near-term earnings     That doesn't mean anybody's estimates are accurate     Focus on long-term trends     Part II     Focus on companies with predicatability     In predicting the future, begin with the past     A simple approach to projections     Part III     More detail produces more accuracy     Determine the implied growth rate     Allow yourself some adjustments, usually downward     Part IV     Why analyze cash flows if projections are based on earnings?     Why no mention of the return on equity?     Why not just bet on the fastest growing companies since even the "predictable" ones aren't entirely predictable?     ROI     Return on Investment (ROI) is your expected annual return from an investment     ROI is based on the expected growth rate and the P/E     If you are happy with the ROI, buy the stock; if not, wait     Investor Checklist     Company     Management     Stock     Decision     Checklist     Other Considerations     Buy the Stock?