F Wall Street Spreadsheets Update

July 12, 2010 by Joe Ponzio

If you had been using some version of the F Wall Street spreadsheets, you’ll likely have noticed that it went kaput. This is because Morningstar decided to stop displaying ten years of financial data on their website, thereby breaking tens of thousands of value investing spreadsheets. As such, I have two important announcements regarding the valuation spreadsheets:

The F Wall Street Spreadsheet

As promised in the book, I will continue to offer a free valuation spreadsheet on this website. The new spreadsheet, updated to handle the Morningstar change, will only work 100% on Excel 2007 or higher. Users with older versions of Excel are free to modify the spreadsheet to get it working (or might consider upgrading to a newer version of Excel). I have included some PDFs for you here — screenshots of the new analyzer:

To help with your analyses, I had the designer add three additional valuation methods (no one method is perfect for every situation):

  • Warren Buffett’s net-net formula (as explained in his early partnership letters)
  • Joel Greenblatt’s Magic Formula (which you should read)
  • 10 years of future cash flow with tangible equity (for companies that are tough to predict 20 years down the road)

You can also make adjustments to the automated growth rates by entering your own values on the summary page.

Instructions: Simply click here to download the spreadsheet. When you open it, make sure to enable macros (Excel 2007 and above will ask you). Then, simply hit [CTRL+q] to get started. (Advanced Excel users may want to add a button to their Excel Toolbar. Make sure your button launches the StartAnalyzer macro.)

Other Intrinsic Value Spreadsheets

Though I’d love to be able to post a ton of automated spreadsheets here, I simply would not be able to maintain them all. Fortunately, there’s Jae Jun and Old School Value. Jae has built some amazing value investing spreadsheets for you. Though you have to buy them, they come with 90-day, 100% satisfaction money-back guarantee.

My spreadsheet will definitely get you started. When you’re ready to upgrade, get Jae’s spreadsheets as well.

Enjoy, but…

I’m sure I don’t have to tell you that the spreadsheets are for informational and educational purposes only, and that they should only be used as a starting point for your research, but I’ll say it anyways…

The spreadsheets are for informational and educational purposes, do not constitute advice, and should not be relied on to make investment decisions.

Spreadsheet Limitations

My web designers tried to take into account a number of scenarios; however, the spreadsheets are not without limitation. They do not work for financial companies (eg, WFC) and they don’t run analyses (or good ones, at least) on companies with a very limited financial history.

If you notice any problems, please post them here and I’ll try to have them fixed as soon as possible.

ยป Download the F Wall Street spreadsheet

A Note From Joe Ponzio

This section is for comments from F Wall Street visitors. Do not assume that Joe Ponzio agrees with or otherwise endorses any particular comment just because it appears or remains on this website.