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Berkshire Hathaway   Subject:  Re: Influence on ROE in Investing
returns Date:  10/6/2012  6:57 AM Author:  mungofitch Number: 
194696 of 206790  Results are indeed killer for the one month
hold from 1997 onward, but something bad was happening prior to
that ... underperforms the S&P from 1986 to 1996 .... 8% vs.
15%.  The "enw" field at doesn't mean the same thing 1986-1996
as it has since then. Value Line changed their lineup of fields
in December 1996 and that was one of the big changes. "enw"
stands for "earnings on net worth". It is derived from the field
called "% Return Net Worth" prior to 1997 and from the field
called "% Earned Net Worth" thereafter, which sounds plausible
(which is why it was done) but it may in fact match the
1997-and-later field called "% Earned Common Equity".  Maybe the
discontinuity in results is a result of the known discontinuity
of the data going into it, maybe not.  The main lesson is that
high ROE (preferably wit