profit after taxes) as the numerator, which is also how Pat Dorsey defines it in the "Five Rules" book (p.95). Haywood Kelly uses a slightly different variant here , but it's a decent proxy for NOPAT. Many other big-name folks in the industry
composed of myself, associate director of fund analysis Scott Berry, director of fund research Russel Kinnel, and Haywood Kelly , Morningstar's chief of securities analysis. Picks vs. Stars As the preceding makes clear, our Analyst Picks
been reading Mauboussin's commentaries for years, and they're always thought-provoking. Finally, my colleague Haywood Kelly highlighted six recent books in an article a few months ago, all of which look quite good. Conclusion Needless to
of fund analysis Christine Benz, associate director of fund analysis Scott Berry, director of securities analysis Haywood Kelly , and me. In 2005, we began including closed funds among our picks because our subscribers wanted more guidance on
learn anything from the exercise. As it happens, the screen returns eight companies. Three of these also appeared in Haywood Kelly 's column about valuable volatility : Solectron SLR, Dollar Tree Stores DLTR, and Sabre Holdings TSG. The list
writing pizzazz of Buffett, Munger packs plenty of business sense and investing wisdom into his annual letters. Know of some great shareholder reports that aren't included here? E-mail them to me at haywood . kelly @morningstar.com .
recommendations for picks in the category to a four-member committee that consists of director of securities analysis Haywood Kelly , director of fund research Russ Kinnel, associate director of fund analysis Christine Benz, and myself. We vet
like us Morningstarites, Emily Hall gave a tour of Morningstar's 401(k) . If you're in the market for stocks, Haywood Kelly , Morningstar's chief of securities analysis, outlined a bevy of great watch lists you can set up. And if you want
the trend by maintaining growth in a weak economy. by Haywood Kelly , Editor in Chief Morningstar's Top 10 Value Creators ..... cash is king, these companies wear the crowns. by Haywood Kelly , Editor in Chief Home Depot a Clear Favorite for Bargain
Companies with the Muscle to Boost Dividends Now more than ever, there's something to be said for rising dividends. by Haywood Kelly , Editor in Chief How Bush's Plan Would Cut Your Capital Gains Tax "Deemed dividends" would be a hidden benefit