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  • Screening ETFs By P/E Ratio is of Little Value to Investors
    Interesting article. I enjoy your writing and both key the portfolio allocation and the P/E points in this article.

    The P/E issue has always bothered me and I think publishers and distributors of data should do more (that means me too) to properly document which of the many P/E calculations they are presenting:

    Price to reported EPS ttm ?
    Price to pro forma EPS ttm (after excluding "one time" items) ?
    Price to current EPS (6 months back and projected 6 months foward) ?
    Price to next year EPS ?
    etc.

    They are all useful and all different, but one can't always tell which is which.

    PEG ratios are equally frustrating: Which P/E or which growth? Is it trailing growth or expected growth? Is it 1 year or 5 year time horizaon forward or backward?

    The yield is the same way: Is it trailing twelve months dividend or most recent period annualized? Or is is the most recently announced dividend annualized? Then there are the data services which automatically annualize by multiplying the dividend by 4 not recognizing that some companies overseas pay semi-annually and some of them pay a nominal divident at the half-year and a "true-up" to results at year-end which may be totally different than the half-year payment. Somehow they get the monthly income trusts OK, but often time not the overseas companies.

    Data filtering is useful, powerful, necessary (I think), but dangerous as you so aptly point out. Thanks for that.
    Dec 07 15:40 pm |Rating: 0 0 |Link to Comment |View article

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