 Good afternoon. My name is Harriet Chan and I'm a volunteer with the San Francisco Bay Area Chapter of Better Investing. And I'm here this afternoon to assist better investing and the San Francisco Public Library in the campaign to design to encourage individual of all background to start a lifetime investing program. In stocks. Or mutual funds. Next slide. Again, my name is Harriet Chan. This is my email SKCOTS at yahoo.com the SKCOTS is the word stocks fell backwards. Okay. Next green is the disclaimer. So, as mentioned by Doreen, this presentation is for education purposes. I would advocate that people become active investors, and you should always do your own research piece of mine is what you get when you do your own research. Okay, for today's agenda. Next screen. We're going to talk a little bit about who is is better investing, how to access value line, and what is value line. And we'll talk a little bit about value line section one and three and the company reports and a summary and question. The goal of this class is to show you how to access value line at the San Francisco main library. We're going to highlight and find some parts of the value line share brief description of some of the key value line items. Now due to time, we will not go into details, many of the definitions and sections. We do cover more of this in the classes offered by better investing. I want to say that there's no magic behind good investing. Virtually, anyone can be successful. We will add however that even the stock picking wizard of Peter Lynch would be impressive how much more easily you can put into the stock market to work as a member of better investing. I have volunteer for five years to teach third grade math. And basically that's all you really need that to, you just need to know how to add subtract multiply division and percentages. I just, I do want to mention that when I taught this class in person, this class usually takes three hours today we only have one hour. So I'm going to introduce you the online version of value line and how you can log into the San Francisco library and get your value line online and do some studying at your own pace. If you have questions, feel free to email me. Next screen. Who we are better investing is a nonprofit. We are volunteer base so everybody in the San Francisco Bay Area chapter of better investing or volunteers. Basically, a lot of our directors, we're all successful investors and we just want to share our information. We are member driven. We make no commissions, and we make no stock recommendation and WWW dot better investing that org is our website. As we go through the presentation today please make a note of any questions you have. And we can go over at some stopping point. We're doing better investing. Basically, we just want to create long term investors through education. Through the resources we have and the tools, and to give you support. We do want to encourage you to be active investors to get the reward but more importantly peace of mind. It really reduces your stress. In terms of academic we all need to find ways multiple ways of streams of income, whether by investing in stock dividend investing real estate have multiple streams of income makes us less vulnerable. This is Peter Litch. He was saying that all you need is fifth grade math, but I've been investing for 40 years and I would say, you only need third grade math. So, but you actually need to do the math. Okay. So I want to say that, you know, when you do the math do the dollar sign and do the percentages. Now, you need a library card. So, when I did this last year you have to be a resident of San Francisco. So they have just updated me and said you don't to get a San Francisco library card. All you need to be is a resident of California. So that's great, but you do have to go into a library. So, I, I have a question for the librarian. It used to be that they can apply online. Is that not true. Or has that changed. I can answer that. You can fill out the application online, but you have to visit any of our locations so the main or any branch to present your ID so that we can verify that it's you and then if necessary if your ID has your old address bring a piece of mail with you like a utility bill. And once we verify your ID and your address then we'll issue the card. So you do have to make that one appearance that one of our branch libraries or the main library. I would say it's worth the trip. Okay, next slide. So the following on San Francisco branch libraries have hard copies of the value line. So in the main library. On Larkin Street, it's on the fourth floor behind what they call the page desk. Okay, I started out many, many years ago, using the hard copy, and I, I tend to just because I'm familiar with it. I still tend to prefer that. Okay. Is there any questions before we dive in here is one question. I see one, and I don't know if JP sees others. See. Okay, there is a question about getting a library card is the same is the same when I'm a resident of San Francisco and I can get a South San Francisco library card. That's San Mateo County so it's a different system. I think that one time had a card at one of the Peninsula libraries so I think they extend it to all Californians but I'm not sure. And that was years ago so I would contact the south south San Francisco library to see if you're eligible to get one of their cards as well. But I don't know if it works both ways, you know, as far as getting cards with different systems but usually they'll, they'll open it up to Bay Area residents so I would just contact the south San Francisco or, you know, the peninsula library system to see what they need to get from you to get a card but for San Francisco, that one I can confidently answer. If you live in California, you can get one of our cards, you just have to visit us. Next slide. So this is the front page so you type in Sam SFPL.org. Okay. And where you want to go is the learn the research and learn. Okay, next screen, you want to go to the articles and database. And the first thing that pops up is the value line. So you want to click on value line. And it comes up with my user ID and my password. Okay, and so all you need to do is to press the and submit that button. And it will become your first screen of the value line. Where you will be going to browse and search everything I'm sharing with you is in the investment education, the red box there, see the tab, investment education so everything that I'm saying everything that I'm teaching is in this section. It's a very simple resource. So allocate some time. We only have an hour so if you go once you sign on you can browse that and poke around as long as you would like. Okay, the other thing that I want to mention on the screen is that there is the dial 30 listing, the dial 30 listing is free. You can just log on to the library or you just log on value line. The Dow Jones 30. If you don't know is the 30 blue chips us companies. Okay, so it's a good place to start. If you're new to investing large companies that make money. Another place for education is sites are like large brokerage firm more most brokerage firms like fidelity and Charles Schwab does not charge commission to buy or sell stocks anymore. Decades ago, it used to cost $155 for a transaction and a few years ago. That's been dropped down to zero. If you open up a brokerage account. The best way is to automate your investing transfer a set set amount of dollars over to your brokerage firm on regular intervals. Okay, so you're going to over here you're going to type in in that little box, J and J, which stands for Johnson and Johnson, and you press enter. Next screen. So this is what comes up. So on the online format of value line. Value line is just a report card on a company. They do fundamental analysis, which means they will look at the company books and see how well they are doing and fundamental analysis, P is very important. Now what is P, P stands for price of the stock and he stands for earnings. So you're looking at the ratio between the price of the stock and the earnings. The other way, another way of looking at it that it could be current earnings and future earning is also very important. If you look at the yellow box in there. This was dated 1020 2020 and the stock price was $143 and 97 cents. The trailing PE is 16.7. What we mean by trailing is that it's the last 12 months. But it's also very important to figure out what the forward PE what it's going to earn the next 12 months. And so you have something to compare it to the now. So if it compares Johnson and Johnson's against value line 1700 stocks. So Johnson Johnson is not a hot stock. It's dull and boring, but it's a steady Eddie stop and dull and boring has its appeal. The current yield of the dividend is currently 2.78% at this time. Better. It's paying a lot better than money market fund, J and J Johnson Johnson has an increase each year the dividend since 1963. We are a member of the aristocrat dividend companies companies that have increased the dividends for a minimum of 25 years. Tomorrow, I will be teaching a class called dividend reinvesting tomorrow at three o'clock. Okay, at the library so. And what I did was why I developed the classes. I hear a lot of people said they don't have time and they don't have money. So dividend investing is a passive strategy, but you still are in the stock market, and I'll show you historical data for 42 years. And so the average returns, much, much better than tertiary bills savings account or CDs and looking forward to sharing that data with you. Okay, so I had created for $50 a month on Johnson and Johnson you could have invested $600 a year. And in 18 years you went at over $100,000 and in 24 years 190,000. So that's pretty a good return for $50 a month and not much research. And like I said, it is a passive passive investing strategy, but you're still in the stock market. Like yesterday when I presented about how to start a investment club. It's in the stock market where you can really make your money grow. Okay, now I want to go back to that yellow squared their box and over on the right hand side. There's the blue. Okay, if you click on that. I will tell you. Sorry Harriet am I on the right slide back back one up back. Okay. Okay, like that. Right. Yeah, that explains to you what the 18 month price line and so this is this slide was created in October of 2020. And it was at 143 today to stop Johnson and Johnson is at 177 I believe. So if you figure out the math, 177 minus the 143. It's about 25% return. And so it's been 18 months. It's a pretty good return 25% I think. Okay. Next slide. Now, the red box safety. Johnson Johnson is ranked number one. Okay, there are 100 stocks that have a ranking of number one. The average stability index and their financial ratings. Okay, it rates from one to five one is the highest. And five is the lowest. So if you're a new investor, you want to stick with the ratings of one and two. Okay, there are 1700 stocks in value line. And there's 100 are rated number one, 300 are rated number two, 900 are rated number three, and 300 rated four and 100 is five. Okay. The green box timeliness. Johnson Johnson is rated not ranked number two. It was upgraded on 1023. So what does it mean. When you're ranked number two, it means that there's another 299 stocks that is also rank. Number two. Okay, the purple box. We're going to talk about the financial strength. The financial strength for Johnson Johnson's a plus plus. Now there are nine grades. There's a plus plus a plus a B plus plus B plus B C plus plus C plus and C. The lowest grade is reserved for company with financial difficulties. The lowest grade is the C. Okay. If you look here. If you look at the total sales in that purple box, you will see that the sales are increasing, which is good. The cash flow is increasing and the debt is going down. The return on capital is going up and the return to the shareholders equity is going up operation margin is up cash flow is very, very important, and you can compare that to your own personal situation. You know, good cash flow really could can make you be able to maneuver whatever financial situation you're in. Okay, and also I want to mention that Johnson Johnson is one. There are two companies that are triple A rated in the United States. Johnson Johnson is one of them. The other one is Microsoft. Next slide. Okay, so what I want to show on this screen is that if you click on the show. And then it's going to show the definition. Okay, the rating and definition. Okay, next screen. And you can see the next slide if you want to hide it. You click on the high button, and it goes away. Next screen. Okay, so we're going to scroll down a little bit and talk about the commentary and the three to five year projections. What you want to look at is those those numbers. Do you like those numbers do you like what the numbers are telling you, you need to form your own opinion. So in this commentary, there's about 400 words in here. And you can click on more. Now that's that green arrow, and it'll expand. Okay, now that blue arrow records the ranking and the, and the rank and rating changes forms the technical to timeliness and earnings predictability. Next screen. Okay. So here is the supplementary report. People says what should I read I said read it all. You will get a better view of the company. The last report was a very positive report. Now mid year. It was not so positive. Now, what's nice about the online version, it gives you access to the historical reports, the hard copy you only have the most current report. Okay, next screen devaluation. I want to share data, review the data on compare the data. And I wanted to point out to you that the italic means that it is a projected estimate. So you can see it bold and italic. It is an estimate. So when you look at these numbers you want to compare it and say, do you see things that the company is doing right. It's been increasing since 1963. What does that mean to you, are you are you a person who was looking for income. So, giving dividend data of $50 a month investment for 2524 years is 14,000 1400, but it generated $22,000 of dividend. Investing the dividend in your J and J stocks gives you a value of 190,000. Okay. Now, I also want to say that if you don't understand everything, go to the investment education, and there's a glossary get to so if there's a definition that you don't understand you can always use that to help you to give you a better understanding. Okay. Now, the one thing that I noticed in here is that the long term is growing. Okay. And why is it growing. It's growing because the company sees that to borrow money to interest rate is very low so they're going to take advantage of using borrow money. Next screen. That this is sales and graph. Okay. And a reminder that the italics are estimated projection. Total return with the competitors check them out over here on the right hand side. You want to verify you want to check those companies out to if they look interesting. Verify that you're buying the best company in the industry. I'm the person that's more interested in future growth. Past performance is already priced into the stock. So Johnson and Johnson is a large company. And, and it's actually like a mega company. And so general exception, expectation is about 7% for a large company, small companies are more agile, but the finances are not as robust. So JJ is a global company. It operates in over 120 companies have a strong, having a strong or weak dollars will have an effect on their bottom line. Okay. Now, what I want to point out to you here in the screen is that in the orange box you see this great spike in the adjust the earnings. We went from 685 to 8, 868. And this was because of a tax issue. And they made the correction, but value line also chose not to go back and correct it so going forward, they will use the new way of calculating the income. And this looks like an anomaly there. Okay, so let's look at the dividends of six to eight and a half percent in dividends. So the question is, if you can get your money to increase six to 8% you need to compare. The raises that you're getting that is in the six to 8% raises. So this is about using your money and making it work hard for you. Last year so security increase was about 2%. So, a average of seven and a half percent increase looks pretty good with the history they can and they can sustain their increases. So this is the score rating here in this red box. Add up the numbers add up the scores, and if it's 200 or more. You can go forward and do some more research. If it doesn't add up to 200. I would say pass, especially if you're a new investor. I got this tip reading from the Better Investing magazine, and it was a letter written to the editor. It was a great idea. And there's a time saver for screening stocks. If you find earning predictability is near 100 or 100. If the price stability is lower. It means it will be buying opportunities for me. So that's the idea of buying on the dip. So we scroll down a little bit more. We're talking about industry data. Click on that this says we more. And this is a must read. We're talking about the industry that J&J is in. Okay, the teal box inside transactions. This informed you who is buying and selling in upper management. This data used to take 30 days, but now with technology, it only takes a couple of days before we know. You can also see that over in the red box that the that many mutual funds and pension funds owns J&J. It's about 60 to 70%. There's only a problem if the market crash. People call up for redemption. And this may cause tax issues and valuation flux is in the short term. Okay. Next screen. Okay, the business description. So you have the business description. And right next to us the business history, and there isn't any history. So therefore you have to go to the Johnson and Johnson website to and they have a big section on their history. The technical ranking. Okay, if you click on the show, it'll display this history of the technical ranking. Okay, and over here on the right hand side, the value line report value line PDF report. Okay. It lists out two years of reports. We were going to stop at this juncture, and then we're going to review the hard copy. Is there any questions? Yes, there's questions, Harry. We've got a few one from the very beginning. You had mentioned a few brokerage firms Fidelity and what was the other one? Charles Schwab. Charles Schwab. Okay. And then someone also asked on the J&J page, where's the future PE listed? Yeah, so we saw the trailing and the patron wondered where the future one was listed. Okay, could I hold that off until we get to the hard copy? Of course. Next question is a couple more. What is the definition of timeliness? Timeliness. They had the, it is a value line ranking. And they, timeliness means that, you know, there's a lot of interest in the stock, there's only 100. Okay. But the thing about the timeliness, if you go to the education tab and read about timeliness, you'll find that the timeliness says that the stock is usually volatile. And more volatile than usual. So, and if it's timely, and it's ranked number one, that means a lot of people have been buying the stock. So it tends to be on the high side. You know, so, and you have to decide, do I want to go in now or do I want to watch it? And so a lot of times I says, if you think it's too high, watch it, watch it for a couple of weeks and see what happens. One more Harriet, and then I'm sure there'll be more later, but what is considered a good PE ratio? What range should we look for? Okay. If you look at the S&P 500 to 500 largest company in the United States, the PE ratio right now is about 16. Okay. And so we're talking about growth companies, the largest companies, they're about 15 or 16. It's different if they're cyclical companies. You know, when they're cyclical companies, they go up and down and you have to take that into consideration. Now, growth companies, I would say, okay, the other thing about what's a good PE ratio, if they have a PE ratio, it is a good thing. Right now in the stock market, a lot of people are investing or speculating in stocks that does not make earnings. So that's, you need to be careful of. So the criteria was, is that they at least are making money. It used to be that a company would not IPO until they have proven that they could have made a profit for five years in a row. And that was back in the 1980s. With the onset of the internet, there was this company called Netscape, and they were competing and they felt the pressure so they IPO'd without proving that they had made money. What was surprising was that it was so successful. And that opened the floodgates for all the companies. And so a lot of companies they will do the initial public offering without proving that they, they can make money. So a little, it's a little bit more dangerous now, I think. So, fundamental analysis always looks at the books to say how well you're doing so I think that's important. That's an answered question. Hey, we're just about to proceed with the print version. There was a question about the slides we will send those. It's a large file. So, I hope everybody's able to receive them, but we will do our best with our, we always send the follow up email we will attempt to send them out. Thank you everyone for your questions. Oh there's one more question. Where would one look to determine the type of company it is growth or cyclical, etc. Let me. We're going to get to the hard copy. Okay, at the next screen and I'll talk about that. Okay. Okay, so here we go. Okay, so next screen. This is the hard copy is of the value line on a company. One page fits on an eight and a half by 11 piece of paper. This is what. So the new format the online format is much easier on the eye. The hard copy I have to say format in the beginning was very, very intimidating. It was very stressful. But in time, I think I figured out this page. Discipline, perseverance and patience. Okay. Next screen. So this is the top half. And so there was a question about the PE. Okay, so on the orange square there there's just the PE. So it gives you the P of 18.7 and it says trailing and median. Okay. So the value line does something unique that how they calculate the, the PE, they use six months of historical data and six months projected earnings data. So that's unique to value line. But so you can see the trailing is. I remember right. It's like last 10 years and the medium is, it's also 10 years. So, what was the question on the PE about how you could figure that out. The question was, I think they're wondering where the future PE was listed. Okay, okay. Hold on. Okay. So then in the red square, you have the timeliness, the safety. Okay, and then what's really interesting is the orange box under that. So we do a 18 month target range. So the 18 target range, it says that the midpoint is 171. So I find it very interesting that the Johnson and Johnson today, which is 18 months later. Since October of 2020, we're at 177. So they're pretty much on target. Okay. Beneath that is what they're projecting for 2023. They think the high price will be 230 and the low price will be at 190. So we're looking at a 9% or, or a 15% increase. Okay. So, in the yellow box. This is the per share information. And down on the lower half of that yellow is the company data. Now the online version kind of mesh them together. So the hard copy breaks them out per share on top, and the company data down on the bottom. Okay. So, next screen. So, here the annual rates. So this annual rates estimated to 2023. Many years ago value line was the only company that gave you an estimate of what the future sales and earnings and dividend was today that's very different today. So, this company has it, and for better investing we have a tool, and we get data from Zach from Yahoo for Mike from morning stars that give you estimate and of course, your brokerage firm gave it to you. So right off the bat, you can get an estimate from six different resources. Okay. So, in that orange box here, where it says annual rates that first box. Okay, so sales are going to grow 5% cash flows going to grow 8.5% earnings they think they were going to grow 10% dividend is going to grow 7.5%. Okay. So how do you figure out that PE. So if you give the earnings. Okay, and it's going to grow by 10%. So this is where you have to do the math. Okay. So, and then if you look at the earnings in that same orange box is the third one down. So in 2021 they're estimating that the sales will be $9. Okay. And so, if you multiply that by, if we go back to a previous screen. And look at the P ratio 18.7 up on top. Okay. So if you times that 18.7 times nine, you get a number. And you say do I like that number. So again, like I said, third grade math is really all you need to figure out the numbers. Okay, let's go back to the next page. So now over here on the right hand side, the company financial strength. It's a plus plus. This is where I talked about, you know, you add up the numbers. And if it's 200 do more research, if it does not add up to 200, you should pass, especially if you're a new beginner, because what you want is a quality that makes money. Okay. And also to the left of that financial strength numbers, it's footnotes, the smaller the print, the more important you should read it. It's very interesting. So, you'd be amazed. Okay. So everything that I had talked about the online version. Okay, is on the hard copy on one page. And it really does take a lot of time to digest it. So I really recommend that you go back to the investment education and go through that. Like I said before, when I was teaching this class usually took three to four hours to teach this class. So, okay, so I want to go back and I mentioned the Dow Jones 30. It's available for free. And when you sign on on the front page, you see it Dow Jones 30. This is the listing of 30 stock large company that usually have liquidity and is probable. It is a really good place to start looking for a quality company. Okay. Now, next screen. Okay. So this is the Dow dirty. Okay, so let's go back to the front page. Next screen. Okay. So a lot of people have asked just like, how do I use value line. So when you long on here. What I usually use is the dashboard and find idea tab. Okay, so you can go there and look at preset screens. Next slide. So when you go to the fine ideas over to the left hand side you're going to see a thing called screeners. Okay, so when you click on that. You'll get to this stock screener page. So value line has a whole bunch of screens that you can look at different kinds of stuff. If you're looking for growth stock or you're looking at banking stocks. So there's all kinds of things that you can select and poke around with. Now what I kind of did was I scroll down. And I clicked on the conservative stocks ranked number one for relative safety. So you can poke around here. And so actually give yourself some time, allocate some time so you can go in and take a look. So the reason why I pick the conservative stocks ranked number one for relative safety is that I think that a good way of looking at it when you're new in the investing. You might say you want to buy a stock for your grandmother, you want it to be safe, you want to earn some money, but you want it to be safe. Okay, protecting the principle. So here, if you look at the stock screener, there's the safety ranking. Right. So you can click on one, and it'll give you a list of stocks. Next screen. Okay. Okay. So, and then if I wanted to see the ranking, I can click on that. There's a different kind version. There's a lot of data on the screen so you kind of have to scroll to the left or scroll to the right. But there is a lot of data. And simply because there's just a lot more white space. So it's not crammed all crammed in. So it's kind of nice as visually is easier on the eyes. Okay. So here is the ranking rating and ranks. Next screen. Okay, so you can see in the red box, you know this data in there, and you need to scroll to the left, if you want to see it. The technical ranking their earnings predictability, the price growth persistent and the price stability information is presented. Next screen. So the estimate now here I decided to click on the estimate and projection. Okay, so that kind of gives you an idea of what the estimate and projection category looks like. So it needs you need to allocate some time so you can digest all of this. If you have a touch screen, you can touch your computer to slide the data over. If not, you have to go to the bottom of the page and use the scroll bar. Okay. So safety ranking. Here we go. The estimate and projection. Okay. So, you know, it gives you things what they're going to, what they think that annual projection for the annual total return is going to be what the dividend growth will be. So, you know, if you find something interesting. If you find one, you know, like automatic data processing, the dividend growth is going to be 10 and a half percent. Apple is projecting the dividend growth rate to be 15 and a half percent. So that's very interesting. Again, it's interesting to me because I am looking for dividend income. So it may not appeal to you if you're not. Okay, but nevertheless the data is there. So you can check that out. Next screen, the profitability. So the old, the function of a business is to make money. Okay. So this kind of gives you the information about the operating margins, the percentage, the percentage of the profit margins. So you can see here for Apple and for Abbott labs what they are. Okay. Right now in the beginning you may not know whether or have an opinion, but in time after you look at these things again and again. And then you see different companies and different industry sector, you will start to have an opinion. Okay. Next screen. The next category is the annual rates. So just give you the sales growth rate, the sales for the five year growth rate, and the estimate for one year growth rate, and the estimate for five years. So if you're a long term investor, you might be looking at the five years, much more than you were looking at the one year. So here, the last category is industry. Okay. So, information listed in the, in the company name, the ticker, the industry, the inventory turnover, the percent change and retail sales. There's a lot of information so you need to be patient with yourself and give yourself time to absorb the data. So you really need to allocate and develop a schedule or find families and friends to make it easy and okay to talk about investing. Okay. So any, do we have any more question here. I don't see any for now, Harriet. Okay, good. Okay. Try to match up where you are. Okay. So here is next screen. Okay, next screen. Next slide. Okay, this is the, I want to talk a little bit about the hard copy. So this is what they call the summary and index page. So when you check it out at the library from the reference desk. It's a different page. And so you could see right there on the top half, it says screens. So there's things that if you're interested in timely stocks or high dividend stock if you're looking for companies, or you're going to looking for stocks from three to five year price potential. So the best performing stocks in the last 13 weeks, or the worst performing stock in the last 13 weeks stocks will high PE stocks will low PE stocks that has three to five year dividend yield. So there's a lot of screens that you can take a look at. So the question you need to ask is, what are you interested. And so, once you figure that out. I use it a lot, especially if I'm thinking looking for a dividend stock, or I'm looking for growth stock. This screens really appeal to me. It will take some time for you to understand what's on this page because there's a lot of data. Like here on the right hand side, where's is the median estimated 18 month appreciation potential is 15%. So right in there, when you look at this 15% that tells me that the market at that time is pretty high. So it only has a 15% potential of appreciation. So all these numbers eventually when you get through with them will start to make sense. Now the bottom half. Okay, next screen. The bottom half is a listing of the industry. There are 96 industry. And so what what we recommend is that you just stay in the top 30s. Okay. It's just that there will be enough company out of 1700 and the top third that it would you'll be, it will be enough materials to do research. Okay. Now the online version, with you scroll down, you will get to the next slide. You could see that it's on page two. So what it is, this is what they did online was it just become a long, long file, and you can scroll. So here on page two, you would get the index to the stocks and then listed in alphabetical order. Okay. So, sorry, having a little bit of difficulty here. Can you still hear me. Yes. Okay. Because I think I lost. Okay, here we go. Sorry about that. Okay, so then the next screen. I wanted to show you the bottom of the page. And again, there are footnotes. Take the time to read them. Okay. Next slide. Same thing. Read the read the different footnotes that they have in there. Next screen. So this is the last page. So sir, over on the right hand side, it says page 23, w y to z y. So this is the ending of the list. Okay. Next screen. I want to show you the three to five year potential that's on page 36. So you can go through that. So, again, that would be the online version to get to this, you would go into the fine ideas. Okay, there's a lot of information. Just give yourself some time. We're almost done. I want to tell you something about value line value line was it began in 1931. Next slide. During your depression. It's a was developed as a method for evaluating stocks in 1965. Next screen. Okay. They developed the timeliness ranking system. They have 70 analysts, and all the numbers and value lines are developed by the analysts. Arnold Barnhard started the company and he wanted to help the small investor gain access to financial information that previously was only available to institution and wealthy investor. So thank you, Arnold. Okay, so value line is published weekly, and it covers 1700 stocks and 96 industry. Okay. They are categorized into industry, and each page is revised every 13 weeks. And then the cycle begins with their updated data in between they also will issue supplemental reports, if needed. Okay, so in summary, okay, you can get the San Francisco public library you can apply online but you must go in. What time does it, and then you have access to value line. So, that's it. Thank you for attending. If you're interested, better investing do have a 90 day free membership. No credit card information is required. And tomorrow I will be teaching a dividend reinvesting class. So I hope you can attend that. Any questions. I made it an hour. That was excellent I don't see any questions on my side. Okay. Yeah I don't see anything and so everybody look for an email from us later this afternoon. It's a big file all these slides so hopefully it'll go out there to everybody without any problems you can always send us an email at thissidetechsfpl.org, if you don't receive it will will try and fix it. Tomorrow at 3pm dividends investing for beginners Harriet Chan will be teaching that and I will include a link in the email for those of you that haven't already registered. I want to thank everyone for coming today. And as always, you know where your library we're here for you. So join us anytime. Thank you everyone thank you Harriet thank you JP. Okay bye bye.