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	<title>Doppler Value Investing</title>
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	<description>Using free cash flow and net liquidity instead of earnings, book value, and dividends to appraise stocks</description>
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		<title>Doppler Value Investing</title>
		<link>http://dopplervalueinvesting.wordpress.com</link>
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		<item>
		<title>Doppler Analysis of Fastenal: Part 8</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/17/doppler-analysis-of-fastenal-part-8/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/17/doppler-analysis-of-fastenal-part-8/#comments</comments>
		<pubDate>Sat, 17 Dec 2011 23:06:34 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=227</guid>
		<description><![CDATA[Because Fastenal&#8217;s free cash flow for 2011 has fallen somewhat short of expectations, we&#8217;re playing it safe and using the numbers from the end of 2010 (start of 2010) to make our appraisal. These numbers are: Free cash flow: $1.307/share Net liquidity: -$0.04/share Estimated intrinsic value: $13.03/share The stock price of $41.42/share is triple our [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=227&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 7</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/17/doppler-analysis-of-fastenal-part-7/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/17/doppler-analysis-of-fastenal-part-7/#comments</comments>
		<pubDate>Sat, 17 Dec 2011 22:15:38 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=218</guid>
		<description><![CDATA[Before we do anything else, let&#8217;s look at Fastenal&#8217;s financials in the latest 10Q report (dated Sept. 30, 2011) to make sure that the company hasn&#8217;t suddenly fallen off a cliff this year. The total number of shares is 298,636,424 &#8211; a slight decrease for the year. Net liquidity is -$104.943 million, or -$0.35/share, which [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=218&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 6</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/17/doppler-analysis-of-fastenal-part-6/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/17/doppler-analysis-of-fastenal-part-6/#comments</comments>
		<pubDate>Sat, 17 Dec 2011 07:26:29 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=215</guid>
		<description><![CDATA[Now let&#8217;s analyze the financials of Fastenal for prior years. Number of shares (in millions, split adjusted): 1993: 303.51 1994: 303.51 1995: 303.51 1996: 303.51 1997: 303.51 1998: 303.51 1999: 303.51 2000: 303.51 2001: 303.51 2002: 303.51 2003: 303.508 2004: 303.508 2005: 302.11 2006: 302.413 2007: 302.521 2008: 301.611 2009: 299.981 2010: 300.181 I&#8217;m pleased [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=215&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 5</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/16/doppler-analysis-of-fastenal-part-5/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/16/doppler-analysis-of-fastenal-part-5/#comments</comments>
		<pubDate>Fri, 16 Dec 2011 07:36:58 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=204</guid>
		<description><![CDATA[Instead of equity, total assets, or &#8220;invested capital&#8221;, I use PPE as a yardstick for the company&#8217;s capital base. The amount of free cash flow earned per unit of PPE is my measure of the company&#8217;s return on investment. I use &#8220;Return on PPE&#8221; as a substitute for return on equity, return on assets, and [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=204&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 4</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/16/doppler-analysis-of-fastenal-part-4/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/16/doppler-analysis-of-fastenal-part-4/#comments</comments>
		<pubDate>Fri, 16 Dec 2011 07:10:16 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=201</guid>
		<description><![CDATA[Here in Part 4, I will calculate the free cash flow of Fastenal for 2010. My method of calculating cash flow is based on that described in the book Cash Flow and Security Analysis by Kenneth Hackel and Joshua Livnat. However, please note that the Doppler method OMITS changes in current liabilities. Why do I [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=201&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 3</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/15/doppler-analysis-of-fastenal-part-3/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/15/doppler-analysis-of-fastenal-part-3/#comments</comments>
		<pubDate>Thu, 15 Dec 2011 21:08:37 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=199</guid>
		<description><![CDATA[We&#8217;ll start to dig into the financial data. Fortunately, Fastenal&#8217;s financial statements are straightforward. Except for Berkshire Hathaway, I INSIST on scrutinizing the financials before investing in a stock. While my attitude may keep me out of interesting opportunities, I believe it will also keep me out of the next Enron, whose financial statements were [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=199&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 2</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/15/doppler-analysis-of-fastenal-part-2/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/15/doppler-analysis-of-fastenal-part-2/#comments</comments>
		<pubDate>Thu, 15 Dec 2011 20:39:27 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=196</guid>
		<description><![CDATA[As I explained in Part 1, Fastenal is an excellent company economically. How good is the management? I don&#8217;t have the opportunity to meet with Fastenal&#8217;s executives, so I&#8217;ll read between the lines. And I see several positives. Fastenal&#8217;s annual report includes the 10-K form, which Fastenal and other publicly traded companies MUST file with [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=196&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Doppler Analysis of Fastenal: Part 1</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/15/doppler-analysis-of-fastenal-part-1/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/15/doppler-analysis-of-fastenal-part-1/#comments</comments>
		<pubDate>Thu, 15 Dec 2011 20:15:43 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Example - Fastenal]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=194</guid>
		<description><![CDATA[Fastenal (FAST) is a wholesaler and retailer of fasteners and other industrial and construction supplies. It is cited by Pat Dorsey in his book The Little Book that Builds Wealth as an example of a company that benefits from a moat protecting it from competition. Because its products are very expensive to ship relative to [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=194&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Model Portfolio Update: November 2011</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/14/model-portfolio-update-november-2011/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/14/model-portfolio-update-november-2011/#comments</comments>
		<pubDate>Wed, 14 Dec 2011 22:59:58 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Model Portfolio]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=189</guid>
		<description><![CDATA[For the month, the initial contents of the Doppler Value Model Portfolio were: $62,382.49 USD in the Doppler Value Treasury Money Market Fund $80,862.56 HKD in the Everbank Hong Kong Dollar CD ($10,414.93 USD) 100 shares of BRKB ($7,786.00 USD) 222 shares of DFJ ($9,190.80 USD) 103 shares of FXY ($12,980.06 USD) Total market value: [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=189&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<title>Model Portfolio Update: October 2011</title>
		<link>http://dopplervalueinvesting.wordpress.com/2011/12/14/model-portfolio-update-october-2011/</link>
		<comments>http://dopplervalueinvesting.wordpress.com/2011/12/14/model-portfolio-update-october-2011/#comments</comments>
		<pubDate>Wed, 14 Dec 2011 21:44:24 +0000</pubDate>
		<dc:creator>dopplervalueinvesting</dc:creator>
				<category><![CDATA[Model Portfolio]]></category>

		<guid isPermaLink="false">http://dopplervalueinvesting.wordpress.com/?p=186</guid>
		<description><![CDATA[For the month, the initial contents of the Doppler Value Model Portfolio were: $62,394.04 USD in the Doppler Value Treasury Money Market Fund $80,853.63 HKD in the Everbank Hong Kong Dollar CD ($10,387.16 USD) 100 shares of BRKB ($7,104.00 USD) 222 shares of DFJ ($9,676.98 USD) 103 shares of FXY ($13,163.40 USD) Total market value: [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=dopplervalueinvesting.wordpress.com&amp;blog=3673469&amp;post=186&amp;subd=dopplervalueinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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