Value Line, Inc. is an independent investment research and financial publishing firm based in New York City. Founded in 1931 by Arnold Bernhard, Value Line is best known for publishing The Value Line Investment Survey, a stock analysis newsletter that tracks approximately 1,700 publicly traded stocks.[1]
The "Value Line" was a line representing a multiple of cash flow that Bernhard would visually "fit" or superimpose over a price chart. This was a pioneering attempt to normalize the value of different companies. He soon began publishing his investment survey. Bernhard published The Evaluation of Common Stocks in 1959.
In 1946 Bernhard hired Samuel Eisenstadt as a proofreader, a graduate of Baruch College who majored in statistics. In 1965 Eisenstadt convinced Bernhard to use a statistical method called ordinary least squares (OLS) regression analysis to replace Bernhard's visual method of fitting cash flow to a price chart. Using scores of Monroemechanical calculators and a handful of data operators, Bernhard and Eisenstadt produced a stock picking system that caught the attention of academician Fischer Black of the University of Chicago. Black published an article in the Financial Analysts Journal, "Yes, Virginia, There Is Hope: Tests of the Value Line Ranking System" in 1973.[2] The system came to be known as the "Value Line Ranking System for Timeliness".[3] With Eisenstadt on board, Bernhard continued to expand the business, adding the other publications and mutual funds along the way. In May 1983, Value Line sold stock for the public for the first time (Nasdaq: VALU), though the Bernhard family retained 80% control.
Bernhard died in December 1987, but until his death, Bernhard continued his literary interests by combining with W. H. Auden, Jacques Barzun and Lionel Trilling in founding the Mid-Century Book Society.
Shortly after his death, his daughter, Jean Buttner, was named CEO of Value Line.
Fraud caseedit
Fraud was uncovered by the Securities and Exchange Commission (SEC) in November 2009.[4] The fraud, which spanned nearly 20 years and involved over $24 million, was committed by Value Line against its mutual fund shareholders. The fraud was first reported to the SEC in 2004 by the then Value Line Fund (Nasdaq: VLIFX) portfolio manager and Chief Quantitative Strategist, John (Jack) Dempsey of Easton, Connecticut, who was required to sign a Code of Business Ethics as required by the Sarbanes-Oxley Act.[5][6][7] Restitution totaling $34 million was placed in a fair fund and returned to the affected Value Line mutual fund investors.[8] The Commission ordered Value Line to pay a total of $43,705,765 in disgorgement, prejudgment interest and civil penalty, and ordered CEO Jean Buttner and COO David Henigson to pay civil penalties of $1,000,000 and $250,000, respectively. The Commission further imposed officer and director bars and broker–dealer, investment adviser, and investment company associational bars (“Associational Bars”) against Buttner and Henigson. No criminal charges were filed.
^"Value Line Inc (VALU.O)". Reuters. from the original on 1 July 2016. Retrieved 8 June 2016.
^Black, Fischer; Kaplan, Robert S. (1973). "Yes, Virginia, There Is Hope: Tests of the Value Line Ranking System". Financial Analysts Journal. 29 (5): 10–92. JSTOR 4529615. from the original on 2018-01-18. Retrieved 2017-09-17.
^Hulbert, Mark (May 5, 2005). "The wisdom that comes with age". Marketwatch. from the original on June 29, 2019. Retrieved June 29, 2019.
^"Administrative Proceeding: Value Line, Inc., Value Line Securities, Inc., Jean Bernhard Buttner, and David Henigson" (PDF). November 4, 2009. (PDF) from the original on May 28, 2017. Retrieved September 19, 2017.
^"Publisher Value Line may take earnings hit from SEC inquiry". Marketwatch.com. from the original on 2010-04-12. Retrieved 2010-08-27.
^Elstein, Aaron (November 30, 2009). "End of the line for Value Line's tyrannical CEO". PI Online. from the original on June 29, 2019. Retrieved June 29, 2019.
^Glater, Jonathan D. (2 August 2008). "The S.E.C. Is Investigating Fee Practices at Value Line". The New York Times. from the original on 2018-01-06. Retrieved 2017-09-19.
^Keating, Gina (2009-11-04). "Value Line, execs to pay $45 mln in SEC case". Reuters.com. from the original on 2021-03-09. Retrieved 2010-08-27.
value, line, this, article, tone, style, reflect, encyclopedic, tone, used, wikipedia, wikipedia, guide, writing, better, articles, suggestions, april, 2017, learn, when, remove, this, message, independent, investment, research, financial, publishing, firm, ba. This article s tone or style may not reflect the encyclopedic tone used on Wikipedia See Wikipedia s guide to writing better articles for suggestions April 2017 Learn how and when to remove this message Value Line Inc is an independent investment research and financial publishing firm based in New York City Founded in 1931 by Arnold Bernhard Value Line is best known for publishing The Value Line Investment Survey a stock analysis newsletter that tracks approximately 1 700 publicly traded stocks 1 Value LineCompany typePublic companyTraded asNasdaq VALURussell 2000 Index ComponentIndustryFinancial servicesFounded1931FounderArnold BernhardHeadquartersNew York City New York United StatesWebsitewww wbr valueline wbr com Contents 1 History 2 Fraud case 3 See also 4 References 5 External linksHistory editThe Value Line was a line representing a multiple of cash flow that Bernhard would visually fit or superimpose over a price chart This was a pioneering attempt to normalize the value of different companies He soon began publishing his investment survey Bernhard published The Evaluation of Common Stocks in 1959 In 1946 Bernhard hired Samuel Eisenstadt as a proofreader a graduate of Baruch College who majored in statistics In 1965 Eisenstadt convinced Bernhard to use a statistical method called ordinary least squares OLS regression analysis to replace Bernhard s visual method of fitting cash flow to a price chart Using scores of Monroe mechanical calculators and a handful of data operators Bernhard and Eisenstadt produced a stock picking system that caught the attention of academician Fischer Black of the University of Chicago Black published an article in the Financial Analysts Journal Yes Virginia There Is Hope Tests of the Value Line Ranking System in 1973 2 The system came to be known as the Value Line Ranking System for Timeliness 3 With Eisenstadt on board Bernhard continued to expand the business adding the other publications and mutual funds along the way In May 1983 Value Line sold stock for the public for the first time Nasdaq VALU though the Bernhard family retained 80 control Bernhard died in December 1987 but until his death Bernhard continued his literary interests by combining with W H Auden Jacques Barzun and Lionel Trilling in founding the Mid Century Book Society Shortly after his death his daughter Jean Buttner was named CEO of Value Line Fraud case editFraud was uncovered by the Securities and Exchange Commission SEC in November 2009 4 The fraud which spanned nearly 20 years and involved over 24 million was committed by Value Line against its mutual fund shareholders The fraud was first reported to the SEC in 2004 by the then Value Line Fund Nasdaq VLIFX portfolio manager and Chief Quantitative Strategist John Jack Dempsey of Easton Connecticut who was required to sign a Code of Business Ethics as required by the Sarbanes Oxley Act 5 6 7 Restitution totaling 34 million was placed in a fair fund and returned to the affected Value Line mutual fund investors 8 The Commission ordered Value Line to pay a total of 43 705 765 in disgorgement prejudgment interest and civil penalty and ordered CEO Jean Buttner and COO David Henigson to pay civil penalties of 1 000 000 and 250 000 respectively The Commission further imposed officer and director bars and broker dealer investment adviser and investment company associational bars Associational Bars against Buttner and Henigson No criminal charges were filed See also editList of finance topics Value Line Composite Index Morningstar Inc American Association of Individual Investors Sarbanes Oxley ActReferences edit Value Line Inc VALU O Reuters Archived from the original on 1 July 2016 Retrieved 8 June 2016 Black Fischer Kaplan Robert S 1973 Yes Virginia There Is Hope Tests of the Value Line Ranking System Financial Analysts Journal 29 5 10 92 JSTOR 4529615 Archived from the original on 2018 01 18 Retrieved 2017 09 17 Hulbert Mark May 5 2005 The wisdom that comes with age Marketwatch Archived from the original on June 29 2019 Retrieved June 29 2019 Administrative Proceeding Value Line Inc Value Line Securities Inc Jean Bernhard Buttner and David Henigson PDF November 4 2009 Archived PDF from the original on May 28 2017 Retrieved September 19 2017 Publisher Value Line may take earnings hit from SEC inquiry Marketwatch com Archived from the original on 2010 04 12 Retrieved 2010 08 27 Elstein Aaron November 30 2009 End of the line for Value Line s tyrannical CEO PI Online Archived from the original on June 29 2019 Retrieved June 29 2019 Glater Jonathan D 2 August 2008 The S E C Is Investigating Fee Practices at Value Line The New York Times Archived from the original on 2018 01 06 Retrieved 2017 09 19 Keating Gina 2009 11 04 Value Line execs to pay 45 mln in SEC case Reuters com Archived from the original on 2021 03 09 Retrieved 2010 08 27 External links edithttp www valueline com About History aspx http www crainsnewyork com article 20091207 FREE 912079992 http www marketwatch com story more lumps of coal for naughty mutual funds 2009 12 20 http www1 excite com home careers company profile 0 15623 182 00 html http www crainsnewyork com article 20091129 FREE 311299993 Retrieved from https en wikipedia org w index php title Value Line amp oldid 1216139168, wikipedia, wiki, book, books, library,
