Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Monday, November 19, 2018
Digging Up Historical Trend Data: Quest Example

Sunday, November 11, 2018
Cost of Revenue, SG&A: Q3 Update

Monday, November 5, 2018
Lease Accounting: FedEx vs. UPS

Saturday, November 3, 2018
New Email Alerting Powers

Wednesday, October 31, 2018
PTC and Two Tales of Revenue

Tuesday, October 30, 2018
10-K/Q Section Text Change Detection

Sunday, October 28, 2018
Finding Purchase Price Allocation

Sunday, October 21, 2018
Charting Netflix Growth in Three Ways

Wednesday, October 17, 2018
Interesting Data on Interest Income

Thursday, October 11, 2018
The Decline of Sears in Three Charts

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Portfolio Income Statement
Monday, August 28, 2017

If your portfolio filed a 10-K what would the income statement look like? Using Calcbench standardized data we built a spreadsheet that computes a standardized income statement based on the holdings of your portfolio. For comparison we also compute the standardized income statement for the S&P500 tracker, SPY, showing what your income statement will look like if you throw in the towel and go passive.

As an example let’s compare a $10K portfolio invested equally in the FANGs (Facebook, Amazon, Netflix, and Google), $2,500 in each.

Our FANG portfolio’s standardized income statement is below-

MetricPortfolio Sum

Our ten thousand dollars invested in the FANGs buys us ~$2,000 of revenues and ~$200 of earnings.

Alternatively ten thousand dollars invested in the S&P500 index fund has an income statement that looks like the below. The S&P 500 is a market cap weighted index and we use the same weighting. Each of the line items in the aggregate income statement is the sum of the filer’s reported value times their weight in the index times the percentage of the company owned by the fund times the percentage of the fund represented by of $10k.

MetricIndex Sum

$10K in the S&P500 buys you ~$4,600 in revenue and ~$400 of earnings. Note that buying the index gets you about two times the revenue and earnings of the FANG portfolio.

In addition to face financials Calcbench has an unrivaled set of standardized metrics from the footnotes to the financials. We did the same analysis that we did with the income statement line-items a couple of points from the 10-K footnotes.

MetricFANG SumIndex Sum
The spreadsheet used in this blog is @ Calcbench Portfolio Income Statement.xlsx To plug in your portfolio sign-up for Calcbench trial @ and download the Calcbench Excel Add-in

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