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Back story: As you know, PE ratios and price/book ratios don't tell you much about individual stocks. This means that the stock screening tools out there are of little or no use for finding the REAL bargains. Because it's not the pre-Internet 1970s and 1980s anymore, you'll never ever find quality among the lowest PE or lowest price/book stocks anymore. I'm a proponent of free cash flow. Unfortunately, there are no good screens based on free cash flow.

What I'd like to do: I'd like to start my own screen by creating an algorithm that analyzes the balance sheet, income statement, and cash flow statement data for the entire universe of US stocks. The idea is to figure out the free cash flow and see which stocks are cheapest according to MY criteria instead of the old PE and price/book ratios.

QUESTIONS: What are some easily parsed sources of this detailed financial data? How accurate are these sources? Where do Morningstar, Yahoo Finance, Wall Street Journal, FinBox, etc. get all that data from? Is XBRL ready for prime time yet? And what is this GTR1 tool that I've heard about?
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