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I just finished reading your book (I bought over a year ago, and saddly, I only started reading it last week), and I thought it was great.


I'm also kind of new to this, and started analyzing Movado using IETC's criteria. First of all, where do I get the spreadsheet you mention in your post? (I made all my calculations on an Excel file I prepared -with data from

Second, from my basic IETC analysis, I find Accrual, Defensive and Enterprising profits for 2008 and 2007, while my analysis shows Enterprising losses in 2006 ('06 is located in the lower right box, while '07 and '08 are in the Earnings Power Box -though not showing any stair formation).

Regarding the Enterprising profit in 30 second calculation, for debt you include only the debt portion (working capital, current and long term) of the liabilities? or all liabilities? (for example for WACC calculation I included all liabilities over D+E and all stockholders equity over D+E -should I exclude other liabilities??-).

Thanks again for a wonderful book, hope to keep on learning.
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