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Monday, September 26th 8AM EST: The migration is taking longer than expected, we need a few more hours to bring the site back online.


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No. of Recommendations: 5
So there's a new game in town I hear called Market Pass. Not sure what it is. But alas! I guess that's that. It came a bit sooner than I would have liked. Like life I suppose. So long. Fairwell. Auf wiedersehen. Good bye Inside Value.

--FJ
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No. of Recommendations: 8
Hi, FJ. I hear you. What is happening is that effective today, HG, II and IV will all be folded into the Market Pass service.

As markets and Fools have changed, TMF has been introducing new types of services that deliver the same quality research and guidance you've come to expect but in different ways. Market Pass will include the flagship Stock Advisor and Rule Breaker services, plus weekly coverage of value investing, small cap investing and dividend investing as well as monthly recommendations. Additionally, Market Pass includes a series of special themed reports, including the popular topics of AI, Biotech, Crypto Investing and more.

While service specific "customer service" discussion boards will be closed along with the service web site on May 10th, general conversation boards will be moving to the public side of boards.fool.com (similar to what was done with Global Gains, Deep Value, Special Ops, etc.), preserving your favorite bookmarks. Company specific boards will be merged sometime next week with the new Premium Commons, a service-agnostic forum in which all premium service members can continue to discuss companies regardless of their recommendation and portfolio status. Your Ticker Guides and Maintenance Coverage Fool will continue to post in the Premium Commons.

As of today, you have full access to the Market Pass web site, which is welcoming HG, II and IV members with a new value, divididend and small cap recommendation. In the next week or so, you will also receive a final report from your HG, II or IV analyst team with their thoughts on all the active recommendations in that service. This report will also be published to the Market Pass site as well.

I will also note that the Million Dollar Portfolio is being closed down. Plagued by poor timing from it's initial launch right before the Great Recession, all of the above will apply to MDP as well with the additional step of selling off the companies in the real-money portfolio on or after May 10th.

Immmediately, these services are closed to new members. If there are special reports or other articles published to the HG, II, IV or MDP web sites, you should save or copy them before May 10th because after that, they will no longer available. The Scorecards for each service have been frozen as of market close today. There will be a scorecard for all companies recommended in Market Pass.
Market Pass will include buy-around and allocation guidance for all value, dividend and small-cap companies

Each member Fool will be receiving an email specific to their subscription status explaining these changes and what accomodations TMF will be making with regards to their paid memberships. I cannot address these individual options, but if you have any questions about the changes being rolled out today, please feel free to email Member Services at [email protected]

I know this is a lot of information to absorb and I will try to answer any questions you have. The bottom line is that the Foolish Community has evolved over the decades and TMF has to evolve with it to remain relevant and useful to its members. I urge all Fools to see these changes as opportunities to grow as investors. The future is both uncertain and exciting, but rest assured, you will not be facing it alone.

Fuskie
Who notes the ideals and values of Inside Value are not going away - they are just moving to a new home...

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Ticker Guide for The Walt Disney Company (DIS), Orbital ATK (OA), Titan International (TWI), Time Warner (TWX), Global Payments (GPN)
Disclaimer: This post is non-professional and should not be construed as direct, individual or accurate advice
Disclosure: May own shares of some, many or all of the companies mentioned in this post (tinyurl.com/FuskieDisclosure)
Fool Code of Conduct: http://tinyurl.com/FoolCode
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No. of Recommendations: 15
I am angry. Very angry.

This is either a demonstration on how to rip off your customers to make them pay again for a service they've already paid for or it is a major botched transition.

Facts:
- I have two subscriptions (IV and HG) and they are going until 4/2020 and 5/2020 respectively.
- There are no price points announced for MarketPass (MP) and - other than the two month sample subscription to MP, there are also no transition offers announced.

Assumptions:
- The subscription fee to MP will be significantly higher than for IV and HG.

Questions:
- Are there any other individual migration offers beyond what was already announced.

My conclusion:
- Since TMF didn't announce any price points and migration offers I can only conclude that this is a way for TMF to essentially say "If you still want coverage of the areas you are interested in, we want more money from you and we don't care that you've already paid your subscription fee".

If that is not their intention, they certainly deserve a medal for the worst corporate communication in 2018.

Did I mention that I am angry? Very angry.
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No. of Recommendations: 1
Importantly, are the advisors for IV moving over to the new service?
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No. of Recommendations: 1
tangofan,
The email you received this afternoon should have included a migration offer tailored to your individual membership term. Perhaps check that over again and if I'm mistaken about that, please get in touch with our member services Fools, who can help you out.
-- Tracy, managing editor
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No. of Recommendations: 0
Hi, Todd1001 --
Rich, Philip, and John will be familiar faces in Market Pass. They touched on this a bit in their Final Report for IV. I'm linking that here to be sure you saw it -- there's good advice in it, including updated valuation estimates and buy-around prices for all the IV companies.
https://www.fool.com/premium/market-pass/coverage/4027/cover...
--Tracy, managing editor
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No. of Recommendations: 4
I'm also very disappointed to hear the news, as I have enjoyed this service for quite a while and was looking forward to more. With all of the services that Motley Fool has shut down over time that just looking at the returns of the remaining services will have a serious issue with survivorship bias.

I emailed customer service, as my afternoon email didn't include any information on a transition price. I suspect that the price will be significantly higher (though at a minimum, the prices for the discontinued services should be grandfathered for the remainder of their subscription terms).

Lastly, May 10th really isn't much time before this site gets shut down.
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No. of Recommendations: 1
I’m not angry (yet) but I am confused. I don’t think I received any notice of the upcoming changes. I concur with others who have not received notice of how the existing subscribers will be handled. I had subscribed to IV and to II, should I expect these to be counted consecutively now?

Some existing recommendations are listed in the “final “ report as sells despite being, at least in one case, well below the listed value and buy-around price. What to make of the listed values in such cases?
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No. of Recommendations: 2
Hi Tracy, thank you for the link to the Final Report. I will save this report. I really appreciate that the team made this report.

It seems to me that this report should be featured prominently on the Home page for IV, but I don't see it anywhere. Would you please make sure it is posted so that everyone can see it?

thanks
Nancy
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No. of Recommendations: 1
Hi Latte2012 --

I don’t think I received any notice of the upcoming changes.

I just heard a recording of a phone conference with the people managing the transition. They informed us that the change communications are coming out throughout the day. The communications are customized based on each member's current subscriptions, and it takes quite a bit of processing power to customize and send the emails out. If you do not receive your custom communication by tomorrow, please reach out to member services to inquire. This web form will allow you to reach them: https://www.fool.com/contact/customer-service/ . Alternatively, you can call (844) 611-9905 between 9 a.m. and 5 p.m. ET Monday through Friday.

Regards,
-Chuck
Inside Value Home Fool
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No. of Recommendations: 0
Hi again, Latte2012 --

Some existing recommendations are listed in the “final “ report as sells despite being, at least in one case, well below the listed value and buy-around price. What to make of the listed values in such cases?

I recommend asking on the board for any specific recommendation where you have a question. The Inside Value team remains dedicated to this service throughout the transition and can address your question.

Regards,
-Chuck
Inside Value Home Fool
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No. of Recommendations: 0
Hi Tracy,
I agree with NancyJean33 regarding the final report being posted prominently on the IV page, as I am unable to access the new Market Pass website and hence the final report (!).

I have received an email about the changes but with no information as to what will happen or what my options are and I have replied asking for clarification.
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No. of Recommendations: 0
-----
Ticker Guide for The Walt Disney Company (DIS), Orbital ATK (OA), Titan International (TWI), Time Warner (TWX), Global Payments (GPN)
Disclaimer: This post is non-professional and should not be construed as direct, individual or accurate advice
Disclosure: May own shares of some, many or all of the companies mentioned in this post (tinyurl.com/FuskieDisclosure)
Fool Code of Conduct: http://tinyurl.com/FoolCode
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No. of Recommendations: 0
Whoops!

I have passed on the suggestion that more info be published to the outgoing service's landing page but have no information on whether that will happen.

You absolutely should have immediate access to the Market Pass web site. If you still do not, reply to this post and I will escalate the issue.

You also should have received an individualized email with your transition options. If you have not, please check your junk mail folder to make sure it didn't get diverted. If not, email [email protected] and the Member Services team will assist you.

Fuskie
Who knows that this change is disappointing and appreciates your frustration but will try to help you through it...

-----
Ticker Guide for The Walt Disney Company (DIS), Orbital ATK (OA), Titan International (TWI), Time Warner (TWX), Global Payments (GPN)
Disclaimer: This post is non-professional and should not be construed as direct, individual or accurate advice
Disclosure: May own shares of some, many or all of the companies mentioned in this post (tinyurl.com/FuskieDisclosure)
Fool Code of Conduct: http://tinyurl.com/FoolCode
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No. of Recommendations: 0
Hi Fuskie,

Thank you! I did eventually get a transition offer to Stock Advisor or Rule Breakers (neither would compensate for the loss of Inside Value), but you may just have saved my day here – I suddenly got an email welcoming me to Market Pass and now have access to the final report. Much appreciated! :)
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No. of Recommendations: 3
Value Fools,

I'm going to share some addition details about how the Inside Value team determined the three groupings for our final guidance report. This should have been laid out more clearly and thoroughly in the report. I'm sorry that it wasn't, but we hope to rectify that now.

The first group is our "high-conviction long-term hold list." Let's call this "Group A."

These are the businesses (and stocks) that we think will continue to compound their intrinsic values and provide you with long-term market beating returns.

These are high-quality businesses run by high-quality management teams. Many have been multiple recs. All have at least one source of sustainable competitive advantage and many have multiple sources of overlapping moats. Many share similar financial attributes including healthy balance sheets, high returns on invested capital (ROIC) and free cash flow (FCF), organic growth, recurring revenue, and pricing power. All of them have growth opportunities and several of them have growth powered by long-term tailwinds. These are the businesses and management teams that we admire most, trust our capital to, and love to learn from in our investing journey.

This list has nothing to do with valuation because we don’t think any of them are unreasonably expensive (to justify selling) and we think the values of these businesses will grow at a high-enough rate and long enough to justify owning them for a very long time (10 years or longer).

The second group we'll call "Group B." We titled this group "Companies You Can Hold For the Next Few Years." In truth, we could have come up with a better title because "few" is vague and not very helpful to you.

But, group B is populated with good businesses that are undervalued with acceptable risk levels. Every single one of the companies on this list is trading at a discount to our estimate of fair value (with an acceptable margin of safety) and all of them but Copa and Time Warner are a "medium" or lower risk level. Even once (hopefully) they are trading at fair value, we wouldn’t be in any rush to sell. But they didn’t make our high-conviction long-term hold list (Group A) because we were less sure of their prospects ten years out or longer.

The third group we'll call "Group C." We called this group "Companies We Would Consider Selling" because we are less excited about their long-term prospects. If I didn't like the title to Group B, I really don't like the title to Group C, but we had difficulty coming up with a better alternative. The reason I personally don't love the title is because we didn't make it clear enough that you should only "CONSIDER" selling if that is something you want to do (if you want to pare back your portfolio or raise cash for any reason). There has been research done at Stock Advisor showing that its stellar returns would have been even better had the Motley Fool never sold any of the stocks on the scorecard. So, the decision to actually sell, we're leaving up to you based on your own personal circumstances. Companies made this list for a variety of reasons including...

1. They are trading at or above our estimate of fair value.
2. We are less sure of their long-term prospects for profitable growth and compounding value.
3. Perhaps they serially disappoint, have deteriorating moats, and/or continue to underperform our expectations.
4.Perhaps we'd rather choose to partner with another management team.
5. Or maybe it's a lousy business that we wouldn't consider investing in today. (We've refined our processes and checks and focus on quality above all else now).
6. Finally, perhaps we just deem it a company that needs constant monitoring, but we will no longer be providing that monitoring to you at Inside Value through ongoing earnings/maintenance coverage and valuation updates (guidance changes).

We hope this helps.

We truly believe that Market Pass is the best solution we can offer our members going forward, and your value team (led by Rich and supported by John and Philip) will still be working together to recommend Market Pass members our favorite value ideas each month.

We hope everyone has an awesome weekend.

Fool on and thank you.

John
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No. of Recommendations: 1
I have still not received a transition offer. I don't understand why there could not have been more lead time to the cancelation, which would have allowed for these to have been calculated and sent along with the initial announcement. I am feeling very much up in the air, and doubtful that anybody will reply this weekend.
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No. of Recommendations: 0
I concur. We are going to lose access to a lot of accumulated history and wisdom about our investee companies. That is what I am most upset about.

I hope we still get the Guidance Change articles and the scorecard with buy around price, risk level and margin of safety, along with comparison of performance to the S&P500 of course.
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No. of Recommendations: 5
This is a really ham-fisted, terrible transition.

Why not allow the individual websites to continue and allow them to be accessed from Market Pass (see what has been done with Sock Advisor and Rule Breakers)?

The loss of the Inside Value site is what I for one am most angry about.
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No. of Recommendations: 3
Another vote for this being ham-fisted. Extremely.

I got the email about the transition. No price mentioned.

It said if Market Pass wasn't my thing, they'd switch my subscription to Stock Advisor. Already have it. And it's a completely different investing style.

Went over to check out Market Pass. Tried the filters on all stocks. It's taking literally about 5 to 10 minutes to respond to things like clicking a check box or scrolling forward a page. We get two free months to evaluate it, will it be usable by then?

And I don't see Margin of Safety anywhere <cries>
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No. of Recommendations: 10
I’ve been out of town and away from the boards for a few days. Did I miss anything? ;)

Thanks to everyone in this thread for helping to clarify the situation, especially Fuskie, who I learned more from than the official communication.

I’ve already been a happy Market Pass member since last summer, so maybe I’m not getting all the communications about the transition because I’m already there? But there are non-subscription related effects of the transition that affect me.

I think what Fuskie describes about having one set of message boards common to all the services is a big positive. No more posting the same thing to 4 different Alphabet or investing philosophy boards, right? I’ve been asking for that for a long time. (In fact, since I’m posting from my phone right now, I can’t even be bothered to post these same comments on the other services’ relevant boards.)

What upsets me the most is that ongoing coverage of existing stock picks is going away. I own around 60 different Fool stocks between my regular and Roth brokerage accounts, many of them from IV, II, and HG. I can’t follow all of them myself, but I have always been comfortable to outsource keeping an eye on them to the Fool advisor teams. Without any official overwatch and guidance on those stocks going forward, I’m much less comfortable holding these stocks all on my own. I will probably continue to hold because I don’t want to have mass-turnover in my accounts, especially the taxable one. But I won’t be happy about these orphan stocks. If there is a major change or event at the companies, I will probably be biased into selling absent any Fool guidance.

Will the advisors continue making value, income, and small cap picks within Market Pass on a monthly cycle? Is it likely that the best stocks (group A, and maybe group B) will be re-recommended in short order? Why not keep the existing recommendation lists going and just merge them into Market Pass instead of starting over?

Mike
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No. of Recommendations: 0
Mike,

Just a quick reply.

From my understanding, all of the services advisors will continue to do similiar work for MP.

All of the existing boards are supposed to get morphed over to..., Shoot, forgetting the first word, but something Commons. No posts should be lost. The duplicate boards will be somehow be morphed together so no more 4 Alphabet boards and so on.

Take care and Fool on,

mazske
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No. of Recommendations: 0
The boards are Premium Commons.

Fool on,

mazske
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No. of Recommendations: 6
Hi Mike,

Thanks for your thoughtful message. As a contractor I'm not sure exactly how we will track which stocks in Market Pass. However the merging of boards into Premium Commons should be a major benefit as there will be more members and more analysts able to comment. For example: Starbucks is in SA and IV so I can post comments there as can SA and other analysts. I'm not sure so much about "orphan stocks" but let's take First American (FAF) which I've followed for 13 years. It is easy for me to post a few comments or answer questions as long as I have the relevant discussion board available. What won't likely happen is guidance change articles as per IV. Nor will we likely publish a single valuation for any stock. I envision using a valuation range and I do know that we will have a buy around price for each recommendation.

Rich, John and I will be the MP Value Investing team and afaik we are tasked with recommending stocks each month which could be new ideas or re-recommended companies. Same goes for the other groups.

These are my understanding but I must stress I'm a contractor and not privy to most TMF service discussions. For that I pass comments up the line!

Best Regards
Philip
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