From:	Mann, Bob (R.C.)
Sent:	Thursday, November 11, 2004 11:27 AM
To:	Mann, Bob (R.C.)
Subject:	LMIC - Toolkit info
The question was asked about Toolkit, 
"I'm sure this has been answered before, but I must have missed it. When estimating the projected sales and earnings, 
the entry box gives the analyst's estimate of EPS, which I never exceed. Who are these analysts? Are they the same
 analysts that give buy/sell projections on the Reuter's page of analysts' recommendations? And are their recommendations 
for the immediate future or for 5 years out?"
 
--- Doug Gerlach gerlach@iclub.com  answered: It comes from the S&P Analysts Consensus Estimate (ACE) estimate in 
OPS data. This is the estimate of 5-year EPS growth rates from those Wall Street analysts who make long-term growth
 rate estimates, as collected by Standard & Poors. Actually, very few analysts make long-term estimates, so the estimates 
tend to be very general (in my experience). And, in my experience, almost always too high. I make my own judgment call of 
earnings, and then check the analysts to make sure I am comfortably below their estimates. (I also make sure that my five 
year earnings projection is below the Value Line 3-5 year earnings projection.) If I am below both of these, I feel that my 
projection has some chance of being right.