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StockMarketStudent2
Re: Factors Missing

Marco -

I appreciate and applaud the effort to standardize. However, it is important to take care in how these changes are implemented & phased in.

(1) 80 - 90% of the P123 Ranking Systems use growth rates or % change. Presumably all of the P123 ranking systems will be updated with functionally identical growth factors? In other words, don't substitute P/E excluding Ext. Items for Including Ext. Items, etc. (These ranking / rating systems are used all over the place and in some very fine-tuned systems.)

(2) What about R2G models? Are we required to update the R2Gs or can we continue to use the old factors even though they may be undocumented? We are only allowed to make changes every 6 months. The last change to industry factors was about 4 months ago, and 2 months before that. I have difficulties keeping up, given the 6 month rule and would prefer to leave the models as is unless I see a reason to change the model, then of course I would update the growth factors.

(3) How are the industry growth factors going to be handled?

Thanks
Steve

Aug 18, 2015 9:05:56 PM       
marco
Re: Factors Missing

These were deprecated first by placing them in a DEPRECATED section of the reference. Now they have been removed completely from the reference so its not confusing... But they still work if already in a system. If we decide to remove them permanently from the code base (unlikely anytime soon) we would first have a substitute, then do a find/replace, so your systems would be automatically updated.

Portfolio123 Staff.

Aug 18, 2015 10:34:10 PM       
abwillingham
Re: Factors Missing

It sure would be nice if the “ DEPRECATED section of the reference” was permanently available.
As a new user, I spend a lot of time looking through the public Ranking systems and screens.
They are full of these deprecated formulas and I have no way of looking them up.

Why deprecate the “deprecated section”?

Oct 10, 2020 12:29:46 PM       
yuvaltaylor
Re: Factors Missing

It sure would be nice if the “ DEPRECATED section of the reference” was permanently available.
As a new user, I spend a lot of time looking through the public Ranking systems and screens.
They are full of these deprecated formulas and I have no way of looking them up.

Why deprecate the “deprecated section”?

Because at some point those old formulas may stop working. They are unsupported for a reason. We don't want people using them and then having their strategies fail.

This was an issue recently with $EV, for instance. See https://www.portfolio123.com/mvnforum/viewthread_thread,12468 . . . A lot of people were using $EV rather than EV and their results were terribly inconsistent.

Yuval Taylor
Product Manager, Portfolio123
invest(igations)
Any opinions or recommendations in this message are not opinions or recommendations of Portfolio123 Securities LLC.

Oct 10, 2020 11:10:35 PM       
abwillingham
Re: Factors Missing

I understand. But that was five years ago. Even if the formulas stopped working today, keeping them in the reference with a "Deprecated" flag couldn't possibly hurt, and would certainly help newbs.

Oct 11, 2020 11:29:07 AM       
judgetrade
Re: Factors Missing

I checked my ranking, all factors seem to be be based on the new ones, besides the following

(mktcap + DbtTotQ - (CashPSQ * ShsOutMR)) / Eval(EBITDAq>0,EBITDAq,NA)

--> ShsOutMR seems not to be there anymore...

Should I change to SharesFD(0, QTR, FALLBACK)?

e.g. (mktcap + DbtTotQ - (CashPSQ * SharesFD(0, QTR, FALLBACK))) / Eval(FCFQ>0,FCFQ,NA)

Thank you and best regards!!!

Andreas

Oct 12, 2020 12:13:41 PM       
judgetrade
Re: Factors Missing

pop

Oct 13, 2020 3:22:47 PM       
yuvaltaylor
Re: Factors Missing

I checked my ranking, all factors seem to be be based on the new ones, besides the following

(mktcap + DbtTotQ - (CashPSQ * ShsOutMR)) / Eval(EBITDAq>0,EBITDAq,NA)

--> ShsOutMR seems not to be there anymore...

Should I change to SharesFD(0, QTR, FALLBACK)?

e.g. (mktcap + DbtTotQ - (CashPSQ * SharesFD(0, QTR, FALLBACK))) / Eval(FCFQ>0,FCFQ,NA)

Thank you and best regards!!!

Andreas


ShsOutMR is now Shares(0,Qtr,KeepNA)

Yuval Taylor
Product Manager, Portfolio123
invest(igations)
Any opinions or recommendations in this message are not opinions or recommendations of Portfolio123 Securities LLC.

Oct 13, 2020 4:21:06 PM       
marco
Re: Factors Missing

Just use SharesQ.

SharesQ is the pre-built factor that uses the function Shares(offset,type[,NAHandling]) and corresponds to Shares(0,Qtr,FALLBACK), but much easier to write. It automatically falls back to previous quarter value if the value is missing during preliminaries. A very reasonable thing to do with the # of shares.

Using KEEPNA is *really* hard and should be done only when doing something very specific. The reason it's hard is because in a long formula like yours some factors may fallback other not. So you really have to think of all the possibilities

Btw, We planning a way to make fallbacks easier to use (more consistent) in long formulas

Portfolio123 Staff.

Oct 13, 2020 9:10:46 PM       
Edit 2 times, last edit by marco at Oct 13, 2020 9:12:10 PM
marco
Re: Factors Missing

PS . We're introducing EV2EBITDA factors very soon so you can just use pre-built one and not worry about all the technical things.

Just one question, why are you using EBITAQ & FCFQ ? It akin to saying PEQ which I've never seen anyone use.

When we implement EV2EBITDA we were not planning a Q version. But if we did we would annualized the denominator to make it comparable to the TTM version (annualizing the Q is a bit trickier than it seems since you have to do it right for companies with semi-annuals)

Portfolio123 Staff.

Oct 13, 2020 9:29:22 PM       
Edit 1 times, last edit by marco at Oct 13, 2020 9:43:13 PM
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