DATE 
CHANGE

06/01/2004  Initial version 
11/01/2004  Require gross margin to be increasing 1%/year, require gross margin > 20% 
12/13/2004  Use only last 3 quarters instead of 8 to calculate gross margin trend; set max price as function of gross income and revenue growth rate 
12/20/2004  Debt threshold also function of gross income; reverted gross margin trend calculation to use 8 quarters 
04/11/2005 
New
Max Price calculation as function of next year's projected gross income;
require Operating Income to be positive and at least 10% of gross income

04/25/2005 
Change
calculation of revenue, gross margin trends to be basd on last 4 quarters,
not 8 (all calculations now focus on a 4quarter trend)

09/26/2005  Fixed bugs in Operating Income calculation (very positive results in back testing) 
10/31/2005  Loosened Operating Income growth/year from 5% of gross income to 1% (was too tight) 
12/12/2005  Eliminate companies with very low inventories and receivables based on an empirical observation that these have a high distribution of poor businesses 