Many investors, both professional and individual alike, like to use stock screens to identify new investment ideas. Considering the vast number of stocks you can buy, such screens can certainly have their benefits. There are drawbacks, though, as screens that look at financial history do not capture emerging companies very well, nor do they do a good job of accounting for new companies with brief histories of reportable financials.
Still, we have identified numerous great ideas in our career with stock screens. As mentioned in this column before, one of our favourite screens is for new highs. Seeing a stock hit a new high means, at a minimum, that other investors like it enough, more than ever before . Let’s take a look at five of our favourite things to screen for when looking for stock ideas. We will highlight one stock that meets each criteria, and provide a bonus stock pick idea for one company that meets 80 per cent of our criteria.As mentioned, we love to see a stock hit a new high. Some investors like to sell when stocks go up, but we often think it is better to buy. A new high means one thing: other investors love the stock.
Peter Hodson, CFA, is Founder and Head of Research of 5i Research Inc., an independent research network providing conflict-free advice to individual investors .
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