Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin32.7%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin22.9%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
A
Years to Pay Off Debt2.7 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$12.9B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$25.7B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
N/A
Cash Flow
A
Free Cash Flow$3.6B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income6.8%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$7.1B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Market Data
Key Margins
Gross Profit46.7%
Operating Margin32.7%
Net Margin22.9%
Company Info
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
Gross Profit %
46.7%▼
49.4%▲
48.1%▼
48.6%
Operating Margin %
32.7%▼
36.9%▲
35.5%▼
36.2%
Net Income %
22.9%▼
31.2%▲
30.8%▲
29.0%
Diluted EPS
35.31▼
42.01▲
36.51▲
33.97
Balance Sheet Highlights
Metric
2025
2024
2023
2022
Total Assets
$170.0B
$138.6B
$123.2B
$117.6B
Total Debt
$15.0B▲
$14.2B▲
$9.7B▲
$8.5B
Working Capital
$25.7B▲
$23.6B▲
$18.1B▲
$16.9B
Years to Pay Debt
2.70
2.23
1.76
1.64
Cash Flow Highlights
Metric
2025
2024
2023
2022
Free Cash Flow
$3.6B▼
$4.7B▲
$3.8B▼
$4.4B
Owner Earnings
$7.1B
$7.2B
$6.3B
$6.1B
CapEx % of Net Income
6.8%
4.0%
6.3%
10.3%
Income Statement
2025
2024
2023
2022
Tax Effect Of Unusual Items
-26,633
113,493
134,620
-25,200
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
9,480,000
8,834,000
7,239,000
7,046,000
Total Unusual Items
-121,000
528,000
635,000
-126,000
Total Unusual Items Excluding Goodwill
-121,000
528,000
635,000
-126,000
Net Income From Continuing Operation Net Minority Interest
5,553,000
6,369,000
5,502,000
5,178,000
Reconciled Depreciation
1,126,000
529,000
427,000
418,000
Reconciled Cost Of Revenue
12,555,000
10,083,000
9,001,000
8,922,000
EBITDA
9,359,000
9,362,000
7,874,000
6,920,000
EBIT
8,233,000
8,833,000
7,447,000
6,502,000
Net Interest Income
-60,000
229,000
181,000
-60,000
Interest Expense
614,000
538,000
292,000
212,000
Interest Income
554,000
767,000
473,000
152,000
Normalized Income
5,647,367
5,954,493
5,001,620
5,278,800
Net Income From Continuing And Discontinued Operation
5,553,000
6,369,000
5,502,000
5,178,000
Total Expenses
16,307,000
12,869,000
11,520,000
11,397,000
Rent Expense Supplemental
521,000
421,000
418,000
403,000
Total Operating Income As Reported
7,045,000
7,574,000
6,275,000
6,385,000
Diluted Average Shares
160,900
151,600
150,700
152,440
Basic Average Shares
155,000
150,000
149,300
150,921
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
5,680,000
6,369,000
5,502,000
5,178,000
Average Dilution Earnings
127,000
0
0
Net Income Common Stockholders
5,553,000
6,369,000
5,502,000
5,178,000
Net Income
5,553,000
6,369,000
5,502,000
5,178,000
Minority Interests
-389,000
-143,000
-174,000
184,000
Net Income Including Noncontrolling Interests
5,942,000
6,512,000
5,676,000
4,994,000
Net Income Continuous Operations
5,942,000
6,512,000
5,676,000
4,994,000
Tax Provision
1,677,000
1,783,000
1,479,000
1,296,000
Pretax Income
7,619,000
8,295,000
7,155,000
6,290,000
Other Income Expense
-230,000
528,000
635,000
-126,000
Other Non Operating Income Expenses
-109,000
Special Income Charges
-759,000
36,000
-64,000
-91,000
Other Special Charges
109,000
Restructuring And Mergern Acquisition
759,000
-36,000
64,000
91,000
Gain On Sale Of Security
638,000
492,000
699,000
-35,000
Net Non Operating Interest Income Expense
-60,000
229,000
181,000
-60,000
Interest Expense Non Operating
614,000
538,000
292,000
212,000
Interest Income Non Operating
554,000
767,000
473,000
152,000
Operating Income
7,909,000
7,538,000
6,339,000
6,476,000
Operating Expense
3,401,000
2,548,000
2,243,000
2,208,000
Depreciation Amortization Depletion Income Statement
775,000
291,000
151,000
151,000
Depreciation And Amortization In Income Statement
775,000
291,000
151,000
151,000
Amortization
775,000
291,000
151,000
151,000
Amortization Of Intangibles Income Statement
775,000
291,000
151,000
151,000
Selling General And Administration
2,626,000
2,257,000
2,092,000
2,057,000
Selling And Marketing Expense
373,000
314,000
344,000
331,000
General And Administrative Expense
2,253,000
1,943,000
2,092,000
2,057,000
Other Gand A
1,732,000
1,522,000
2,092,000
2,057,000
Rent And Landing Fees
521,000
421,000
418,000
403,000
Gross Profit
11,310,000
10,086,000
8,582,000
8,684,000
Cost Of Revenue
12,906,000
10,321,000
9,277,000
9,189,000
Total Revenue
24,216,000
20,407,000
17,859,000
17,873,000
Operating Revenue
24,216,000
20,407,000
17,859,000
17,873,000
Balance Sheet
2025
2024
2023
2022
Treasury Shares Number
1,207
370
23,575
22,319
Ordinary Shares Number
155,069
154,948
148,500
149,756
Share Issued
156,276
155,318
172,075
172,075
Net Debt
1,300,000
Total Debt
14,996,000
14,222,000
9,702,000
8,489,000
Tangible Book Value
-7,363,000
803,000
5,565,000
4,101,000
Invested Capital
68,656,000
59,809,000
47,265,000
44,398,000
Working Capital
25,684,000
23,578,000
18,138,000
16,927,000
Net Tangible Assets
-7,363,000
803,000
5,565,000
4,101,000
Capital Lease Obligations
2,228,000
1,908,000
1,784,000
1,835,000
Common Stock Equity
55,888,000
47,495,000
39,347,000
37,744,000
Total Capitalization
68,656,000
59,809,000
47,265,000
44,398,000
Total Equity Gross Minority Interest
61,542,000
49,355,000
41,240,000
38,785,000
Minority Interest
5,654,000
1,860,000
1,893,000
1,041,000
Stockholders Equity
55,888,000
47,495,000
39,347,000
37,744,000
Gains Losses Not Affecting Retained Earnings
-545,000
-1,178,000
-840,000
-1,101,000
Other Equity Adjustments
-545,000
-1,178,000
-840,000
-1,101,000
Treasury Stock
1,216,000
386,000
11,991,000
10,805,000
Retained Earnings
37,899,000
35,611,000
32,343,000
29,876,000
Additional Paid In Capital
19,748,000
13,446,000
19,833,000
19,772,000
Capital Stock
2,000
2,000
2,000
2,000
Common Stock
2,000
2,000
2,000
2,000
Total Liabilities Net Minority Interest
108,456,000
89,260,000
81,971,000
78,843,000
Total Non Current Liabilities Net Minority Interest
106,716,000
87,724,000
80,731,000
77,549,000
Other Non Current Liabilities
83,272,000
67,204,000
65,130,000
63,407,000
Employee Benefits
3,830,000
2,964,000
2,393,000
2,272,000
Non Current Deferred Liabilities
4,618,000
3,334,000
3,506,000
3,381,000
Non Current Deferred Taxes Liabilities
4,618,000
3,334,000
3,506,000
3,381,000
Long Term Debt And Capital Lease Obligation
14,996,000
14,222,000
9,702,000
8,489,000
Long Term Capital Lease Obligation
2,228,000
1,908,000
1,784,000
1,835,000
Long Term Debt
12,768,000
12,314,000
7,918,000
6,654,000
Current Liabilities
1,740,000
1,536,000
1,240,000
1,294,000
Payables And Accrued Expenses
1,740,000
1,536,000
1,240,000
1,294,000
Total Assets
169,998,000
138,615,000
123,211,000
117,628,000
Total Non Current Assets
142,574,000
113,501,000
103,833,000
99,407,000
Other Non Current Assets
65,798,000
56,407,000
59,946,000
57,527,000
Investments And Advances
10,395,000
7,780,000
7,572,000
5,690,000
Other Investments
4,905,000
2,428,000
2,614,000
2,040,000
Investmentin Financial Assets
3,357,000
2,569,000
2,202,000
1,755,000
Held To Maturity Securities
507,000
547,000
617,000
544,000
Available For Sale Securities
568,000
72,000
1,975,000
1,550,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total
2,282,000
1,950,000
1,585,000
1,211,000
Long Term Equity Investment
2,133,000
2,783,000
2,756,000
1,895,000
Goodwill And Other Intangible Assets
63,251,000
46,692,000
33,782,000
33,643,000
Other Intangible Assets
27,968,000
20,743,000
18,258,000
18,302,000
Goodwill
35,283,000
25,949,000
15,524,000
15,341,000
Net PPE
3,130,000
2,622,000
2,533,000
2,547,000
Accumulated Depreciation
-1,692,000
-1,553,000
-1,439,000
-1,390,000
Gross PPE
4,822,000
4,175,000
3,972,000
3,937,000
Leases
1,256,000
1,048,000
1,036,000
613,000
Construction In Progress
66,000
102,000
66,000
417,000
Other Properties
1,874,000
1,519,000
1,421,000
1,516,000
Machinery Furniture Equipment
1,553,000
1,435,000
1,379,000
1,321,000
Buildings And Improvements
67,000
65,000
64,000
64,000
Land And Improvements
6,000
6,000
6,000
6,000
Current Assets
27,424,000
25,114,000
19,378,000
18,221,000
Restricted Cash
8,009,000
6,152,000
4,650,000
5,856,000
Receivables
5,158,000
4,449,000
4,121,000
3,618,000
Loans Receivable
0
145,000
205,000
354,000
Cash Cash Equivalents And Short Term Investments
14,257,000
14,513,000
10,607,000
8,747,000
Other Short Term Investments
2,789,000
1,751,000
1,871,000
1,331,000
Cash And Cash Equivalents
11,468,000
12,762,000
8,736,000
7,416,000
Cash Flow
2025
2024
2023
2022
Free Cash Flow
3,552,000
4,701,000
3,821,000
4,423,000
Repurchase Of Capital Stock
-1,951,000
-1,930,000
-1,884,000
-2,332,000
Repayment Of Debt
-908,000
-1,058,000
-59,000
-776,000
Issuance Of Debt
1,080,000
5,474,000
1,238,000
0
Capital Expenditure
-375,000
-255,000
-344,000
-533,000
Interest Paid Supplemental Data
482,000
289,000
200,000
177,000
Income Tax Paid Supplemental Data
2,298,000
1,699,000
1,392,000
1,067,000
End Cash Position
11,490,000
12,779,000
8,753,000
7,433,000
Beginning Cash Position
12,779,000
8,753,000
7,433,000
9,340,000
Effect Of Exchange Rate Changes
329,000
-162,000
106,000
-291,000
Changes In Cash
-1,618,000
4,188,000
1,214,000
-1,616,000
Financing Cash Flow
-1,127,000
2,236,000
-1,992,000
-5,442,000
Cash Flow From Continuing Financing Activities
-1,127,000
2,236,000
-1,992,000
-5,442,000
Net Other Financing Charges
3,832,000
2,387,000
1,653,000
645,000
Proceeds From Stock Option Exercised
167,000
464,000
95,000
11,000
Cash Dividends Paid
-3,347,000
-3,101,000
-3,035,000
-2,990,000
Common Stock Dividend Paid
-3,347,000
-3,101,000
-3,035,000
-2,990,000
Net Common Stock Issuance
-1,951,000
-1,930,000
-1,884,000
-2,332,000
Common Stock Payments
-1,951,000
-1,930,000
-1,884,000
-2,332,000
Net Issuance Payments Of Debt
172,000
4,416,000
1,179,000
-776,000
Net Long Term Debt Issuance
172,000
4,416,000
1,179,000
-776,000
Long Term Debt Payments
-908,000
-1,058,000
-59,000
-776,000
Long Term Debt Issuance
1,080,000
5,474,000
1,238,000
0
Investing Cash Flow
-4,418,000
-3,004,000
-959,000
-1,130,000
Cash Flow From Continuing Investing Activities
-4,418,000
-3,004,000
-959,000
-1,130,000
Dividends Received Cfi
390,000
366,000
46,000
70,000
Net Investment Purchase And Sale
-937,000
-179,000
-472,000
-667,000
Sale Of Investment
544,000
766,000
400,000
242,000
Purchase Of Investment
-1,481,000
-945,000
-872,000
-909,000
Net Business Purchase And Sale
-3,496,000
-2,936,000
-189,000
0
Purchase Of Business
-3,496,000
-2,936,000
-189,000
0
Net PPE Purchase And Sale
-375,000
-255,000
-344,000
-533,000
Purchase Of PPE
-375,000
-255,000
-344,000
-533,000
Operating Cash Flow
3,927,000
4,956,000
4,165,000
4,956,000
Cash Flow From Continuing Operating Activities
3,927,000
4,956,000
4,165,000
4,956,000
Dividend Received Cfo
429,000
57,000
49,000
50,000
Change In Working Capital
-189,000
176,000
-346,000
-897,000
Change In Other Working Capital
659,000
367,000
145,000
-711,000
Change In Other Current Liabilities
225,000
-382,000
375,000
-481,000
Change In Other Current Assets
-529,000
375,000
-254,000
30,000
Change In Payables And Accrued Expense
75,000
259,000
-26,000
-151,000
Change In Receivables
-619,000
-443,000
-586,000
416,000
Changes In Account Receivables
-619,000
-443,000
-586,000
416,000
Other Non Cash Items
-3,237,000
-2,579,000
-1,637,000
-1,022,000
Stock Based Compensation
1,307,000
753,000
630,000
708,000
Asset Impairment Charge
0
50,000
0
0
Deferred Tax
-631,000
-106,000
124,000
602,000
Deferred Income Tax
-631,000
-106,000
124,000
602,000
Depreciation Amortization Depletion
1,126,000
529,000
427,000
418,000
Depreciation And Amortization
1,126,000
529,000
427,000
418,000
Operating Gains Losses
-820,000
-436,000
-758,000
103,000
Earnings Losses From Equity Investments
-51,000
-41,000
-378,000
-29,000
Gain Loss On Investment Securities
-769,000
-395,000
-380,000
132,000
Net Income From Continuing Operations
5,942,000
6,512,000
5,676,000
4,994,000
3/5
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A
N/A — requires
positive EPS and positive book value per share. Check the Financials tab for earnings history.
Margin of Safety
—
Market Cap / Net Assets
N/A
Net Assets: $61.5B
Warren's Owner Earnings
$7.1B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/5 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$24.2B
vs > $1.5B revenue
✅
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
15.76x
vs Current Ratio > 2.0x
✅
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
No loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $33.97 to $35.31 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+3.9% EPS growth
vs > 33% EPS growth
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $24.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Strong Financial Condition — 15.76xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
✅ Earnings Stability — No loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $33.97 to $35.31 over 3 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
These metrics estimate what BLK is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
N/A
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
N/A
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
3.7%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
Metric
2025
2024
2023
2022
Capital Expenditure % of Net Income
6.8%
4.0%
6.3%
10.3%
Repurchase of Capital Stock
-$2.0B
-$1.9B
-$1.9B
-$2.3B
Free Cash Flow
$3.6B▼
$4.7B▲
$3.8B▼
$4.4B•
Warren's Owner Earnings
$7.1B
$7.2B
$6.3B
$6.1B
Peers & Industry
No auto-detected peers for this industry. You can manually compare BLK against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
No management data available.
Risk Analysis
BLK (BLK) fundamental analysis — Overall grade A based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A. Gross profit margin: 46.7%. Operating margin: 32.7%. Net margin: 22.9%. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
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