Research standards

These are the rules the weekly letter and the research pages follow. If you ever catch one of them being broken, write to travisvaluation@gmail.com.

These rules were set down on September 14, 2026 and apply to every letter from then on. The five letters sent before that date are in the archive as they went out.

Every figure has a date and a source

Every price, and every figure worked out from a price, shows the date it was captured. Company figures come from filed financial statements through Financial Modeling Prep, as reported under US GAAP or IFRS rather than the adjusted figures earnings calendars carry. When a letter quotes something the data feed doesn't have, it cites the company's own filing or release.

Every value names its method, and every call its test

Every value on a research page names the method behind it, and the Methodology page gives each one's formula and limits. When a letter makes a call on a stock, it says what would prove the call wrong, and when the company is about to report, the letter sets those tests before the results arrive.

Holdings are disclosed

Every letter says whether I own the stock it features and, if I do, the price I paid.

No buying ahead of the letter

I don't buy a stock I'm about to feature until the letter featuring it has gone out.

Who pays for this

The only money Travis Valuation takes in is from Pro subscriptions. No company pays to be written about, and nothing in the letter or on the research pages is sponsored. A subscription started through someone's referral link can earn that person a referral payment.

Corrections are published

When a published figure turns out to be wrong, the next letter says what was wrong and what it should have said, and the archived letter carries the correction with its date.

General information, not personal advice

The letter and the site are written for self-directed investors and don't know your circumstances; the About page says what that means. Check any figure against the company's own filings before acting on it.

Where these standards come from

They draw on principles professional analysts are held to, including fair presentation, disclosure of conflicts and putting readers' interests ahead of the writer's own trades, as set out in CFA Institute's Code of Ethics and Standards of Professional Conduct. Travis Valuation is not affiliated with or endorsed by CFA Institute.

Curtis Travis, B.Comm, P.App, AACI (retired)