I am a Canadian Chartered accountant who has been an active investor for 15 years. I look first at the satements and operating results and do my own independent valuation on company shares prior to buying them. I have been successful in navigating two massive bear markets and have achieved considerable positive returns over my tenure s a active investor. I am confident that value is the only criteria that determines stock price over the long term. All other measures are mere window dressing. My theory has borne out by repeated successes over a period where he market has effectively been flat to down.