Value Stock: A value stock is a stock that tends to trade at a lower price relative to its fundamentals (e.g., dividends, earnings and sales) and thus considered undervalued by a value investor ...7. Value Investing. The easiest way to make money long term in the stock market is to simple buy undervalued stocks, this ties into value investing. It's a simple concept where if you buy something undervalued then sooner or later the market will realize it's undervalued and correct accordingly (most times, sometimes it can stay undervalued ...When it comes to the stock market, stocks with the highest dividend yields are incredibly popular among many investors thanks to their potential for paying out high returns. Before getting into the pros and cons of high-dividend stocks, it’...value stocks Best Value Stocks to Buy With a possible recession on the horizon, investors would be wise to consider stable, yield-friendly value stocks. (Image credit: Getty Images) By...Lower entry cost: Investing in undervalued stocks allows investors to buy into a company at a lower cost than what they would have to pay for stocks that are trading at their fair value or higher. Value investing: Investing in undervalued stocks is a fundamental strategy of value investing, which involves identifying stocks that are …In principal, the value investing strategy relies on finding undervalued companies, buying shares and then making money when the market corrects and these previously undervalued companies go up in price. In this way, the strategy is looking for inefficiencies in the marketplace and taking advantage of what the general market sentiment is.Growth stocks are rewarded with high valuations for their great promises, but if they disappoint, investors are ruthless. Value traps deliver mediocre returns, ...Jan 11, 2023 · Current Price. $144.53. Price as of December 1, 2023, 4:00 p.m. ET. You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a ... 51.6%. Strong forward growth expectations. Analysts expect at least 20% yearly EPS growth over the next five years, and growth next year is expected to be greater than 0%. Demonstrated historical ...The best dividend stocks give you a great hedge against inflation, as they provide both appreciation and capital gains to offset rising costs. From 1973 to 2022, S&P 500 dividend stocks delivered ...Amazon ( AMZN 0.64%) was a $7 stock in 1998, and Tesla ( TSLA -0.52%) had a market valuation of just over $1 billion in 2010. Of course, not every small-cap company becomes a giant. Investing in ...These value-investing stocks will have the potential to earn profits in the long term based on some fundamental analysis. The main feature of high-value stocks is a high dividend yield with a low P/E (price to earnings) ratio and a low P/B (price to book value) ratio. These stocks generally do not fluctuate with market highs and lows.Dec 2, 2023 · Learn about the differences between growth investing and value investing. Value investing and growth investing are two different investing styles. Usually, value stocks present an opportunity to ... Tracking growth and value indexes. These trends can be seen in growth and value indexes, which are benchmarks designed to track each group of stocks.The S&P 500 Growth Index (SPYG 0.37%) draws ...value stocks Best Value Stocks to Buy With a possible recession on the horizon, investors would be wise to consider stable, yield-friendly value stocks. (Image credit: Getty Images)...Tom is a value investor based in New Zealand and constantly shares insights on value investment and stocks. 16. Rational Investing with Cameron Stewart, CFA.Tom is a value investor based in New Zealand and constantly shares insights on value investment and stocks. 16. Rational Investing with Cameron Stewart, CFA.28 Apr 2021 ... The trio found that value strategies not only offered higher returns, but they concluded that value stocks were less risky, too: Value stocks ...10 Best Value Stocks to Buy for the Long Term. The 10 cheapest value …Often growth and value stocks and investing styles are pitted against each other as an either-or option. But portfolios have room for both, and finding the right blend of value stocks and growth ...Value investing tends to outperform over the long term. While growth stocks might win the short-term battle, value stocks are winning the long-term war, suggests Dr. Robert Johnson, finance ...Best Online Brokerage Accounts and Trading Platforms of 2023. Best Overall: Fidelity Investments. Best Broker for ETFs: Fidelity Investments. Best Broker for Low Costs: Fidelity Investments. Best ...Market value: $152.1 billion. Median price target: $93.00 (22.4% implied upside) NextEra Energy ( NEE, $75.97) is typically found on lists of the best green energy stocks to buy. NEE is the world ...Dec 2, 2023 · Learn about the differences between growth investing and value investing. Value investing and growth investing are two different investing styles. Usually, value stocks present an opportunity to ... Tracking growth and value indexes. These trends can be seen in growth and value indexes, which are benchmarks designed to track each group of stocks.The S&P 500 Growth Index (SPYG 0.37%) draws ...Value investing tends to outperform over the long term. While growth stocks might win the short-term battle, value stocks are winning the long-term war, suggests Dr. Robert Johnson, finance ...Net-net is a value investing technique developed by Benjamin Graham in which a company is valued based solely on its net current assets. The net-net investing method focuses on current assets ...Lower entry cost: Investing in undervalued stocks allows investors to buy into a company at a lower cost than what they would have to pay for stocks that are trading at their fair value or higher. Value investing: Investing in undervalued stocks is a fundamental strategy of value investing, which involves identifying stocks that are …Value Criteria #2: Debt to Current Asset Ratio. Benjamin Graham advised buying companies with Total Debt to Current Asset ratios of less than 1.10. In value investing it is important at all times to invest in companies with a low debt load. Total Debt to Current Asset ratios can be found in data supplied by Standard & Poor’s, Value Line, …Feb 23, 2022 · The value investing approach requires a contrarian mindset, readiness to make long-term investments, and research and analysis of company fundamentals. But there are different and easier approaches – for example, you can still invest in value stocks through mutual or exchange-traded funds as a passive value investing strategy. Value Investing and Value Stocks Value investing is a long-term, conservative approach to investing. When you invest in value stocks, you’re looking to buy and hold companies...From 2020 to 2021, for instance, Amazon’s ( AMZN) stock price increased almost 65% from $2,008.72 to $3,313. That’s impressive year-over-year growth almost anytime, much less during a pandemic ...Here's an overview of value stocks, including some excellent beginner-friendly value stocks, and some key concepts and metrics …14 Oct 2023 ... When the markets hit a high or are in a bull run, two forms of investing tend to gain investor's interest: momentum investing and value ...3. Warren Buffett 3. Warren Buffett. Buffett might be the most famous investor of all. Known as the "Oracle of Omaha," he worked for and learned from Graham until the value investing pioneer retired.May 6, 2023 · Value investing typically refers to buying underappreciated stocks or businesses when others are selling them at a discount and then holding them for the long term. Our Investing Strategy. Our strategy is known as Value Investing and it involves buying stocks that we think are priced a long way below our estimate of their value. The value of any stock is defined as the sum of the net cash it can deliver to shareholders in the future, discounted to today's value, but in practice such calculations are ...Our Investing Strategy. Our strategy is known as Value Investing and it involves buying stocks that we think are priced a long way below our estimate of their value. The value of any stock is defined as the sum of the net cash it can deliver to shareholders in the future, discounted to today's value, but in practice such calculations are ...The Motley Fool has been providing investing insights and financial advice to millions of people for over 25 years. Learn how we make the world Smarter, Happier & Richer.Value investing is a long-term method that requires you to pay the full value of the share upfront, which you will then own in the long run. Trading allows you ...See full list on fool.com Open an investment account. 4. Choose your stocks. 5. Continue investing. When done well, stock investing is among the most effective ways to build long-term wealth. Here's a step-by-step guide to ...Step 3: Place the trade. Shares on the London Stock Exchange can be traded from 8 am to 4.30 pm on weekdays. After logging into the account, the next step is to search for the name (or ticker) of ...For years now, many have claimed "value investing is dead". This claim peaked during 2020 and 2021 as this was a time when tech stocks were soaring, and traditional businesses faced challenges due to pandemic-induced stay-at-home measures. These 2 ETFs prove otherwise: Distillate U.S. Fundamental Stability & Value ETF (DSTL)1 day ago · You can invest with as little as $1, and trade stocks, funds, and crypto commission-free**—all in one app. The platform uses straightforward, easy-to-understand language to explain investing ... Find Yahoo Finance predefined, ready-to-use stock screeners to search stocks by industry, index membership, and more. Create your own screens with over 150 different screening criteria.Stocks trading online may seem like a great way to make money, but if you want to walk away with a profit rather than a big loss, you’ll want to take your time and learn the ins and outs of online investing first. This guide should help get...Value investors use market metrics to find stocks that can outperform …12 Aug 2021 ... ... stockstobuy. Value Investing | How to do Value Investing (in हिंदी) | Analyzing Value Stocks. 1.9K views · 2 years ago #undervalued ...Jun 10, 2022 · Value investing is a strategy where investors aim to buy stocks, bonds, real estate, or other assets for less than they are worth. Investors who pursue value investing learn to uncover the ... Value investing typically refers to buying underappreciated stocks or businesses when others are selling them at a discount and then holding them for the long term.Value investing is the practice of purchasing stocks that are trading for less than their intrinsic value. The idea is to buy the stock when the price is temporarily low and realize gains...FXU, RDIV, and DVY are the best value ETFs. By. Nathan Reiff. Updated September 19, 2022. Value investing is the practice of identifying undervalued stocks in an effort to capitalize on the market ...With the stock trading at roughly 1.4 times book value, he says RenaissanceRe has attractive return potential for investors. Bank of America has a “buy” rating and $266 price target for RNR stock.Value stocks are often mature companies, which are more attractively priced than other stocks based on fundamental metrics, such as price-to-earnings (P/E), ...By . 25-Feb-2020. Every stock has a business behind it. Ignoring the underlying business and paying attention only to the stock price is a recipe for trouble. Get best advice on value investing and investment strategy. Professional advice to investors and investment approach. Find complete guide to value investing at Value Research …Investing in growth and value stocks. The stock market goes through cycles of varying length that favor either growth or value strategies. The stocks in the Russell 1000 Growth index outperformed ...Value Investing and Value Stocks Value investing is a long-term, conservative approach to investing. When you invest in value stocks, you’re looking to buy and hold companies...Jun 23, 2022 · Simply stated, value investing is about finding bargain prices for stocks. To find the bargains, a value investor will typically apply fundamental analysis methods to uncover the intrinsic value ... Jan 4, 2023 · Investing in growth and value stocks. The stock market goes through cycles of varying length that favor either growth or value strategies. The stocks in the Russell 1000 Growth index outperformed ... 3. Warren Buffett 3. Warren Buffett. Buffett might be the most famous investor of all. Known as the "Oracle of Omaha," he worked for and learned from Graham until the value investing pioneer retired.Published June 01, 2023. Justin Sullivan / Getty Images. Top U.S. stocks for June include First Solar Inc. ( FSLR ), Nvidia Corp. ( NVDA ), and Penumbra Inc. ( PEN ). The share prices of all have ...Copied. In the broadest sense, the intrinsic value of a stock is the value at which a stock should be priced. It’s what the stock is worth as a share of an operating business. To oversimplify ...Value Stocks Get Email Updates High OPM,ROCE,Low D/E. by Nsalgia. 31 results found: Showing page 1 of 2 ... Stock analysis and screening tool. Mittal Analytics ... Dec 2, 2023 · Learn about the differences between growth investing and value investing. Value investing and growth investing are two different investing styles. Usually, value stocks present an opportunity to ... The dividend value or yield is the amount of money investors can make from a company’s dividends. They usually calculate dividend value by subtracting the annualized payout from the share price. The annualized payout is the amount of dividends generated by a share of stock in the past year. Criteria: > 3% < 12%.These value-investing stocks will have the potential to earn profits in the long term based on some fundamental analysis. The main feature of high-value stocks is a high dividend yield with a low P/E (price to earnings) ratio and a low P/B (price to book value) ratio. These stocks generally do not fluctuate with market highs and lows.Start Investing in Stocks. Select the individual stocks, ETFs or mutual funds that align with your investment preferences and start investing. If you’ve chosen to work with a robo-advisor, the ...Value Stocks Get Email Updates High OPM,ROCE,Low D/E. ... Market capitalization > 500 AND Price to earning < 15 AND Return on capital employed > 22%.Published Sun, Dec 3 20237:06 PM EST. Amala Balakrishner @_amalabk. …Telegram Channel Link: https://t.me/raghavsvi My name is Dr. Raghav Kumar. I am: NISM Certified Investment Advisor NISM Certified Research Analyst, and NISM Certified Mutual Fund Distributor. I am ...Learn to be a smart investor by reading about value investing, ... Tobias takes readers through the basics of investment vehicles—stocks, bonds (savings, municipal, corporate, convertible, ...Value investing is a simple strategy. Let’s understand it with an example. An investor finds stocks that are priced less than their intrinsic value which is the true valuation of a stock. If you pick a value company with strong fundamentals, the market price will soon appreciate and meet its true price.Value stocks tend to have low price-to-earnings ratios and pay above average dividends, but trade at a price that is very low or below their book value (total tangible assets minus total liabilities). Sometimes value investing is described as investing in great companies at a good price, not simply buying cheap stocks.An envelope. It indicates the ability to send an email. An curved arrow pointing right. After …Jun 16, 2023 · Value investing tends to outperform over the long term. While growth stocks might win the short-term battle, value stocks are winning the long-term war, suggests Dr. Robert Johnson, finance ... Best long-term stocks of November 2023. Investing Wayne Duggan. Value stocks are often mature companies, which are more attractively priced than other stocks based on fundamental metrics.Aside from its high dividend, Citigroup also looks like a value stock at current levels, trading for less than eight times forward earnings and just 0.45 times book value. Famed investor and ...Value investing is a strategy for identifying undervalued stocks based on fundamental analysis. Berkshire Hathaway leader Warren Buffett is perhaps the most well-known value investor.Nov 17, 2022 · These value-investing stocks will have the potential to earn profits in the long term based on some fundamental analysis. The main feature of high-value stocks is a high dividend yield with a low P/E (price to earnings) ratio and a low P/B (price to book value) ratio. These stocks generally do not fluctuate with market highs and lows. value stocks Best Value Stocks to Buy With a possible recession on the horizon, investors would be wise to consider stable, yield-friendly value stocks. (Image credit: Getty Images) By...Value investing stocks, does va dental cover braces, best fx broker
Value investing is often mistaken for buying 'cheap' stocks. Therefore, you often simply look for a stock with a low PE ratio, or a low price to book value .... Value investing stocks
anhizer bush stockNew York CNN Business —. Stop us if you’ve heard this before: Market strategists are predicting that 2022 will finally be the year when investors choose value stocks -— like banking, oil ...Open an investment account. 4. Choose your stocks. 5. Continue investing. When done well, stock investing is among the most effective ways to build long-term wealth. Here's a step-by-step guide to ...Growth investing is an investment style and investment strategy that is focused on the growth of an investor's capital. Those who follow the growth investing style - growth investors - typically ...Growth and value are two fundamental approaches, or styles, in stock and stock mutual fund investing. 1 Growth investors seek companies that offer strong earnings growth while value investors seek stocks that appear to be undervalued in the marketplace. Because the two styles complement each other, they can help add diversity to your portfolio ... Open an investment account. 4. Choose your stocks. 5. Continue investing. When done well, stock investing is among the most effective ways to build long-term wealth. Here's a step-by-step guide to ...By definition, value stocks trade at lower prices relative to their fundamental values, while glamour stocks – growth stocks with higher expected earnings or ...The investor should demand, in addition, a satisfactory ratio of earnings to price, a sufficiently strong financial position, and the prospect that its earnings ...28 Jun 2023 ... Because the value investor's stock trades at half the P/E ratio of the conventional investor's, the company's market cap and share prices are ...Chomiak says that value investors typically look for stocks with PE ratios below 14, which is a bit less than the S&P 500 index’s historical average PE ratio of 15.98. He says that positive free ...Thousands of value mutual funds give investors the chance to own a basket of stocks thought to be undervalued. The Russell 1000 Value Index , for example, is a popular benchmark for value ...From 2020 to 2021, for instance, Amazon’s ( AMZN) stock price increased almost 65% from $2,008.72 to $3,313. That’s impressive year-over-year growth almost anytime, much less during a pandemic ...20 May 2021 ... Key Takeaways: Value Investing is a long-term investment strategy that relies on investing in stocks that are considered undervalued at the time ...Value investing and growth investing are two different investing styles. Usually, value stocks present an opportunity to buy shares below their actual value, and growth stocks exhibit above ...By definition, value stocks trade at lower prices relative to their fundamental values, while glamour stocks – growth stocks with higher expected earnings or ...Growth stocks are rewarded with high valuations for their great promises, but if they disappoint, investors are ruthless. Value traps deliver mediocre returns, ...When it comes to trading in your RV, it’s important to understand the value of your vehicle and the best way to get an accurate estimate. One of the most reliable sources for RV trade-in values is the National Automobile Dealers Association...Often growth and value stocks and investing styles are pitted against each other as an either-or option. But portfolios have room for both, and finding the right blend of value stocks and growth ...1 Apr 2023 ... Value stocks are generally out of favor. They are less flashy, and their profits accumulate less quickly. So investors pay fewer dollars for ...Graham Number: The Graham number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the ...Value investing is a strategy based on buying undervalued investments and holding on to them for an extended period of time. Learn about the principles of value ...The company expects about $5 billion in free cash flow for 2023 and has been aggressively buying back its own stock. It's not hard to see why PayPal's management is choosing to use its capital ...Price-Earnings Ratio - P/E Ratio: The price-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. The price ...Step 4: Maximize returns. Growth stocks tend to be volatile, and while your aim should be to hold each investment for a minimum of several years, you'll still want to keep an eye on significant ...Investors seeking the best low-fee value ETF, look no further. The SPDR Portfolio S&P 500 Value ETF screens the stocks included in the S&P 500 for value metrics, and then it ferrets out those that ...Stocks. Stock picking is arduous and tedious. To give you a starting point, we at Value Research have created a list of screens that suggests some of the best stocks to buy and research. You can create your own screen, compare companies and financial statements, track stock price movement, and do much more. Explore!From meme stocks, options, bonds and mutual funds to investment certificates, precious metals and good old cash, there are innumerable investment opportunities you can take advantage of to start or continue building your personal wealth.P/E values have ranged between 31 and 86 over the past five years, so the current and forward P/E ratios are looking pretty good for this high-growth stock. MSCI currently pays a 1.2% dividend yield.Copied. In the broadest sense, the intrinsic value of a stock is the value at which a stock should be priced. It’s what the stock is worth as a share of an operating business. To oversimplify ...Key differences between value stocks and growth stocks include: Value stocks trade at a discount, while growth stocks trade at a premium. Value stocks usually have a history of slow, steady growth ...Value investing is a strategy where investors aim to buy stocks, bonds, …10 Best Value Stocks to Buy Now Get a great bargain this holiday season with these 10 leading value stocks. By Ian Bezek | Edited by Aaron Davis | Nov. 22, 2023, at 3:29 p.m. Interest rates...13 Oct 2022 ... By identifying and purchasing stocks priced by the market below their intrinsic value, investors aim for higher profits. When the stock prices ...Nov 9, 2023 · Value investing is an investment strategy that aims to find stocks that the market underestimates and are trading below their […] In this article, we discuss the top 11 extreme value stocks to buy. 10 Best Value Stocks to Buy Now Get a great bargain this holiday season with these 10 leading value stocks. By Ian Bezek | Edited by Aaron Davis | Nov. 22, 2023, at 3:29 p.m. Interest rates...Earnings for Value stocks kept pace with (or exceeded) increases in their share prices last year; at the same time, investors were quick to take profits. Spreads are still more extreme than at the height of the TMT bubble – quite remarkable when Value has outperformed Growth by more than 20% since the Pfizer vaccine announcement on 9 …One-stop investment analysis and stock valuation app and spreadsheets to save you time, help you find better investment ideas that are more likely to outperform, and reduce the risk of losing money. Stock valuation tool, research, and analysis software and spreadsheet using proven metrics and models to help long-term and value investors …Value Investing Blogs. Here are 35 Best Value Investing Blogs you should follow in 2023. 1. ValueWalk. 2. Vintage Value Investing. Stock tips, financial news, and value investing articles. Value investors have historically outperformed other types of investors over the long term. ... more. vintagevalueinvest..Koch Industries is privately held, as of 2015, according to the company’s website. As a result, its shares are not publicly traded on any stock exchange and are not readily available for purchase.Dec 7, 2020 · The simplest value investing definition is the ability to find investments that represent good value for money, or in other words, for less than they are actually worth. In essence, the value investor aims to find a stock, bond, currency, property or commodity that is priced at a significant discount to its 'intrinsic' value. For years now, many have claimed "value investing is dead". This claim peaked during 2020 and 2021 as this was a time when tech stocks were soaring, and traditional businesses faced challenges due to pandemic-induced stay-at-home measures. These 2 ETFs prove otherwise: Distillate U.S. Fundamental Stability & Value ETF (DSTL)The cornerstone stock valuation metric is the P/E ratio. The most common way to value a stock is to compute the company's price-to-earnings (P/E) ratio. The P/E ratio equals the company's stock ...28 Jun 2023 ... Because the value investor's stock trades at half the P/E ratio of the conventional investor's, the company's market cap and share prices are ...16 Aug 2023 ... Value investing is a strategy that targets stocks that are low in price relative to their fundamentals and peers. The concept of value investing ...Investment calculator key terms. The lump sum of money you're going to use to buy an investment, such as stocks. Expressed as a percentage, this is the amount you expect to receive from your ...Sep 1, 2023 · Value investing is an investment strategy that involves picking stocks that appear to be trading for less than their intrinsic or book value. Value investors use financial analysis, don't follow the herd, and are long-term investors of quality companies. Learn how value investing works, its key concepts, and its advantages and disadvantages. Their results showed that investing in value stocks outperformed investing in growth stocks in many cases over their time period. They found that one reason ...ValueInvesting.io is a comprehensive value investing platform. Their speciality is providing accurate intrinsic value for global stocks using DCF and WACC. They streamline the entire model-building process so that you can see the results for any stocks without having to manually build the models yourself.The cornerstone stock valuation metric is the P/E ratio. The most common way to value a stock is to compute the company's price-to-earnings (P/E) ratio. The P/E ratio equals the company's stock ...Some of the popular value stocks on the market in the United States include Apple Inc. (NASDAQ: AAPL), Bank of America Corporation (NYSE: BAC), Berkshire Hathaway Inc. (NYSE: BRK-A), and General ...Stock market board. Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis. [1] The various forms of value investing derive from the investment philosophy first taught by Benjamin Graham and David Dodd at Columbia Business School in 1928, and subsequently developed ... 28 Jun 2023 ... Because the value investor's stock trades at half the P/E ratio of the conventional investor's, the company's market cap and share prices are ...20 Aug 2022 ... Value investing is done based on the future growth potential of the company. Price to earnings ratio of value stocks is generally lower than ...Lower entry cost: Investing in undervalued stocks allows investors to buy into a company at a lower cost than what they would have to pay for stocks that are trading at their fair value or higher. Value investing: Investing in undervalued stocks is a fundamental strategy of value investing, which involves identifying stocks that are …Earnings for Value stocks kept pace with (or exceeded) increases in their share prices last year; at the same time, investors were quick to take profits. Spreads are still more extreme than at the height of the TMT bubble – quite remarkable when Value has outperformed Growth by more than 20% since the Pfizer vaccine announcement on 9 …26 Oct 2020 ... Economists Eugene Fama and Kenneth French have shown that modestly priced stocks have in the long run returned significantly more than the ...Value investing is an investment strategy that focuses on stocks that are underappreciated by investors and the market at large. The stocks that value investors seek typically look...Alphabet Ben Graham Formula Example. EPS = 34.47. g = 15.8%. Y = 3.56%. Graham Formula Calculator. The resulting Graham formula gives a value of $971.36. An important point to keep in mind is that when Graham provided this equation, it was to simulate a growth stock based on the concepts of value investing.Tom is a value investor based in New Zealand and constantly shares insights on value investment and stocks. 16. Rational Investing with Cameron Stewart, CFA.Warren Buffett is a proponent of value investing, which looks to find stocks that are undervalued in their market price as compared to their intrinsic value.Financial metrics like price/book (P/B ...Stock Screener - research and ... ICICI Prudential Value Discovery Fund Direct Plan ; Bonds. Financial Futures; World Government Bonds; ... Use Investing.com's Stock Screener to search and filter stocks easily by multiple filters such as stock price, market cap, dividend yield and more. My Screens.land ; Bajaj Holdings & Investment Ltd. 7,337.4, -18.6 ( -0.25%), Large Cap ; Torrent Power Ltd. 952.7, -11.05 ( -1.15%), Mid Cap ...Investing in Growth and Value. Growth stocks and value stocks have a place in your portfolio. For example, an investor seeking a diverse portfolio might give 65% weight to growth and 35% to value .... Farm stocks, best mortgage lenders for commission based income