nasdaq valu industry financial services founded 1931 founder arnold bernhard headquarters new york city new york united states website www.valueline.com value line is an independent investment research and financial publishing firm based in new york city new york united states founded in 1931 by arnold bernhard . value line is best known for publishing the value line investment survey a stock analysis newsletter that is among the most highly regarded and widely used independent investment research resources in global investment and trading markets tracking approximately 1 700 publicly traded stocks in over 99 industries . the company s brand the most trusted name in investment research was registered as a trademark by the united states patent and trademark office . contents 1 company background 2 the value line defined 3 restructuring 4 chief legal officer named acting ceo 5 see also 6 references 7 related links company background edit value line was incorporated in 1982 and is the successor to substantially all of the operations of arnold bernhard & co. inc. 1 in june 2005 ab & co. owned approximately 86.5 % of the company s issued and outstanding common stock . the company produces investment related periodical publications through its wholly owned subsidiary value line publishing llc vlp . 1 vlp publishes in both print and electronic formats the value line investment survey one of the nation s major periodical investment publication as well as the value line investment survey small and mid cap edition the value line 600 value line select value line dividend select the value line fund advisor the value line special situations service the value line daily options survey and the value line convertibles survey . 1 vlp also provides current and historical financial databases which include datafile estimates & projections convertibles etfs and mutual funds in standard computer formats . the company also markets investment analysis software including the value line investment analyzer which was last updated in 1999 and value line mutual fund survey for windows which was last updated since 1998 . the company s print and electronic services are marketed from time to time through media direct mail and the internet to retail and institutional investors . in addition to value line publishing llc the company s other wholly owned subsidiaries include vanderbilt advertising agency inc. compupower corporation and value line distribution center vldc . vanderbilt advertising agency inc. places advertising on behalf of the company and its subsidiaries businesses . compupower corporation serves the subscription fulfillment needs of the vlp s publishing operations . vldc primarily handles all of the mailings of the publications to vlp s subscribers . additionally vldc is a disaster recovery site for the new york operations . the company has a substantial non voting interest in eulav asset management investment adviser and distributor of the value line family of mutual funds . 2 arnold bernhard b dec 2 1901 dec 22 1987 westport ct the son of european immigrants his father came from germany and his mother from romania . 3 bernhard took an unusual path to success in the stock picking world . he attended new york city s stuyvesant high school where he was a distinguished student and a member of the omega gamma delta fraternity but failed to graduate by ignoring a graduation requirement . his overall record permitted him to go on to williams college where he graduated with honors and membership in phi beta kappa . bernhard started out on a literary career and wrote several plays and theater reviews for the new york post and time . his interest piqued by edwin lef vre s book reminiscences of a stock operator bernhard broke into the investment management business first as an analyst with moody s investor service and later as an account executive managing investments . the wall street crash of 1929 led to his lay off from moody s but he retained some of his clients . bernhard then began to develop his method for picking stocks which he called the value line . the value line defined edit the value line was a line representing a multiple of cash flow that bernhard would visually fit or superimpose over a price chart . this was a pioneering attempt to normalize the value of different companies . he soon began publishing his investment survey . in 1946 bernhard hired samuel eisenstadt a brilliant and modest young man fresh out of the army as a proofreader . eisenstadt was a graduate of baruch college who majored in statistics . in 1965 eisenstadt convinced bernhard to use a statistical method called ordinary least squares ols regression analysis to replace bernhard s visual method of fitting cash flow to a price chart . using scores of monroe mechanical calculators and a handful of data operators bernhard and eisenstadt produced a stock picking system so successful that it caught the attention of the famed academician fischer black of the university of chicago . black validated the system s results when he published his famous article in the financial analysts journal yes virginia there is hope tests of the value line ranking system in 1973 . 4 the system came to be known as the value line ranking system for timeliness . 5 with eisenstadt on board bernhard continued to expand the business adding the other publications and mutual funds along the way . in may 1983 value line sold stock for the public for the first time nasdaq valu though the bernhard family retained 80 % control . bernhard died in december 1987 but until his death bernhard continued his literary interests by combining with w. h. auden jacques barzun and lionel trilling in founding the mid century book society . shortly after his death his daughter jean bernhard buttner was named ceo of value line . restructuring edit as of december 23 2010 value line inc. value line completed its previously announced restructuring of its asset management business the transaction under eulav asset management eam a delaware statutory trust . as part of the transaction 1 eulav securities inc. esi a new york corporation and wholly owned subsidiary of value line that acted as the distributor of the 14 value line mutual funds the value line funds was restructured into a delaware limited liability company named eulav securities llc ; 2 value line transferred 100 % of value line s interest in eulav securities llc to eulav asset management llc eam llc a delaware limited liability company and a wholly owned subsidiary of value line that acted as the investment adviser to the value line funds and certain separate accounts ; 3 eam llc was converted into eam ; and 4 eam admitted mitchell appel avi t. aronovitz richard berenger howard b. sirota and r. alastair short the shareholders as holders of profits interests and value line restructured its ownership interests in eam as described below . according to recent sec filings howard b. sirota has resigned as trustee but retains his 20 % voting profits interest . pursuant to eam s declaration of trust the declaration of trust value line has no voting authority with respect to the election or removal of the trustees of eam and holds an interest in certain revenues of eam and a portion of the residual profits of eam . the shareholders were selected by the independent directors of value line and hold residual profits interests in eam . the shareholders paid no consideration in exchange for their interests in eam . 6 the business and affairs of eam will be managed by five individual trustees collectively the trustees and by its officers subject to the direction of the trustees . the trustees are mitchell appel avi t. aronovitz richard berenger r. alastair short and a delaware resident trustee the corporation trust company that exercises no authority . value line holds non voting interests in eam that entitle value line to receive a range of 41 % to 55 % of eam s revenues excluding distribution revenues from eam s mutual fund and separate account business . in addition value line will receive 50 % of the residual profits of eam subject to temporary increase in certain limited circumstances . the shareholders will receive the other 50 % of residual profits of eam . eam will elect to be taxed as a pass through entity similar to a partnership . the declaration of trust also provides for distribution of proceeds in the event of a full or partial sale of eam in accordance with capital accounts currently approximately 56 million held entirely by value line and then in accordance with a sharing formula set forth in the declaration of trust . 6 chief legal officer named acting ceo edit howard a. brecher 57 years old has been an officer of the company for more than 17 years . brecher was chief legal officer secretary and vice president of the company vice president and secretary of the value line family of funds secretary of eulav asset management llc since february 2009 and vice president secretary treasurer general counsel and a director of arnold bernhard & co. inc. the parent of the company . brecher is a graduate of harvard university harvard business school and harvard law school . he also holds a master s degree in tax law from new york university . see also edit http www.valueline.com about history.aspx list of finance topics value line composite index morningstar inc. american association of individual investors teaching market efficiency with the value line anomaly references edit a b c value line inc valu.o . reuters . retrieved 8 june 2016 . http www.valueline.com about quick facts.aspx vartanig g. vartan 1987 12 23 . arnold bernhard is dead at 86 ; led value line investor service . the new york times . retrieved 2008 04 18 . yes virginia there is hope tests of the value line ranking system mark hulbert a b http www.sec.gov archives edgar data 717720 000114420410068324 v206609 8k.htm related links edit sarbanes oxley act http www.crainsnewyork.com article 20091207 free 912079992 http www.marketwatch.com story more lumps of coal for naughty mutual funds 2009 12 20 http www1.excite.com home careers company profile 0 15623 182 00.html http www.marketwatch.com story value line showing the door to its hidden genius http www.crainsnewyork.com article 20091129 free 311299993 retrieved from https en.wikipedia.org w index.php title value line & oldid 729832330 categories investment management companies of the united statesmutual fund familiesfinancial economicscompanies listed on nasdaq navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata 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