It's a secondary source, so you'll need original financial statements and reports to make sure the data is up to date. Many of these companies look good on paper, but because they're insular and secretive, they can be prone to malfeasance or reversals of fortune. This is not for the passive person. Buy only what you know. For example, a race-car fan might want to check out International Speedway Corp., which runs racing events at major tracks.
Trade publications are a good source of ideas.
Local Business Journals often carry quotes of bulletin board stocks, most notably some of the 10,000 banks that trade in the OTC market. Walker's Manual lists 60 small community banks with strong balance sheets and exceptional earnings, says Eisenberg. For example, Lancaster National Bank returned more than the average for small-bank stocks in 1995. Whether you choose to look into an unlisted local bank or a company within a certain industry, you can narrow your choices using the indexes in Walker's. Some may readily send you information.