document.write('	'
+ ' <p class="heading"><b>Benchmarking</b></p>'
+ '		<p>'
+ '			DeMarche has done important work regarding benchmarking. We separate '
+ '			benchmarking companies from stock benchmarking. The important variables in this' 
+ '			research stem from our <a href="/corpfinance/cfsection/CF_FactorModel.htm" >Factor Model</a> research,'
+ '			<a href="/peerclones/PeerClones_main.htm">Independent Peer Groups &amp; Clones</a>, and' 
+ '			our migration method.</p>'
+ '		<br>'
+ '		<p class="heading"><b>Migration</b></p>'
+ '		<p>Over the past decade, DeMarche has been monitoring the concept of <b>company '
+ '			change </b>as an added value from our proprietary factor model. We used our' 
+ '			factor model to zero in on nine "fundamental" factors that characterize '
+ '			companies in terms of growth and risk management factors. Stock price is not '
+ '			used in the analysis. We then developed a scoring and ranking system that '
+ '			tracks how the 3,000 largest companies "move" or "migrate" relative to one '
+ '			another with respect to achieving significant growth, while simultaneously '
+ '			mitigating risk.</p>'
+ '         <p>The system scores' 
+ '			companies in nine locations on a diagonal axis, as shown in Exhibit 1.<span style="mso-spacerun: yes"></span> Essentially, '
+ '			small cap value companies (location 1, the bottom right corner) can become high '
+ '			quality growth stocks (location 9, upper left-hand corner) in two ways, by '
+ '			maintaining or continuing above average growth and/or by lowering fundamental '
+ '			risk factors.  Alternatively, high quality growth companies can become small'
+ '         cap growth companies by reducing their rank of average growth and/or increasing'
+ '         their fundamental risk factors.</p>'
+ '		<p style="text-align:center;"><b>Exhibit 1</b><br/><i>Axis of Company Migration</i><br/>'
+ '			<a href="/images/Migration Axis 24 bit2.gif"><IMG src="/images/Migration Axis 24 bit2.gif" alt="Exhibit 1"'
+ '				width="445" hspace="0" vspace="0" align="default" id="imbExhibit1"/></a></p>'
+ '		<p>Exhibit 2 shows one of the key findings of our study of company '
+ '			migration. It depicts small cap value companies (location 1 on the migration '
+ '			axis) that stayed the same or moved eight other positions along the diagonal '
+ '			axis of migration three years later. The horizontal axis is stock performance '
+ '			during the three-year periods of migration. As can easily be seen, companies '
+ '			that "stayed" small cap value; i.e., stayed in lower locations, during '
+ '			three-year periods from 1982 to 2010 did not perform very well. Conversely, '
+ '			companies that were able to "migrate" to higher quality locations showed '
+ '			uniformly increasing return performance on average.</p>'
+ '		<p style="text-align:center;width:645"><b>Exhibit 2</b><br/><i>Average Returns Per Group of Small Cap Value Companies During Periods of<br/>Subsequent 3-year Migration And Ending Style Rating 1982-2010</i><br/>'
+ '			<a href="/images/AvgRtns SCap3b.jpg"><IMG src="/images/AvgRtns SCap3.jpg" alt="Exhibit 2"'
+ '				width="645" hspace="0" vspace="0" align="default" id="imbExhibit2"/></a></p>'
+ '		<p style="text-align:center;width:645"><b>Exhibit 3</b><br/><i>Average Returns During Three Year Migration Periods<br/>12/31/1982 - 12/31/2010</i><br/>'
+ '			<a href="/images/AvgRtns 3YrMigPeriodb.jpg"><IMG src="/images/AvgRtns 3YrMigPeriod.jpg" alt="Exhibit 3"'
+ '				width="645" hspace="0" vspace="0" align="default" id="imbExhibit3"/></a></p>'
+ '		<p >Exhibit 3 shows the powerful performance over three year periods of companies that "get better" as '
+ '			opposed to those that "don\'t change" or "get worse."  These companies are assigned '
+ '			1 of 9 ranking slots each month and its tendency to change is noted in one of 9 '
+ '			locations.  Read Exhibit 3 starting at the front face of the cube, in the low '
+ '         position, #1, it represents a small cap "value" stock that didn\'t improve over '
+ '         time.  Its absolute performance was negative as measured by the average of three '
+ '         year periods from 1982 to 2010.  Other companies starting from the same position; '
+ '         i.e., "low" that improved are shown by the other medium blue bars ranging in locations '
+ '         from low to high.  Those companies in position 9 "moved" or "migrated" the best '
+ '         over the period and, subsequently, had the best performance.</p>'
+ '		<p >DeMarche\'s <b>Migration</b> metric offers a comprehensive and '
+ '			efficient way of understanding how all of a company\'s key financial '
+ '			characteristics are moving together in time to illuminate how the company is '
+ '			evolving through its life cycle.  It offers a picture explaining stock market '
+ '         performance of individual companies.</p>'
+ '		<p >'
+ '			DeMarche has listed the <a href="/CFO/Best/index.htm" target="">Best 100 '
+ '			Companies</a> in terms of migration rank and the '
+ '			100 Most Improved or most migrating companies along with selection criteria.</p>'				
+ '   ');