Peter Cundill inspired net-net template

I just finished reading the book "There's Always Something to Do" which is an excellent story of Peter Cundill a net-net value investor.  I'm not going to review the book because there are some excellent reviews on the internet already like the one Richard Beddard did here.

What I found fascinating is that Peter created a net-net template in the 1970s and continued to use it until he retired in 2009.  The book doesn't discuss his template much but they do include a sample of one as an appendix.  I took the liberty of creating what I consider a Peter Cundill inspired net-net template in Excel.  I used a lot of things in his template but made a few modifications as well.

I have my own template that I've been using on this blog for a while that I might consider some modifications to after examining the one Peter used.  When I research a stock I have an Excel spreadsheet that has different worksheets for income statement, balance sheet, cash flow, net-net worksheet.  What I like about the Cundill template is that all of that information is on one worksheet which makes it easy to glance back and forth at different aspects of financial statements.

I am posting a link to the template as a free download for anyone interested.  The file was uploaded to Google Docs, you can view it from there, and if you want a copy on your own PC select File->Download as.

Here is the link to the net-net template file


  1. I have just taken a look at the spreadsheet you compiled. There are a lot of variables to consider which can get confusing - is there a ranking system?
    The previous system you were using seems uncluttered and simple to use by comparison.

    Thanks for linking to the book review. Definitely on my 'to read' list.

  2. Thanks for the comment, this spreadsheet is actually a derivative of one that investor Peter Cundill used, I wanted to make it available online.

    I think the advantage this one has is the historical view which I appreciate. Going forward I still plan on using my old spreadsheet and adapting a few ideas from this one such as the historical look at the financial statements.

    I think the best use of this spreadsheet is to categorize research, working through all the variables helps make sure nothing is missed.

  3. Thank you for sharing the spreadsheet!