The initial stock screening is based on the price-to-earnings and market-to-book ratios of all the stocks on the Swedish NASDAQ OMX index (Large, Mid and Small cap). However, all financial companies such as banks, insurance companies and investment companies are excluded. The reason for this is the fact that banks and insurance companies have too complex structures which results in the fact that most value investors avoid to invest in these types of companies. Investment companies are excluded since they mostly consist of investments in other listed companies, which in turn are also included in the screening and that we rather include directly than indirectly. Investment companies also often trades at a discount for other reasons than potential undervaluation.