Dr. Joseph Belmonte (Penname Dr. J.B. Farwell)

Dr. Joseph Belmonte, Doctor of Business Administration: with a specialty in finance, is a renowned investment strategist and market thinker. Dr. Belmonte has taught investments, corporate finance and advanced managerial finance for many years. He has lectured to numerous professional and investment groups and has written many articles.

The theoretical basis for “Buffett and Beyond” was developed by Dr. Belmonte as he was completing his Doctoral Dissertation on Clean Surplus Accounting (CSA). Here’s what he found.


Dr. Belmonte learned that Warren Buffett, the famed chairman of Berkshire Hathaway and legendary investor, uses Clean Surplus Accounting in his calculations to determine Return on Owners’ Equity (ROE). But Buffett, Dr. Belmonte discovered, uses CSA to determine ROE in a unique way. Rather than using the traditional accounting numbers, Buffett uses Clean Surplus in order to determine his all important purchase price. However, Buffett does not draw conclusions between Clean Surplus Return on Equity and future total returns.

…and Beyond

Dr. Belmonte has determined that if an investor selects a portfolio with a high, average ROE configured by the Clean Surplus Accounting (CSA) method, he should consistently outperform the market averages.

Dr. Belmonte’s work shows that every portfolio selected from the S&P 500 index with above-average Clean Surplus ROEs outperformed the S&P 500 average during the test periods of 1987 to the present.

Based on this research and follow-up discoveries, Dr. Belmonte has developed two ways to share this knowledge through his lectures and Investment course.

In programs across the country, Dr. Belmonte meets with a select number of investors and professional money managers to convey his methods in person, delivering clear, concise analyses and investing strategies to investors seeking to build their portfolios.