Last November I wrote Chasing Value: Apple's Great, but This Stock Is Better! with the audacity to state "...the potential to beat Apple's prospects by 33 to 1 -- now that is amazing!"

Yes you read that correctly. I still believe a dollar invested in EZCorp (EZPW) will earn 33 times that of a dollar invested in America's sweetheart Apple Inc (AAPL). Of course anyone can make any proclamations that they want. Few dare as I have to post the results when they are not favorable as I have over the past five years.

Today however, I will not be swallowing my pride as EZCorp, a leading pawn shop and cash advance company, has indeed out performed the tremendously successful Apple since the original story. It is worth mentioning to those that would point to Apple's ten-year run that EZPW was the better stock over the long haul as well.

Sometimes I am so confounded by my fellow investors that I have a hard time finding somewhere to do a reality check, so I throw myself on the mercy of the blogosphere today. I do this because I have found no solace by making inquiries with brokers, analysts, traders, friends, family, and fellow investors large and small.

For almost three years I have been touting a EZCorp (EZPW) stock that just keeps rising, and I believe is still under valued. Way undervalued. Before I continue let me make it clear I own the stock personally and in my investment company's portfolio -- still eating my own cooking. The initial shares have a cost basis of $11.80. EZPW opened at $29.20 today and is trading higher.

Yesterday EZCorp announced the acquisition of a majority interest in it's Australian partner: EZCORP to Form Global Strategic Alliance With Cash Converters. This expands the global reach of both businesses, increases the range of services, and should also improve efficiency in a broad number of areas.

"As the old saying goes, banks are happy to make loans to anyone who can prove they don't need them," observes Alexander Green.

The editor of The Oxford Club explains, "But what do you do if you're a blue-collar worker with a checkered credit history, an uncertain unemployment picture and no high-quality collateral? These folks are turning to pawnbrokers such as EZCorp (EZPW).

"Based in Austin, EZCorp operates more than 1,000 pawnshops and payday loan storefronts in the United States, Canada and Mexico. It also has equity stakes in pawnshops in Britain and Australia.

On Friday I had the opportunity to present an investment strategy I developed over the past few years to a major asset manager interested in learning the intricacies. Among the questions he asked, one that comes up often, is how do I go about finding particular stocks that I think might be of value.

The answer of course is not so simple, because like any other type of discovery they come about in a variety of ways. Sometimes it begins with a story, as it did in December 2008 when I included EZCorp (EZPW) among my 2009 stock picks (and 2010 and 2011). In this case I was pondering what was going to be safe, and perhaps even in growing demand during a year of financial turmoil and high unemployment. The answer was pawn shops and cash-advance stores.

This company has been on my recommended list for longer than any other company in the four and a half years that I have been writing for BloggingStocks -- with only one exception, Intuitive Surgical (ISRG). The company is EZCorp (EZPW), which beat the Street again with third quarter earnings per share of $0.56, three cents better than the analyst estimate.

Revenue for the quarter was $198.2 million, which tops the estimate of $191.01 million. The company projects 2011 earnings higher too: EPS of about $2.35 vs. an estimate of $2.25. EZCorp grew earnings by 33% and increased its footprint by 127 stores through new construction and acquisitions.

I have always felt that for all the blabbing we do -- or blogging, in my case -- we should try as best we can to be accountable for our good and bad calls. This report is long overdue, but I will post it anyway since all of my past year's picks and results have been made public.

The market was very harsh in the early part of 2009, filling investors fear and trepidation, and sinking to a March 9, 2009 bottom. Perhaps some of the bleeding has stopped, but the economy has not healed as bears and bulls seem to carry the day, or every other day.

"Two newcomers to our recommended list come from a sector still dogged by fears -- the financial sector; and interestingly, both specialize in a bit of an unusual type of finance: pawn loans," says John Reese.

Here, the editor of Validea -- which focuses on stocks that meet the investment criteria of some of the market's most successful professional investors -- offers a bullish review of EZCorp (EZPW) and Cash America International (CSH).

"Cash America gets approval from my James O'Shaughnessy-based strategy -- as well as from my Benjamin Graham value investing model.

Government debt is expanding -- again! At the same time corporate coffers are overflowing some $1.6 trillion with reserve capital, not counting financial institutions. In some instances they have more money than any state in the Union and most small countries. Chasing Value: Apple's Holding $48 Billion -- For What?

Here's a shocker -- personal savings continues to increase. When the (false) economy was booming valuations for everything were spiraling out of control, leverage was extreme, and the savings rate was next to nothing. Everyone wanted to join the party and most people stayed at the party to long, which did not end well. The savings rate has not been so high in a decade as people reduce their debt and streamline their personal budgets.

Are folks afraid to invest in EZCORP (EZPW)? Perhaps they are, because the stock has not moved even though the metrics improve every time I check. On July 23, EZCORP reported a year-over-year net income rise of 39%. That is, after reporting similar gains the year before.

The metrics are so strong I can't imagine why the company has not made the front page of every investment journal -- but it hasn't. EZCORP has a market-beating P/E of 10.75 (forward 8.55) and very little debt. It's earning a ROE of 19.55%, ROA of 18.75%, and a ROIC of 19.18%. Is there something evil going on here I that I've missed?

Another day another dollar, and more, everywhere you look, as EZCORP (EZPW) beats consensus estimates once again. But what is the value proposition?

EZCORP was an easy pick for me in late December 2009 when it was trading at $14.46. It is one of my two repeat picks for 2010, trading at the time of that writing at $17.35 after a 20% gain. Friday's close of $23.31 adds another 34.35%, and I do not see anything getting in the way of further growth for the next ten years.

Here are the glowing words of Chief Executive Officer, Joe Rotunda, stated, "This was another outstanding quarter for EZCORP, our 31st consecutive quarter of year over year earnings growth, and clearly demonstrates our ability to consistently enhance earnings and shareholder value. Coupled with this strong financial performance is our expanding worldwide presence, as seen through our continued store growth in Mexico and Canada, as well as our strategic affiliations with Albemarle & Bond in the United Kingdom and Cash Converters in Australia."

The first quarter of 2010 is closed and the results are in. My picks surpassed the primary indices by a large margin. The original story, Chasing Value: 10 Stock Picks for 2010 , was the culmination of a process presented to our readers and finally narrowed down to the select group using final prices from Monday, December 28, 2009.

For comparison I tracked the Standard & Poor's 500 Index, the Dow Jones Industrial Average, and the NASDAQ. Each of these produced positive results for the quarter.

"Everybody on Wall Street is looking for an edge. Our Quadrix® rating system is our edge, and we're always looking for ways to enhance its effectiveness," says quantitative analyst Richard Moroney.

In his Upside newsletter, he explain, "Among the best enhancements we've discovered focuses on the volatility of Overall Quadrix scores. Stocks with a history of steady Overall scores tend to have steady scores going forward. Below we look at two such stocks with strong and stable Quadrix scores."

During my tenure at BloggingStocks I have expressed my opinion often about the contribution that dividends make to your overall return. Most shrewd investors, and especially "my pal Warren," know this and understand why I re-emphasize the point when I make my annual selections.

By now I hope you have had a chance to peruse my picks for 2010. If not the links below will give you another opportunity.

To arrive at this years ten picks I scoured business journals and editorials, online and off. I also ran through a series of stock screens repeatedly over the last few months filtering for five primary value metrics identifying stocks worthy of further consideration.

The 5 data points were price-to-sales (P/S), price-to-book (P/B), price-to-cash flow (P/CF), dividend yield and return-on-equity (ROE). I did look at other things but these were the subject of my initial focus.

Is it time to take a bite out of Apple, Inc (AAPL) or leave it on the vine? After reviewing the current list by examining the stock yields and price-to-cash flow (P/CF) we will take a look at Apple for 2010.

Yesterday I dropped two stocks, but the list is still too long. In the coming weeks there will be more cuts and if I find anything of more value perhaps there will be something new.