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The Stingy News Weekly: 05/23/2021


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Value's turn
"Value's pain should eventually be rewarded just like it was in the period after 1999, when finally the performance and valuation disparity turned. Fundamentals started mattering and the market began rationally pricing assets. For a 7-year period after 1999, Value went on to trounce Growth by over 14% annually."
[Value Investing]

Predictability of the value premium
"Consider that in December 1994 (shortly after the publication by Gene Fama and Ken French of their seminal paper 'The Cross-section of Expected Stock Returns'), the relative price-to-book ratio of value stocks versus growth stocks was 2.1. Using Vanguard's Value ETF (VTV) and their Growth ETF (VUG), at the end of April 2021 that ratio had widened to 3.2 (52 percent wider), predicting a much larger value premium than Fama-French had found. We see the same pattern when looking at small value and growth stocks. At the end of 1994, the spread was 1.5. Using Vanguard's Small-Cap Value ETF (VBR) and their Small-Cap Growth ETF (VBK), the spread had widened to 2.3 (53 percent wider). Once again, the widening of the spread predicts a larger value premium than Fama-French had found. In other words, in terms of expected returns, the data suggests that the outperformance of value since April 2021 is likely to continue, as Yara, Boons, and Tamoni found that the spread has a strong predictive value two years out."
[Value Investing]

Economics of customer businesses
"Understanding the basic unit of analysis is an essential element of security analysis. An investor should have a point of view on how a company makes money, what opportunities exist, and the role competition might play in shaping the financial outcome. Boiled down to the core, the basic unit of analysis seeks to assess whether a company's investments are likely to earn a return in excess of the cost of capital." [PDF]
[Markets]

A dark age for bonds
"There have been many periods in which real yields have been significantly higher or lower than the historical median. This includes times during which real yields have been negative (16% of the time) and other times when real yield have been above 4% (17% of the time)."
[Bonds]

Canadian property bubbles
"They found Canada's hottest real estate markets are now less affordable than globally influential US cities. Heck, Canada's property bubble even pushed the tiny steel city of Hamilton to become less affordable than Los Angeles or New York City."
[Real Estate]

The failure of anomaly indicators
"One springboard for the You-Xue-Zhang article was a 2016 study by Harvey, Liu and Zhu, who after analyzing 296 anomalies from published papers found that between 80 and 158 (i.e., up to 53%) are likely false discoveries."
[Markets]

Work in progress
"Thanks to the pandemic, most of us have discovered there's plenty of fat in our budget. Think about how much you saved over the past 14 months by not going on vacation, cooking at home and avoiding the shopping mall. During retirement, if your nest egg looks a little depleted, perhaps you should adopt a 'pandemic budget' for six months or a year."
[Retirement]

Wise words from Lou Simpson
"Lou Simpson is largely unknown, even among investors. Yet, he quietly racked up a track record that bested the S&P 500 by 6.8%."
[Value Investing]

How the virus spreads
"There was just one literally tiny problem: 'The physics of it is all wrong,' Marr says. That much seemed obvious to her from everything she knew about how things move through air. Reality is far messier, with particles much larger than 5 microns staying afloat and behaving like aerosols, depending on heat, humidity, and airspeed. 'I'd see the wrong number over and over again, and I just found that disturbing,' she says. The error meant that the medical community had a distorted picture of how people might get sick."
[Health]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Brookfield Property Partners (BPY.UN)FAAA
Enbridge (ENB)BBBA
Pembina Pipeline (PPL)FBDA
BCE Inc. (BCE)CDCA
TC Energy (TRP)DCDA
TELUS (T)DDBA
Cdn Natural Resources (CNQ)CACA
Power Corp of Canada (POW)AAAA
Bank of Nova Scotia (BNS)ABCA
Manulife (MFC)AAAA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Kinross Gold (K)AACD
Thomson Reuters (TRI)ADED
Manulife (MFC)AAAA
Algonquin Power (AQN)ABEB
Canadian Apartment REIT (CAR.UN)AAEC
Power Corp of Canada (POW)AAAA
Sun Life Financial (SLF)ABBB
TD Bank (TD)ACDB
Alimentation Couche-Tard (ATD.B)ADAE
Bank of Nova Scotia (BNS)ABCA
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Brookfield Property Partners (BPY.UN)FAAA
Teck Resources (TECK.B)FABE
Cenovus Energy (CVE)FAAE
Canadian Apartment REIT (CAR.UN)AAEC
Manulife (MFC)AAAA
Suncor Energy (SU)EABC
Power Corp of Canada (POW)AAAA
Imperial Oil (IMO)FABC
Cdn Natural Resources (CNQ)CACA
Kinross Gold (K)AACD
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Manulife (MFC)YYY
Power Corp of Canada (POW)YYY
Bank of Nova Scotia (BNS)YY
Brookfield Property Partners (BPY.UN)YY
Canadian Apartment REIT (CAR.UN)YY
Cdn Natural Resources (CNQ)YY
Kinross Gold (K)YY
Algonquin Power (AQN)Y
Alimentation Couche-Tard (ATD.B)Y
BCE Inc. (BCE)Y
Cenovus Energy (CVE)Y
Enbridge (ENB)Y
Imperial Oil (IMO)Y
Pembina Pipeline (PPL)Y
Sun Life Financial (SLF)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TD Bank (TD)Y
TELUS (T)Y
Teck Resources (TECK.B)Y
Thomson Reuters (TRI)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Chevron (CVX)FABA
IBM (IBM)CCAA
Verizon (VZ)ABAA
Walgreens (WBA)ABAA
Merck (MRK)DDCA
Coca-Cola (KO)DDEB
3M (MMM)BDCB
Cisco (CSCO)BCDB
Amgen (AMGN)BEDB
Procter & Gamble (PG)CDCB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Goldman Sachs (GS)AABD
Walgreens (WBA)ABAA
Verizon (VZ)ABAA
Intel (INTC)ABBC
JP Morgan Chase (JPM)AACC
Travelers (TRV)BAAC
DuPont (DD)BABD
3M (MMM)BDCB
Amgen (AMGN)BEDB
Cisco (CSCO)BCDB
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Travelers (TRV)BAAC
Goldman Sachs (GS)AABD
Chevron (CVX)FABA
DuPont (DD)BABD
JP Morgan Chase (JPM)AACC
Walgreens (WBA)ABAA
Intel (INTC)ABBC
Verizon (VZ)ABAA
Walt Disney (DIS)EBDF
salesforce.com (CRM)EBEF
Notes | More Info...


US Stock SummaryYieldP/EP/B
Verizon (VZ)YYY
Walgreens (WBA)YYY
3M (MMM)YY
Amgen (AMGN)YY
Chevron (CVX)YY
Cisco (CSCO)YY
DuPont (DD)YY
Goldman Sachs (GS)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
Coca-Cola (KO)Y
IBM (IBM)Y
Merck (MRK)Y
Procter & Gamble (PG)Y
Walt Disney (DIS)Y
salesforce.com (CRM)Y
Notes...



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2021
  12: 05
  11: 06 14 21 28
  10: 03 07 17 24 30
  09: 05 12 19 24
  08: 02 08 15 22 29
  07: 04 11 19 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 30
2020
  12: 06 13 20 25
  11: 01 08 22 27
  10: 03 11 18 24
  09: 06 11 19 26
  08: 01 09 16 22 30
  07: 04 12 18 26
  06: 06 12 20 27
  05: 03 09 16 23 31
  04: 04 12 17 24
  03: 08 15 22 28
  02: 01 07 15 22 28
  01: 03 10 17 24
2019
  12: 03 11 16 27
  11: 03 08 16 22 27
  10: 04 11 18 22
  09: 06 11 17 25
  08: 12 19 31
  07: 07 26 31
  06: 06 15 21 26
  05: 01 08 15 20 27
  04: 03 13 16 21
  03: 04 12 18 25
  02: 05 13 20 25
  01: 01 08 16 22 28
2018
  12: 03 11 17 26
  11: 01 05 12 19 26
  10: 09 15 22
  09: 06 10 17 24 30
  08: 07 13 22 28
  07: 02 09 16 23 30
  06: 04 12 19 25
  05: 08 14 23 28
  04: 02 10 16 22 30
  03: 05 12 19 27
  02: 05 12 20 26
  01: 01 08 15 22 29
2017
  12: 04 11 18 24
  11: 06 12 20 27
  10: 01 07 16 23 30
  09: 04 11 17 23
  08: 07 16 20 28
  07: 02 09 16 23 30
  06: 04 11 18 26
  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
  02: 05 12 19 26
  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
  04: 03 10 17 24
  03: 06 13 20 27
  02: 07 14 21 28
  01: 03 10 17 24 31
2015
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 10 18 25
  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
  06: 06 14 21 28
  05: 03 09 17 23 31
  04: 04 12 19 26
  03: 01 07 15 22 28
  02: 07 14 21
  01: 04 12 18 25 31
2014
  12: 06 14 21 28
  11: 02 08 16 23 30
  10: 04 11 19 26
  09: 06 14 19 28
  08: 10 16 24 29
  07: 05 12 19 25
  06: 08 15 20 29
  05: 04 11 18 25 30
  04: 06 12 20 27
  03: 02 09 16 23 30
  02: 01 09 16 23
  01: 05 12 18 26
2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
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  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 31

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