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The Stingy News Weekly: 08/16/2020


Stingy Links

Cheese consumption vs. death by bedsheet
"Investing is always about making decisions while under a cloud of uncertainty. It is how one deals with the uncertainty that distinguishes the long-term value-based investors from the rest. Rather than acting as if the uncertainty doesn't exist (the current fad), the value investor embraces it and demands a margin of safety to reflect the unknown. There is no margin of safety in the pricing of U.S. stocks today. Voltaire observed, 'Doubt is not a pleasant condition, but certainty is absurd.' The U.S. stock market appears to be absurd."
[Montier]

U.S. stocks vs. world GDP
"With the stunning rise in big American tech stocks, the U.S. portion of this global equity market capitalization is nearing all-time highs. While there isn't necessarily a connection between stock values and economic output, it is a way to estimate sentiment and valuations."
[World]

Moar Income
"You basically need to step out on the risk curve and start taking some stock market like risk or longer duration bond risk if you want some income. The worst part is, if inflation ticks higher the Fed has made it clear they won't raise rates any time soon. So you could get a form of yield curve control here where inflation is rising, demand for government debt is declining and the Fed insists on keeping rates low. Navigating the future of the bond market has probably never been harder than it is today."
[Bonds]

The tab for the free lunch
"Today the tab for the free lunch has expanded well beyond the saver. The action of central banks committing to bail out capital markets on such a scale has stemmed market dysfunction but at the consequence of artificially shoring up asset prices, usurping the role of markets in pricing risk. New Age thinking of the sort currently proposed is on the cusp of a political takeover of the economy."
[World]

Times that try stock-pickers' souls
"As maddening as this behavior is, it is typical of investor psychology at peaks and troughs; and consequently, the 'price' of growth is higher than it has ever been."
[Value Investing]

The cost of free trades
"Robinhood, and the rest of the online brokerage industry, rely on what's known as payment for order flow as their profit engine in lieu of commissions."
[Brokers]

A victory for shareholders
"a key highlight is the decision that shareholders in Delaware have an absolute right to know about management compensation and related party transactions"
[Stocks]

Cross-asset signals
"Simultaneously positive momentum regimes in bond and equity markets predict better outcomes for the economy, with high industrial production growth, high investment, and decreasing unemployment over the next 12 months. In contrast, simultaneously negative momentum regimes predict negative industrial production growth, low investment, and increasing unemployment. Thus, time-series momentum and cross-asset time-series momentum are not just financial market phenomena; they also contain information about fundamental changes in economic activity."
[Markets]

Weaponized indifference
"On essentially no volume, the live, trading price of DGAZF has shot from a net asset value - what the thing is actually worth - of around $125 to $25,000! Cats and dogs living together! 40 days and nights of rain!? The twitter hyperbole has been intense, so lets explain what's actually happening, and how it's possible."
[Indexing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Brookfield Property Partners (BPY.UN)FAAA
Enbridge (ENB)EBCA
Pembina Pipeline (PPL)CBDA
Power Corp of Canada (POW)AAAA
Cdn Natural Resources (CNQ)EACA
Bank of Nova Scotia (BNS)ABCA
CIBC (CM)ABBA
BCE Inc. (BCE)DDDA
Manulife (MFC)AAAA
Bank of Montreal (BMO)ABBA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Canadian Apartment REIT (CAR.UN)AAEC
Bank of Nova Scotia (BNS)ABCA
Manulife (MFC)AAAA
Bank of Montreal (BMO)ABBA
CIBC (CM)ABBA
Barrick Gold (ABX)ADED
National Bank (NA)ACCB
TD Bank (TD)ABCB
Power Corp of Canada (POW)AAAA
Kinross Gold (K)BCDF
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Teck Resources (TECK.B)FABD
Brookfield Property Partners (BPY.UN)FAAA
Cenovus Energy (CVE)FAAF
First Quantum (FM)FACE
Imperial Oil (IMO)FAAB
Manulife (MFC)AAAA
Power Corp of Canada (POW)AAAA
Canadian Apartment REIT (CAR.UN)AAEC
Suncor Energy (SU)FABC
Cdn Natural Resources (CNQ)EACA
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Manulife (MFC)YYY
Power Corp of Canada (POW)YYY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Brookfield Property Partners (BPY.UN)YY
CIBC (CM)YY
Canadian Apartment REIT (CAR.UN)YY
Cdn Natural Resources (CNQ)YY
BCE Inc. (BCE)Y
Barrick Gold (ABX)Y
Cenovus Energy (CVE)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Imperial Oil (IMO)Y
Kinross Gold (K)Y
National Bank (NA)Y
Pembina Pipeline (PPL)Y
Suncor Energy (SU)Y
TD Bank (TD)Y
Teck Resources (TECK.B)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Exxon Mobil (XOM)DAAA
Chevron (CVX)DABA
IBM (IBM)ADBA
Walgreens (WBA)EBAA
Verizon (VZ)ACBA
JP Morgan Chase (JPM)ABCB
3M (MMM)CECB
Pfizer (PFE)ACDB
Coca-Cola (KO)CEEB
Intel (INTC)ABCB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Intel (INTC)ABCB
Verizon (VZ)ACBA
JP Morgan Chase (JPM)ABCB
IBM (IBM)ADBA
Pfizer (PFE)ACDB
Goldman Sachs (GS)BABD
Travelers (TRV)BAAC
Cisco (CSCO)BCDC
DuPont (DD)BACD
UnitedHealth (UNH)BCAD
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)BABD
Exxon Mobil (XOM)DAAA
Travelers (TRV)BAAC
DuPont (DD)BACD
Chevron (CVX)DABA
JP Morgan Chase (JPM)ABCB
Raytheon (RTX)CBAC
Walgreens (WBA)EBAA
Intel (INTC)ABCB
Walt Disney (DIS)EBDF
Notes | More Info...


US Stock SummaryYieldP/EP/B
Intel (INTC)YYY
JP Morgan Chase (JPM)YYY
Chevron (CVX)YY
DuPont (DD)YY
Exxon Mobil (XOM)YY
Goldman Sachs (GS)YY
IBM (IBM)YY
Pfizer (PFE)YY
Travelers (TRV)YY
Verizon (VZ)YY
Walgreens (WBA)YY
3M (MMM)Y
Cisco (CSCO)Y
Coca-Cola (KO)Y
Raytheon (RTX)Y
UnitedHealth (UNH)Y
Walt Disney (DIS)Y
Notes...



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2020
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2019
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2018
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