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The Stingy News Weekly: 09/25/2022


New from Norm

Spreads and recessions
"While the linkage between negative spreads and recessions appears to be strong in the U.S., it has been weaker in our home and native land."


TSX 60 for value investors
"The low-P/E portfolio fared the best of the bunch with average annual gains of 10.8 per cent from the end of January, 2002, through to the end of last month. It handily beat the index by an average of about three percentage points a year."


Stingy Links

Patience of value investors
"Over the eight-year period 2000-2007, the Fama-French U.S. Value Research Index returned 11.0 percent per annum, outperforming the Fama-French U.S. Growth Research Index return of just 0.4 percent per annum by 10.6 percentage points a year. As you saw in the chart on valuation spreads from AQR, today's valuation spreads are very similar to what they were at the last peak in the 'bubble' in growth stocks. While that isn't a guarantee that value stocks will outperform, and do so by significant margins, it's what the historical evidence suggests is likely."
[Value Investing]

Stocks vs bond yields
"The average annual arithmetic expected ERP was 5.40% and the average annual expected geometric ERP was approximately 3.0%. This is slightly higher than the realized ERP values, at 5.0% (arithmetic) and 2.6% (geometric), respectively."
[Markets]

Investing after market declines
"However, once the market has declined by 40% (or more) from all time-highs, everything changes. At this point, it seems like the benefit of doubling down is quite large."
[Markets]

MBAs vs billionaires
"Let's assume, just for the sake of argument, that MBAs want to get rich. Let's also assume that, in figuring out how to get rich, they should probably look at how the richest people in the country - the billionaires - made their fortunes. If we're right in that second assumption, then MBAs are not making optimal career decisions."
[Behaviour]

Alpha and the road less traveled
"With pessimism this pervasive, it wouldn't take many positive surprises to overturn the obvious - and make global diversification lucrative again"
[Markets]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
Enbridge (ENB)DCA
Pembina Pipeline (PPL)CCA
Manulife Financial (MFC)AAA
Power (POW)BAA
TC Energy (TRP)CCA
BCE (BCE)CDA
Bank of Nova Scotia (BNS)AAA
Algonquin Power (AQN)EBA
CIBC (CM)BAA
Barrick Gold (ABX)CAA
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Teck Resources (TECK.B)AAD
Manulife Financial (MFC)AAA
Suncor Energy (SU)AAA
Canadian Natural (CNQ)ACB
SNC-Lavalin (SNC)ABE
Nutrien (NTR)ACC
Bank of Montreal (BMO)ABB
Imperial Oil (IMO)ABC
Bank of Nova Scotia (BNS)AAA
Canadian Tire (CTC.A)ABB
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)BAC
Kinross Gold (K)FAC
Teck Resources (TECK.B)AAD
Manulife Financial (MFC)AAA
Power (POW)BAA
First Quantum (FM)AAD
Barrick Gold (ABX)CAA
Agnico Eagle (AEM)DAB
CIBC (CM)BAA
Bank of Nova Scotia (BNS)AAA
Notes | More Info...


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
Manulife Financial (MFC)YYY
Barrick Gold (ABX)YY
CIBC (CM)YY
Power (POW)YY
Teck Resources (TECK.B)YY
Agnico Eagle (AEM)Y
Algonquin Power (AQN)Y
BCE (BCE)Y
Bank of Montreal (BMO)Y
Canadian Apt REIT (CAR.UN)Y
Canadian Natural (CNQ)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Imperial Oil (IMO)Y
Kinross Gold (K)Y
Nutrien (NTR)Y
Pembina Pipeline (PPL)Y
SNC-Lavalin (SNC)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BYield
Verizon (VZ)ABA
Dow (DOW)ABA
Walgreens (WBA)AAA
Intel (INTC)AAA
IBM (IBM)CDA
3M (MMM)CCB
Chevron (CVX)BBB
JPMorgan Chase (JPM)BAB
Cisco Systems (CSCO)CCB
Amgen (AMGN)CEB
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Dow (DOW)ABA
Walgreens (WBA)AAA
Intel (INTC)AAA
Goldman (GS)AAC
Verizon (VZ)ABA
JPMorgan Chase (JPM)BAB
Chevron (CVX)BBB
Travelers (TRV)BAD
Caterpillar (CAT)BCC
Merck (MRK)BCC
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Goldman (GS)AAC
Walgreens (WBA)AAA
Intel (INTC)AAA
JPMorgan Chase (JPM)BAB
Travelers (TRV)BAD
Dow (DOW)ABA
Chevron (CVX)BBB
Verizon (VZ)ABA
Walt Disney (DIS)EBF
salesforce.com (CRM)EBF
Notes | More Info...


US Stock SummaryP/EP/BYield
Chevron (CVX)YYY
Dow (DOW)YYY
Intel (INTC)YYY
JPMorgan Chase (JPM)YYY
Verizon (VZ)YYY
Walgreens (WBA)YYY
Goldman (GS)YY
Travelers (TRV)YY
3M (MMM)Y
Amgen (AMGN)Y
Caterpillar (CAT)Y
Cisco Systems (CSCO)Y
IBM (IBM)Y
Merck (MRK)Y
Walt Disney (DIS)Y
salesforce.com (CRM)Y
Notes...



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2022
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 01 07 14 20 28
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2021
  12: 05 12 19 25
  11: 06 14 21 28
  10: 03 07 17 24 30
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2020
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2019
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  08: 12 19 31
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  01: 01 08 16 22 28
2018
  12: 03 11 17 26
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  10: 09 15 22
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2017
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2016
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2015
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2014
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2013
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2012
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2011
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  06: 05 12 19 26
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  04: 04 10 17 24
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  02: 06 13 20 27
  01: 02 09 16 23 30
2010
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  10: 03 10 17 24 31
  09: 05 12 19 26
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  07: 04 11 16 25
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