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The Stingy News Weekly (10/09/2016) "People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know, "I'm the richest. Therefore, I'm the best. God's in his heaven, etc." And that reaction of the robber barons was so irritating to people that it made it unfashionable to think of an economy as an ecosystem. But the truth is that it is a lot like an ecosystem. And you get many of the same results." - Charlie Munger New from StingyInvestor Buyback yield "Canadian investors love dividend stocks. But income seekers should look beyond a company's dividend yield to other factors that can enrich - or impoverish - shareholders." [$] Top dividend stocks of 2016 "We're hard at work on this year's Dividend All-Stars, which grades the largest 100 dividend stocks in Canada. As a preview, I thought you might be interested in a few highlights and some behind the scenes data to whet your appetite for the next issue of the magazine." Stingy Links ILTB: Morgan Housel "Morgan Housel and I explore the differences between private and public market investing, how to foster innovation and creativity, how businesses are structured and organized, and how Morgan finds interesting books and topics to write about." [Behaviour] Buyback bulls and bears "I expect buybacks to continue at high rates so long as interest rates continue to be lower than the earnings yields of companies, and will continue to garner accusations of CEOs of manipulating earnings and stock prices to line their own pockets. But the data offers stronger support for the claims that buyback programs on average generate long-term excess returns for shareholders, driven by the earnings of the companies" [Markets] Financial crisis "Why have financial crises occurred with such dismaying regularity throughout history around the world? Perspective from renowned financial crisis expert Robert Aliber and leading Wall Street economist and strategist, Nicholas Sargen." [video] [Markets] Warren Buffett is an artful influencer "Warren Buffett's annual shareholder letter is an opportunity for him to exercise influence. The letter's tone is friendly and homespun, but Buffett takes it even further. He gives Berkshire shareholders the impression that he is actively looking out for their welfare." [Buffett] A more balanced S&P 500 "According to Willis, rebalancing the portfolio of 500 stocks each quarter to its original weight level, as the INDEX does, ensures that investors are adding stocks that have fallen in price and selling stocks whose prices appreciated. Thus, the mechanism of the equal-weight index embeds the 'buy low, sell high' strategy." [Indexing] Trump's tax break "The prevailing wisdom that has emerged in the past week among accounting experts is that Trump was able to use more than $900 million in paper losses to reduce his taxable income via a loophole in the code that allowed losses of private businesses registered as S-Corporations to flow to their owners, even when they didn't put an of their own cash into the companies, which is where the name double dip comes from." [Taxes] DOW 30 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield Verizon (VZ) 4 1 4 5 Chevron (CVX) 0 5 4 5 IBM (IBM) 5 1 4 5 Pfizer (PFE) 1 4 1 5 Caterpillar (CAT) 1 3 5 5 Exxon Mobil (XOM) 1 5 4 5 Coca-Cola (KO) 2 2 1 4 McDonald's (MCD) 3 1 2 4 Cisco (CSCO) 4 5 2 4 Boeing (BA) 2 1 5 4 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield American Express (AXP) 5 4 4 2 Travelers (TRV) 5 5 5 2 JP Morgan Chase (JPM) 5 5 3 3 United Technologies (UTX) 5 4 5 2 IBM (IBM) 5 1 4 5 Apple (AAPL) 4 2 2 1 Verizon (VZ) 4 1 4 5 Wal-Mart (WMT) 4 4 5 3 Cisco (CSCO) 4 5 2 4 Goldman Sachs (GS) 4 5 3 1 Notes | More Info... Value Ratio Stocks P/E P/B P/S Yield V.R. Verizon (VZ) 4 1 4 5 3.05 IBM (IBM) 5 1 4 5 3.52 JP Morgan Chase (JPM) 5 5 3 3 4.09 Cisco (CSCO) 4 5 2 4 4.52 United Technologies (UTX) 5 4 5 2 4.53 Travelers (TRV) 5 5 5 2 4.71 Wal-Mart (WMT) 4 4 5 3 5.08 American Express (AXP) 5 4 4 2 5.28 McDonald's (MCD) 3 1 2 4 6.54 Apple (AAPL) 4 2 2 1 6.65 Notes | More Info... US Stock Summary Yield P/E V.R. Cisco (CSCO) Y Y Y IBM (IBM) Y Y Y Verizon (VZ) Y Y Y American Express (AXP) Y Y Apple (AAPL) Y Y JP Morgan Chase (JPM) Y Y McDonald's (MCD) Y Y Travelers (TRV) Y Y United Technologies (UTX) Y Y Wal-Mart (WMT) Y Y Boeing (BA) Y Caterpillar (CAT) Y Chevron (CVX) Y Coca-Cola (KO) Y Exxon Mobil (XOM) Y Goldman Sachs (GS) Y Pfizer (PFE) Y Notes... S&P/TSX60 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield Inter Pipeline (IPL) 3 1 1 5 CIBC (CM) 5 3 3 5 National Bank (NA) 4 4 3 5 Pembina Pipeline (PPL) 1 2 2 5 Power Corp of Canada (POW) 5 5 5 5 BCE Inc. (BCE) 3 1 2 5 Emera (EMA) 4 3 2 5 Shaw (SJR.B) 5 2 3 5 TELUS (T) 4 2 3 5 Bank of Nova Scotia (BNS) 5 4 2 5 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield Magna (MG) 5 3 5 3 Shaw (SJR.B) 5 2 3 5 CIBC (CM) 5 3 3 5 Power Corp of Canada (POW) 5 5 5 5 Royal Bank (RY) 5 3 2 4 Bank of Nova Scotia (BNS) 5 4 2 5 Bank of Montreal (BMO) 5 4 2 4 Sun Life Financial (SLF) 5 4 4 4 TD Bank (TD) 4 4 2 4 National Bank (NA) 4 4 3 5 Notes | More Info... Value Ratio Stocks P/E P/B P/S Yield V.R. CIBC (CM) 5 3 3 5 1.99 Shaw (SJR.B) 5 2 3 5 2.14 Power Corp of Canada (POW) 5 5 5 5 2.45 National Bank (NA) 4 4 3 5 2.72 Bank of Nova Scotia (BNS) 5 4 2 5 2.87 Royal Bank (RY) 5 3 2 4 2.94 Bank of Montreal (BMO) 5 4 2 4 3.04 Emera (EMA) 4 3 2 5 3.09 Magna (MG) 5 3 5 3 3.42 Sun Life Financial (SLF) 5 4 4 4 3.44 Notes | More Info... Canadian Stock Summary Yield P/E V.R. Bank of Nova Scotia (BNS) Y Y Y CIBC (CM) Y Y Y National Bank (NA) Y Y Y Power Corp of Canada (POW) Y Y Y Shaw (SJR.B) Y Y Y Bank of Montreal (BMO) Y Y Emera (EMA) Y Y Magna (MG) Y Y Royal Bank (RY) Y Y Sun Life Financial (SLF) Y Y BCE Inc. (BCE) Y Inter Pipeline (IPL) Y Pembina Pipeline (PPL) Y TD Bank (TD) Y TELUS (T) Y Notes... The Rothery Report (Learn More | Subscribe) The Rothery Report provides research on select deep-value stocks in North America. Discover overlooked and undervalued stocks in quarterly investment reports which provide detailed analysis of Canadian and U.S. stocks. Weekly email news and additional updates keep subscribers informed about new opportunities and developments. Rothery Report Performance (03/31/2001 to 06/30/2016) Average Capital Gain 48.5%	Stingy News Weekly The Latest Edition Get the Stingy News via email with ... 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