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The Stingy News Weekly (12/18/2017) "I quickly convinced myself that the true key to happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions." - Ben Graham Stingy Links Putting your portfolio in a drawer "Long-term investors would do well to pull a page from the typical bond investor's playbook and put their entire portfolio in a drawer." [Behaviour] Purgatory for pessimists "Also, notice the disparity in excess return between an equal-weighted versus a cap-weighted portfolio construction process. These are the exact same stocks! Yet, a cap-weighted approach underperforms by hundreds of basis points, even in large 300-stock portfolios." [Markets] Career risk and Stalin's pension fund "To concentrate the mind, I fantasize about managing Stalin's pension fund where the penalty for failing to deliver 4.5% real per year over 10 years is death. I believe only a very large investment in EM equities will give an excellent chance of survival." [Markets] Wes Gray on QVAL "Wes Gray, CEO of Alpha Architect, says he searches the 'trash bin' for companies in order to find 'deep value' in the QVAL ETF. He joins Bloomberg's Scarlet Fu and Eric Balchunas." [video] [Value Investing] Shadow lending growing in Canada "They opted for a third route: adding a second mortgage with an interest rate of 10.5 percent to pay off their debt. Their salvation came from a private unregulated lender, a move many other Canadians are making as the government tries to rein in a home-price surge that's driven household debt to a record. But like a giant game of Whac-A-Mole, the risk to the financial system from tapped out borrowers is merely shifting -- this time to a market where there's no oversight from the country's national bank regulator and new stress-test rules don't apply." [Real Estate] Bill Nygren Talks at Google Oakmark fund manager Bill Nygren talks about value investing at Google. [video] [Value Investing] S&P/TSX60 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield Inter Pipeline (IPL) 3 2 1 5 Enbridge (ENB) 2 4 4 5 Pembina Pipeline (PPL) 1 2 2 5 Emera (EMA) 3 4 4 5 BCE Inc. (BCE) 3 1 3 5 Power Corp of Canada (POW) 5 5 5 5 CIBC (CM) 5 3 3 5 ARC Resources (ARX) 5 5 1 5 Crescent Point (CPG) 0 5 4 5 TELUS (T) 2 1 3 5 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield Cenovus Energy (CVE) 5 5 5 3 Valeant Pharma (VRX) 5 4 5 0 Barrick Gold (ABX) 5 3 4 1 Teck Resources (TECK.B) 5 5 4 1 Magna (MG) 5 3 5 3 Power Corp of Canada (POW) 5 5 5 5 Thomson Reuters (TRI) 5 2 2 4 ARC Resources (ARX) 5 5 1 5 CIBC (CM) 5 3 3 5 National Bank (NA) 5 3 3 4 Notes | More Info... Low Price/Book Value Stocks P/E P/B P/S Yield Cenovus Energy (CVE) 5 5 5 3 Crescent Point (CPG) 0 5 4 5 Goldcorp (G) 3 5 2 1 Teck Resources (TECK.B) 5 5 4 1 Husky Energy (HSE) 1 5 4 0 First Quantum (FM) 0 5 2 1 Cameco (CCO) 0 5 3 3 Power Corp of Canada (POW) 5 5 5 5 Kinross Gold (K) 1 5 4 0 Imperial Oil (IMO) 4 5 4 3 Notes | More Info... Canadian Stock Summary Yield P/E P/B Power Corp of Canada (POW) Y Y Y ARC Resources (ARX) Y Y CIBC (CM) Y Y Cenovus Energy (CVE) Y Y Crescent Point (CPG) Y Y Teck Resources (TECK.B) Y Y BCE Inc. (BCE) Y Barrick Gold (ABX) Y Cameco (CCO) Y Emera (EMA) Y Enbridge (ENB) Y First Quantum (FM) Y Goldcorp (G) Y Husky Energy (HSE) Y Imperial Oil (IMO) Y Inter Pipeline (IPL) Y Kinross Gold (K) Y Magna (MG) Y National Bank (NA) Y Pembina Pipeline (PPL) Y TELUS (T) Y Thomson Reuters (TRI) Y Valeant Pharma (VRX) Y Notes... DOW 30 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield General Electric (GE) 3 4 5 5 Verizon (VZ) 5 2 4 5 IBM (IBM) 5 2 4 5 Exxon Mobil (XOM) 2 4 5 5 Chevron (CVX) 1 5 4 5 Pfizer (PFE) 3 4 2 5 Merck (MRK) 1 3 2 4 Coca-Cola (KO) 1 1 1 4 Cisco (CSCO) 4 4 2 4 Procter & Gamble (PG) 5 3 2 4 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield IBM (IBM) 5 2 4 5 Goldman Sachs (GS) 5 5 3 1 Verizon (VZ) 5 2 4 5 JP Morgan Chase (JPM) 5 5 2 2 Travelers (TRV) 5 5 5 3 Procter & Gamble (PG) 5 3 2 4 Intel (INTC) 4 4 3 4 Apple (AAPL) 4 2 2 1 American Express (AXP) 4 3 3 1 Walt Disney (DIS) 4 3 3 2 Notes | More Info... Low Price/Book Value Stocks P/E P/B P/S Yield Goldman Sachs (GS) 5 5 3 1 Chevron (CVX) 1 5 4 5 Travelers (TRV) 5 5 5 3 JP Morgan Chase (JPM) 5 5 2 2 (DWDP) 1 5 3 3 Exxon Mobil (XOM) 2 4 5 5 General Electric (GE) 3 4 5 5 Cisco (CSCO) 4 4 2 4 Intel (INTC) 4 4 3 4 United Technologies (UTX) 4 4 5 3 Notes | More Info... US Stock Summary Yield P/E P/B Chevron (CVX) Y Y Cisco (CSCO) Y Y Exxon Mobil (XOM) Y Y General Electric (GE) Y Y Goldman Sachs (GS) Y Y IBM (IBM) Y Y Intel (INTC) Y Y JP Morgan Chase (JPM) Y Y Procter & Gamble (PG) Y Y Travelers (TRV) Y Y Verizon (VZ) Y Y American Express (AXP) Y Apple (AAPL) Y Coca-Cola (KO) Y Merck (MRK) Y Pfizer (PFE) Y United Technologies (UTX) Y Walt Disney (DIS) 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 09/30/2017) Average Capital Gain 51.5%	Stingy News Weekly The Latest Edition Get the Stingy News via email with ... 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