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The Stingy News Weekly: 12/19/2021


Stingy Links

Is it now the '3.3% Rule'?
"Recently a highly respected financial publisher issued a research paper claiming that the 'safe' withdrawal rate from tax-advantaged retirement portfolios could be as low as 3.3%, due to the high valuations of financial investments. As you may know, as an outcome of ongoing research, I recently increased my estimate of the 'worst-case' withdrawal rate to 4.7% (for a 30-year time horizon). How do we make sense of these two widely disparate results?"
[Retirement]

Investing in banks
"Local real estate prices have not just acted as a predictor over the full period, but they have also been a very consistent predictor. The spread between the top decile and bottom decile of stocks ranked by this factor has persisted through multiple market environments."
[Real Estate]

Separate processes
"Mindless stock bulls talk of TINA [There Is No Alternative (to buying stocks)], as if there is no limit to how high stock prices can go when interest rates are low. I want to tell you about TIN. There Is Nothing (worth buying). This is the nature of financial repression."
[Markets]

Estimating future market returns
"At the end of the third quarter, the S&P 500 was poised to nominally return -0.64%/year over the next 10 years. As of the close today, that figure was -1.83%/year, slightly more than the -1.84%/year at the record high last Friday."
[Markets]

That's it, that's the blog
"They say a picture is worth 1000 words. I'm embracing the concept in this post, which is just a single graph presenting the value spread constructed using the methodology that most closely reflects how we actually view value at AQR. Spoiler alert: the spread continued to explode higher in 2021. Despite this, we still made some money on value this year, which makes us very excited for 2022 and beyond."
[Value Investing]

This is the show
"Although it's difficult to know when volatility and opportunities will return, we are closely monitoring newly formed cracks in the small cap market. Specifically, as inflation has forced the Federal Reserve to reduce its bond purchases, we're noticing growing weakness in many of the stocks on our possible buy list. In effect, all boats are no longer rising. Even with the popular stock indices trading near record highs, several of the stocks on our possible buy list are becoming more attractively priced, with a growing number of stocks approaching their 52-week lows."
[Value Investing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
Enbridge (ENB)BBA
Pembina Pipeline (PPL)FAA
TC Energy (TRP)DCA
Manulife Financial (MFC)AAA
Suncor Energy (SU)CAA
BCE (BCE)CDA
Canadian Natural (CNQ)BBA
Algonquin Power (AQN)BBA
Bank of Nova Scotia (BNS)ABA
CIBC (CM)ABA
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Kinross Gold (K)AAC
Manulife Financial (MFC)AAA
Canadian Apt REIT (CAR.UN)AAC
Thomson Reuters (TRI)AED
Canadian Tire (CTC.A)ACC
CIBC (CM)ABA
National Bank (NA)ACB
Power (POW)AAB
Magna International (MG)ACC
Bank of Nova Scotia (BNS)ABA
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Teck Resources (TECK.B)CAE
Manulife Financial (MFC)AAA
Canadian Apt REIT (CAR.UN)AAC
Kinross Gold (K)AAC
Canopy Growth (WEED)FAE
Suncor Energy (SU)CAA
Cenovus Energy (CVE)EAD
Power (POW)AAB
Barrick Gold (ABX)BAC
Pembina Pipeline (PPL)FAA
Notes | More Info...


Canadian Stock SummaryP/EP/BYield
Manulife Financial (MFC)YYY
Bank of Nova Scotia (BNS)YY
CIBC (CM)YY
Canadian Apt REIT (CAR.UN)YY
Kinross Gold (K)YY
Pembina Pipeline (PPL)YY
Power (POW)YY
Suncor Energy (SU)YY
Algonquin Power (AQN)Y
BCE (BCE)Y
Barrick Gold (ABX)Y
Canadian Natural (CNQ)Y
Canadian Tire (CTC.A)Y
Canopy Growth (WEED)Y
Cenovus Energy (CVE)Y
Enbridge (ENB)Y
Magna International (MG)Y
National Bank (NA)Y
TC Energy (TRP)Y
Teck Resources (TECK.B)Y
Thomson Reuters (TRI)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BYield
IBM (IBM)CCA
Dow (DOW)ABA
Verizon (VZ)ABA
Chevron (CVX)BAA
Walgreens (WBA)BAA
Merck (MRK)DCB
Amgen (AMGN)CEB
3M (MMM)BDB
Coca-Cola (KO)DDB
Intel (INTC)ABB
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Goldman (GS)AAD
Dow (DOW)ABA
Intel (INTC)ABB
JPMorgan Chase (JPM)AAC
Verizon (VZ)ABA
Travelers (TRV)BAC
Walgreens (WBA)BAA
American Express (AXP)BCE
3M (MMM)BDB
Caterpillar (CAT)BDD
Notes | More Info...


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


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



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2022
  08: 01 07 14
  07: 03 10 17 24
  06: 05 12 17 26
  05: 01 08 15 23 29
  04: 03 10 17
  03: 06 13 20 27
  02: 04 13 20 27
  01: 02 09 16 23 30
2021
  12: 05 12 19 25
  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
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  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
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  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
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2017
  12: 04 11 18 24
  11: 06 12 20 27
  10: 01 07 16 23 30
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  08: 07 16 20 28
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  06: 04 11 18 26
  05: 07 14 21 28
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  03: 05 12 19 26
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  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
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  06: 05 11 19 26
  05: 01 08 15 22
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2015
  12: 06 13 20 27
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  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
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  03: 01 07 15 22 28
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  01: 04 12 18 25 31
2014
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  09: 06 14 19 28
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  05: 04 11 18 25 30
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2013
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  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
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  01: 06 13 20 27
2012
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  08: 05 12 19 26
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  01: 01 08 15 22 29
2011
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  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
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Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...