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The Stingy News Weekly (01/12/2015)


"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."
- Warren Buffett


New from StingyInvestor

Super savers, spend your money
"It's belt tightening time for those facing mountains of unpaid holiday bills. But MoneySense readers often suffer from the opposite problem. That is, they save too much. They're part of a merry band of frugal folk who have bulging banks accounts. Some of them even have more money than they're likely to spend in several lifetimes. The super savers should resolve to ramp up their spending."


Asset Mixer Update
We've updated our Asset Mixer to include nominal data for 2014.


Periodic Table Update
We've updated our periodic table of annual returns for Canadians to include nominal data for 2014.


Stingy Links

MiB: Patrick O'Shaughnessy
"O'Shaughnessy discusses that despite the difficulties of the economic environment, youth have tremendous advantages youth in terms of an investment horizon of up to half a century. This allows compounding to take place. In our conversation, we discuss active versus passive, why investors are their own worst enemies, and what they should - and should not - be doing."
[Books]

Shareholder value is undervalued
"Those who say maximizing shareholder value is something like 'the worst idea ever' are essentially saying markets are wildly inefficient - disastrously and obviously so - at setting prices. Now, one is free to believe this extreme hypothesis. One can believe that markets are horrifically bad no matter how much I, and the legion of evidence, may disagree. One is free to cite the handful of exceptions that actually prove the rule here (exceptional managers and exceptional times for markets) and believe market prices consistently have no toehold on reality. But one must acknowledge that the trendy denunciation of 'maximize shareholder value' is exactly this self-same extreme radical denunciation of markets themselves. If you believe maximize shareholder value is the 'worst idea ever' you aren't simply cynical about how well markets function. No, you go much further. You directly claim they are utter disasters and that you have a better way. Good luck with that. Of course, you could temper your view, perhaps rephrase as 'maximizing shareholder value is a pretty good though imperfect idea and here are a few suggestions for improvement,' but those articles are way less exciting..."
[Markets]

Institutional investors and stock return anomalies
"We examine institutional investor demand for stocks that are categorized as mispriced according to twelve well-known pricing anomalies. We find that institutional demand during the year prior to anomaly portfolio formation is typically on the wrong side of the anomalies' implied mispricing. That is, we find increases in institutional ownership for overvalued stocks and decreases in institutional ownership for undervalued stocks. Moreover, abnormal returns for all twelve anomalies are concentrated almost entirely in stocks with institutional demand on the wrong side. We consider several competing explanations for these puzzling results."
[Academia]

The spectre of a Grexit
"Meanwhile the messages from Berlin are becoming louder: Greece should in principle stay in the euro, but Mr Tsipras's demands for a debt write-off and spending binge are unacceptable. The spectre of a Grexit, laid to rest while the Samaras government got on with its reforms, has resurfaced."
[World]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5545
Verizon (VZ)5145
Chevron (CVX)5555
General Electric (GE)3545
McDonald's (MCD)3125
Pfizer (PFE)2415
Caterpillar (CAT)4454
Exxon Mobil (XOM)4454
Merck (MRK)1314
Procter & Gamble (PG)1334
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Chevron (CVX)5555
Verizon (VZ)5145
AT&T (T)5545
Travelers (TRV)5542
Goldman Sachs (GS)5531
JP Morgan Chase (JPM)5533
Exxon Mobil (XOM)4454
IBM (IBM)4143
Caterpillar (CAT)4454
United Technologies (UTX)4442
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)55451.82
Verizon (VZ)51452.15
Chevron (CVX)55552.52
Exxon Mobil (XOM)44543.86
JP Morgan Chase (JPM)55334.07
Caterpillar (CAT)44544.45
IBM (IBM)41434.65
General Electric (GE)35454.80
Travelers (TRV)55424.94
McDonald's (MCD)31255.03
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Caterpillar (CAT)YYY
Chevron (CVX)YYY
Exxon Mobil (XOM)YYY
Verizon (VZ)YYY
General Electric (GE)YY
IBM (IBM)YY
JP Morgan Chase (JPM)YY
McDonald's (MCD)YY
Travelers (TRV)YY
Goldman Sachs (GS)Y
Merck (MRK)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
United Technologies (UTX)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Canadian Oil Sands (COS)5545
Crescent Point (CPG)1415
TransAlta (TA)0445
Teck Resources (TCK.B)3545
ARC Resources (ARX)2315
Husky Energy (HSE)4545
Inter Pipeline (IPL)2115
BCE Inc. (BCE)3135
Cenovus Energy (CVE)4455
CIBC (CM)5325
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)5532
Canadian Oil Sands (COS)5545
Imperial Oil (IMO)5341
Manulife (MFC)5443
National Bank (NA)5335
Bank of Nova Scotia (BNS)5324
Cdn Natural Resources (CNQ)5433
Power Corp of Canada (POW)5454
CIBC (CM)5325
Bank of Montreal (BMO)5424
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)55450.36
EnCana (ECA)55321.68
National Bank (NA)53352.57
Bank of Nova Scotia (BNS)53242.64
Husky Energy (HSE)45452.71
CIBC (CM)53252.72
Bank of Montreal (BMO)54242.97
Power Corp of Canada (POW)54543.08
Crescent Point (CPG)14153.30
Royal Bank (RY)42243.32
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Crescent Point (CPG)YY
EnCana (ECA)YY
Husky Energy (HSE)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
ARC Resources (ARX)Y
BCE Inc. (BCE)Y
Cdn Natural Resources (CNQ)Y
Cenovus Energy (CVE)Y
Imperial Oil (IMO)Y
Inter Pipeline (IPL)Y
Manulife (MFC)Y
Royal Bank (RY)Y
Teck Resources (TCK.B)Y
TransAlta (TA)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 09/30/2014)
Average Capital Gain
47.3%



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