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The Stingy News Weekly (01/15/2017)


"Not everything that can be counted counts, and not everything that counts can be counted."
- Albert Einstein


Stingy Links

Cash cows of the Dow
"The Cash Cows, despite having the lowest dividend yield, have by far the largest buyback yield resulting in a total shareholder yield that is nearly double that of the Dogs and about a third higher than the Dow."
[Value Investing]

The global 4 per cent
"With a 50/50 asset allocation, the 4% rule did not survive in any country, though it came very close in the U.S. (3.94%) and Canada (3.96%). Even allowing for a 10% failure rate, 4% made the cut only in Canada, the U.S., New Zealand, and Denmark."
[Retirement]

Risky risk ratings
"Over the past two years, I tracked risk rating changes for nearly 100 unique mutual funds and ETFs. 77% of those funds saw risk ratings reduced despite the fact that we're nearly 8 years into one of the longest bull markets in history for stocks and bonds."
[Funds]

Be wary of junk bonds
"Junk bonds have defaulted historically at an average rate of 4.2% a year, according to data from Standard & Poor's. That is more than the current spread, meaning the extra yield investors hope to capture by owning junk could easily evaporate. Investors tend to forget this, especially during periods of low defaults. Defaults don't always wipe out investors - typically they will recover 40% (of the par value of the bond) from a default. Still, when one accounts for both defaults and recoveries, the loss rate on junk bonds has averaged about 2.5% a year."
[Bonds]

Big Mac index
"In Big Mac terms, the Mexican peso is undervalued by a whacking 55.9% against the greenback. This week it also plumbed a record low as Mr Trump reiterated some of his campaign threats against Mexico. The peso has lost a tenth of its value against the dollar since November. Of big countries, only Russia offers a cheaper Big Mac, in dollar terms, even though the rouble has strengthened over the past year."
[World]

Absolute vs. relative value
"In keeping with Montier's absolute value philosophy, we investigated several dynamic allocation strategies based on reducing or eliminating exposure to markets as they get more or less expensive, using the real earnings yield as our yardstick. In every case we tested the absolute value based approach delivered a higher Sharpe ratio, and a much higher ratio of returns to our approximation of Montier's measure of risk - maximum drawdowns."
[Value Investing]

Friedman's theory laid to rest
"Milton Friedman was wrong about the permanent income hypothesis. But unlike with the first two examples, where scientists quickly realized the mistake, economists haven't yet come to grips with the reality."
[Economics]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)4145
Pfizer (PFE)1425
Chevron (CVX)0545
Boeing (BA)2155
Exxon Mobil (XOM)1545
Cisco (CSCO)4425
Coca-Cola (KO)2214
IBM (IBM)5144
Caterpillar (CAT)1354
Procter & Gamble (PG)3324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5552
United Technologies (UTX)5452
American Express (AXP)5431
IBM (IBM)5144
Apple (AAPL)5232
Cisco (CSCO)4425
Wal-Mart (WMT)4453
JP Morgan Chase (JPM)4522
Verizon (VZ)4145
Intel (INTC)4433
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Verizon (VZ)41453.48
IBM (IBM)51444.07
Cisco (CSCO)44254.16
Wal-Mart (WMT)44534.89
Travelers (TRV)55525.18
United Technologies (UTX)54525.25
Intel (INTC)44336.10
JP Morgan Chase (JPM)45226.77
Boeing (BA)21556.78
Procter & Gamble (PG)33247.02
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Cisco (CSCO)YYY
IBM (IBM)YYY
Verizon (VZ)YYY
Boeing (BA)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Procter & Gamble (PG)YY
Travelers (TRV)YY
United Technologies (UTX)YY
Wal-Mart (WMT)YY
American Express (AXP)Y
Apple (AAPL)Y
Caterpillar (CAT)Y
Chevron (CVX)Y
Coca-Cola (KO)Y
Exxon Mobil (XOM)Y
Pfizer (PFE)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3115
BCE Inc. (BCE)4135
Emera (EMA)4435
Pembina Pipeline (PPL)1225
CIBC (CM)5325
Power Corp of Canada (POW)4555
TELUS (T)3235
Shaw (SJR.B)5335
National Bank (NA)4335
Fortis (FTS)3445
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Magna (MG)5453
CIBC (CM)5325
Shaw (SJR.B)5335
Bank of Nova Scotia (BNS)5424
Royal Bank (RY)5324
Sun Life Financial (SLF)5444
Bank of Montreal (BMO)5424
TD Bank (TD)5314
Power Corp of Canada (POW)4555
Canadian Tire (CTC.A)4353
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
CIBC (CM)53252.32
Shaw (SJR.B)53352.62
Power Corp of Canada (POW)45553.47
Bank of Nova Scotia (BNS)54243.50
Magna (MG)54533.83
Inter Pipeline (IPL)31153.88
BCE Inc. (BCE)41353.92
Bank of Montreal (BMO)54243.92
Royal Bank (RY)53243.96
Emera (EMA)44353.97
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
Power Corp of Canada (POW)YYY
Shaw (SJR.B)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Emera (EMA)YY
Inter Pipeline (IPL)YY
Magna (MG)YY
Royal Bank (RY)YY
Canadian Tire (CTC.A)Y
Fortis (FTS)Y
National Bank (NA)Y
Pembina Pipeline (PPL)Y
Sun Life Financial (SLF)Y
TD Bank (TD)Y
TELUS (T)Y
Notes...



The Rothery Report
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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 09/30/2016)
Average Capital Gain
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2017
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