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The Stingy News Weekly (01/20/2013)


"To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people."
- Charlie Munger


Stingy Links

Aswath Damodaran compiles global stock data
"For the last two decades, I have dedicated the first two weeks of each new year to a ritual. I obtain/collect/download data on all publicly traded companies listed globally, using a variety of data sources, and then analyze and present the data, aggregated at a number of different levels: by country, by region (US, Europe, Emerging Markets, Japan, Australia and Canada) and by industry. I report on measures of operations (profit margins, turnover ratios, working capital), measures of leverage (debt ratios), measures of risk (beta, standard deviation, equity risk premiums, country risk premiums) and pricing measures (earnings multiples, book value multiples, revenue multiples). I just completed my 2013 update and you can find it by clicking here."


Are leveraged ETFs the new portfolio insurers?
"This paper studies Leveraged and Inverse Exchange Traded Funds (LETFs) from a financial stability perspective and emphasizes their similarities with portfolio insurers of the 1980s. Mechanical positive-feedback rebalancing of LETFs resembles the portfolio insurance strategies, which contributed to the stock market crash of October 19, 1987 (Brady Report, 1988). I show that a 1% increase in broad stock-market indexes induces LETFs to originate rebalancing flows equivalent to $1.04 billion worth of stock. Price-insensitive rebalancing of LETFs results in price reaction and extra volatility in underlying stocks. Although LETFs are not as large as portfolio insurers of the 1980s and have not been proven to disrupt stock market activity, implied price impact calculations suggest that their effect could reach a tipping point after a large market move in periods of high volatility."


High yield market is out of control
"I find it interesting: Many many people realize the market is heavily overvalued in terms of compensation of return versus risk, but they still are buying."


Fewer, richer, greener
"The world has been going to hell in a handbasket for as long as anyone can remember, but it never quite seems to get there. In fact, according to just about any objective measure you choose, the health and wealth of the human race has been improving rapidly and almost continuously for at least the last 200 years."


Is sitting like smoking?
"As we work, we sit more than we do anything else. We're averaging 9.3 hours a day, compared to 7.7 hours of sleeping. Sitting is so prevalent and so pervasive that we don't even question how much we're doing it. And, everyone else is doing it also, so it doesn't even occur to us that it's not okay. In that way, I've come to see that sitting is the smoking of our generation."


National balance sheets
"But Morgan Stanley reckons the shortfalls are so large (between 800% and 1,000% of GDP in the US and UK) that the situation is hopeless. In effect, the public sector must impose a burden on the private sector but the only question is how."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Intel (INTC)5425
Merck (MRK)2415
EI DuPont (DD)3145
Pfizer (PFE)2315
General Electric (GE)2434
McDonald's (MCD)3114
Microsoft (MSFT)3214
Johnson & Johnson (JNJ)1214
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
JP Morgan Chase (JPM)5533
Intel (INTC)5425
Chevron (CVX)5544
Exxon Mobil (XOM)5342
Caterpillar (CAT)5252
UnitedHealth (UNH)4451
Travelers (TRV)4542
Boeing (BA)4153
Cisco (CSCO)4423
American Express (AXP)4221
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Intel (INTC)54252.32
Chevron (CVX)55443.05
JP Morgan Chase (JPM)55333.43
Exxon Mobil (XOM)53423.84
EI DuPont (DD)31453.93
Microsoft (MSFT)32144.33
Travelers (TRV)45424.54
Caterpillar (CAT)52524.54
General Electric (GE)24344.85
Merck (MRK)24154.88
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Intel (INTC)YYY
Caterpillar (CAT)YY
Chevron (CVX)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
General Electric (GE)YY
JP Morgan Chase (JPM)YY
Merck (MRK)YY
Microsoft (MSFT)YY
Travelers (TRV)YY
AT&T (T)Y
American Express (AXP)Y
Boeing (BA)Y
Cisco (CSCO)Y
Johnson & Johnson (JNJ)Y
McDonald's (MCD)Y
Pfizer (PFE)Y
UnitedHealth (UNH)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Penn West Petroleum (PWT)1545
Enerplus (ERF)0535
Crescent Point (CPG)1315
TransAlta (TA)0345
Canadian Oil Sands (COS)5225
BCE Inc. (BCE)4245
ARC Resources (ARX)1315
Sun Life Financial (SLF)1555
Bank of Montreal (BMO)5435
CIBC (CM)5235
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
First Quantum (FM)5311
National Bank (NA)5334
Magna (MG)5452
Bombardier (BBD.B)5153
Imperial Oil (IMO)5241
Canadian Oil Sands (COS)5225
Barrick Gold (ABX)5423
Bank of Montreal (BMO)5435
CIBC (CM)5235
Iamgold (IMG)5523
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)52251.48
National Bank (NA)53342.00
Bank of Montreal (BMO)54352.26
CIBC (CM)52352.34
Power Corp of Canada (POW)45552.55
BCE Inc. (BCE)42452.61
Bank of Nova Scotia (BNS)43242.81
Penn West Petroleum (PWT)15452.97
Royal Bank (RY)42243.22
TD Bank (TD)43243.28
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
BCE Inc. (BCE)YY
National Bank (NA)YY
Penn West Petroleum (PWT)YY
ARC Resources (ARX)Y
Bank of Nova Scotia (BNS)Y
Barrick Gold (ABX)Y
Bombardier (BBD.B)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
First Quantum (FM)Y
Iamgold (IMG)Y
Imperial Oil (IMO)Y
Magna (MG)Y
Power Corp of Canada (POW)Y
Royal Bank (RY)Y
Sun Life Financial (SLF)Y
TD Bank (TD)Y
TransAlta (TA)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 09/30/2012)
Average Capital Gain
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