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The Stingy News Weekly (02/05/2017)


"Debt is always repaid, either by the borrower or by the lender."
- James Grant


New from StingyInvestor

The brain-bending world
"A new performance measurement is beginning to appear on brokerage statements in Canada. It's called a money-weighted return and it has the potential to cause a great deal of confusion." [$]


Doing better than you think
"Last week the venerable Dow Jones Industrial Average climbed above 20,000 for the first time. The event came as a relief to newscasters who could comment on the record rather than making up a reason for why the stock market moved a little higher that day."


Stingy Links

Messiness is good for the soul
"he says, disorder can actually be good for our brains because when conditions around us aren't perfect, we are forced to use creativity to solve problems, and perhaps come up with solutions that are better than we could have imagined otherwise."
[Books]

Factor investing art and science
"My conclusion is that we are still a long way away from understanding the so-called 'science' of investing. We're probably better off understanding the insanity of investors and the incentives of delegated asset managers if we want to understand the science of investing, but this is controversial among many financial economists."
[Value Investing]

The retirement spending smile
"The following exhibit provides Blanchett's spending smile for a retiree that begins retirement with expenditures of $100,000. On average, this household can expect to experience declining real expenditures through age eighty-four, when real spending reaches a trough of $74,146. This reflects a nearly 26% drop in real expenditures. After this point, average real expenditures increase, though they do not necessarily exceed their initial retirement levels until retirees reach their mid-nineties."
[Retirement]

Do stocks outperform Treasury bills?
"Most common stocks do not outperform Treasury Bills. Fifty eight percent of common stocks have holding period returns less than those on one-month Treasuries over their full lifetimes on CRSP. When stated in terms of lifetime dollar wealth creation, the entire gain in the U.S. stock market since 1926 is attributable to the best-performing four percent of listed stocks. These results highlight the important role of positive skewness in the cross-sectional distribution of stock returns. The skewness in long-horizon returns reflects both that monthly returns are positively skewed and the fact that compounding returns over multiple periods itself induces positive skewness. The results also help to explain why active strategies, which tend to be poorly diversified, most often underperform."
[Markets]

Too much versus too little dynamism
"Of course, the too much versus too little dynamism diagnoses aren't mutually exclusive; there are probably elements of truth in both. Maybe the economy really isn't working for many Americans because globalization, automation and changing labor practices have thrown them to the wolves. But maybe there are also deep-seated structural shifts preventing communities and individuals from tapping the great opportunities the modern economy offers."
[Economy]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)4145
Pfizer (PFE)1425
Chevron (CVX)0545
Exxon Mobil (XOM)1545
Boeing (BA)3155
Coca-Cola (KO)2215
Cisco (CSCO)4424
Caterpillar (CAT)0354
General Electric (GE)1344
IBM (IBM)5144
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5552
American Express (AXP)5431
JP Morgan Chase (JPM)5522
IBM (IBM)5144
Wal-Mart (WMT)5453
Goldman Sachs (GS)4531
Cisco (CSCO)4424
Verizon (VZ)4145
Apple (AAPL)4232
Procter & Gamble (PG)4224
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Verizon (VZ)41453.18
IBM (IBM)51444.45
Cisco (CSCO)44244.52
Wal-Mart (WMT)54534.79
Travelers (TRV)55525.03
Procter & Gamble (PG)42245.22
Intel (INTC)34336.04
Boeing (BA)31556.10
JP Morgan Chase (JPM)55226.40
Johnson & Johnson (JNJ)33136.79
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Cisco (CSCO)YYY
IBM (IBM)YYY
Verizon (VZ)YYY
Boeing (BA)YY
JP Morgan Chase (JPM)YY
Procter & Gamble (PG)YY
Travelers (TRV)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
General Electric (GE)Y
Goldman Sachs (GS)Y
Intel (INTC)Y
Johnson & Johnson (JNJ)Y
Pfizer (PFE)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3115
BCE Inc. (BCE)3135
Pembina Pipeline (PPL)1225
Emera (EMA)3435
Power Corp of Canada (POW)4555
TELUS (T)3235
CIBC (CM)5325
Shaw (SJR.B)5235
Enbridge (ENB)2145
National Bank (NA)4335
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Magna (MG)5453
CIBC (CM)5325
Shaw (SJR.B)5235
Bank of Nova Scotia (BNS)5324
Sun Life Financial (SLF)5444
Royal Bank (RY)5324
Bank of Montreal (BMO)5424
TD Bank (TD)5324
Power Corp of Canada (POW)4555
Canadian Tire (CTC.A)4353
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
CIBC (CM)53252.40
Shaw (SJR.B)52352.96
Power Corp of Canada (POW)45553.42
Bank of Nova Scotia (BNS)53243.57
Magna (MG)54533.62
BCE Inc. (BCE)31353.82
Inter Pipeline (IPL)31153.83
Emera (EMA)34353.94
Royal Bank (RY)53243.96
Bank of Montreal (BMO)54244.00
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
Enbridge (ENB)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 12/31/2016)
Average Capital Gain
50.2%



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2017
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