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The Stingy News Weekly (02/12/2012)


"In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time - none, zero. You'd be amazed at how much Warren reads - at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."
- Charlie Munger


New @ StingyInvestor

Be careful when delving too deep
"Value investors should be careful when delving too deep for outsized returns. It turns out that the cheapest stocks by one widely used measure are not always the best. This will come as a surprise to investors who like to rely upon price to book value as a key yardstick when making decisions."


Stingy Links

A guide to private placement due diligence
"Because I'm in the business of helping people, I thought I'd offer up my own 3-step guide for stockbrokers when conducting due diligence on private placements: Step 1: Make sure you have a copy of the Private Placement Memorandum (also referred to as the PPM). You're going to want to light this PPM on fire and drop it into a Hazmat dumpster at least five miles from your office. Step 2: Tell the banker/firm owner/branch manager or whoever brought it to you to go f' himself. Step 3: Head over to Dunkin Donuts, get yourself a Coffee Coolatta. Yes, I know they've got hundreds of calories - but you're worth it. You've done some good this day."


Look past emerging markets debt sales pitch
"The sales pitch for emerging markets debt – like this one from RBC – might have us think that debt levels alone can be used to assess sovereign default risk. But judging by the ‘spreads’ of emerging markets bond yields above developed world sovereign debt, the global bond market is saying that other important factors determine default risk. Otherwise, emerging markets bonds would yield less than developed country debt. In This Time is Different – Eight Centuries of Financial Folly, Carmen Reinhart and Kenneth Rogoff examined – among other things – a history of default among developing countries. While high debt levels were universally linked to default episodes, the authors found that emerging markets defaults have generally occurred at debt levels that are generally considered ‘safe’ for more mature economies. They found that nearly half of the three-dozen emerging country defaults between 1970 and 2008 occurred at debt-to-GNP ratios below 35 percent."


Why stocks beat gold and bonds
"Investing is often described as the process of laying out money now in the expectation of receiving more money in the future. At Berkshire Hathaway we take a more demanding approach, defining investing as the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power -- after taxes have been paid on nominal gains -- in the future. More succinctly, investing is forgoing consumption now in order to have the ability to consume more at a later date."


Warren Buffett Interview
"Ted Williams described in his book, 'The Science of Hitting,' that the most important thing -- for a hitter -- is to wait for the right pitch. And that's -- exactly the philosophy I have about investing...Wait for the right pitch, yeah, and... wait for the right deal. And it will come... It's the key to investing."


Credit Suisse 2012 Yearbook
"112 years of market data for 19 countries."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1535
Verizon (VZ)1345
Merck (MRK)2425
Pfizer (PFE)3425
General Electric (GE)3435
Johnson & Johnson (JNJ)2315
Procter & Gamble (PG)2324
EI DuPont (DD)4144
Intel (INTC)5314
Chevron (CVX)5454
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Chevron (CVX)5454
JP Morgan Chase (JPM)5533
Hewlett-Packard (HPQ)5551
Exxon Mobil (XOM)5352
Microsoft (MSFT)5213
Intel (INTC)5314
American Express (AXP)4221
Wal-Mart (WMT)4252
EI DuPont (DD)4144
Boeing (BA)4152
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)54542.61
JP Morgan Chase (JPM)55333.23
Intel (INTC)53143.61
Pfizer (PFE)34253.93
Microsoft (MSFT)52134.25
Merck (MRK)24254.26
EI DuPont (DD)41444.34
General Electric (GE)34354.36
Exxon Mobil (XOM)53524.52
Johnson & Johnson (JNJ)23155.29
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
EI DuPont (DD)YYY
Intel (INTC)YYY
Exxon Mobil (XOM)YY
General Electric (GE)YY
JP Morgan Chase (JPM)YY
Johnson & Johnson (JNJ)YY
Merck (MRK)YY
Microsoft (MSFT)YY
Pfizer (PFE)YY
AT&T (T)Y
American Express (AXP)Y
Boeing (BA)Y
Hewlett-Packard (HPQ)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Wal-Mart (WMT)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Enerplus (ERF)5515
Sun Life Financial (SLF)2555
TransAlta (TA)4445
BCE Inc. (BCE)3245
Canadian Oil Sands (COS)5225
ARC Resources (ARX)1215
Penn West Petroleum (PWT)2525
Husky Energy (HSE)5445
Bank of Montreal (BMO)4435
Thomson Reuters (TRI)0535
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5550
Iamgold (IMG)5312
Brookfield (BAM.A)5442
Teck Resources (TCK.B)5433
Enerplus (ERF)5515
Bombardier (BBD.B)5153
Canadian Oil Sands (COS)5225
Agrium (AGU)5351
Husky Energy (HSE)5445
Barrick Gold (ABX)5222
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Enerplus (ERF)55150.97
Canadian Oil Sands (COS)52251.71
TransAlta (TA)44452.07
Husky Energy (HSE)54452.13
CIBC (CM)52342.29
Bank of Montreal (BMO)44352.29
Power Corp of Canada (POW)44552.45
BCE Inc. (BCE)32452.48
Sun Life Financial (SLF)25552.56
National Bank (NA)43342.85
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Canadian Oil Sands (COS)YYY
Enerplus (ERF)YYY
Husky Energy (HSE)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Sun Life Financial (SLF)YY
TransAlta (TA)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Barrick Gold (ABX)Y
Bombardier (BBD.B)Y
Brookfield (BAM.A)Y
CIBC (CM)Y
Iamgold (IMG)Y
National Bank (NA)Y
Penn West Petroleum (PWT)Y
Power Corp of Canada (POW)Y
Research In Motion (RIM)Y
Teck Resources (TCK.B)Y
Thomson Reuters (TRI)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 12/31/2011)
Average Capital Gain
35.1%



Graham Value Stocks
(Learn More)

The Graham Value Stocks letter is designed for investors who want to keep up with our sensational stock selection methods inspired by Benjamin Graham. We comb through mountains of data to highlight U.S. and Canadian stocks that we believe to be both cheap and relatively safe.

Graham Portfolio Performance
(12/2009 to 12/2011)
Simple WayDividend WayDefensive
+32%C+2%U-6%C+15%U+18%U



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