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The Stingy News Weekly (02/14/2015)


"I've seen more people fail because of liquor and leverage - leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
- Warren Buffett


New from StingyInvestor

Rummaging through the stock bargain bin
"Value investors like to buy discounted stocks and they spend their days rooting through the market's half-off bin. But they have to be wary because, much like dollar-store specials, the bargains can be illusory."


Stingy Links

Why the high street is overdosing on caffeine
"He found that even a market full of independents will seem a little too crowded. This is because firms will keep showing up and looking for customers until there is not enough demand to cover their costs. The last entrepreneur to enter is the one that just breaks even, scraping together enough customers to pay for the cost of setting up the business. She is indifferent to whether she is in business or doing something else entirely. However, every other entrepreneur in the crowded market is wishing that she had stayed away."
[Economics]

Nestle is getting paid to borrow money
"Once upon a time, you actually had to pay lenders to borrow money. It was an archaic ritual called 'interest'"
[Bonds]

Piotroski Score Backtest Part 2
"As you can see in the bar chart above, average excess returns are negative for F-Scores below 3. The average excess returns then climb up from just over zero for F-Score 3 and then climb steadily to about 5% for F-Score 8. Then the average excess returns jump to 9% for F-Score 9. There appears to be something a bit special for getting a perfect score. However, we have to be careful not to draw too many conclusions about F-Score 9, since the average portfolio size for Piotroski Score 9 is only 34 positions."
[Value Investing]

Ebitda abuse
"As investors engage in an increasingly desperate global competition for higher-yielding securities, debt issuers appear to be taking advantage of the extraordinary demand by manipulating one of Wall Street's favorite metrics of profitability."
[Accounting]

Concentrated P/B does badly
"Book to price is a bad value factor. It is a decent stock selection factor overall, but relative to the other ways of measuring value (earnings to price, cash flow to price, EBITDA/EV, etc) it is sub par."
[Value Investing]

Martin Whitman interview
"In this exclusive interview taped at the Museum of American Finance, Whitman takes on Congressional and Wall Street ignorance about debt, credit worthiness, and earnings." [video]
[Whitman]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1545
Verizon (VZ)2145
Chevron (CVX)5555
General Electric (GE)4545
McDonald's (MCD)2125
Caterpillar (CAT)4455
Pfizer (PFE)2414
Merck (MRK)4314
Procter & Gamble (PG)1324
Exxon Mobil (XOM)5454
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
Goldman Sachs (GS)5531
Chevron (CVX)5555
JP Morgan Chase (JPM)5533
Exxon Mobil (XOM)5454
IBM (IBM)5143
American Express (AXP)4231
Merck (MRK)4314
Caterpillar (CAT)4455
Intel (INTC)4423
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)55552.93
Exxon Mobil (XOM)54544.15
JP Morgan Chase (JPM)55334.21
Caterpillar (CAT)44554.40
Verizon (VZ)21454.57
General Electric (GE)45454.59
Merck (MRK)43144.72
IBM (IBM)51434.92
Travelers (TRV)55424.95
Intel (INTC)44235.33
Notes | More Info...


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



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)1415
TransAlta (TA)0445
ARC Resources (ARX)3315
Teck Resources (TCK.B)2545
BCE Inc. (BCE)3135
Cenovus Energy (CVE)2445
Inter Pipeline (IPL)1115
CIBC (CM)5325
Rogers (RCI.B)4135
National Bank (NA)5335
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)5532
National Bank (NA)5335
Imperial Oil (IMO)5341
Bank of Nova Scotia (BNS)5324
Manulife (MFC)5553
CIBC (CM)5325
Bank of Montreal (BMO)5424
Canadian Oil Sands (COS)5532
Power Corp of Canada (POW)5454
Royal Bank (RY)5224
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
EnCana (ECA)55322.03
National Bank (NA)53352.61
CIBC (CM)53252.78
Bank of Montreal (BMO)54243.00
Bank of Nova Scotia (BNS)53243.01
Royal Bank (RY)52243.33
Sun Life Financial (SLF)44443.65
Power Corp of Canada (POW)54543.70
TD Bank (TD)43233.94
BCE Inc. (BCE)31354.02
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
National Bank (NA)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
EnCana (ECA)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
ARC Resources (ARX)Y
Canadian Oil Sands (COS)Y
Cenovus Energy (CVE)Y
Crescent Point (CPG)Y
Imperial Oil (IMO)Y
Inter Pipeline (IPL)Y
Manulife (MFC)Y
Rogers (RCI.B)Y
Sun Life Financial (SLF)Y
TD Bank (TD)Y
Teck Resources (TCK.B)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 12/31/2014)
Average Capital Gain
49.6%



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