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The Stingy News Weekly (02/23/2014)


"All intelligent investing is value investing - to acquire more than you are paying for. Investing is where you find a few great companies and then sit on your ass."
- Charlie Munger


Stingy Links

Now with less democracy
"Quebec is vowing to act fast and make changes that would give the corporate boards of locally-headquartered companies more power to reject hostile takeovers."


Now with more democracy
"Ottawa should reform its key corporate legislation - the Canada Business Corporations Act - to entrench majority voting as a legal requirement for all companies with public shareholders. The CBCA is under review for potential amendments, so the time is right to push for change. A fundamental reform of shareholder democracy is long overdue. Annual board elections should be more than an empty gesture."


The shorting premium
"Short-rebate fees are a strong predictor of the cross-section of stock returns, both gross and net of fees. We document a large "shorting premium"; the cheap-minus-expensive-to-short (CME) portfolio of stocks has an average monthly gross return of 1.45%, a 0.92% net return, and a 1.55% four-factor alpha. We show that short fees also interact strongly with the returns to seven of the most well-known and large cross-sectional anomalies. These anomalies disappear among the 80% of stocks with low short fees, but are greatly amplified among those with high fees. We propose a joint explanation for these findings wherein the shorting premium is compensation for the short-side risk borne by the small minority of investors who do most shorting. It therefore raises prices rather than lowers them. We use the CME portfolio return as a proxy for this short risk and demonstrate that a Fama-French CME factor model largely captures the returns to all seven anomalies within both high- and low-fee stocks."


The growing case against ETFs
"Whether you are racing, cruising, stopping or crashing, safe driving comes down to a mix of equipment and personnel. The same can be said for mutual funds and exchange-traded funds, and while there is growing consensus that ETFs are the better vehicle, there's growing evidence that the people using them may not be so skilled behind the wheel. That's a real issue because a number of studies seem to indicate that the 'better' investment vehicle isn't delivering better results"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5545
Verizon (VZ)5345
Intel (INTC)4435
General Electric (GE)2535
Chevron (CVX)5555
McDonald's (MCD)3125
Cisco (CSCO)3434
Coca-Cola (KO)2214
Pfizer (PFE)5414
Merck (MRK)1314
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
AT&T (T)5545
Pfizer (PFE)5414
Chevron (CVX)5555
Goldman Sachs (GS)5531
Verizon (VZ)5345
IBM (IBM)4132
EI DuPont (DD)4243
Exxon Mobil (XOM)4453
Intel (INTC)4435
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)55451.73
Verizon (VZ)53452.69
Chevron (CVX)55552.90
Pfizer (PFE)54142.98
Travelers (TRV)55423.58
Intel (INTC)44353.59
Cisco (CSCO)34344.28
EI DuPont (DD)42434.47
Microsoft (MSFT)32144.69
Exxon Mobil (XOM)44534.77
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Chevron (CVX)YYY
Intel (INTC)YYY
Pfizer (PFE)YYY
Verizon (VZ)YYY
Cisco (CSCO)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
Travelers (TRV)YY
Coca-Cola (KO)Y
General Electric (GE)Y
Goldman Sachs (GS)Y
IBM (IBM)Y
McDonald's (MCD)Y
Merck (MRK)Y
Microsoft (MSFT)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)1415
Canadian Oil Sands (COS)5325
Penn West Petroleum (PWT)0535
TransAlta (TA)0445
BCE Inc. (BCE)3135
Enerplus (ERF)0525
Shaw (SJR.B)4235
Rogers (RCI.B)4135
CIBC (CM)5235
National Bank (NA)5335
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Metro (MRU)5352
National Bank (NA)5335
Bombardier (BBD.B)5253
CIBC (CM)5235
Bank of Montreal (BMO)5434
Canadian Oil Sands (COS)5325
Bank of Nova Scotia (BNS)5324
Agrium (AGU)5353
Brookfield (BAM.A)5442
Royal Bank (RY)4224
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)53251.80
National Bank (NA)53352.34
CIBC (CM)52352.57
Bank of Montreal (BMO)54342.78
Rogers (RCI.B)41353.12
Bank of Nova Scotia (BNS)53243.14
Shaw (SJR.B)42353.54
Royal Bank (RY)42243.55
Bombardier (BBD.B)52533.62
BCE Inc. (BCE)31353.65
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
National Bank (NA)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Bombardier (BBD.B)YY
Rogers (RCI.B)YY
Royal Bank (RY)YY
Shaw (SJR.B)YY
Agrium (AGU)Y
Brookfield (BAM.A)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
Metro (MRU)Y
Penn West Petroleum (PWT)Y
TransAlta (TA)Y
Notes...



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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.

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