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The Stingy News Weekly (03/07/2010)


"In theory there is no difference between theory and practice. In practice there is."
- Yogi Berra


Stingy Links

McElvaine annual
"Going forward, I expect that you will see more money invested outside of Canada and in larger companies. This is not particularly a change; I'm just going back to my Cundill roots to some extent. In the past couple of years, when Canadian ideas were slim, rather than invest outside of Canada, I superconcentrated and stayed invested in small caps. This clearly had painful results. While we will continue to have a significant small-cap portfolio, I am now finding interesting large-cap non-Canadian ideas."


Patient Capital Q4 letter
"In essence do valuations reflect the risk of the current environment and do they provide an acceptable rate of return given those risks? In our estimation, current aggregate equity prices have run far ahead of economic fundamentals."


E.I. will wreck your portfolio
"Now we learn that insensitivity training might also make you a better investor. If emotional intelligence attunes you to the moods of others it can only wreck your portfolio."


Buying earnings and book value
"The paper shows that book-to-price facilitates the determination: for a given earnings yield, book-to-price indicates additional return associated with expected growth."


Betting on the blind side
"Michael Burry always saw the world differently - due, he believed, to the childhood loss of one eye. So when the 32-year-old investor spotted the huge bubble in the subprime-mortgage bond market, in 2004, then created a way to bet against it, he wasn't surprised that no one understood what he was doing. In an excerpt from his new book, The Big Short, the author charts Burry's oddball maneuvers, his almost comical dealings with Goldman Sachs and other banks as the market collapsed, and the true reason for his visionary obsession."


Cut pay for government workers
"Imagine a company that dominates its field. It's been No. 1 in its industry as long as anyone can remember. But lately it's fallen on hard times. Revenue has dropped dramatically. The only thing keeping it afloat is record borrowing based on its stellar credit rating, earned many years ago. Meanwhile, independent analysts have shown that workers at this company earn higher than average wages. Moreover, the workers have skills that are not easily transferable. If this were an airline or an automaker, the solution would be a no-brainer: It would be time for a big pay cut. If the company didn't cut pay, or increased it, creditors and investors would question the seriousness of management."


Buffett casts a wary eye on bankers
"Mr. Buffett's letter made a bold suggestion that isn't sitting well with the establishment. 'When stock is the currency being contemplated in an acquisition and when directors are hearing from an advisor, it appears to me that there is only one way to get a rational and balanced discussion,' he wrote. 'Directors should hire a second advisor to make the case against the proposed acquisition, with its fee contingent on the deal not going through.' Of course, acquirers often hire more than one banker to advise a board, to act as a check on the other. But all too often, both banks are given the incentive to recommend the deal."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
AT&T (T)55355
Verizon (VZ)14555
EI DuPont (DD)22355
Pfizer (PFE)44255
Merck (MRK)52155
Kraft (KFT)44444
Chevron (CVX)54544
McDonald's (MCD)31144
Coca-Cola (KO)21144
Johnson & Johnson (JNJ)42244
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Merck (MRK)52151.62
AT&T (T)55351.76
Pfizer (PFE)44253.48
Verizon (VZ)14553.50
Travelers (TRV)55423.55
Kraft (KFT)44443.61
Chevron (CVX)54543.83
EI DuPont (DD)22353.87
McDonald's (MCD)31144.43
Johnson & Johnson (JNJ)42244.70
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55286.7960.91
AT&T (T)55528.6414.63
JP Morgan Chase (JPM)25145.546.38
Notes | More Info...


Top US StocksYieldV.R.Graham
AT&T (T)YYY
Chevron (CVX)YY
EI DuPont (DD)YY
Johnson & Johnson (JNJ)YY
Kraft (KFT)YY
McDonald's (MCD)YY
Merck (MRK)YY
Pfizer (PFE)YY
Travelers (TRV)YY
Verizon (VZ)YY
Coca-Cola (KO)Y
JP Morgan Chase (JPM)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
BCE (BCE)34455
Telus (T)54455
Transalta (TA)23455
CIBC (CM)32355
Bank of Montreal (BMO)33355
Sun Life (SLF)15555
TransCanada (TRP)34255
Husky Energy (HSE)34455
National Bank of Canada (NA)53355
Bank of Nova Scotia (BNS)42344
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Telus (T)54452.18
National Bank of Canada (NA)53352.72
Enbridge (ENB)52442.78
Bank of Montreal (BMO)33353.28
BCE (BCE)34453.32
Husky Energy (HSE)34453.82
TransCanada (TRP)34253.83
Bank of Nova Scotia (BNS)42343.83
CIBC (CM)32353.97
Weston George (WN)55534.17
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Weston George (WN)55395.6940.93
Encana (ECA)45345.1828.29
Canadian Tire (CTC.A)45264.3618.26
Inmet Mining (IMN)54067.1814.36
Telus (T)54540.9313.60
Talisman Energy (TLM)54220.838.05
Biovail (BVF)53316.886.79
National Bank of Canada (NA)53566.075.65
Teck Cominco (TCK.B)53043.082.95
Canadian Pacific Rail (CP)45257.741.99
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
National Bank of Canada (NA)YYY
Telus (T)YYY
BCE (BCE)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
CIBC (CM)YY
Husky Energy (HSE)YY
TransCanada (TRP)YY
Weston George (WN)YY
Biovail (BVF)Y
Canadian Pacific Rail (CP)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
Encana (ECA)Y
Inmet Mining (IMN)Y
Sun Life (SLF)Y
Talisman Energy (TLM)Y
Teck Cominco (TCK.B)Y
Transalta (TA)Y
Notes...



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