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The Stingy News Weekly (03/21/2010)


"I'd be a bum on the street with a tin cup if the markets were efficient"
- Warren Buffett


Stingy News Flash

Our Graham stocks had a phenomenally good year. Leading the hit parade was the Canadian Simple Way which gained 151%, not including dividends. In the U.S., the Simple Way also fared well with an advance of 93%. The more conservative Dividend Way saw its Canadian stocks grow 78% on average and the U.S. crop gained 75%. Last but not least, the U.S. Defensive list scored a 115% return over the last year. Needless to say, we're extraordinarily pleased with these capital gains. The March edition of our Graham Value Stocks letter is now available exclusively to Rothery Report subscribers. Get your copy today! http://www.stingyinvestor.com/RR/store/order.shtml


Stingy Links

Volatility, the last anomaly
"Despite the mysterious case of the missing anomalies there's one that resolutely refuses to go away, squatting in the middle of the markets like a recalcitrant and extremely ugly toad. Rather ungraciously stocks continue to bounce around like a jitterbugger on speed. Regardless of everything else it's volatility, the last anomaly, that keeps on giving. And then taking away. And then giving back again."


Spending on clothing falls below 3%
"With significantly falling prices in real terms, clothing has become more and more affordable almost every year, requiring smaller shares of our income, which has freed up disposable income that can now be spent on other consumer goods (think electronics, travel, entertainment, etc.)."


Fix the mistake on the lake
"Like all too many American cities, Cleveland seems locked into a death spiral, shedding people, jobs, and dreams like nobody's business. When it comes to education, business climate, redevelopment, and more, Clevelanders have come to expect the worse. Is a renaissance possible?"


Reward for punishment
"Short-term redemption fees may prevent investors from frequently trading in and out of mutual funds, which results in an implicit wealth transfer from long- to short-term fund investors. This paper studies the impact of short-term redemption fees of various structures on long-term fund performance. We observe that fund performance is increasing in the magnitude of the fee and the time period during which an investor would be subject to it. Redemption fees are associated with up to a 327 annualized basis point increase in average abnormal returns."


Odds are, it's wrong
"For better or for worse, science has long been married to mathematics. Generally it has been for the better. Especially since the days of Galileo and Newton, math has nurtured science. Rigorous mathematical methods have secured science.s fidelity to fact and conferred a timeless reliability to its findings. During the past century, though, a mutant form of math has deflected science.s heart from the modes of calculation that had long served so faithfully. Science was seduced by statistics, the math rooted in the same principles that guarantee profits for Las Vegas casinos. Supposedly, the proper use of statistics makes relying on scientific results a safe bet. But in practice, widespread misuse of statistical methods makes science more like a crapshoot."


A Capital Idea
The Canadian Capitalist blog moves in with Money Sense magazine.


Lizard Ballad: Where's Warren?
Buffett channeling Axl Rose


Repo 105's antecedents
"For those that don.t know Repo 105 was a sale and repurchase agreement by which Lehman parked about 50 billion in assets (presumably assets they did not want to discuss) overnight via a repo transaction so they would not appear on the balance sheet. By now anyone who does not realize that sort of accounting legerdemain is unacceptable is (a) entirely out of touch with reality and (b) self aggrandizing on a magnificent scale. Both are signs of mental illness."


An unconventional glut
"Now North America has an unforeseen surfeit of natural gas. The United States' purchases of LNG have dwindled. It has enough gas under its soil to inspire dreams of self-sufficiency. Other parts of the world may also be sitting on lots of gas. Those in the vanguard of this global gas revolution say it will transform the battle against carbon, threaten coal's domination of electricity generation and, by dramatically reducing the power of exporters of oil and conventional gas, turn the geopolitics of energy on its head."


Michael Lewis on Charlie Rose
"An hour with Michael Lewis, author of 'The Big Short'"


Special interest
"It's the time of year when a young man's fancy lightly turns to thoughts of deductions and write-offs. One select group of Americans, though, has a more pressing tax-season task on its mind: preserving a lucrative loophole in the I.R.S. code. The provision allows money managers at privately held partnerships - like hedge and private-equity funds - to treat most of the money they make as capital gains rather than as ordinary income. That means that their income is often taxed at fifteen per cent, a much lower rate than it otherwise would be."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
AT&T (T)55355
Verizon (VZ)14555
EI DuPont (DD)21455
Pfizer (PFE)55255
Merck (MRK)54155
Kraft (KFT)44444
Chevron (CVX)44544
McDonald's (MCD)31144
Coca-Cola (KO)21144
Johnson & Johnson (JNJ)42244
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Merck (MRK)54151.68
AT&T (T)55351.94
Pfizer (PFE)55253.21
Travelers (TRV)55433.38
Kraft (KFT)44443.73
Verizon (VZ)14553.82
Chevron (CVX)44543.98
EI DuPont (DD)21454.36
McDonald's (MCD)31144.91
Johnson & Johnson (JNJ)42244.93
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55386.3861.57
Merck (MRK)54548.9628.65
AT&T (T)55528.789.67
JP Morgan Chase (JPM)25145.043.66
Pfizer (PFE)55517.352.59
Notes | More Info...


Top US StocksYieldV.R.Graham
AT&T (T)YYY
Merck (MRK)YYY
Pfizer (PFE)YYY
Chevron (CVX)YY
EI DuPont (DD)YY
Johnson & Johnson (JNJ)YY
Kraft (KFT)YY
McDonald's (MCD)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)44455
Telus (T)54455
Transalta (TA)13355
CIBC (CM)32355
Bank of Montreal (BMO)43355
Sun Life (SLF)15555
TransCanada (TRP)34255
Husky Energy (HSE)34455
Shaw Comm Cl.B (SJR.B)41355
National Bank (NA)53344
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Telus (T)54452.23
BCE (BCE)44452.72
National Bank (NA)53342.77
Enbridge (ENB)52442.88
Bank of Montreal (BMO)43353.46
Bank of Nova Scotia (BNS)42343.77
Husky Energy (HSE)34453.88
TransCanada (TRP)34254.02
Shaw Comm Cl.B (SJR.B)41354.04
CIBC (CM)32354.19
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Weston George (WN)55396.3836.71
Canadian Tire (CTC.A)55264.5617.10
Inmet Mining (IMN)55167.8617.03
Encana (ECA)55436.1615.28
Telus (T)54541.0412.50
National Bank (NA)53467.286.60
Canadian Pacific Rail (CP)45358.135.50
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
National Bank (NA)YYY
Telus (T)YYY
BCE (BCE)YY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Husky Energy (HSE)YY
Shaw Comm Cl.B (SJR.B)YY
TransCanada (TRP)YY
Bank of Nova Scotia (BNS)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
Transalta (TA)Y
Weston George (WN)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 12/31/2009)
Average Capital Gain
33.5%



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Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...