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The Stingy News Weekly (03/31/2013)


"Any man who is a bear on the future of this country will go broke."
- J.P.Morgan


New @ StingyInvestor

The power of investor checklists
"Developing a good checklist is well worth the effort and it can save you from running aground when using stock screens. Both work well together and they allow investors to follow a consistent, well reasoned, and systematic approach. If checklists can improve the results of pilots and surgeons, they should also be able to help you become a better investor."


Stingy Links

Deposit insurance may increase bank risk
"The argument for deposit insurance is that banks are inherently unstable, by virtue of their economic function they borrow money in the form of deposits (which can be instantly withdrawn) and lend to businesses on a longer-term basis. They are thus vulnerable to destabilising and self-fulfilling bank runs. But the counter-argument is that of moral hazard depositors have no incentive to choose between banks on grounds of riskiness, and bank executives can take risks knowing that they are underwritten by the insurance scheme."


Regulators should ban this leveraging strategy
"A while ago, I was asked by a regulator to speak to its enforcement staff about T-series mutual funds, which pay investors generous monthly cash distributions. The regulator wanted an independent view on product mechanics, common uses and risks, and was particularly interested in my thoughts on leveraging. I happily obliged, ending my talk with a firm recommendation: If I were the chief compliance officer of a dealer, I would not allow any T-series fund sales that involved: borrowing to invest in funds that have a policy to pay distributions exceeding pure yield taking the mostly 'return of capital' (RoC) distribution in cash and using that cash to pay down the loan. Here's my reasoning"


Chou's 2012 letter
"In general, we are not that bullish on the stock market. Aside from a couple of industries like the financial institutions in the U.S. and companies in the retail sector, we are not that comfortable with the prices of many stocks."


Fishing for value
"There are generally three scenarios under which they buy into a company - it's ignored by Wall Street, is misunderstood by investors, or has suffered from panic selling."


The best stock-picker
"By buying companies with safe, high dividend yields, Norman assured himself of getting only companies that had solid financial characteristics (after all, they couldn't have been paying dividends for many years without a good underlying business model and strong cash flow), at prices that were usually - in hindsight - ridiculously cheap, because Norman generally bought them during a hysteria that was causing Mr. Market to offer that particular stock at a particularly attractive price."


Buffett and Hussman on the market
"My point is that there are a variety of highly predictive, methodologically distinct measures of market-level valuation (I used the Shiller PE and Tobin's q, but GNP or GDP-to-total market capitalization below work equally as well) that point to overvaluation."


Cyprus details heavy losses for bank customers
"Major depositors in Cyprus's biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Intel (INTC)5435
Merck (MRK)1315
EI DuPont (DD)3145
Pfizer (PFE)4315
General Electric (GE)2434
Microsoft (MSFT)3214
JP Morgan Chase (JPM)5534
McDonald's (MCD)2114
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Chevron (CVX)5544
JP Morgan Chase (JPM)5534
Exxon Mobil (XOM)5443
Intel (INTC)5435
Caterpillar (CAT)5353
UnitedHealth (UNH)4551
Cisco (CSCO)4423
Travelers (TRV)4542
IBM (IBM)4121
Pfizer (PFE)4315
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Intel (INTC)54352.44
JP Morgan Chase (JPM)55342.85
Chevron (CVX)55442.97
Exxon Mobil (XOM)54433.57
Caterpillar (CAT)53534.28
Pfizer (PFE)43154.37
Cisco (CSCO)44234.45
EI DuPont (DD)31454.76
Microsoft (MSFT)32144.76
General Electric (GE)24345.42
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Intel (INTC)YYY
JP Morgan Chase (JPM)YYY
Pfizer (PFE)YYY
Caterpillar (CAT)YY
Chevron (CVX)YY
Cisco (CSCO)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
General Electric (GE)YY
Microsoft (MSFT)YY
AT&T (T)Y
IBM (IBM)Y
McDonald's (MCD)Y
Merck (MRK)Y
Travelers (TRV)Y
UnitedHealth (UNH)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Penn West Petroleum (PWT)1535
TransAlta (TA)0345
Enerplus (ERF)0525
Crescent Point (CPG)1315
Canadian Oil Sands (COS)5225
Sun Life Financial (SLF)5555
BCE Inc. (BCE)4135
CIBC (CM)5235
Bank of Montreal (BMO)5435
ARC Resources (ARX)1215
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
First Quantum (FM)5321
National Bank (NA)5335
Iamgold (IMG)5543
Imperial Oil (IMO)5241
Magna (MG)5453
Agrium (AGU)5342
CIBC (CM)5235
Canadian Oil Sands (COS)5225
Bank of Montreal (BMO)5435
Sun Life Financial (SLF)5555
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)52251.50
National Bank (NA)53351.73
Sun Life Financial (SLF)55551.99
CIBC (CM)52352.10
Iamgold (IMG)55432.20
Bank of Montreal (BMO)54352.21
Bank of Nova Scotia (BNS)43242.68
BCE Inc. (BCE)41352.76
Royal Bank (RY)42242.86
Penn West Petroleum (PWT)15352.89
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
Sun Life Financial (SLF)YYY
BCE Inc. (BCE)YY
Iamgold (IMG)YY
National Bank (NA)YY
Penn West Petroleum (PWT)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Bank of Nova Scotia (BNS)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
First Quantum (FM)Y
Imperial Oil (IMO)Y
Magna (MG)Y
Royal Bank (RY)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 12/31/2012)
Average Capital Gain
40.8%



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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...