"I will tell you how to become rich. Close the doors. Be fearful
when others are greedy. Be greedy when others are fearful."  - Warren Buffett


Stingy Links
http://www.stingyinvestor.com/SI/articles/articlearchive.shtml

Bill Miller, mired in worst slump of career
http://www.bloomberg.com/apps/news?pid=20601103&sid=az14MP0UrJ9s&refer=news
"Miller has stumbled at a critical time for his firm. Legg Mason, which
manages about $945 billion, has been trying to meld itself with the fund
management arm of Citigroup Inc. Legg Mason swapped its brokerage arm for
Citigroup's money management division in 2005, doubling its assets. Miller's
Value Trust has fallen further behind the S&P 500 in 2007, with a 1.7
percent loss through March 29, compared with a 0.23 percent decline for the
index."

Bad news, good news
http://www.thirdavenuefunds.com/taf/documents/pdf/Bad-News-Good-News.pdf
"You want the lowest-cost, with best profitability, and a better balance
sheet, so you'll be the last man standing, even when business is drying up."

Feds investigating homebuilder Beazer
http://www.businessweek.com/bwdaily/dnflash/content/mar2007/db20070327_838032.htm?chan=top+news_top+news+index_top+story
"Amid the meltdown of the subprime housing sector, mortgage lenders and
brokers have come under fire from state and federal officials for predatory
lending practices with those risky borrowers. Now one national homebuilder
is feeling the heat. BusinessWeek has learned that federal investigators
have opened a broad criminal probe into lending practices, some financial
transactions, and other dealings at Beazer Homes USA (BZH)."

Ponzi nation
http://www.iimagazine.com/article.aspx?articleID=1234217
"Two contrasting hypotheses can explain recent developments in the
financial world. The Great Moderation holds that owing to better policymaking and
structural improvements to the financial system, both the economy and
markets are more stable than in the past. The newfound stability is viewed as
a secular development. In other words, it's here to stay. Therefore lower
credit spreads and higher levels of leverage are justified. Investors
persuaded by this view will have few qualms about buying risky assets despite
their historically low yields. Hyman Minsky, on the other hand, suggests
that people's response to stability engenders instability. Such behavior is
not necessarily irrational, as there are profits to be earned and bonuses
to collect as long as the good times last. In fact, the cycle may extend
as long as credit flows and people are hungry for risk. Yet Minsky's
credit cycle heads inexorably toward a bust. Investors who accept this analysis
will probably conclude that risk and reward are currently out of whack.
They will position their portfolios defensively, keeping cash on hand to
spend when the rewards for taking risk appear more compelling."

User's guide to Buffett's portfolio
http://biz.yahoo.com/special/invest032607_article1.html
"Buffett, the smartest investor ever, has done a lot of work for us when he
buys a position and then discloses his holdings. Studying in the
footsteps of the master and his disciples, but using that as a starting point for
your own research, will end up being a very lucrative practice."

Five breakup possibilities
http://www.forbes.com/free_forbes/2007/0326/073.html
"A company's various businesses can be worth much more than Wall Street's
appraisal of the entire enterprise. In this installment of our Beyond the
Balance Sheet series we examine five breakup possibilities."


S&P/TSX60 Value Screens
http://www.stingyinvestor.com/SI/strategy.shtml 

High Dividend Yield Stocks                     P/E P/B P/S P/C P/D Yield*
============================================== === === === === === ======
Biovail (BVF)                                   1   3   1   5   5    5
BCE (BCE)                                       3   4   4   5   5    5
Transalta (TA)                                  1   5   3   4   5    5
Bank of Montreal (BMO)                          4   4   3   3   5    5
TransCanada (TRP)                               3   4   2   4   5    5
National Bank of Canada (NA)                    5   4   4   3   5    5
Enbridge (ENB)                                  2   3   4   3   5    5
Royal Bank (RY)                                 3   2   3   2   5    5
Bank of Nova Scotia (BNS)                       4   3   3   2   5    5
CIBC (CM)                                       4   3   4   2   4    4
More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml 

Value Ratio Stocks                             P/E P/B P/S P/C P/D  VR
============================================== === === === === === =====
Teck Cominco Limited (TCK.B)                    5   3   2   3   4   2.8
BCE (BCE)                                       4   4   4   5   5   3.2
National Bank of Canada (NA)                    5   4   4   3   5   3.3
Bank of Montreal (BMO)                          4   4   3   3   5   3.4
CIBC (CM)                                       5   3   4   2   4   4.0
Bank of Nova Scotia (BNS)                       4   3   3   2   5   4.4
Royal Bank (RY)                                 3   2   3   2   5   4.6
Encana (ECA)                                    5   4   2   5   3   4.7
TransCanada (TRP)                               3   4   2   4   5   4.8
Husky Energy (HSE)                              5   2   2   3   4   5.0
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                                  P/E P/B P/D   G$   dG$(%)
============================================== === === === ====== ======
Teck Cominco Limited (TCK.B)                    5   3   4   88.77  10.29
Encana (ECA)                                    5   4   3   62.77   7.49
ACE Aviation Holdings Inc. (ACE.B)              5   4   0   31.84   5.41
Weston George (WN)                              5   5   4   74.49   5.02
Magna Cl.A (MG.A)                               3   5   2   90.28   4.23
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

*Notes: http://www.stingyinvestor.com/SI/strategy/notes.shtml 


Books for Stingy Investors

A Random Walk Down Wall Street
by Burton G. Malkiel

Take a random walk down Wall Street and you'll learn a great deal
about market history and current market theory. This book
provides an excellent introduction to the markets and gives readers a
good grounding in the efficient market hypothesis. Along the
way Malkiel makes a very strong case for indexing but even active
investors will find a great deal of useful information in his
book.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0393325350/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.stingyinvestor.com/SI/store.shtml 

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 12/31/2006)
  Average Capital Gain    Average Holding Period
    Sold Stocks: 76.6%      Sold Stocks: 2.0 Years
    All Stocks: 50.8%       All Stocks: 2.3 Years

Special Bonus Reports: Top Smaller Stocks 2007
http://www.stingyinvestor.com/SI/store/TopSmallStocks.shtml

Learn More
http://www.stingyinvestor.com/SI/store.shtml

Subscribe Today
http://www.stingyinvestor.com/SI/store/order.shtml 



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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2007.
All rights reserved. The securities mentioned in this report are not
appropriate for all investors. Consult your professional investment
advisor before making any investment decision.  While all reasonable
effort is made to ensure the accuracy of information and data
contained herein, accuracy can not be guaranteed. Past performance is
not a good predictor of future performance.  Results are not
guaranteed and we assume no liability whatsoever for any material
losses that may occur.  No compensation for suggesting particular
securities or financial advisors is solicited or accepted.  The
information in this newsletter, and in its related website, is not
intended to be, nor does it constitute, financial advice or
recommendations.  Investing in stocks can be risky and may result in
substantial losses.  A Dan Hallett and Associates Inc.(DH&A)
publication.  DH&A is registered as Investment Counsel in the province
of Ontario. DH&A, or related-parties may have an interest in the
securities mentioned.