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The Stingy News Weekly (04/10/2018)


"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 News Flash

If you're in Toronto from April 23 to April 26, you might want to enjoy a bit of Fairfax Lollapalooza 2018. There are a variety of events to chose from and an overview can be found at ...
http://www.cornerofberkshireandfairfax.ca/forum/events/fairfax-lollapalooza-2018/

I want to highlight three of the events.

The Fairfax Annual General Meeting is the big show. Aside from a dose of value investing, attendees are usually well fed and showered with free swag. But it's shareholder's only affair. See ...
https://www.fairfax.ca/news/events-and-webcasts/default.aspx

The Premier - Fairfax Financial Shareholder's Dinner is a charitable event. Speakers include Keith Smith, who I've highlighted in the Globe & Mail in the past, and the winners of the YYX Toronto Value conference who will present their investing ideas. Plus some high powered guests from Fairfax will talk to the crowd. The proceeds go to Crohn's and Colitis Canada. More details can be found at ...
https://www.pdh-inc.com/2018-premier-fairfax-conference.html

Industry types, and the well-to-do, should consider The Ben Graham Centre's Value Investing Conference. Dr. George puts on a good show and Mason Hawkins is the keynote speaker this year. See ...
https://www.ivey.uwo.ca/bengrahaminvesting/events/2018/04/2018-value-investing-conference/

If you drop by, say hi!



Stingy Links

Where have the public companies gone?
"The people who supervise the U.S. stock market are grappling with what they see as a troubling trend: One of the great innovations of Western capitalism - the public company - appears to be losing ground."
[Markets]

Art leveraging science
"Communicating and allocating capital are miles apart. Completely different topics. But look around, and the two are constantly paired."
[Media]

Explanations for momentum
"Our findings show that at least a substantial part of U.S. and international momentum profits represents a risk premium for the exposure of the strategy to systematic crash risk"
[Momentum Investing]

Common misconceptions about momentum
"With so much information available, it is not be surprising that many analysts have missed seeing some of the research. Based on the way momentum is generally used, it is clear to me that there are some serious misconceptions about it. Here is my discussion of some of the more serious ones."
[Momentum Investing]

Smart marketing
"More recently, long-only factor futures have been launched for European and US stock markets. Such derivatives can be used efficiently to create long-short factor exposure by combining them with a short position in the index future. In the US, investors can even purchase long-short factor ETFs, even though these have relatively low assets under management."
[Markets]

Chou's annual letter
"Similar to the current index mania, these 50 well-established growth stocks were considered buys at any price, sending them to levels that were unjustified on the basis of intrinsic value. The delusion was short - lived as they collapsed shortly after in the 1970s. As one Forbes columnist described it, 'the Nifty Fifty were taken out and shot one by one.'"
[Chou]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3225
Enbridge (ENB)2445
BCE Inc. (BCE)3135
Emera (EMA)1445
Pembina Pipeline (PPL)2325
TransCanada (TRP)4225
Shaw (SJR.B)4235
Power Corp of Canada (POW)5555
CIBC (CM)5335
TELUS (T)2145
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Valeant Pharma (VRX)5550
Cenovus Energy (CVE)5552
Metro (MRU)5252
Teck Resources (TECK.B)5541
Barrick Gold (ABX)5441
Magna (MG)5353
Kinross Gold (K)5540
CIBC (CM)5335
Power Corp of Canada (POW)5555
National Bank (NA)5334
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Crescent Point (CPG)0544
Cenovus Energy (CVE)5552
Goldcorp (G)3521
Valeant Pharma (VRX)5550
Power Corp of Canada (POW)5555
Kinross Gold (K)5540
Teck Resources (TECK.B)5541
Cameco (CCO)0533
Husky Energy (HSE)2552
First Quantum (FM)0521
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Power Corp of Canada (POW)YYY
CIBC (CM)YY
Cenovus Energy (CVE)YY
Kinross Gold (K)YY
Teck Resources (TECK.B)YY
Valeant Pharma (VRX)YY
BCE Inc. (BCE)Y
Barrick Gold (ABX)Y
Cameco (CCO)Y
Crescent Point (CPG)Y
Emera (EMA)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Goldcorp (G)Y
Husky Energy (HSE)Y
Inter Pipeline (IPL)Y
Magna (MG)Y
Metro (MRU)Y
National Bank (NA)Y
Pembina Pipeline (PPL)Y
Shaw (SJR.B)Y
TELUS (T)Y
TransCanada (TRP)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)5355
Exxon Mobil (XOM)5455
IBM (IBM)3245
Chevron (CVX)3545
Pfizer (PFE)5425
General Electric (GE)0455
Merck (MRK)1324
Coca-Cola (KO)1114
Procter & Gamble (PG)4334
Cisco (CSCO)0314
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Verizon (VZ)5355
Pfizer (PFE)5425
Walt Disney (DIS)5332
Exxon Mobil (XOM)5455
JP Morgan Chase (JPM)5522
Apple (AAPL)4221
Travelers (TRV)4552
Procter & Gamble (PG)4334
UnitedHealth (UNH)4251
United Technologies (UTX)4443
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)2531
Chevron (CVX)3545
DowDuPont (DWDP)1533
Travelers (TRV)4552
JP Morgan Chase (JPM)5522
Exxon Mobil (XOM)5455
General Electric (GE)0455
Pfizer (PFE)5425
Wal-Mart (WMT)2453
United Technologies (UTX)4443
Notes | More Info...


US Stock SummaryYieldP/EP/B
Exxon Mobil (XOM)YYY
Pfizer (PFE)YYY
Chevron (CVX)YY
General Electric (GE)YY
JP Morgan Chase (JPM)YY
Procter & Gamble (PG)YY
Travelers (TRV)YY
United Technologies (UTX)YY
Verizon (VZ)YY
Apple (AAPL)Y
Cisco (CSCO)Y
Coca-Cola (KO)Y
DowDuPont (DWDP)Y
Goldman Sachs (GS)Y
IBM (IBM)Y
Merck (MRK)Y
UnitedHealth (UNH)Y
Wal-Mart (WMT)Y
Walt Disney (DIS)Y
Notes...



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