"Success is the ability to go from one failure to another with no
loss of enthusiasm."  - Winston Churchill


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

TERs: Another fund cost to consider
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20070414/STMAIN14
"It's called the trading expense ratio, or TER, and it tells you how much
your funds are spending to cover the cost of brokerage commissions for
buying and selling stocks. People typically determine how much it costs to own
a fund by looking at its management expense ratio, or MER. But trading
expenses can be a key component of fund costs, and they're not reflected in
the MER."

Aegis Fund overcomes 'worst stock pick'
http://www.bloomberg.com/apps/news?pid=20601103&sid=ayQr7tnC8I9Y&refer=news
"Barbee, who has managed Aegis Value since it opened in 1998, buys
companies trading at a discount to book value, or assets minus liabilities. The
average market capitalization of companies in his fund is $869 million,
compared with the $1.3 billion average for those in the Russell 2000 Value
Index, which tracks the smallest U.S. companies."

Bad times ahead?
http://www.forbes.com/personalfinance/free_forbes/2007/0423/112.html?partner=google
"Given their enormous available capital, Freddie and Fannie could be big
beneficiaries of the current panic, as other lenders pull back. The same is
true for most of the nation's large commercial banks, where subprime loans
are a mere fraction of their loan portfolios."

Dividends point the way
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20070407/STMAIN07
"Dividend investing is often viewed as a conservative -- some might say
boring -- strategy where you sacrifice first-rate share price gains for
income through quarterly dividends. But it appears that if you buy the shares
of companies that steadily crank up their dividends, you can have it all."

The executioner of excellence
http://www.efficientfrontier.com/ef/0adhoc/excel.htm
"And speaking of successful money managers, while Warren Buffett has not
exactly taken the same vow of "poverty," he does share Swensen's
otherworldliness, living in the same modest house for several decades, fitting out
his living room at the Omaha Furniture Mart, and subsisting on Coke and
cheeseburgers. Is there a connection between Buffet and Swensen.s relative
disdain of the material world and their brilliance as money managers and,
more generally, of the superior performance of endowments and public pension
plans? You bet there is. Cognitive psychologists have long known that we
are very poor judges of what makes us happy: the pleasure from money, fame,
possessions, and power turns out to be quite transient (and so is the
pain from things which we think would permanently sadden us: the depression
caused by sudden, permanent blindness or paraplegia, for example, is
surprisingly short-lived). Three things provide long-lasting satisfaction, as
quantitatively measured by academic psychologists: autonomy, meaningful
contact with others, and the development and exercise of competence."
[Correction: Illinois Tool Works generally pays 1.1 or less times annual revenue
for its acquisitions.]


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   2   1   5   5    5
BCE (BCE)                                       3   4   4   5   5    5
Transalta (TA)                                  1   5   4   4   5    5
Bank of Montreal (BMO)                          4   4   3   3   5    5
TransCanada (TRP)                               3   4   3   4   5    5
National Bank of Canada (NA)                    5   4   4   3   5    5
Enbridge (ENB)                                  2   3   4   3   5    5
Bank of Nova Scotia (BNS)                       4   3   3   2   5    5
Royal Bank (RY)                                 4   3   3   2   5    5
CIBC (CM)                                       5   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   3.1
National Bank of Canada (NA)                    5   4   4   3   5   3.5
Bank of Montreal (BMO)                          4   4   3   3   5   3.5
BCE (BCE)                                       3   4   4   5   5   3.6
CIBC (CM)                                       5   3   4   2   4   4.0
Bank of Nova Scotia (BNS)                       4   3   3   2   5   4.4
Royal Bank (RY)                                 4   3   3   2   5   4.7
TransCanada (TRP)                               3   4   3   4   5   4.8
Toronto Dominion Bank (TD)                      3   4   3   3   4   5.0
Encana (ECA)                                    5   4   2   5   3   5.3
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   88.71   4.49
Magna Cl.A (MG.A)                               3   5   2   90.56   3.93
Weston George (WN)                              5   5   3   74.60   2.33
Encana (ECA)                                    5   4   3   62.74   2.15
ACE Aviation Holdings Inc. (ACE.B)              5   4   0   31.86   1.68
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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


Books for Stingy Investors

Relative Dividend Yield
by Anthony E. Spare

Anthony Spare searches for value stocks using relative dividend
yield which is the ratio of a stock's dividend yield to the
average yield of the market. Spare's approach is to buy dividend
stocks near a peak in relative dividend yield and to sell them near
the lows. Although dividend-oriented investors will enjoy the
book, its cover price of $92.95 makes it a little dear. So, buy
the book at a sharp discount or borrow it from your local library.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471327050/


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.