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The Stingy News Weekly (04/17/2011)


"There are two times in a man's life when he should not speculate - when he can't afford it and when he can."
- Mark Twain


Stingy Links

Top Marginal Tax Rates 1916-2010
"Over the years, changing the amount of taxes people pay was accomplished not just by changing rates but by changing the income limits of the tax brackets. Just looking at the top rates does not give the whole picture about who is paying taxes. Before the 1986 tax reform, the income tax had 15 brackets. In the 1930s, there were more than 50. The Wealth Tax Act of 1935, applied the top rate to income over $5 million and had only a single taxpayer: John D. Rockefeller, Jr. As the number of tax brackets decrease, the the top rate was applied to more people over the decades. Since 1987 the income tax brackets were combined so now more than a million people “qualify” for the top marginal rate."


State of war
"The funding crisis in public-sector pensions is, in large part, the result of post-dated cheques written by politicians in the past. As Roger Lowenstein, a journalist, recounts in his book “While America Aged”, there has been a “devil’s pact” in which politicians granted benefits to unions without funding those promises properly. A classic illustration comes from San Diego, California. In 2002 the funding ratio (the proportion of pension liabilities covered by assets) of the city’s pension scheme dropped close to 82.3%, a level that should have triggered a rise in the contribution to make up the shortfall. That would have required a tax increase. To avoid this, the city did a deal with the unions whereby it would raise future benefits in return for not having to lift contributions. In other words, faced with a hole in the fund, the authorities dug deeper."


Pick a number, any number
"Unfunded schemes cannot use the assumed rate of return on their assets because they do not have any. One possible measure would be the growth rate of the economy, since tax revenues (which will fund the pensions) should rise in line with GDP. The problem lies in estimating the future growth rate. In 1990 the Japanese government would have forecast a much higher growth rate than it actually achieved. The financial economists say that the discount rate should be based on the inflation-linked government bond yield, because British public-sector pensions are inflation-protected. As index-linked yields are currently very low (below 1% in real terms), that makes the British shortfall on public-sector pension funding look very large, at around £1 trillion, or 81% of GDP."


End of Month Anomaly
"Calendar effects in stock returns have been prominent in the finance literature since the 1970s. It's easy to pull in a time series and look at things like January, Monday, or beginning of month. Josef Lakonishok and Robert Haugen wrote a book, The Incredible January Effect, in 1988. Alas, most of this effect was in smaller stocks that were hard to trade, and while it may have existed, it no longer does."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
AT&T (T)55355
Verizon (VZ)13555
Merck (MRK)14255
Pfizer (PFE)14255
Intel (INTC)53155
Johnson & Johnson (JNJ)42155
Kraft (KFT)35444
Procter & Gamble (PG)23244
McDonald's (MCD)21144
EI DuPont (DD)21344
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
AT&T (T)55351.61
Intel (INTC)53152.66
Johnson & Johnson (JNJ)42153.52
Travelers (TRV)55433.77
Kraft (KFT)35443.97
Chevron (CVX)44434.15
Microsoft (MSFT)42134.33
Wal-Mart (WMT)43534.44
JP Morgan Chase (JPM)55324.53
Coca-Cola (KO)41144.80
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55393.4156.21
JP Morgan Chase (JPM)55266.1347.32
AT&T (T)55537.9823.90
Intel (INTC)53520.242.46
Hewlett-Packard (HPQ)53140.831.42
Kraft (KFT)35433.430.21
Chevron (CVX)443106.430.18
Notes | More Info...


Top US StocksYieldV.R.Graham
AT&T (T)YYY
Intel (INTC)YYY
Kraft (KFT)YYY
Chevron (CVX)YY
JP Morgan Chase (JPM)YY
Johnson & Johnson (JNJ)YY
Travelers (TRV)YY
Coca-Cola (KO)Y
EI DuPont (DD)Y
Hewlett-Packard (HPQ)Y
McDonald's (MCD)Y
Merck (MRK)Y
Microsoft (MSFT)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Wal-Mart (WMT)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
Transalta (TA)14455
BCE (BCE)53455
Sun Life (SLF)55555
Shaw Comm Cl.B (SJR.B)21355
Bank of Montreal (BMO)54355
Husky Energy (HSE)24455
Telus (T)43455
CIBC (CM)42355
TransCanada (TRP)24255
Power Corp (POW)44555
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Sun Life (SLF)55552.24
BCE (BCE)53452.24
Bank of Montreal (BMO)54352.79
CIBC (CM)42353.15
Rogers Comm Cl.B (RCI.B)41443.29
National Bank (NA)53343.38
Telus (T)43453.56
Power Corp (POW)44553.64
Bank of Nova Scotia (BNS)42243.87
Transalta (TA)14454.06
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Sun Life (SLF)55544.5750.83
Nexen (NXY)55129.2331.08
Canadian Tire (CTC.A)55379.1728.43
Magna (MG)55354.8624.94
Inmet Mining (IMN)54178.0417.15
Brookfield A.M. (BAM.A)45232.758.26
Manulife (MFC)35416.943.01
Encana (ECA)35432.312.09
Kinross Gold (K)35115.341.99
Power Corp (POW)44528.661.78
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
Power Corp (POW)YYY
Sun Life (SLF)YYY
BCE (BCE)YY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Telus (T)YY
Transalta (TA)YY
Bank of Nova Scotia (BNS)Y
Brookfield A.M. (BAM.A)Y
Canadian Tire (CTC.A)Y
Encana (ECA)Y
Husky Energy (HSE)Y
Inmet Mining (IMN)Y
Kinross Gold (K)Y
Magna (MG)Y
Manulife (MFC)Y
National Bank (NA)Y
Nexen (NXY)Y
Rogers Comm Cl.B (RCI.B)Y
Shaw Comm Cl.B (SJR.B)Y
TransCanada (TRP)Y
Notes...



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