"In the short run, the market is a voting machine but in the long
run it is a weighing machine."  - Benjamin Graham


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

The economic skies might be falling
http://www.thestar.com/Business/article/415365
"Investors around world saw sunny skies yesterday, but Prem Watsa
is still prepared for a hard rain. The chair of Fairfax
Financial Holdings Ltd. boasts that Canada's top-performing
financial-services company of the past year is sitting on a billion-dollar
life raft of cash and marketable securities - in case North
America has the perfect economic storm."

Here comes the next mortgage crisis
http://www.slate.com/id/2188982/
"California should be the poster child for a mortgage-loan
bailout. In few other places have so many taken on such onerous debts
with so little equity. Unfortunately, the crisis in California
is going to get much worse, and there is no bailout that will
solve it. Why? Because if the first stage of the foreclosure crisis
was about people who could not afford their mortgages, the next
stage will be about people who have every reason not even to
try to pay their mortgages."

Looking beyond the bailout
http://www.forbes.com/forbes/2008/0505/106.html
"The government rescue of overleveraged financiers and underwater
homeowners is still only beginning, and the signs that it will
get bigger are manifold. The Federal Housing Administration has
spent $21 billion since September staving off foreclosures. The
House Financial Services Committee has proposed letting the FHA
underwrite up to $300 billion in loans to borrowers. The last
time the federal government stepped so directly into the mortgage
business was at the bottom of the Great Depression. Congressmen
from both parties are working on legislation to provide tax
breaks and other help to much of the stressed homeowner population.
The Administration has been reluctant to get involved in
anything it would consider a bailout, but the rapidly darkening credit
situation may leave it with no choice."

How your taxes turn into manure
http://www.miamiherald.com/dave_barry/story/493795.html
"But it's also time to file your federal tax return. Yes, this is
a pesky chore, but remember that paying taxes is not a
''one-way street.'' When you send your money to the government, the
government, in return, provides you with vital services, such as not
putting you in prison. The government also uses your money to
pay for programs that benefit all Americans, such as the Catfish
Genome Project."

Find the right broker for you
http://www.thestar.com/Business/article/413957
"Your next stop is the Stingy Investor website. (Go to
www.ndir.com and search for Canadian discount brokers). It's run by Norm
Rothery, chief investment strategist at Dan Hallett & Associates
Inc. Here you can find up-to-date comparisons of the fees and
commissions charged by 15 Canadian online brokerages (as well as
phone numbers and email addresses). What you pay usually depends
on how many trades you make per quarter or year, how many shares
you buy at a time and how many dollars you have in assets at
the firm."

What Warren thinks...
http://money.cnn.com/galleries/2008/fortune/0804/gallery.buffett.fortune/index.html
"You know, I always say you should get greedy when others are
fearful and fearful when others are greedy. But that's too much to
expect. Of course, you shouldn't get greedy when others get
greedy and fearful when others get fearful. At a minimum, try to
stay away from that."

You thought you had an equity line
http://www.nytimes.com/2008/04/13/business/13gret.html
"Reeling from losses on their wretched loan decisions of recent
years, lenders are preventing borrowers with pristine credit and
significant equity in their homes from tapping into credit lines
that they paid dearly to secure. In the last 30 days, lenders
have sent several hundred thousand letters advising borrowers
that their home equity lines of credit are frozen"


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)                                   5   5   4   5   5    5
Bank of Montreal (BMO)                          4   5   5   1   5    5
CIBC (CM)                                       2   4   5   5   5    5
National Bank of Canada (NA)                    3   4   4   5   5    5
Royal Bank (RY)                                 4   3   4   5   5    5
Bank of Nova Scotia (BNS)                       4   3   3   1   5    5
TransCanada (TRP)                               3   4   3   4   5    5
Telus (T)                                       4   4   4   5   5    5
BCE (BCE)                                       5   3   4   5   5    5
Toronto Dominion Bank (TD)                      4   4   3   3   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
============================================== === === === === === =====
Biovail (BVF)                                   5   5   4   5   5   0.6
Thomson (TOC)                                   5   4   2   2   4   1.9
BCE (BCE)                                       5   3   4   5   5   2.0
Bank of Montreal (BMO)                          4   5   5   1   5   2.0
Royal Bank (RY)                                 4   3   4   5   5   2.8
Bank of Nova Scotia (BNS)                       4   3   3   1   5   3.1
National Bank of Canada (NA)                    3   4   4   5   5   3.1
Telus (T)                                       4   4   4   5   5   3.1
Toronto Dominion Bank (TD)                      4   4   3   3   4   3.1
Nova (NCX)                                      5   4   5   4   3   3.6
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                                  P/E P/B P/D   G$   dG$(%)
============================================== === === === ====== ======
ACE Aviation Holdings Inc. (ACE.B)              5   5   0   93.11 366.03
MDS Inc. (MDS)                                  5   5   0   47.22 132.74
Thomson (TOC)                                   5   4   4   55.77  48.79
Biovail (BVF)                                   5   5   5   16.13  46.00
Magna Cl.A (MG.A)                               5   5   3  104.37  44.93
Nova (NCX)                                      5   4   3   36.10  42.14
BCE (BCE)                                       5   3   5   41.35   9.23
Petro Canada (PCA)                              5   4   2   55.51   8.41
Bank of Montreal (BMO)                          4   5   5   50.30   4.76
Weston George (WN)                              3   5   4   51.55   3.70
Canadian Tire Corporation Limited (CTC.A)       3   5   2   66.23   2.33
Sun Life (SLF)                                  4   4   4   49.24   1.83
Canadian Pacific Rail (CP)                      4   4   2   70.12   1.00
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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

Switch to the HTML version if the tables aren't formatted properly.
http://www.stingyinvestor.com/cgi-bin/email.cgi 


Books for Stingy Investors

What Works On Wall Street
by James O'Shaughnessy

Historical stock data is what O'Shaughnessy's book is all about.
If you want to know how straightforward stock selection
techniques have done, pick up What Works on Wall Street and you'll find
out. O'Shaughnessy's book is a must have reference for any
serious student of the market.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0071452257/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.rotheryreport.com/ 

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 03/31/2008)
  Average Capital Gain    Average Holding Period
          40.9%                   2.4 Years

Learn More
http://www.rotheryreport.com/store/store.shtml

Subscribe Today
http://www.rotheryreport.com/store/order.shtml 



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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2008.
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.