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The Stingy News Weekly (04/24/2016)


"Investing is simple, but not easy."
- Warren Buffet


New from StingyInvestor

Are you ready for the Hot Potato?
"The Global Hot Potato portfolio, rebalanced monthly, gained an average of 16.7% per year from the start of 1981 to the end of 2015. It beat the classic Couch Potato by a whopping 6.7 percentage points annually."


Hot Potato Q&A
"I highlighted an active approach to index investing in 'Are you ready for the Hot Potato?', which appeared in the April 2016 edition of MoneySense. The article generated a lot of discussion and I'm going to address a few questions about it from readers today."


Publicis put to the value test
"Publicis Groupe was put under the microscope during the final round of the Ben Graham Centre's International Stock Picking Competition. Three teams of students dissected the advertising company and weighed its suitability as a value investment." [$]


Stingy Links

Minimum volatility investors beware
"If the long-term benefits of Low Vol investing are actually associated with some sort of Value premium, then current Low Vol investors should beware. Valuation for Low Vol stocks is expensive. A once good idea has run its course. All of the research I have done or reviewed suggests that high current valuation leads to low future return. Valuations on Low Vol have risen substantially in just the last few years. Based on the PE ratio, USMV is 80% more expensive than it was when it launched. In a best case scenario, Low Vol seems destined for mediocre future returns. In a worst case, the correlations and volatilities underlying the ETF's holdings could change quickly, providing an unexpected return profile for investors whose expectations have been managed for downside protection."
[Indexing]

Seth Glickenhaus dies at 102
"Seth Glickenhaus, a bond trader turned money manager whose studies of law and medicine failed to lure him away from Wall Street, his professional home for more than eight decades, has died. He was 102."
[Value Investing]

FCF/EV backtest
"Average excess returns seem to increase in almost a linear fashion from the 1st quintile to the 5th quintile, which gives me more confidence that the FCF/EV ratio does have a direct relationship with 1-year stock returns."
[Markets]

How politicians poisoned statistics
"Perhaps the lies aren't the real enemy here. Lies can be refuted; liars can be exposed. But bullshit? Bullshit is a stickier problem. Bullshit corrodes the very idea that the truth is out there, waiting to be discovered by a careful mind. It undermines the notion that the truth matters. As Harry Frankfurt himself wrote, the bullshitter 'does not reject the authority of the truth, as the liar does, and oppose himself to it. He pays no attention to it at all. By virtue of this, bullshit is a greater enemy of the truth than lies are.'"
[Government]

The wrong kind of savings
"Negative interest rates are surely a sign that something is wrong with an economy. Normally, people have to be rewarded if they are to be induced to postpone consumption. Penalising them for doing so seems perverse."
[Bonds]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)5145
Chevron (CVX)1545
Caterpillar (CAT)3455
Cisco (CSCO)4525
Pfizer (PFE)1415
IBM (IBM)5145
Exxon Mobil (XOM)2554
Boeing (BA)3154
Procter & Gamble (PG)2324
Intel (INTC)4434
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5552
JP Morgan Chase (JPM)5533
IBM (IBM)5145
Apple (AAPL)5232
Verizon (VZ)5145
United Technologies (UTX)4342
American Express (AXP)4441
Intel (INTC)4434
Goldman Sachs (GS)4531
Cisco (CSCO)4525
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Verizon (VZ)51452.59
IBM (IBM)51453.16
Cisco (CSCO)45253.78
JP Morgan Chase (JPM)55333.88
Intel (INTC)44344.13
Travelers (TRV)55524.63
United Technologies (UTX)43425.07
Wal-Mart (WMT)44535.17
Boeing (BA)31545.29
Caterpillar (CAT)34555.69
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Cisco (CSCO)YYY
IBM (IBM)YYY
Intel (INTC)YYY
Verizon (VZ)YYY
Boeing (BA)YY
Caterpillar (CAT)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
United Technologies (UTX)YY
American Express (AXP)Y
Apple (AAPL)Y
Chevron (CVX)Y
Exxon Mobil (XOM)Y
Goldman Sachs (GS)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Wal-Mart (WMT)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)2115
Potash Corp. (POT)5325
Talisman Energy (TLM)0005
Shaw (SJR.B)4235
National Bank (NA)5335
CIBC (CM)5325
BCE Inc. (BCE)3125
TELUS (T)3235
TransCanada (TRP)0215
Bank of Nova Scotia (BNS)5425
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Power Corp of Canada (POW)5554
Magna (MG)5353
National Bank (NA)5335
CIBC (CM)5325
Bank of Nova Scotia (BNS)5425
Royal Bank (RY)5324
Potash Corp. (POT)5325
Sun Life Financial (SLF)5443
Bank of Montreal (BMO)4434
Agrium (AGU)4354
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Power Corp of Canada (POW)55541.99
Potash Corp. (POT)53252.09
National Bank (NA)53352.31
CIBC (CM)53252.35
Bank of Nova Scotia (BNS)54252.56
Shaw (SJR.B)42352.68
Royal Bank (RY)53242.78
Bank of Montreal (BMO)44342.99
Agrium (AGU)43543.06
Sun Life Financial (SLF)54433.32
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Nova Scotia (BNS)YYY
CIBC (CM)YYY
National Bank (NA)YYY
Potash Corp. (POT)YYY
Agrium (AGU)YY
Bank of Montreal (BMO)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
Shaw (SJR.B)YY
Sun Life Financial (SLF)YY
BCE Inc. (BCE)Y
Inter Pipeline (IPL)Y
Magna (MG)Y
TELUS (T)Y
Talisman Energy (TLM)Y
TransCanada (TRP)Y
Notes...



The Rothery Report
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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 03/31/2016)
Average Capital Gain
49.3%



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Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...