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The Stingy News Weekly (05/09/2010)


"Timidity prompted by past failures causes investors to miss the most important bull markets."
- Walter Schloss


Stingy Links

Don't lose faith in markets
"One claim is that trading activity like this makes people "lose faith" in the market. Don't lose faith in the market - lose faith in market orders!"


Graham and Doddsville spring 2010
"This issue features an interview with Glenn Greenberg, founder and portfolio manager at Brave Warrior Capital. Mr. Greenberg outlines his high concentration, low turnover investment approach, with a focus on growing, high quality companies that also offer attractive and defensible free cash flow yields."


When the Global Debt Shuffle Hits Home
"The U.S. now has a heavier debt burden than several of the overleveraged countries that have been branded with the scornful nickname "the PIIGS." Portugal's debt, according to the IMF, is 85.9% of its GDP; Ireland's, 78.8%; Italy, 118.6%; Greece, 124.1%; Spain, 66.9%. Perhaps there should be a new acronym, with the U.S. added to Portugal, Ireland, Italy, Greece and Spain: "PIG IS U.S.""


The momentum echo
"The 12-Month Echo factor does significantly better than either the 12-month or 6-month factor. And it blows a 3-month return factor out of the water. The table indicates the data at the back-end of an intermediate momentum factor is more important to returns than the near-term data."


The Goldilocks recovery
"Strict financial regulation and a new commodity boom have turned 'boring' Canada into an economic star."


The future of public debt
"Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are set to continue rising for the foreseeable future. A number of countries face the prospect of large and rising future costs related to the ageing of their populations. In this paper, we examine what current fiscal policy and expected future age-related spending imply for the path of debt/GDP ratios over the next several decades. Our projections of public debt ratios lead us to conclude that the path pursued by fiscal authorities in a number of industrial countries is unsustainable. Drastic measures are necessary to check the rapid growth of current and future liabilities of governments and reduce their adverse consequences for long-term growth and monetary stability."


Europe finds the old rules still apply
"A recurring theme of my academic research with Carmen Reinhart is that 'graduation' from emerging market status is a long, painful process that can take 75 years or more to complete. Twenty years without, say, a sovereign debt crisis is significant, but hardly enough definitively to declare a country a 'graduate'. Greece resolved its last sovereign default only in the mid-1960s and Portugal had an International Monetary Fund programme as recently as 1984. (Spain's modern history is much better, despite holding the record - more than 12 - for most independent sovereign default episodes.)"


iShares ETFs becoming more expensive
"BlackRock Asset Management is sending a notice to unitholders of iShares exchange traded funds that, effective July 1, 2010, the management expense ratio of a long list of iShares Funds are increasing by 0.01% to 0.03%"


Value Destruction
"Biglari Holdings's (BH) Biglari wasn't content with slapping his name on a company he recently gained control of. No siree. He also moved to line his pockets with a big performance fee ..."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
AT&T (T)55355
Verizon (VZ)14555
Merck (MRK)54155
EI DuPont (DD)42455
Pfizer (PFE)35255
Kraft (KFT)34444
Chevron (CVX)54544
Johnson & Johnson (JNJ)42244
Coca-Cola (KO)21144
Procter & Gamble (PG)43344
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Merck (MRK)54151.61
AT&T (T)55351.87
Travelers (TRV)55432.80
EI DuPont (DD)42453.07
Chevron (CVX)54543.16
Pfizer (PFE)35253.48
Kraft (KFT)34443.79
Johnson & Johnson (JNJ)42243.91
Procter & Gamble (PG)43344.50
Verizon (VZ)14554.95
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55388.1278.89
Merck (MRK)54544.0431.49
JP Morgan Chase (JPM)35148.0817.95
AT&T (T)55527.8610.98
Chevron (CVX)54482.246.67
Notes | More Info...


Top US StocksYieldV.R.Graham
AT&T (T)YYY
Chevron (CVX)YYY
Merck (MRK)YYY
EI DuPont (DD)YY
Johnson & Johnson (JNJ)YY
Kraft (KFT)YY
Pfizer (PFE)YY
Procter & Gamble (PG)YY
Travelers (TRV)YY
Verizon (VZ)YY
Coca-Cola (KO)Y
JP Morgan Chase (JPM)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
Transalta (TA)14455
BCE (BCE)34455
Sun Life (SLF)45555
CIBC (CM)32355
Telus (T)43455
Bank of Montreal (BMO)33355
Shaw Comm Cl.B (SJR.B)31355
TransCanada (TRP)34255
Husky Energy (HSE)34455
Power Corp (POW)25555
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
National Bank (NA)53342.41
Telus (T)43452.75
BCE (BCE)34452.79
Sun Life (SLF)45552.92
Enbridge (ENB)52443.26
Bank of Montreal (BMO)33353.28
Manulife (MFC)55543.38
Shaw Comm Cl.B (SJR.B)31353.48
Husky Energy (HSE)34453.53
Encana (ECA)55443.64
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Manulife (MFC)55425.6441.41
Inmet Mining (IMN)55167.7538.26
Teck Cominco (TCK.B)54249.6936.75
Weston George (WN)55396.2133.72
Encana (ECA)55441.4431.14
Canadian Tire (CTC.A)45364.5723.15
Sun Life (SLF)45535.7822.79
Cameco (CCO)53228.1414.37
National Bank (NA)53467.2514.14
Canadian Pacific Rail (CP)45358.774.11
Telus (T)43539.801.10
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
Sun Life (SLF)YYY
Telus (T)YYY
BCE (BCE)YY
Bank of Montreal (BMO)YY
Encana (ECA)YY
Husky Energy (HSE)YY
Manulife (MFC)YY
National Bank (NA)YY
Shaw Comm Cl.B (SJR.B)YY
CIBC (CM)Y
Cameco (CCO)Y
Canadian Pacific Rail (CP)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
Inmet Mining (IMN)Y
Power Corp (POW)Y
Teck Cominco (TCK.B)Y
TransCanada (TRP)Y
Transalta (TA)Y
Weston George (WN)Y
Notes...



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