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The Stingy News Weekly (05/09/2015)


"I've seen more people fail because of liquor and leverage - leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
- Warren Buffett


New from StingyInvestor

Retirement 100: Fall 2014
"We're happy to report that our efforts have paid off handsomely so far. If you had rolled your portfolio into our new batch of A-graded stocks every year since our launch in 2007, you would have enjoyed a total gain of 142%. You'd be up a total of 91% if you had followed stocks with either A or B grades. That's pretty good, considering that the market suffered from a huge crash during that period. By way of comparison, the S&P/TSX Composite Index ETF (XIC), which tracks the broad Canadian stock market, logged a total return of just 38% over the same period. We also beat the dividend-oriented iShares Canadian Select Dividend ETF (XDV), which climbed by 58%."


Stingy Links

Combining value and momentum 2
"We find that sorting stocks on value and then momentum has been a historically successful strategy. However, sorting stocks on value and then quality, which is inline with a fundamental value philosophy, works just as well, if not better. We hypothesize that the .momentum. effect identified within the cheap stocks bucket, is really a proxy for strong fundamentals and positive operational momentum among the cheapest, highest quality value stocks. Our preference.based on empirical and philosophical grounds.is to go with a more .pure. value philosophy that focuses on buying the cheapest, highest quality value stocks, as opposed to a muddled value approach that buys the cheapest, highest momentum value stocks."
[Value Investing]

New math for retirees
"The big question now - difficult even for an aerospace engineer to answer - is whether a new worst case is beginning to play out, given the painfully low interest rate environment, which yields little for safer bond investments, where retirees often hold a big portion of their money."
[Retirement]

A kinder philosophy of success
"Alain de Botton examines our ideas of success and failure -- and questions the assumptions underlying these two judgments. Is success always earned? Is failure? He makes an eloquent, witty case to move beyond snobbery to find true pleasure in our work."
[Behaviour]

Greece saunters across the autobahn
"If you want to predict what people will do in most financial situations, then figure out what is in their narrow self-interest to do, and assume they will sooner or later figure it out, too. But that doesn't work when people's behavior isn't confined to the narrow channel of self-interest. That's why it's so hard to predict which way the Greek people will jump. And why it must feel so tempting, when they jump right in front of your BMW, to simply run them over."
[World]

Methods to improve the Piotroski F-Score
"We have identified ways to improve the baseline Piotroski F-Score and enhance value investing strategies. The final product is the FS-Score, which incorporates net-share repurchases and free-cash-flow metrics and arranges the metrics to align closer with traditional value-investing principles."
[Value Investing]

Adopting factor investing
"Over the years, academics have compiled an extensive body of research demonstrating the existence and characteristics of various factor premiums. But do their findings hold up in the real world, when factor strategies are implemented by mutual funds? This is a vital question for investors because, unfortunately, there's often a long way to go from theoretical returns (which don't include implementation costs) to realizable returns (which do)."
[Markets]

The rich are getting richer
"Profit margins have been steadily rising for huge companies, but margins have been stagnant or falling for smaller companies. Clearly, the large are getting richer. But viewed a slightly different way we see an even more exaggerated trend: the rich are getting richer."
[Markets]

To hedge, or not to hedge
"ETFs provide many options for hedging, but you need to ask whether or not this is necessary for your clients"
[Hallett]

Tiny margins for tiny companies
"The U.S. market's profit margin remains very high, but smaller stocks are suffering. While margins for the largest companies have remained well above their long-term averages, margins for the 40% of stocks in the market with smaller market caps have current margins well below their long-term average. This divergence highlights a broader key point: small caps provide unique opportunities and dangers, but are often lost in a market dominated by large caps."
[Markets]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)2145
Chevron (CVX)5555
McDonald's (MCD)2125
General Electric (GE)0545
Pfizer (PFE)1415
Procter & Gamble (PG)1335
Coca-Cola (KO)1214
Caterpillar (CAT)4454
Exxon Mobil (XOM)5554
IBM (IBM)4144
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
Goldman Sachs (GS)5531
Chevron (CVX)5555
Exxon Mobil (XOM)5554
JP Morgan Chase (JPM)5533
American Express (AXP)4331
Intel (INTC)4433
Caterpillar (CAT)4454
IBM (IBM)4144
Merck (MRK)4314
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)55552.72
Exxon Mobil (XOM)55543.78
Travelers (TRV)55424.29
Caterpillar (CAT)44544.35
JP Morgan Chase (JPM)55334.46
Intel (INTC)44334.77
IBM (IBM)41444.78
Verizon (VZ)21454.80
Merck (MRK)43145.04
Johnson & Johnson (JNJ)33146.01
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Caterpillar (CAT)YYY
Chevron (CVX)YYY
Exxon Mobil (XOM)YYY
IBM (IBM)YYY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Merck (MRK)YY
Travelers (TRV)YY
Verizon (VZ)YY
American Express (AXP)Y
Coca-Cola (KO)Y
General Electric (GE)Y
Goldman Sachs (GS)Y
Johnson & Johnson (JNJ)Y
McDonald's (MCD)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)2415
TransAlta (TA)1545
Talisman Energy (TLM)0535
ARC Resources (ARX)3215
Cenovus Energy (CVE)2355
BCE Inc. (BCE)3135
Inter Pipeline (IPL)2115
Husky Energy (HSE)3545
Potash Corp. (POT)3215
CIBC (CM)4325
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)5533
SNC-Lavalin (SNC)5243
Cdn Natural Resources (CNQ)5423
National Bank (NA)5324
Imperial Oil (IMO)5341
Bank of Nova Scotia (BNS)5324
First Quantum (FM)5521
Power Corp of Canada (POW)5453
Bank of Montreal (BMO)5424
Brookfield (BAM.A)5331
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
EnCana (ECA)55331.69
SNC-Lavalin (SNC)52432.33
National Bank (NA)53242.71
Bank of Nova Scotia (BNS)53242.75
Crescent Point (CPG)24152.89
CIBC (CM)43252.95
Bank of Montreal (BMO)54243.00
Royal Bank (RY)42243.24
Power Corp of Canada (POW)54533.49
TD Bank (TD)43243.62
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
CIBC (CM)YY
Crescent Point (CPG)YY
EnCana (ECA)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
SNC-Lavalin (SNC)YY
ARC Resources (ARX)Y
BCE Inc. (BCE)Y
Brookfield (BAM.A)Y
Cdn Natural Resources (CNQ)Y
Cenovus Energy (CVE)Y
First Quantum (FM)Y
Husky Energy (HSE)Y
Imperial Oil (IMO)Y
Inter Pipeline (IPL)Y
Potash Corp. (POT)Y
Royal Bank (RY)Y
TD Bank (TD)Y
Talisman Energy (TLM)Y
TransAlta (TA)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 3/31/2015)
Average Capital Gain
49.9%



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