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2014
  10: 04 11 19 26
  09: 06 14 19 28
  08: 10 16 24 29
  07: 05 12 19 25
  06: 08 15 20 29
  05: 04 11 18 25 30
  04: 06 12 20 27
  03: 02 09 16 23 30
  02: 01 09 16 23
  01: 05 12 18 26
2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
  12: 02 09 16 23 30
  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 31
2009
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 11 18 25
  09: 06 13 20 27
  08: 09 16 23 30
  07: 05 12 19 26 31
  06: 07 14 21 28
  05: 03 10 17 24 31
  04: 05 12 19 26
  03: 01 08 15 22 29
  02: 01 08 15 22
  01: 04 11 18 25
2008
  12: 07 14 21 28
  11: 02 09 16 23 30
  10: 05 12 19 26
  09: 07 14 21 28
  08: 01 10 17 24 31
  07: 06 13 20 27
  06: 01 08 15 22 29
  05: 04 11 18 25
  04: 06 13 20 27
  03: 02 09 16 23 30
  02: 03 10 17 24
  01: 06 13 20 27

Stingy News Quarterly
2014: Q1
2013: Q1 Q2 Q3 Q4
2012: Q1 Q2 Q3 Q4
2011: Q1 Q2 Q3 Q4
2010: Q1 Q2 Q3 Q4
2009: Q1 Q2 Q3 Q4
2008: Q1 Q2 Q3 Q4
2007: Q1 Q2 Q3 Q4
2006: Q1 Q2 Q3 Q4
2005: Q1 Q2 Q3 Q4
2004: Q1 Q2 Q3 Q4
2003: Q1 Q2 Q3 Q4
2002: Q1 Q2 Q3 Q4
2001: Q1 Q2 Q3 Q4

Dan's Reports
  Perspective on the bear
  Dilution excessive
  Fund fees revisited
  T class funds
  Bonds vs. bond funds
  Bear market protectors
  Investing in bonds
  Ignore bonds at your peril
  Coping with change
  Future of trust funds
  Dilution trumps
  Are fees excessive?
  Performance anxiety
  Top advisory model?
  81-106 a step back
  Poor fund classifications
  Pension shortfall
  A longer-term report card
  Information overload
About Dan

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The Stingy News Weekly (05/29/2011)


"Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years."
- Warren Buffett


Stingy Links

Unlocking cash hoards
"There is a cash crisis in corporate America—although it comes not from a shortage of the stuff, but from a surplus."


Lessons for the irrational investor
"In recent years interest in behavioral finance has steadily grown: It's equally valuable to retirees deciding whether to stick with their dividends or risk their savings in the currency markets, to a fund manager putting a good spin on a bad year, and to a brokerage redesigning its retirement accounts. And recently, of course, the stock market has given behavioral economists all the more to think about, as Main Street and Wall Street investors have pushed stock prices up and down in reaction to crises in Japan and the Middle East."


All revenue is not created equal
"With the IPO market now blown wide-open, and the media completely infatuated with frothy trades in the bubbly late stage private market, it is common to see articles that reference both “valuation” and “revenue” and suggest that there is a correlation between the two. Calculating or qualifying potential valuation using the simplistic and crude tool of a revenue multiple (also known as the price/revenue or price/sales ratio) was quite trendy back during the Internet bubble of the late 1990s. Perhaps it is not peculiar that our good friend the price/revenue ratio is back in vogue. But investors and analysts beware this is a remarkably dangerous technique, because all revenues are not created equal."


Your so-called education
"While some colleges are starved for resources, for many others it’s not for lack of money. Even at those colleges where for the past several decades tuition has far outpaced the rate of inflation, students are taught by fewer full-time tenured faculty members while being looked after by a greatly expanded number of counselors who serve an array of social and personal needs. At the same time, many schools are investing in deluxe dormitory rooms, elaborate student centers and expensive gyms. Simply put: academic investments are a lower priority. The situation reflects a larger cultural change in the relationship between students and colleges. The authority of educators has diminished, and students are increasingly thought of, by themselves and their colleges, as “clients” or “consumers.” When 18-year-olds are emboldened to see themselves in this manner, many look for ways to attain an educational credential effortlessly and comfortably. And they are catered to accordingly. The customer is always right."


Shale boom in oil
"The technique, also called fracking, has been widely used in the last decade to unlock vast new fields of natural gas, but drillers only recently figured out how to release large quantities of oil, which flows less easily through rock than gas."


Economic stagnation explained, at 30,000 feet
"The man in the aisle seat is trying to tell me why he refuses to hire anybody. His business is successful, he says, as the 737 cruises smoothly eastward. Demand for his product is up. But he still won’t hire. “Why not?” “Because I don’t know how much it will cost,” he explains. “How can I hire new workers today, when I don’t know how much they will cost me tomorrow?” He’s referring not to wages, but to regulation: He has no way of telling what new rules will go into effect when. His business, although it covers several states, operates on low margins. He can’t afford to take the chance of losing what little profit there is to the next round of regulatory changes. And so he’s hiring nobody until he has some certainty about cost."


The audacity of Chinese frauds
"Frauds and audit failures can, and do, happen in many countries, including in the United States. But the audacity of these frauds, as well as the efforts to intimidate auditors, stand out. If investors such as Goldman Sachs and Hank Greenberg cannot fend for themselves, something more needs to be done if Chinese companies are to continue to trade in American markets."


Scraping by on $250k a year?
"As educated professionals, they buy books, newspapers and magazines they own computers and pay for Internet access. But the Joneses don’t take lavish vacations, don’t belong to a country club, don’t play golf, don’t drive luxury cars, don’t have a swimming pool, don’t buy designer clothes, don’t own or rent a second home, and don’t send their kids to private school. They don’t even shop for groceries at high-end markets. (They spend what the United States Department of Agriculture defines as a “moderate” amount on food for the average family of four.) In short, they’re not “wealthy,” even if they’re in the top 5 percent of earners. ..."


Seven takeover targets
"Picking takeover candidates for fun and profit is a perennial investment sport. How can it not be? When one company takes over another, it typically pays a 20 percent to 70 percent premium over the target’s prevailing stock price. Takeovers can enrich investors instantly."


Rebalance to control risk not boost returns
"The question of portfolio rebalancing presents a significant challenge. A momentum effect has persisted in many financial markets for decades. In other words, when a financial asset rises in price in the short-term, that asset has tended to continue rising for a period of time. (The same effect has persisted on the downside.) This is called the momentum effect and it has persisted for generations. Since stock and bond markets tend to spend more time going up than falling, this momentum effect can be a significant benefit over time. Rebalance too frequently and you risk cutting off the benefits of this momentum effect. Failing to rebalance enough could result in overexposure to certain asset classes or sub-classes. The challenge, then, when faced with developing a rebalancing method is to capture as much of this momentum effect while keeping risk within a range that is suitable and reasonable."


Beware of the yogurt
"Ms Dashtaki is pondering whether to move to another state, one whose rules allow for artisanal products. She would not be the first entrepreneur to flee the Golden State. Or she might just give up. After all, one has to make a living. It looks like California’s regulators have triumphantly saved their population from the threat of mass poisoning once again."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5535
Verizon (VZ)1355
Merck (MRK)1325
Pfizer (PFE)1415
Johnson & Johnson (JNJ)3215
Kraft (KFT)1545
Intel (INTC)4314
EI DuPont (DD)3134
Procter & Gamble (PG)2324
General Electric (GE)3444
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5543
AT&T (T)5535
Hewlett-Packard (HPQ)5451
JP Morgan Chase (JPM)5533
Microsoft (MSFT)5213
Chevron (CVX)4444
Intel (INTC)4314
Exxon Mobil (XOM)4342
Wal-Mart (WMT)4353
Coca-Cola (KO)4113
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)55351.62
Travelers (TRV)55433.11
Intel (INTC)43143.24
Chevron (CVX)44443.34
Microsoft (MSFT)52133.78
JP Morgan Chase (JPM)55333.96
Johnson & Johnson (JNJ)32154.33
Wal-Mart (WMT)43534.43
Coca-Cola (KO)41134.58
EI DuPont (DD)31344.59
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Intel (INTC)YYY
Chevron (CVX)YY
Coca-Cola (KO)YY
EI DuPont (DD)YY
JP Morgan Chase (JPM)YY
Johnson & Johnson (JNJ)YY
Microsoft (MSFT)YY
Travelers (TRV)YY
Wal-Mart (WMT)YY
Exxon Mobil (XOM)Y
General Electric (GE)Y
Hewlett-Packard (HPQ)Y
Kraft (KFT)Y
Merck (MRK)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Yellow Media (YLO)2545
Enerplus (ERF)1515
Enbridge (ENB)3245
BCE Inc. (BCE)3245
TransAlta (TA)4445
Sun Life Financial (SLF)5555
ARC Resources (ARX)1315
Bank of Montreal (BMO)5435
Shaw (SJR.B)2135
Penn West Petroleum (PWT)5515
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5250
Inmet Mining (IMN)5421
Penn West Petroleum (PWT)5515
Magna (MG)5553
Nexen (NXY)5531
Sun Life Financial (SLF)5555
Canadian Tire (CTC.A)5553
Bank of Montreal (BMO)5435
National Bank (NA)5334
Tim Hortons (THI)5122
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Yellow Media (YLO)25451.05
Penn West Petroleum (PWT)55152.01
Sun Life Financial (SLF)55552.25
TransAlta (TA)44452.57
Bank of Montreal (BMO)54352.66
Enbridge (ENB)32452.74
CIBC (CM)52353.00
BCE Inc. (BCE)32453.13
Canadian Oil Sands (COS)41243.43
Power Corp of Canada (POW)45543.60
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
Penn West Petroleum (PWT)YYY
Sun Life Financial (SLF)YYY
BCE Inc. (BCE)YY
Enbridge (ENB)YY
TransAlta (TA)YY
Yellow Media (YLO)YY
ARC Resources (ARX)Y
CIBC (CM)Y
Canadian Oil Sands (COS)Y
Canadian Tire (CTC.A)Y
Enerplus (ERF)Y
Inmet Mining (IMN)Y
Magna (MG)Y
National Bank (NA)Y
Nexen (NXY)Y
Power Corp of Canada (POW)Y
Research In Motion (RIM)Y
Shaw (SJR.B)Y
Tim Hortons (THI)Y
Notes...



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Simple WayDividend WayDefensive
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