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The Stingy News Weekly (05/30/2010)


"I have owned one stock since 1969, two since 1988 and one I started buying in 1986 or so. That's my portfolio. Six stocks. I once owned 17, but that was way too much"
- Philip Fisher


Stingy Links

Red tape hamstrings Greek growth
"Critics say a sprawling civil service has tried to secure its own survival through an opaque patchwork of fees, taxes and red tape. The European Commission estimates the administrative burden of Greece's bureaucracy - the value of work devoted to dealing with government-imposed administration - is equivalent to 7% of gross domestic product, twice the EU average."


Green from envy
"However, if our actions are based not on absolute wealth but relative wealth - an envy-based economy - the market would need no risk premium. Falkenstein developed the empirical case for this in his January, 2010, paper 'Risk and Return in General: Theory and Evidence.' But other researchers have pointed to similar envy-indicating results, including Cornell economist Robert Frank, whose research showed that most people would choose to live in a world where they made $100K and their peers made $85K, over a one in which they made $110K and their peers made $200K."


Easy money, hard truths
"Are you worried that we are passing our debt on to future generations? Well, you need not worry. Before this recession it appeared that absent action, the government's long-term commitments would become a problem in a few decades. I believe the government response to the recession has created budgetary stress sufficient to bring about the crisis much sooner. Our generation - not our grandchildren's - will have to deal with the consequences."


Break free
"I argue that policy portfolios and various successors (such as risk parity and life-cycle/glide-path funds) are deeply fl awed from an investment perspective. In particular, two common failings they share are a mismeasurement of risk and an indifference to valuation. I conclude that a strategic asset allocation that alters the asset mix based upon the opportunity set offered by Mr. Market makes far more sense from an investment perspective. (In modern parlance, this translates as a benchmark-free, real return focus.)"


Shale gas
"If gas stays above $4, a price that lets companies cover costs on existing wells, U.S. output could grow 20 percent to 65 billion cubic feet (1.8 billion cubic meters) a day from 2008 through 2030, says Peter Wells, director of U.K. research firm Neftex Petroleum Consultants Ltd. Shale gas production could quadruple to more than 20 billion cubic feet, he says."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
AT&T (T)55455
Verizon (VZ)14555
Pfizer (PFE)35255
EI DuPont (DD)32455
Merck (MRK)54155
Kraft (KFT)54344
Chevron (CVX)54544
Johnson & Johnson (JNJ)42244
Coca-Cola (KO)21144
McDonald's (MCD)21144
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Merck (MRK)54151.62
AT&T (T)55451.75
Kraft (KFT)54342.50
Travelers (TRV)55432.62
Chevron (CVX)54542.87
Pfizer (PFE)35253.01
EI DuPont (DD)32453.07
Johnson & Johnson (JNJ)42243.31
Procter & Gamble (PG)33344.56
Verizon (VZ)14554.69
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55388.3278.54
Merck (MRK)54544.0530.76
Kraft (KFT)54434.8521.85
JP Morgan Chase (JPM)35147.3919.72
AT&T (T)55527.7014.00
Chevron (CVX)54483.5313.07
Pfizer (PFE)35516.347.28
Notes | More Info...


Top US StocksYieldV.R.Graham
AT&T (T)YYY
Chevron (CVX)YYY
Kraft (KFT)YYY
Merck (MRK)YYY
Pfizer (PFE)YYY
EI DuPont (DD)YY
Johnson & Johnson (JNJ)YY
Travelers (TRV)YY
Verizon (VZ)YY
Coca-Cola (KO)Y
JP Morgan Chase (JPM)Y
McDonald's (MCD)Y
Procter & Gamble (PG)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
Transalta (TA)14455
BCE (BCE)34455
Telus (T)44455
CIBC (CM)42355
Sun Life (SLF)35555
TransCanada (TRP)34255
Shaw Comm Cl.B (SJR.B)31255
Husky Energy (HSE)34455
Bank of Montreal (BMO)43255
National Bank (NA)54355
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
National Bank (NA)54352.27
BCE (BCE)34452.52
CIBC (CM)42352.54
Telus (T)44452.63
Manulife (MFC)55542.80
Sun Life (SLF)35552.99
Enbridge (ENB)52443.04
Bank of Montreal (BMO)43253.14
Husky Energy (HSE)34453.42
Bank of Nova Scotia (BNS)42343.44
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Manulife (MFC)55427.4956.37
Teck Cominco (TCK.B)55252.2846.04
Inmet Mining (IMN)55169.6639.30
First Quantum Minerals (FM)54275.0334.61
Encana (ECA)55442.8131.99
Sun Life (SLF)35535.4719.31
National Bank (NA)54567.7917.78
Canadian Tire (CTC.A)45264.8512.90
Canadian Nat. Res. (CNQ)53140.8111.46
Cameco (CCO)53228.5611.20
Telus (T)44540.224.49
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
National Bank (NA)YYY
Sun Life (SLF)YYY
Telus (T)YYY
BCE (BCE)YY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Husky Energy (HSE)YY
Manulife (MFC)YY
Bank of Nova Scotia (BNS)Y
Cameco (CCO)Y
Canadian Nat. Res. (CNQ)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
Encana (ECA)Y
First Quantum Minerals (FM)Y
Inmet Mining (IMN)Y
Shaw Comm Cl.B (SJR.B)Y
Teck Cominco (TCK.B)Y
TransCanada (TRP)Y
Transalta (TA)Y
Notes...



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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.

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