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The Stingy News Weekly (06/06/2015)


"Thousands of experts study overbought indicators, oversold indicators, head-and-shoulder patterns, put-call ratios, the Fed's policy on money supply, foreign investment, the movement of the constellations through the heavens, and the moss on oak trees, and they can't predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack."
- Peter Lynch


New from StingyInvestor

Value investing is far from dead
"'Bring out your dead!' is the corpse collector's refrain at the start of a classic scene in Monty Python and the Holy Grail. In the movie, the collector encounters a customer who wants to dispose of a body that's, well, not quite dead yet. I was reminded of the scene when reading Ian McGugan's piece in ROB Magazine on the looming death of value investing. Just like the customer in the movie, I think he was little too eager to consign the time-tested strategy to the grave." [$]


Stingy Links

False assumptions by Ontario pension planners
"I believe that Canadians are reasonably well prepared for retirement. Most save more than the 5 percent household saving rate. Most can retire comfortably on less than the traditional 70 percent replacement target. The greatest challenges come early in their adult lives when the burdens of acquiring a home and supporting young children strain the family budget. After that, things get easier."
[Retirement]

Woe betide the value investor
"Alas, the fund manager's profession is abysmally depressing. You are regularly reminded by academic research that, on average, you destroy value, net of fees; a monkey randomly selecting stocks, or a cap-weighted index, outperforms you. (Sort of makes you question the value of your MBA degree and CFA designation.) Nor are the select few who have delivered long-term outperformance spared. New evidence suggests that your clients' decisions undo your work, so that, in the end, your contribution to their financial well-being is still quite negative. Your time-weighted returns may be superior, but the dollar-weighted, net-of-fee returns the clients actually receive are nonetheless adverse."
[Value Investing]

Timing poorly
"Value investing is viewed as a historically successful investment strategy. The literature generally agrees on the robustness of the strategy but disagrees on the explanations for the success. While the empirical research focuses exclusively on the time-series returns - or the buy-and-hold return - of a value portfolio, the investor experience is, of course, driven by the internal rate of return (IRR) - or the dollar-weighted average return. Although the buy-and-hold average portfolio return may be the proper way to document the anomaly, the dollar-weighted average return can shed light on some interesting questions which cannot be addressed by analyzing the buy-and-hold returns. In particular, examining the dollar-weighted returns allows us to ask whether investors have actually generated superior IRR consistent with the reported buy-and-hold outperformance of value strategies."
[Behaviour]

Frugal millionaires
"While the popular perception of millionaires is that they are more ostentatious than frugal, recent research shows that single-digit millionaires, at least, are generally far more mindful about how they save, spend and invest their money."
[Thrift]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)2145
Chevron (CVX)5555
McDonald's (MCD)2125
Exxon Mobil (XOM)5555
Procter & Gamble (PG)1435
General Electric (GE)0435
Pfizer (PFE)1414
Coca-Cola (KO)1214
Caterpillar (CAT)4454
IBM (IBM)4144
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
Chevron (CVX)5555
Goldman Sachs (GS)5531
JP Morgan Chase (JPM)5533
Exxon Mobil (XOM)5555
Intel (INTC)4433
Caterpillar (CAT)4454
American Express (AXP)4331
IBM (IBM)4144
Wal-Mart (WMT)4453
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)55552.63
Exxon Mobil (XOM)55553.65
Travelers (TRV)55423.92
Caterpillar (CAT)44544.24
Verizon (VZ)21454.25
IBM (IBM)41444.49
Intel (INTC)44334.49
JP Morgan Chase (JPM)55334.73
Merck (MRK)43145.03
Wal-Mart (WMT)44535.48
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
Travelers (TRV)YY
Verizon (VZ)YY
Wal-Mart (WMT)YY
American Express (AXP)Y
Coca-Cola (KO)Y
General Electric (GE)Y
Goldman Sachs (GS)Y
McDonald's (MCD)Y
Merck (MRK)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)2515
TransAlta (TA)2545
Talisman Energy (TLM)0005
ARC Resources (ARX)3315
Cenovus Energy (CVE)0445
Husky Energy (HSE)2545
Inter Pipeline (IPL)2115
Potash Corp. (POT)3215
BCE Inc. (BCE)3135
Rogers (RCI.B)4135
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
SNC-Lavalin (SNC)5353
EnCana (ECA)5543
Power Corp of Canada (POW)5454
Brookfield (BAM.A)5331
National Bank (NA)5334
Bank of Nova Scotia (BNS)5324
Bank of Montreal (BMO)5424
Royal Bank (RY)5224
Imperial Oil (IMO)5341
TD Bank (TD)5324
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
SNC-Lavalin (SNC)53532.43
Crescent Point (CPG)25152.64
Power Corp of Canada (POW)54542.77
National Bank (NA)53342.77
Bank of Montreal (BMO)54242.82
Bank of Nova Scotia (BNS)53242.82
CIBC (CM)43242.91
EnCana (ECA)55433.18
Royal Bank (RY)52243.27
TD Bank (TD)53243.46
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Crescent Point (CPG)YY
EnCana (ECA)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
SNC-Lavalin (SNC)YY
TD Bank (TD)YY
ARC Resources (ARX)Y
BCE Inc. (BCE)Y
Brookfield (BAM.A)Y
CIBC (CM)Y
Cenovus Energy (CVE)Y
Husky Energy (HSE)Y
Imperial Oil (IMO)Y
Inter Pipeline (IPL)Y
Potash Corp. (POT)Y
Rogers (RCI.B)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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