"You are neither right nor wrong because people agree with you."  - Benjamin Graham


Stingy Links
http://www.stingyinvestor.com/SI/articles/articlearchive.shtml

Warren Buffett timeline
http://beginnersinvest.about.com/cs/warrenbuffett/a/aawarrentimeln.htm
"A Chronological History of the Oracle of Omaha: 1930-1989"

Monte Carlo may be answer to closet indexing
http://www.bloomberg.com/apps/news?pid=20601039&sid=aBLoiXhA8_QM&refer=home
" Performance evaluations can be unsatisfactory when basing them on peer
groups because a manager can beat one group while underperforming another. A
further drawback is that it can take years, even decades, to determine
whether a manager's results reflect skill or luck. Only the likes of Warren
Buffett possess such patience. Ronald Surz, president of San Clemente,
California-based software company PPCA, has a possible solution for investors
who want to measure performance and still escape what Montier calls 'the
tyranny of the benchmark.' He recommends using Monte Carlo simulation to
construct multiple scenarios that show where an individual money manager
falls among a distribution of thousands of possible investment outcomes."

2006 Chou Lecture
http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Chou_Video_01.wmv
"While working as a technician for a phone company in 1981, he started an
investment club that would later become the Associates fund. Mr. Chou has
operated two of the country.s most successful funds, Chou Associates Fund
and Chou RRSP fund, for the last 18 years."

Benefiting from irrational investors
http://hbswk.hbs.edu/item/5648.html
"If you're like most people, you probably don't spend a great deal of time
monitoring your investments. So when another company uses stock to acquire
a firm in which you hold a stake, what do you do with the new shares you
suddenly own of a company that you never intended to buy in the first
place? Logic suggests that you would be likely to sell those shares. But
research by Associate Professor Malcolm Baker, Professor Joshua Coval, and
Harvard University professor Jeremy C. Stein shows that 80 percent of
individual investors and 30 percent of institutional investors appear to be more
inertial than logical. They take the default option, passively accepting
the shares offered as consideration in stock mergers and acquisitions."

What I learned from 'The Price Is Right'
http://www.latimes.com/news/opinion/la-oe-kurson6jun06,0,6477820.story?coll=la-opinion-rightrail
"Bob Barker, who is taping his final "Price" episode today for broadcast
June 15 on CBS, was one of my childhood idols. He was impeccably tailored,
and he genuinely engaged the contestants, even when the outrageously
T-shirted hoi polloi didn't match the effortless grace of the host. More
important, watching "The Price Is Right" taught me an enormous amount about
money. Naturally, I loved the showcases, the cars and "Barker's Beauties." But
what kept me coming back was the daily lesson in the principles of
behavioral finance. If you wanted to know how to exploit - or get trapped by -
market inefficiencies and the often irrational behavior of competitors, "The
Price Is Right" was essential."

Smothered by six sigma?
http://www.businessweek.com/magazine/content/07_24/b4038406.htm
"Now his successors face a challenging question: whether the relentless
emphasis on efficiency had made 3M a less creative company. That's a vitally
important issue for a company whose very identity is built on innovation.
After all, 3M is the birthplace of masking tape, Thinsulate, and the
Post-it note. It is the invention machine whose methods were consecrated in the
influential 1994 best-seller Built to Last by Jim Collins and Jerry I.
Porras. But those old hits have become distant memories. It has been a long
time since the debut of 3M's last game-changing technology: the
multilayered optical films that coat liquid-crystal display screens. At the company
that has always prided itself on drawing at least one-third of sales from
products released in the past five years, today that fraction has slipped
to only one-quarter."


S&P/TSX60 Value Screens
http://www.stingyinvestor.com/SI/strategy.shtml 

High Dividend Yield Stocks                     P/E P/B P/S P/C P/D Yield*
============================================== === === === === === ======
Biovail (BVF)                                   2   2   1   5   5    5
National Bank of Canada (NA)                    5   4   4   3   5    5
Bank of Montreal (BMO)                          4   4   3   3   5    5
Transalta (TA)                                  1   4   3   4   5    5
BCE (BCE)                                       3   3   3   5   5    5
TransCanada (TRP)                               3   4   2   4   5    5
Bank of Nova Scotia (BNS)                       5   3   3   2   5    5
Enbridge (ENB)                                  3   3   5   3   5    5
Royal Bank (RY)                                 4   2   3   2   5    5
CIBC (CM)                                       5   3   4   2   4    4
More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml 

Value Ratio Stocks                             P/E P/B P/S P/C P/D  VR
============================================== === === === === === =====
National Bank of Canada (NA)                    5   4   4   3   5   2.7
CIBC (CM)                                       5   3   4   2   4   3.6
Bank of Montreal (BMO)                          4   4   3   3   5   3.7
Teck Cominco Limited (TCK.B)                    5   5   4   5   4   3.7
Bank of Nova Scotia (BNS)                       5   3   3   2   5   3.8
Royal Bank (RY)                                 4   2   3   2   5   4.3
Biovail (BVF)                                   2   2   1   5   5   4.4
BCE (BCE)                                       3   3   3   5   5   4.6
TransCanada (TRP)                               3   4   2   4   5   4.6
Sun Life (SLF)                                  4   5   4   2   4   5.0
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                                  P/E P/B P/D   G$   dG$(%)
============================================== === === === ====== ======
Teck Cominco Limited (TCK.B)                    5   5   4   61.32  35.37
Lundin Mining Corporation (LUN)                 5   5   0   14.03  11.67
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

*Notes: http://www.stingyinvestor.com/SI/strategy/notes.shtml 


Books for Stingy Investors

Mean Markets and Lizard Brains
by Terry Burnham

Learn how markets and ancient wiring in the brain conspire to
reduce investor returns by reading Mean Markets and Lizard Brains.
You'll also discover how to profit from other investor's
mistakes. Burnham's book provides a fun romp through the new world of
behavioural economics and it is very easy to digest - even for
new investors.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471602450/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.stingyinvestor.com/SI/store.shtml 

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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2007.
All rights reserved. The securities mentioned in this report are not
appropriate for all investors. Consult your professional investment
advisor before making any investment decision.  While all reasonable
effort is made to ensure the accuracy of information and data
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