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The Stingy News Weekly (06/10/2012)


"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

Failure and rescue
"But there continue to be huge differences between hospitals in the outcomes of their care. Some places still have far higher death rates than others. And an interesting line of research has opened up asking why. Researchers at the University of Michigan discovered the answer recently, and it has a twist I didn't expect. I thought that the best places simply did a better job at controlling and minimizing risks - that they did a better job of preventing things from going wrong. But, to my surprise, they didn't. Their complication rates after surgery were almost the same as others. Instead, what they proved to be really great at was rescuing people when they had a complication, preventing failures from becoming a catastrophe."


Exhausting the Earth's resources?
"But firms that make their money mining this planet say the Earth is one big, practically inexhaustible mine, with just as many unexplored corners as outer space. 'We think there are 10,000 more years of minerals left for civilization,' said Andrew McKenzie, a geologist and BHP Billiton PLC's chief executive for nonferrous metals. 'Civilization will change, of course, and there will be different minerals involved, but 10,000 more years.'"


Housing market jitters keep lid on Genworth
"Mortgage insurer Genworth MI Canada Inc has a perception problem and its bargain-basement valuation tells the tale."


Turning slumdogs into millionaires
"The idea behind Dakshana was to find some of India's most brilliant and poorest kids and prepare them for the rigorous entrance examination for the Indian Institutes of Technology. The IITs are a group of the nation's most prestigious engineering and technology universities. Its graduates are virtually guaranteed employment and success."


Euro breakup precedent
"It was a currency union of 15 states in 1992. Two years later, as budget deficits spiraled out of control, hyperinflation reigned and economies shriveled, just two members of the Soviet Union's ruble zone were left. As Greek politicians threaten to break terms of the country's bailout with international lenders, Spain calls for financial help, and northern European nations balk at funding the south, historians are asking whether the euro region is about to face a similar exodus. They take a longer view of the European Union's crisis than economists, and it's much bleaker."


Q ratios and stock market crashes
"At current valuations - and if this 110-year relationship continues - there is an expected (median) drawdown of 20%, and a 20% chance of a larger than 40% correction in the S&P500 within the next few years these probabilities continually reset as valuations remain elevated, making an eventual deep drawdown from current levels highly likely."


Equity Q ratio
"Tobin's Q ratio is the ratio between the market value of the stock market and against the aggregate net worth of the constituent stocks measured at replacement cost. It can be defined to include or exclude debt. We exclude debt for ease of calculation, and refer to it in this form as 'Equity Q'."


The austrians and the swan
"Over the past century-plus there have clearly been sizeable annual losses (of let's say 20% or more) in the aggregate U.S. stock market, and they have occurred with exceedingly low frequency (in fact only a couple of times). So, by definition, we should be able to call such extreme stock market losses 'tail events.' But can we say this, just because of their visible depiction in an unconditional historical return distribution?"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Merck (MRK)2415
Pfizer (PFE)2415
Johnson & Johnson (JNJ)2315
JP Morgan Chase (JPM)5535
Procter & Gamble (PG)1324
Chevron (CVX)5554
General Electric (GE)3434
EI DuPont (DD)4144
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Chevron (CVX)5554
JP Morgan Chase (JPM)5535
Hewlett-Packard (HPQ)5552
Exxon Mobil (XOM)5353
Microsoft (MSFT)5213
Caterpillar (CAT)4242
Intel (INTC)4324
Boeing (BA)4152
Cisco (CSCO)4431
American Express (AXP)4221
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
JP Morgan Chase (JPM)55352.02
Chevron (CVX)55542.06
Exxon Mobil (XOM)53533.49
Intel (INTC)43243.49
Hewlett-Packard (HPQ)55523.62
EI DuPont (DD)41443.79
Merck (MRK)24153.90
Microsoft (MSFT)52134.02
General Electric (GE)34344.41
Johnson & Johnson (JNJ)23154.43
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
JP Morgan Chase (JPM)YYY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
General Electric (GE)YY
Hewlett-Packard (HPQ)YY
Intel (INTC)YY
Johnson & Johnson (JNJ)YY
Merck (MRK)YY
Microsoft (MSFT)YY
AT&T (T)Y
American Express (AXP)Y
Boeing (BA)Y
Caterpillar (CAT)Y
Cisco (CSCO)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Enerplus (ERF)1525
Penn West Petroleum (PWT)2525
Canadian Oil Sands (COS)5225
Sun Life Financial (SLF)0555
TransAlta (TA)3445
ARC Resources (ARX)1315
BCE Inc. (BCE)2135
Bank of Montreal (BMO)4435
Shaw (SJR.B)3235
Power Corp of Canada (POW)5455
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5550
First Quantum (FM)5311
Iamgold (IMG)5422
Teck Resources (TCK.B)5533
Bombardier (BBD.B)5353
Canadian Oil Sands (COS)5225
National Bank (NA)5234
Barrick Gold (ABX)5322
Magna (MG)5553
Agrium (AGU)5241
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)52251.13
Power Corp of Canada (POW)54551.83
Penn West Petroleum (PWT)25251.92
Bank of Montreal (BMO)44351.95
CIBC (CM)42352.00
National Bank (NA)52342.01
TransAlta (TA)34452.04
Husky Energy (HSE)44442.06
BCE Inc. (BCE)21352.64
Shaw (SJR.B)32352.67
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Canadian Oil Sands (COS)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
National Bank (NA)YY
Penn West Petroleum (PWT)YY
Power Corp of Canada (POW)YY
Shaw (SJR.B)YY
TransAlta (TA)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Barrick Gold (ABX)Y
Bombardier (BBD.B)Y
CIBC (CM)Y
Enerplus (ERF)Y
First Quantum (FM)Y
Husky Energy (HSE)Y
Iamgold (IMG)Y
Magna (MG)Y
Research In Motion (RIM)Y
Sun Life Financial (SLF)Y
Teck Resources (TCK.B)Y
Notes...



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