"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
http://www.stingyinvestor.com/SI/articles/articlearchive.shtml

Credit crunch prepares feast for value hunters
http://www.theglobeandmail.com/servlet/story/LAC.20080613.RVALUE13/TPStory/Business
"Value investors look at measures such as price-to-earnings and
price-to-book ratios to find stocks that are trading at bargain
prices. A key premise of value investing is that markets often
overreact to negative news, pushing stocks below their true worth.
The idea is to buy the stocks when nobody else wants them, so
you can profit when the market comes back to its senses. Sound
simple? It isn't. Buying stocks others are ditching requires a
strong contrarian streak and loads of patience while you wait for
the price to recover. Sometimes it takes years; sometimes it
never happens."

Fair value accounting rarely fair
http://www.advisor.ca/news/article.jsp?content=20080613_153708_11196
"Brooks added that,while FVA attempts to value investment
vehicles by interpreting today's market value, proponents of this
accounting standard fail to appreciate how the market works. "Fair
value accounting will show a TSX sticker price for 3,000 shares
the same as 300,000 shares - but the market shows us differently,"
explains Brooks."

'Lazy Portfolios' for stagflation
http://www.marketwatch.com/News/Story/Story.aspx?guid=c65ffb56f168427ea22a492d5f1eeb86&siteid=nwhfunds&sguid=wnDEg3Lq2Em-orYVUUiQNg
"If you don't have a Lazy Portfolio now is the time to build your
own using the eight models below. And remember, back in the bad
old days of the 2000-2002 bear-recession, one of them, the
Coffeehouse, was killing the S&P 500 by 15 percentage points each of
the three years -- more proof passive investing beats action.
You also don't need a lot of funds with this strategy. That's
important if you're young, new at the game or just don't have a lot
of money to invest and can't afford to plunk down the $33,000
for the initial investments in an 11-fund portfolio. So let's
look at the smaller portfolios first to prove the point. Here's a
comparison of the bottom lines of all eight Lazy Portfolios."

Canadian Tax Freedom Day: June 14
http://www.fraserinstitute.org/COMMERCE.WEB/product_files/TaxFreedomDay2008_English.pdf
"The latest Tax Freedom Day in Canadian history was recorded in
2005, when it fell on June 25. Since 2005, Tax Freedom Day for
the average Canadian family has steadily decreased. Tax Freedom
Day dropped to June 23 in 2006 and June 18 in 2007. This year, Tax
Freedom Day arrives four days earlier than in 2007. While
recent Tax Freedom Days show a slight reduction in the tax burden, it
is nevertheless a fact that Tax Freedom Day this year is over
40 days later than it was 47 years ago. In 1961, the earliest
year for which the calculation has been made, Canadian Tax Freedom
Day was May 3. By 1981, it had advanced to May 30, and in 2008
Tax Freedom Day will, as noted, fall on June 14."

Hedge funds can vote at CSX meeting
http://www.nytimes.com/2008/06/12/business/12csx.html?_r=1&oref=slogin
"CSX argued that the brokerage firms, which nominally own the
shares although they have no economic stake in the company, had
good business reasons to vote as the hedge funds wish. If they did
not do so, such firms would risk losing business from the hedge
funds. Judge Kaplan said there were 'persuasive reasons' for
concluding that the funds 'beneficially owned at least some and
quite possibly all' of the shares bought by the brokerage firms to
hedge their swap positions."

America's hottest investor
http://money.cnn.com/2008/05/23/magazines/fortune/birger_americas_hottest_investor.fortune/
"Henry, himself a long-time shareholder in Heebner's funds, says
what first impressed him about Heebner was a little gambit he
had going in finance class. Classmates would bring him silver
dollars, which Heebner would exchange for dollar bills. Says Henry:
"Ken was hoarding silver dollars on the idea that silver was
going to keep appreciating, which would eventually force the
Treasury to stop issuing new silver coins." And that's exactly what
happened. "It was funny as hell - he'd be sitting there with piles
of silver dollars on his desk - but Ken had it nailed," Henry
says. "He saw something the rest of us didn't. That's Ken -
that's always been Ken." Asked about the silver dollars, Heebner
smiles and reveals that it was more than a lark for him. At one
point he'd accumulated 13,000 silver dollars and had even taken out
a bank loan to help finance his little venture. "The Treasury
had these uncirculated silver dollars in bags in vaults. You could
walk in with a thousand dollars, and they'd give you a bag of
1,000 silver dollars." It's still the best deal he's ever seen,
he says: "You couldn't lose, but you could make a lot." Heebner
figures he eventually netted around $15,000, but he was less
successful when he tried to parlay his experience into a term paper
about why silver prices were going up: "I didn't get a very good
grade.""

Trader, father, veteran, convict
http://money.cnn.com/2008/05/30/news/newsmakers/Trader_father_Morris.fortune/index.htm
"As famous CEOs marched off to jail, so did lots of guys like
Craig Gile. The Citigroup trader had a wonderful life - until the
Feds decided to make an example of him. Was it fair?"

Stocks buffett would love
http://www.kiplinger.com/magazine/archives/2008/07/stocks_buffett_would_love.html
"Buffett hasn't asked for our help, but we've identified five
companies to lighten his pocketbook. Even if he doesn't buy them,
the stocks should appeal to mortals, too."

How long will you live?
http://money.cnn.com/2008/06/09/magazines/fortune/how_long_will_you_live_Colvin.fortune/index.htm
"The hardest question in retirement planning is the first one:
How long do you expect to live? I'm afraid recent developments are
making that question even harder to answer. But it's
unavoidable, so what's the smart way to think about it now?"

Downsizing the American home
http://money.cnn.com/2008/06/02/real_estate/Downsizing_American_Home_Tully.fortune/index.htm
"During the housing bubble, KB Home priced out first-time
homebuyers by building bigger. Its new, more modest model provides a
glimpse of what the return of the housing market may look like."

Companies promise CEOs lavish posthumous paydays
http://online.wsj.com/article/SB121305922859459465.html
"You still can't take it with you. But some executives have
arranged for the next best thing: huge corporate payouts to their
heirs if they die in office."

Buffett's big bet
http://money.cnn.com/2008/06/04/news/newsmakers/buffett_bet.fortune/index.htm?postversion=2008060908
"Will a collection of hedge funds, carefully selected by experts,
return more to investors over the next 10 years than the S&P
500? That question is now the subject of a bet between Warren
Buffett, the CEO of Berkshire Hathaway, and Protege Partners LLC, a
New York City money management firm that runs funds of hedge
funds - in other words, a firm whose existence rests on its ability
to put its clients' money into the best hedge funds and keep it
out of the underperformers. You can guess which party is taking
which side."


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)                               5   5   4   5   5    5
Bank of Montreal (BMO)                      4   5   5   1   5    5
CIBC (CM)                                   0   4   5   5   5    5
National Bank of Canada (NA)                3   4   5   5   5    5
BCE (BCE)                                   5   4   4   5   5    5
Royal Bank (RY)                             4   3   4   5   5    5
Telus (T)                                   5   4   4   5   5    5
Bank of Nova Scotia (BNS)                   3   3   3   1   5    5
TransCanada (TRP)                           3   4   3   4   5    5
Shaw Comm Cl.B (SJR.B)                      3   2   2   3   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
========================================== === === === === === =====
Biovail (BVF)                               5   5   4   5   5   0.7
BCE (BCE)                                   5   4   4   5   5   1.6
Bank of Montreal (BMO)                      4   5   5   1   5   1.8
Thomson (TOC)                               5   4   2   2   4   1.9
Telus (T)                                   5   4   4   5   5   2.6
Royal Bank (RY)                             4   3   4   5   5   3.2
Bank of Nova Scotia (BNS)                   3   3   3   1   5   3.5
Sun Life (SLF)                              4   4   4   1   4   3.5
Toronto Dominion Bank (TD)                  4   3   3   2   4   3.5
National Bank of Canada (NA)                3   4   5   5   5   3.7
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                              P/E P/B P/D   G$   dG$(%)
========================================== === === === ====== ======
ACE Aviation (ACE.B)                        5   5   0   84.84 288.10
Thomson (TOC)                               5   4   4   55.77  48.79
Magna Cl.A (MG.A)                           4   5   3  100.28  37.39
Biovail (BVF)                               5   5   5   14.15  30.27
Nova (NCX)                                  5   4   2   35.98  26.89
BCE (BCE)                                   5   4   5   40.06  19.05
Canadian Tire (CTC.A)                       5   5   3   67.14  16.76
Bank of Montreal (BMO)                      4   5   5   49.92  11.17
Weston George (WN)                          4   5   4   52.85  10.59
Sun Life (SLF)                              4   4   4   49.75  10.48
Inmet Mining (IMN)                          5   3   1   75.46   8.50
Canadian Pacific Rail (CP)                  4   4   3   68.68   3.37
Petro Canada (PCA)                          5   3   2   60.44   3.08
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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

Switch to the HTML version if the tables aren't formatted properly.
http://www.stingyinvestor.com/cgi-bin/email.cgi 


Books for Stingy Investors

The Aggressive Conservative Investor
by Martin Whitman & Martin Shubik

Originally published in 1979, this value classic is once again in
bookstores with a new introduction but most of the tome remains
unchanged. Aside from providing a glimpse into investing in the
late 1970s, much of Whitman's basic moneymaking approach, which
focuses on balance sheet values, continues to apply today. A
great book for more seasoned investors but it might be a little
heavy for some.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471768057/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.rotheryreport.com/ 

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 03/31/2008)
  Average Capital Gain    Average Holding Period
          40.9%                   2.4 Years

Learn More
http://www.rotheryreport.com/store/store.shtml

Subscribe Today
http://www.rotheryreport.com/store/order.shtml 



If you'd like to suggest The Stingy News to a friend, please point them to:
http://www.stingyinvestor.com/cgi-bin/email.cgi

Please visit the StingyInvestor website at
http://www.stingyinvestor.com
To (un)subscribe please use our email centre at
http://www.stingyinvestor.com/cgi-bin/email.cgi
Email comments or questions to
info@stingyinvestor.com
Refer to legal & conflict of interest disclaimers at
http://www.stingyinvestor.com/SI/legal.shtml 
Privacy Policy 
http://www.ndir.com/SI/legal/privacy.shtml 
We do not rent or sell our email list to third parties.

ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2008.
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
contained herein, accuracy can not be guaranteed. Past performance is
not a good predictor of future performance.  Results are not
guaranteed and we assume no liability whatsoever for any material
losses that may occur.  No compensation for suggesting particular
securities or financial advisors is solicited or accepted.  The
information in this newsletter, and in its related website, is not
intended to be, nor does it constitute, financial advice or
recommendations.  Investing in stocks can be risky and may result in
substantial losses.  A Dan Hallett and Associates Inc.(DH&A)
publication.  DH&A is registered as Investment Counsel in the province
of Ontario. DH&A, or related-parties may have an interest in the
securities mentioned.