"All intelligent investing is value investing - to acquire more
than you are paying for. Investing is where you find a few great
companies and then sit on your ass."  - Charlie Munger


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

Some 'value' stocks are just losers
http://online.wsj.com/article/SB118202801981638006.html?mod=googlenews_wsj
"Most veteran value investors have a story about the stock they wished they
had let get away. The shares looked attractive and the company's worst
troubles seemed behind it. But instead of a quick fix, they got quicksand;
the stock languished, a waste of money and time. For John Linehan, manager
of the T. Rowe Price Value Fund, such disillusionment comes from a stake
in Boston Scientific. The medical-device company appeared to have healthy
demand for its products and its costs were under control, he says, but
tough competition and an expensive acquisition of heart-device maker Guidant
has proved otherwise."

Coal? Yes, Coal
http://www.businessweek.com/magazine/content/07_19/b4033075.htm?chan=search
"Little known outside the energy industry, Peabody is well respected within
it. The company is often referred to as the "Exxon of Coal" for its
strategic judgment and its immense energy resources. Peabody's 10.2 billion-ton
coal pile has nearly twice the energy content of Exxon's petroleum
reserves. Its massive mines in Wyoming's Powder River Basin are among the most
productive and technologically sophisticated in the world. And its
well-timed acquisitions of properties in Australia have proved rewarding, forging
a valuable path into fast-growing markets such as India and China.
International business now contributes 30% of profits, up from under 1% in 2001."

A legend sizes up the market
http://www.kiplinger.com/magazine/archives/2007/07/insiderinterview.html
"Miller remains one of the sharpest, most innovative thinkers in the
investing game, as we were reminded during a recent interview at Legg Mason's
headquarters, next to Baltimore's striking Inner Harbor. Miller is
particularly impressive when he argues about the foibles of most value investors
and defends his own approach. In the late 1990s, he was criticized for being
a value investor in name only because he owned shares of AOL, Dell and
Amazon.com. Today, his big stake in Google once again leads some to question
his credentials as a bargain hunter."

Freedom, not climate, is at risk
http://www.ft.com/cms/s/9deb730a-19ca-11dc-99c5-000b5df10621.html
"As someone who lived under communism for most of his life, I feel obliged
to say that I see the biggest threat to freedom, democracy, the market
economy and prosperity now in ambitious environmentalism, not in communism.
This ideology wants to replace the free and spontaneous evolution of
mankind by a sort of central (now global) planning. The environmentalists ask
for immediate political action because they do not believe in the long-term
positive impact of economic growth and ignore both the technological
progress that future generations will undoubtedly enjoy, and the proven fact
that the higher the wealth of society, the higher is the quality of the
environment. They are Malthusian pessimists."

Globalization erodes product safety
http://money.cnn.com/2007/06/14/news/economy/supplychain_risk/index.htm?postversion=2007061413
"Colgate's announcement Thursday that it found fake and potentially
dangerous "Colgate"-branded toothpaste sold in some stores is the latest in a
series of product scares that have recently spooked American consumers. More
importantly, these incidents of counterfeit toothpaste, melamine-tainted
pet food and toothpaste laced with anti-freeze imported from China are
raising concern about the quality of food and other products that enter the
U.S. and the overall safety of the global supply chain."

Bear Stearns' hunt for big cash
http://www.businessweek.com/bwdaily/dnflash/content/jun2007/db20070613_321601.htm?chan=top+news_top+news+index_businessweek+exclusives
"The rise in mortgage defaults - particularly in the subprime market -
ultimately will impair the value of many bonds that are backed by those risky
home loans. But up until now, most bondholders have not have had to
readjust their valuations for those mortgage-backed securities. Bond investors
are not required to reduce the value of a bond unless it's either
downgraded by a credit rating agency or sold for a reduced price in the secondary
market. But traders are speculating that the big bond sale by Bear Stearns
may set the stage for a second sale, this one involving a batch of poor
performing mortgage bonds. If that were to occur, other hedge fund managers
might be forced to mark down the value of some of their mortgage-related
investments. That's clearly something bond bears are rooting for."


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
Bank of Montreal (BMO)                          4   4   3   3   5    5
National Bank of Canada (NA)                    5   4   4   3   5    5
BCE (BCE)                                       3   3   4   5   5    5
Transalta (TA)                                  1   4   3   4   5    5
TransCanada (TRP)                               3   4   2   4   5    5
Bank of Nova Scotia (BNS)                       4   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   3.0
CIBC (CM)                                       5   3   4   2   4   3.6
Bank of Montreal (BMO)                          4   4   3   3   5   3.6
Bank of Nova Scotia (BNS)                       4   3   3   2   5   4.0
Royal Bank (RY)                                 4   2   3   2   5   4.4
Teck Cominco Limited (TCK.B)                    5   5   3   5   4   4.4
Biovail (BVF)                                   2   2   1   5   5   4.5
BCE (BCE)                                       3   3   4   5   5   4.5
TransCanada (TRP)                               3   4   2   4   5   4.7
Sun Life (SLF)                                  4   5   4   2   4   5.2
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   61.37  23.71
Lundin Mining Corporation (LUN)                 5   5   0   14.05   8.29
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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


Books for Stingy Investors

Buffett: The Making of an American Capitalist
by Roger Lowenstein

The Making of an American Capitalist is the best biography of
Warren Buffett that I've read. By reading this book, you'll find
out how a young Buffett made money selling Coca-Cola to his
friends and how an older Buffett cashed in with Coke's stock. You'll
also discover why Warren started buying Berkshire Hathaway's
stock below $8 per share and how he boosted its value to lofty
heights (currently near $80,000 per share). The Making of an American
Capitalist is a must have for Buffett fans.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0385484917/


Stock Research From Dan Hallett & Associates

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

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 03/31/2007)
  Average Capital Gain    Average Holding Period
    Sold Stocks: 75.5%      Sold Stocks: 2.1 Years
    All Stocks: 51.5%       All Stocks: 2.3 Years

Special Bonus Reports: Top Smaller Stocks 2007
http://www.stingyinvestor.com/SI/store/TopSmallStocks.shtml

Learn More
http://www.stingyinvestor.com/SI/store.shtml

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http://www.stingyinvestor.com/SI/store/order.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
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
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securities or financial advisors is solicited or accepted.  The
information in this newsletter, and in its related website, is not
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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.