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The Stingy News Weekly (06/20/2014)


"Value stocks are about as exciting as watching grass grow. But have you ever noticed just how much your grass grows in a week?"
- Christopher Browne


Stingy Links

Do longer-term calculations enhance performance?
"In theory, using long-term measures makes sense, but the evidence does not support this story. There may be other considerations such as turnover and taxes, but in the context of the study above, there is no benefit to using longer-term measures."
[Academia]

Deflating profitability
"Gross profit scaled by book value of total assets predicts the cross-section of average returns. Novy-Marx (2013) concludes that it outperforms other measures of profitability such as earnings, cash flows, and dividends. One potential explanation for the measure's predictive ability is that its numerator - gross profit - is a cleaner measure of economic profitability. An alternative explanation lies in the measure's deflator. We find that net income equals gross profit in predictive power when both measures are constructed using consistent deflators. We then construct an alternative measure of profitability, operating profitability, which better matches current expenses with current revenue. This measure exhibits a far stronger link with expected returns than either net income or gross profit."
[Academia]

Congress reluctant to cut
"Escalating recent budgetary disputes with the White House over military spending, members of Congress signaled their hesitance Thursday to curtail funding for the M114 Armored Combat Vehicle, a midsize tank whose sole capability is spinning 360 degrees in place and then exploding."
[Fun]

GM Recalls
"Yet in one indirect way, Oakley tried to rouse concern. In a draft of a service bulletin to dealers, he included the term 'stall,' a 'hot' word known to attract attention. Had it actually gone out to car sellers, federal regulators would have most likely seen it. But as they had with Kelley three years before, GM's product investigators tamped down the response, striking the language. It was one of the many occasions in which GM engineers failed to link the ignition switch position and disabled airbags, Valukas concluded."
[Management]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5545
Verizon (VZ)5145
Pfizer (PFE)5415
General Electric (GE)1535
Chevron (CVX)4555
Procter & Gamble (PG)2335
McDonald's (MCD)3124
Cisco (CSCO)3424
Merck (MRK)1314
Intel (INTC)3424
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
Pfizer (PFE)5415
AT&T (T)5545
Verizon (VZ)5145
Goldman Sachs (GS)5531
IBM (IBM)5132
Chevron (CVX)4555
Exxon Mobil (XOM)4453
JP Morgan Chase (JPM)4534
UnitedHealth (UNH)4451
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)55451.99
Verizon (VZ)51452.57
Pfizer (PFE)54152.65
Travelers (TRV)55423.92
Chevron (CVX)45553.99
IBM (IBM)51325.13
JP Morgan Chase (JPM)45345.13
Exxon Mobil (XOM)44535.32
Intel (INTC)34245.42
Cisco (CSCO)34245.47
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Chevron (CVX)YYY
Pfizer (PFE)YYY
Verizon (VZ)YYY
Cisco (CSCO)YY
Exxon Mobil (XOM)YY
IBM (IBM)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
General Electric (GE)Y
Goldman Sachs (GS)Y
McDonald's (MCD)Y
Merck (MRK)Y
Procter & Gamble (PG)Y
UnitedHealth (UNH)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)1315
Canadian Oil Sands (COS)4225
TransAlta (TA)0445
Penn West Petroleum (PWT)0535
BCE Inc. (BCE)3135
Rogers (RCI.B)5135
National Bank (NA)5335
CIBC (CM)5335
Shaw (SJR.B)4235
Enerplus (ERF)1215
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
National Bank (NA)5335
Bank of Montreal (BMO)5435
Manulife (MFC)5533
Bombardier (BBD.B)5253
CIBC (CM)5335
Brookfield (BAM.A)5442
Royal Bank (RY)5324
Bank of Nova Scotia (BNS)5324
Rogers (RCI.B)5135
Power Corp of Canada (POW)4554
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)42252.47
National Bank (NA)53352.53
Bank of Montreal (BMO)54352.94
CIBC (CM)53353.03
Rogers (RCI.B)51353.24
Royal Bank (RY)53243.43
Power Corp of Canada (POW)45543.57
Bank of Nova Scotia (BNS)53243.62
BCE Inc. (BCE)31353.77
Shaw (SJR.B)42353.79
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
National Bank (NA)YYY
Rogers (RCI.B)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Canadian Oil Sands (COS)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
Shaw (SJR.B)YY
Bombardier (BBD.B)Y
Brookfield (BAM.A)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
Manulife (MFC)Y
Penn West Petroleum (PWT)Y
TransAlta (TA)Y
Notes...



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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.

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