"Volatility is a symptom that people have no idea of the
underlying value"  - Jeremy Grantham


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

Tight times for deep value investing
http://www.kiplinger.com/columns/fundwatch/archive/2007/fundwatch0621.htm
"Barbee keeps a watch-list of companies with share prices trading below
book value, or net worth (essentially, a company's assets minus liabilities).
When the overall market bottomed in late 2002 and early 2003, Barbee
found that some 500 stocks were trading below book value (he screens for all
stocks with market values of $70 million and up). By early 2004, the number
had shrunk to about 100 and has stayed there ever since. "Everyone's had
a chance to sift through the bathwater," Barbee says. As for the remaining
bargain-bin merchandise, the average discounts are not as large as they
once had been, and the quality of the typical company is not as strong."

What else is new?
http://www.newyorker.com/arts/critics/books/2007/05/14/070514crbo_books_shapin?currentPage=all
"Old technologies persist; they even flourish. In that sense, they're as
much a part of the present as recently invented technologies. It is said
that we live in a "new economy," yet, of the world's top thirty companies (by
revenue), only three are mainly in the business of high tech - General
Electric (No. 11), Siemens (No. 22), and I.B.M. (No. 29) - and all three go
back more than a century. The heights of the early-twenty-first-century
corporate world are still occupied - as they have long been - by petroleum
companies (Exxon Mobil, Royal Dutch Shell, and B.P., Nos. 1, 3, and 4),
retailing (Wal-Mart, No. 2), automobiles (General Motors, No. 5), and finance
(I.N.G. and Citigroup, Nos. 13 and 14). No Hewlett-Packard (No. 33); no
Microsoft (No. 140); no Merck (No. 289)."

Eveillard: A value maestro's encore
http://money.cnn.com/2007/06/19/pf/funds/eveillard.fortune/
"For almost 30 years, global fund manager Jean-Marie Eveillard made a lot
of money bucking trends. After a two-year break, he's back."

How to run a budget like an idiot
http://money.cnn.com/2007/06/11/magazines/fortune/fiscal_budget.fortune/index.htm?postversion=2007061110
"Before every red-blooded tax loather spits on this page in disgust,
consider the context. Over the past six years we've borrowed nearly $2 trillion
to cut taxes for the wealthiest during a time of war, meaning we've
slipped the bill for our war and our tax cuts to our kids. How do the candidates
- who also claim to be "fiscally conservative" (not to mention devotees
of "family values") - square all this?"

In a rocky stock market, play it safe
http://money.cnn.com/2007/06/12/markets/play_it_safe.fortune/index.htm?postversion=2007061208
"Up and down Wall Street, traders' screens are green, signaling that these
are great times for stock market investors. The S&P 500 and the Dow Jones
Industrial average are setting all-time highs. So much cash is sloshing
around the sidelines, and borrowing costs are so low, that practically each
day brings news of asset sales or corporate takeovers. Reuters. Chrysler.
Stuyvesant Town. MGM. It all seems like the late 1990s."

Bill Gross's British stamps outperformed Pimco fund
http://www.bloomberg.com/apps/news?pid=20601088&sid=aklLsB4MpiZI&refer=home
"Bill Gross's British stamps, which go on auction in New York on June 11 to
benefit a charity, have proven to be a better investment than his bond
fund. The manager of the world's largest bond fund stands to raise $5
million or more from the stamps he bought for $2 million, mostly in 2000, said
Charles Shreve, Gross's stamp adviser. His $104 billion Total Return Fund
had a 6.9 percent average annual return in the past 10 years, according to
Morningstar Inc. data."

You got your tissues in my peanut butter
http://www.businessweek.com/bschools/content/jun2007/bs20070617_125753.htm?chan=top+news_top+news+index_businessweek+exclusives
"Indeed, many shoppers are repulsed by the thought that packages of food
are touching items such as toilet paper, feminine hygiene products, cat
litter, or even, in some cases, mayonnaise - all items that subconsciously
repulse a lot of people."

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."


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   5   4   3   5    5
Transalta (TA)                                  1   4   3   4   5    5
TransCanada (TRP)                               3   4   2   4   5    5
BCE (BCE)                                       3   3   3   5   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   5   4   3   5   2.9
Bank of Montreal (BMO)                          4   4   3   3   5   3.5
CIBC (CM)                                       5   3   4   2   4   3.5
Biovail (BVF)                                   2   2   1   5   5   3.6
Bank of Nova Scotia (BNS)                       5   3   3   2   5   3.8
Royal Bank (RY)                                 4   2   3   2   5   4.1
Teck Cominco Limited (TCK.B)                    5   5   4   5   4   4.2
TransCanada (TRP)                               3   4   2   4   5   4.5
BCE (BCE)                                       3   3   3   5   5   4.8
Toronto Dominion Bank (TD)                      3   4   3   3   4   5.3
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   61.26  27.10
Lundin Mining Corporation (LUN)                 5   5   0   14.03   8.44
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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


Books for Stingy Investors

The Intelligent Investor
by Benjamin Graham & Jason Zweig

Follow Warren Buffett's advice and read "by far the best book on
investing ever written". The latest edition provides the full
text of Graham's original work and supplemental chapters with more
modern commentary from Money Magazine editor Jason Zweig. I
like to read this book every few years and would probably benefit
by reading it even more frequently.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0060555661/


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 03/31/2007)
  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.rotheryreport.com/store/TopSmallStocks.shtml

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

Subscribe Today
http://www.rotheryreport.com/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
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.