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The Stingy News Weekly (06/26/2011)


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


Stingy News Flash

I was very pleased that the Summer Book Draw yielded many interesting entries and kind offers. Many thanks to all those who participated! As promised, here are the suggestions with very minimal editing and in no particular order ...

Stingy Links

A dirty business
"In the language of hedge funds, Galleon’s strategy was to “arbitrage reality” with the consensus on the Street—to find information about a given company that diverged from Wall Street’s view, allowing Galleon to cash in when the company’s stock price rose or fell."


Dividend growth stars
"Using data going back to 1992, CPMS created annual portfolios of all TSX-listed stocks that increased their dividend over the previous year. The annualized return through 2010 was 13.9 per cent, compared to 9.7 per cent for the S&P/TSX composite total return index."


Private-public wage disparities
"When I negotiate collective agreements, I find a distinct difference between the instructions I receive from entrepreneurs -large or small -who are spending their own money compared to professional managers. The former are almost invariably more parsimonious and do not succumb to collective agreement 'creep' wherein, in each round of bargaining, more and more is given, until the collective agreement can be weighed in pounds, each clause providing another impediment or cost."


The importance of being audited
"When a company’s auditors resign and disclose that prior financial statements “should no longer be relied upon,” investors should head for the hills because there is a very good chance fraud has been discovered. Unfortunately if that company is a Chinese operation that obtained an American listing through a so-called reverse merger, then it is probably too late to salvage much if anything from the investment."


Swinging for the fence not a sustainable strategy
"There are many investors who roll the dice on just a one or two stocks. Some people choose well and hit the jackpot – again through varying proportions of luck and skill. These are the investors that often visit firms like ours for advice. We just don’t see the other investors that saw their concentrated bets work against them. In other words, while hearing many of the strike-it-rich stories can give the impression that this is the path to prosperity, believe me when I tell you that far greater numbers of investors have permanently destroyed wealth using this approach. This is not a high probability way of building wealth."


Burned by Chinese shares
"The epidemic fraud affecting dozens of U.S.-listed China stocks is one of this year's big newspaper stories—after being one of last year's big stories in your favorite stock-market weekly. But the scams that have disgraced many Chinese listings on Nasdaq and the NYSE weren't unmasked by the exchanges, auditors, investment bankers or market regulators. The detective work was done by research-oriented hedge funds, who found the lies behind these multibillion dollar stock promotions, shorted the shares, and then blew the whistle. And for that public service, the shorts have been punished in an unexpected way."


A license to lie, backdated
"if you are considering an investment in a mutual fund or ETF, you should understand that you will have little recourse if information provided in the prospectus turns out to be misleading or incomplete, even outright fraudulent"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5435
Verizon (VZ)1345
Merck (MRK)1325
Pfizer (PFE)1415
Johnson & Johnson (JNJ)3215
Intel (INTC)4315
Procter & Gamble (PG)2324
Kraft (KFT)1544
General Electric (GE)3544
Chevron (CVX)5444
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5553
Hewlett-Packard (HPQ)5451
AT&T (T)5435
JP Morgan Chase (JPM)5533
Chevron (CVX)5444
Microsoft (MSFT)4213
Intel (INTC)4315
Exxon Mobil (XOM)4342
Wal-Mart (WMT)4353
Cisco (CSCO)4421
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)54351.54
Travelers (TRV)55532.68
Intel (INTC)43152.92
Chevron (CVX)54442.98
JP Morgan Chase (JPM)55333.46
Microsoft (MSFT)42133.66
Wal-Mart (WMT)43534.11
Johnson & Johnson (JNJ)32154.21
Coca-Cola (KO)41134.32
Exxon Mobil (XOM)43424.46
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Chevron (CVX)YYY
Intel (INTC)YYY
Exxon Mobil (XOM)YY
JP Morgan Chase (JPM)YY
Johnson & Johnson (JNJ)YY
Microsoft (MSFT)YY
Travelers (TRV)YY
Wal-Mart (WMT)YY
Cisco (CSCO)Y
Coca-Cola (KO)Y
General Electric (GE)Y
Hewlett-Packard (HPQ)Y
Kraft (KFT)Y
Merck (MRK)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Yellow Media (YLO)4545
Enerplus (ERF)1515
TransAlta (TA)1445
BCE Inc. (BCE)3245
Sun Life Financial (SLF)5555
Penn West Petroleum (PWT)1525
ARC Resources (ARX)1215
Bank of Montreal (BMO)5435
Husky Energy (HSE)3445
Shaw (SJR.B)2135
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5450
Nexen (NXY)5541
Inmet Mining (IMN)5421
Magna (MG)5453
Sun Life Financial (SLF)5555
Canadian Tire (CTC.A)5553
National Bank (NA)5334
Bank of Montreal (BMO)5435
Canadian Oil Sands (COS)5124
CIBC (CM)5235
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Yellow Media (YLO)45450.56
Sun Life Financial (SLF)55551.96
Bank of Montreal (BMO)54352.52
Canadian Oil Sands (COS)51242.68
CIBC (CM)52352.68
BCE Inc. (BCE)32452.94
Power Corp of Canada (POW)45543.14
National Bank (NA)53343.18
Husky Energy (HSE)34453.43
Bank of Nova Scotia (BNS)42343.55
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
Sun Life Financial (SLF)YYY
BCE Inc. (BCE)YY
CIBC (CM)YY
Canadian Oil Sands (COS)YY
Husky Energy (HSE)YY
National Bank (NA)YY
Yellow Media (YLO)YY
ARC Resources (ARX)Y
Bank of Nova Scotia (BNS)Y
Canadian Tire (CTC.A)Y
Enerplus (ERF)Y
Inmet Mining (IMN)Y
Magna (MG)Y
Nexen (NXY)Y
Penn West Petroleum (PWT)Y
Power Corp of Canada (POW)Y
Research In Motion (RIM)Y
Shaw (SJR.B)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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