"The stock market is filled with individuals who know the price of
everything, but the value of nothing."  - Philip Fisher


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

Justices end 96-year-old ban on price floors
http://www.nytimes.com/2007/06/29/business/28cnd-bizcourt.html?ex=1340769600&en=190350e79de0ed9a&ei=5124&partner=digg&exprod=digg
"Striking down an antitrust rule nearly a century old, the Supreme Court
ruled today that it is no longer automatically unlawful for manufacturers
and distributors to agree on setting minimum retail prices. The decision
will give producers significantly more leeway, though not unlimited power, to
dictate retail prices and to restrict the flexibility of discounters."

The bargain basement isn't empty
http://www.nytimes.com/2007/07/01/business/yourmoney/01value.html?ref=yourmoney
"Jeremy J. Siegel, a professor of finance at the Wharton School of the
University of Pennsylvania and an adviser to WisdomTree Asset Management, is
also a believer. He said that value stocks "have been bid up a bit more
than they have in the past," but that "it is not a time to abandon value and
go for growth. In the long run, value stocks have done better.""

It's intent that counts in loss claims
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20070630/STCEST30
"My four-year-old son Michael set up a lemonade stand at the end of our
driveway and made $2.75 (selling lemonade to my wife Carolyn and me ).
Excitedly, he asked: "Dad, can we go to the store to buy some candy?" "Wait a
minute," I replied. "You earned $2.75, but the lemonade cost $1.75, and the
plastic cups cost $2. By my calculations that means you actually lost $1.
And to make matters worse, when you claim that loss on your tax return,
Canada Revenue might say you weren't carrying on a commercial activity, and
deny the loss." Michael looked at me with a blank stare."

Don't buy that house
http://www.forbes.com/home/business/2007/06/26/home-ownership-negatives-biz-dream0607_cx_ee_0626house.html
"The dream of owning your own home is as American as apple pie--and
(supposedly) better for you. Over and over, we are told that homeownership will
make you happier, healthier and wealthier. Heck, it's even supposed to make
you a better citizen. Of course, there are times when, depending on your
age, your savings and your income, buying a home can be a smart decision
and an excellent way to build wealth. But is buying a home really such a
universally good idea?"

2007 Whitman Lecture
http://www.bengrahaminvesting.ca/Resources/Video_Presentations/Martin%20Whitman.wmv
"Mr. Whitman has agreed to talk about three issues (1) What is Safe & Cheap
Investing (2) Advantages of Safe & Cheap Investing, and (3) Problems with
Safe & Cheap Investing."

Blowing up
http://www.gladwell.com/pdf/blowingup.pdf
"How Nassim Taleb turned the inevitability of disaster into an investment
strategy."

Bear's big loss arouses SEC interest
http://www.businessweek.com/investor/content/jun2007/pi20070625_673995.htm?chan=top+news_top+news+index_top+story
"Bear Stearns told investors May 15 that the Enhanced Leveraged fund -
which raised $642 million last summer - had lost 6.5% in April. But three
weeks after that estimate, the investment firm shocked investors on June 7,
telling them that the fund's actual April loss was 18.97%, or 23% for the
year"


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   2.8
CIBC (CM)                                       5   3   4   2   4   3.4
Bank of Montreal (BMO)                          4   4   3   3   5   3.6
Teck Cominco Limited (TCK.B)                    5   5   4   5   4   3.7
Biovail (BVF)                                   2   2   1   5   5   3.8
Bank of Nova Scotia (BNS)                       5   3   3   2   5   3.8
Royal Bank (RY)                                 4   2   3   2   5   4.3
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   5.4
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  35.54
Lundin Mining Corporation (LUN)                 5   5   0   14.03   9.10
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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


Books for Stingy Investors

Value Investing: A Balanced Approach
by Martin J. Whitman

Value Investing encourages investors to cast off the tyranny of
earnings and to focus instead on balance sheets and book values.
Well-capitalised firms can withstand an occasional headwind and
can be excellent values provided that they are bought for
reasonable prices. Safe and cheap are the driving factors for value
investors. Although Whitman's prose is occasionally a bit dry, his
useful ideas makes Value Investing well worth reading.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471398101/


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.