"I will tell you how to become rich. Close the doors. Be fearful
when others are greedy. Be greedy when others are fearful."  - Warren Buffett


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

Another pounding
http://www.economist.com/finance/displaystory.cfm?story_id=9482868
"The current fear is not so much that the housing market could drive
America into recession, although that could still happen. The worry is more that
credit conditions may get tighter. The spread paid by higher-risk
European firms has increased by almost a percentage point since mid-June.
Investors are shying away from some loans being offered to finance leveraged
buy-outs. A slowdown in such private equity-driven bids would hit the
stockmarket."

Bear Stearns' collateral damage
http://www.businessweek.com/bwdaily/dnflash/content/jul2007/db20070710_434383.htm?chan=top+news_top+news+index_best+of+bw
"The implosion of a hedge fund often sheds some unwanted attention on the
wealthy investors who chose to sink money into the venture. That's
certainly the case with an 11-month-old Bear Stearns hedge fund that bet heavily
on risky bonds backed by subprime mortgages and is teetering on the verge
of collapse"

Scale effects in mutual fund performance
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=951367
"Our study examines the role of trading costs as a source of diseconomies
of scale for mutual funds. We estimate annual trading costs for a large
sample of equity funds and find that they are comparable in magnitude to the
expense ratio; that they have higher cross-sectional variation that is
related to fund trade size; and that they have an increasingly detrimental
impact on performance as the fund's relative trade size increases. Moreover,
relative trade size subsumes fund size in regressions of fund returns,
which suggests that trading costs are the primary source of diseconomies of
scale for funds."

Money isn't everything
http://www.economist.com/science/displaystory.cfm?story_id=9433782
"Psychologists have known for a long time that economists are wrong. Most
economists - at least, those of the classical persuasion - believe that any
financial gain, however small, is worth having. But psychologists know
this is not true. They know because of the ultimatum game, the outcome of
which is often the rejection of free money."

The OSC fraud squad
http://www.canadianbusiness.com/article.jsp?content=20070709_153239_5244
"Wow. Stop the presses. Suspected scam artists are being asked to take a
two-week summer holiday. Meanwhile, the organizations in question are still
lining up potential suckers."

Robot stock portfolio rides high again
http://www.thestar.com/columnists/article/234103
"Our picks by the data machine for 2007 each had a market value of more
than $500 million, more than a penny of profit per share in the latest four
quarters reported, more shareholder equity than debt and the lowest share
price on the market relative to recent earnings."


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
TransCanada (TRP)                               3   4   2   4   5    5
BCE (BCE)                                       3   3   4   5   5    5
Bank of Nova Scotia (BNS)                       5   4   3   2   5    5
Transalta (TA)                                  1   4   3   4   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   2.9
CIBC (CM)                                       5   3   4   2   4   3.6
Bank of Montreal (BMO)                          4   4   3   3   5   3.7
Bank of Nova Scotia (BNS)                       5   4   3   2   5   3.8
Biovail (BVF)                                   2   2   1   5   5   3.9
Royal Bank (RY)                                 4   2   3   2   5   4.5
TransCanada (TRP)                               3   4   2   4   5   4.7
Teck Cominco Limited (TCK.B)                    5   5   3   5   4   4.9
BCE (BCE)                                       3   3   4   5   5   5.0
Toronto Dominion Bank (TD)                      4   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   61.22  17.53
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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


Books for Stingy Investors

Common Stocks and Uncommon Profits
by Philip A. Fisher

Fisher takes a qualitative view of stocks and stresses the
importance of intangible aspects of a firm with heavy emphasis on
research and human capital. He also falls into the focused camp of
investors who buy only a few carefully selected stocks and hold
them for long periods. As Warren Buffett's second favourite book
on investing, Common Stocks and Uncommon Profits is a must read
for students of the market.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471445509/


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.