Stingy Investor Contact - Subscribe - Login
  Home | Articles | Screens | Links | SNW | Rothery Report
 
The Stingy News Weekly (07/16/2010)


"In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time - none, zero. You'd be amazed at how much Warren reads - at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out."
- Charlie Munger


Stingy Links

Into thin error
"I sought Viesturs out because I was curious about the kind of attitude you develop toward error when a single mistake can easily cost you your life. I also wanted to test a hypothesis that I call "the paradox of error": If your goal is to avoid making mistakes, then you must constantly assume that you are about to make one. That's why fields like aviation and medicine have, at their best, a productive obsession with error. It turns out the same goes for mountaineering - or, at least, mountaineering as practiced by Viesturs. He's totally comfortable with being wrong, he says; the important thing is that, "if you goof up, it's in the right direction.""


Stewardship common sense
"In the course of our research we've uncovered a fund company - one that received a good culture grade and had no regulatory deductions - that purchased shares in a related company in one of its funds. Since the firm has followed all of the rules, technically, it's not considered a regulatory issue. Accordingly, the trade was not reviewed by the IRC. But when we discovered all of the facts, we have zero doubt that a conflict of interest existed, whether or not the law defines it as such."


The zeroes
"Lane believed he would make his own fortune by giving luxury advertisers a forum to reach this small but growing mob of ultrarich arrivistes. Unfortunately he chose a medium that would prove to be a surefire prophylactic against profits. Despite zealously attempting to sell out, Lane couldn't make a buck. When stock markets collapsed in 2008, so did his publishing empire."


Untangling skill and luck
"In this report, we will discuss why unraveling skill and luck is so important, provide a framework for thinking about the contribution of skill and luck, offer some methods to help sort skill and luck in various domains, and define the key features of skill in the investment business."


Washington takes aim at Apple
"If you want to produce something in America, you'd better play the game. Contribute to politicians' campaigns, hire their friends, go hat in hand to a congressional hearing, and apologize for your success."


Government for sale
"The article's subhed tells you all you need to know: 'Why Lobbying Is Washington's Best Bargain; Lobbyists say for just a few million, they can make clients billions'"


Relative status in practice
"In Kenneth Fisher's book The Only Three Questions that Count, in the references under "Risk" he merely has 'see benchmarking'. If everyone benchmarks, risk is deviating from the consensus, and thus taking too little exposure to any popular investment is just as risky as taking on a lot of exposure. Cremers and Petajisto have a paper where the define portfolio manager risk this way. If risk is defined as a deviation from the benchmark, it becomes like idiosyncratic risk, unnecessary, so unpriced. Further, via arbitrage 'benchmark risk' can not be priced, because you can't get a risk premium from both having zero or twice the normal exposure to BP."


Bank of America comes clean
"Bank of America has finally admitted that it understated the quarter end assets and liabilities for the years 2007 to 2009. It does not (yet) admit that similar transactions took place in many other years and it does not spell out the effect of these transactions on BofA.s need to carry capital."


Preventing 2006
"'The true debate in economics is - between economists who care about the productivity of resource allocation and those who only pay lip service.' That is harsh, but not wrong. I'd draw the lines a bit more mildly, and say that the core argument is between people who think we are in a financial crisis that has engendered an economic crisis, and others (like me) who think that the financial crisis is the outgrowth of longstanding and continuing economic mistakes."


On business competition
"'A funny thing happens when you begin to capture competitive differences on paper', says Harvard Professor Youngme Moon in her book Different, 'there is a natural inclination for folks in the competitive set to focus on eliminating differences rather than accentuating them.'"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
Verizon (VZ)14555
AT&T (T)54355
Pfizer (PFE)35355
EI DuPont (DD)32455
Merck (MRK)54155
Chevron (CVX)54544
Kraft (KFT)54444
Johnson & Johnson (JNJ)42244
Coca-Cola (KO)21144
Home Depot (HD)23544
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
AT&T (T)54351.81
Merck (MRK)54151.85
Kraft (KFT)54442.58
Chevron (CVX)54542.71
Travelers (TRV)55432.72
Pfizer (PFE)35352.82
EI DuPont (DD)32453.05
Johnson & Johnson (JNJ)42243.47
Verizon (VZ)14554.36
Exxon Mobil (XOM)33434.40
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55388.0077.35
Merck (MRK)54543.6021.40
Kraft (KFT)54434.8520.97
JP Morgan Chase (JPM)35147.0420.61
Chevron (CVX)54482.9716.04
AT&T (T)54527.7312.31
Pfizer (PFE)35516.2111.34
General Electric (GE)25314.630.56
Notes | More Info...


Top US StocksYieldV.R.Graham
AT&T (T)YYY
Chevron (CVX)YYY
Kraft (KFT)YYY
Merck (MRK)YYY
Pfizer (PFE)YYY
EI DuPont (DD)YY
Johnson & Johnson (JNJ)YY
Travelers (TRV)YY
Verizon (VZ)YY
Coca-Cola (KO)Y
Exxon Mobil (XOM)Y
General Electric (GE)Y
Home Depot (HD)Y
JP Morgan Chase (JPM)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
Transalta (TA)24455
BCE (BCE)34455
Sun Life (SLF)45555
CIBC (CM)42355
Husky Energy (HSE)34455
Telus (T)43455
Bank of Montreal (BMO)43355
Power Corp (POW)35555
TransCanada (TRP)34255
Shaw Comm Cl.B (SJR.B)31255
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
Manulife (MFC)55542.13
National Bank (NA)54342.26
CIBC (CM)42352.40
Sun Life (SLF)45552.57
BCE (BCE)34452.64
Telus (T)43453.03
Bank of Montreal (BMO)43353.04
Husky Energy (HSE)34453.31
Enbridge (ENB)51443.57
Transalta (TA)24453.68
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Manulife (MFC)55427.4479.24
Teck Cominco (TCK.B)55251.2653.30
Inmet Mining (IMN)55169.7651.04
Sun Life (SLF)45535.5029.24
Encana (ECA)55342.3226.00
First Quantum Minerals (FM)53274.3620.91
National Bank (NA)54467.7017.91
Canadian Tire (CTC.A)45264.8516.58
Cameco (CCO)53228.5012.57
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
Sun Life (SLF)YYY
BCE (BCE)YY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Husky Energy (HSE)YY
Manulife (MFC)YY
National Bank (NA)YY
Telus (T)YY
Transalta (TA)YY
Cameco (CCO)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
Encana (ECA)Y
First Quantum Minerals (FM)Y
Inmet Mining (IMN)Y
Power Corp (POW)Y
Shaw Comm Cl.B (SJR.B)Y
Teck Cominco (TCK.B)Y
TransCanada (TRP)Y
Notes...



The Rothery Report
(Learn More | Subscribe Today)

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 03/31/2010)
Average Capital Gain
37.3%



Stingy News Weekly
The Latest Edition

Get the Stingy News
via email with ...
The Rothery Report

2017
  09: 04 11 17 23
  08: 07 16 20 28
  07: 02 09 16 23 30
  06: 04 11 18 26
  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
  02: 05 12 19 26
  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
  04: 03 10 17 24
  03: 06 13 20 27
  02: 07 14 21 28
  01: 03 10 17 24 31
2015
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 10 18 25
  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
  06: 06 14 21 28
  05: 03 09 17 23 31
  04: 04 12 19 26
  03: 01 07 15 22 28
  02: 07 14 21
  01: 04 12 18 25 31
2014
  12: 06 14 21 28
  11: 02 08 16 23 30
  10: 04 11 19 26
  09: 06 14 19 28
  08: 10 16 24 29
  07: 05 12 19 25
  06: 08 15 20 29
  05: 04 11 18 25 30
  04: 06 12 20 27
  03: 02 09 16 23 30
  02: 01 09 16 23
  01: 05 12 18 26
2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
  12: 02 09 16 23 30
  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 31

Archive

Stingy News Quarterly
2014: Q1 Discontinued
2013: Q1 Q2 Q3 Q4
2012: Q1 Q2 Q3 Q4
2011: Q1 Q2 Q3 Q4
2010: Q1 Q2 Q3 Q4
2009: Q1 Q2 Q3 Q4
2008: Q1 Q2 Q3 Q4
2007: Q1 Q2 Q3 Q4
2006: Q1 Q2 Q3 Q4
2005: Q1 Q2 Q3 Q4
2004: Q1 Q2 Q3 Q4
2003: Q1 Q2 Q3 Q4
2002: Q1 Q2 Q3 Q4
2001: Q1 Q2 Q3 Q4

Dan's Reports
About Dan

Privacy Policy


 
About Us | Legal | Contact Us
Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...