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The Stingy News Weekly (07/21/2013)


"Investors repeatedly jump ship on a good strategy just because it hasn't worked so well lately, and, almost invariably, abandon it at precisely the wrong time."
- David Dreman


New @ StingyInvestor

Negative EV stocks
"Enterprise value has one peculiarity that market capitalization does not. It's possible for a company to have a negative enterprise value. That might sound odd at first but remember the calculation subtracts a firm's cash from the market value of its equity and debt."


Hedge fund math
"The lesson here is to try to minimize your costs and employ sensible tax planning methods. While a 2-per-cent annual fee might not seem like much, it can really add up over time. Throw in a performance fee on top, as most hedge funds do, and the costs skyrocket." [Btw, the calculations included a high-water mark]


Stingy Links

Bullish on cash
"Charles de Vaulx has an investment idea: cash. That may seem an odd choice, since cash earns less than inflation, making it a money-losing proposition. But Mr. de Vaulx, who oversees $17.8 billion as chief investment officer at International Value Advisers in New York, has been boosting his cash position. He is having trouble finding stocks he considers cheap and won't buy overvalued stocks. He considers bonds even more overvalued than stocks, leaving him perched on a lumpy cash pillow."


The problem of small accounts
"Good advice costs money. Really good advice costs a lot of money, and is worth it, if you have enough money to spread the cost over. But when you have a small account, you have a problem in getting advice."


Stock pickers' markets a myth
"Whenever the notion of a volatile sideways market bubbles up among portfolio managers, they claim indexing will fail in comparison to active stock selection. In other words, portfolio managers argue that trendless volatility is ripe for active management skill to shine. They call it a stock pickers. market. I call it a myth for retail investors."


Feds vs. raisins
"The government allows them to sell one out of every two raisins.The farmers were always supposed to get a percentage of the money raised from the reserve pool raisins, but as profit margins dwindled over the years, so did the return to farmers. The tipping point came in 2003, when farmers received zero dollars in return for the 47 percent of the crop they had surrendered."


China roundtable
"China Bilateral Investment with Victor K. Fung, Charles Munger, and Jim Sinegal"


Detroit gap and pension math
"Until mid-June, there was one ray of hope in Detroit's gathering storm: For all the city's problems, its pension fund was in pretty good shape. If the city went under, its thousands of retired clerks, police officers, bus drivers and other workers would still be safe. Then came bad news. Seemingly out of nowhere, a $3.5 billion hole appeared in Detroit's pension system, courtesy of calculations by a firm hired by the city's emergency manager."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1445
Verizon (VZ)1245
Intel (INTC)4435
Merck (MRK)1315
Pfizer (PFE)4415
Chevron (CVX)5545
General Electric (GE)3534
McDonald's (MCD)2114
EI DuPont (DD)5244
Procter & Gamble (PG)3324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
JP Morgan Chase (JPM)5523
Chevron (CVX)5545
Exxon Mobil (XOM)5343
Caterpillar (CAT)5354
EI DuPont (DD)5244
Microsoft (MSFT)4213
Intel (INTC)4435
Travelers (TRV)4543
UnitedHealth (UNH)4451
IBM (IBM)4132
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)55453.00
Intel (INTC)44353.19
JP Morgan Chase (JPM)55233.48
Exxon Mobil (XOM)53433.58
EI DuPont (DD)52443.74
Pfizer (PFE)44154.10
Caterpillar (CAT)53544.12
Microsoft (MSFT)42134.68
Travelers (TRV)45435.35
Cisco (CSCO)34235.52
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
EI DuPont (DD)YYY
Intel (INTC)YYY
Caterpillar (CAT)YY
Exxon Mobil (XOM)YY
JP Morgan Chase (JPM)YY
Microsoft (MSFT)YY
Pfizer (PFE)YY
Travelers (TRV)YY
AT&T (T)Y
Cisco (CSCO)Y
General Electric (GE)Y
IBM (IBM)Y
McDonald's (MCD)Y
Merck (MRK)Y
Procter & Gamble (PG)Y
UnitedHealth (UNH)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Penn West Petroleum (PWT)1525
TransAlta (TA)0335
Crescent Point (CPG)1315
Canadian Oil Sands (COS)5225
Enerplus (ERF)0525
BCE Inc. (BCE)4135
Iamgold (IMG)5545
CIBC (CM)5335
Barrick Gold (ABX)0545
Bank of Montreal (BMO)5435
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Power Corp of Canada (POW)5454
Iamgold (IMG)5545
National Bank (NA)5334
CIBC (CM)5335
Agrium (AGU)5352
Bank of Montreal (BMO)5435
Imperial Oil (IMO)5241
Bank of Nova Scotia (BNS)5324
Royal Bank (RY)5224
Canadian Oil Sands (COS)5225
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Iamgold (IMG)55451.57
Canadian Oil Sands (COS)52251.74
CIBC (CM)53351.92
Power Corp of Canada (POW)54541.97
National Bank (NA)53342.05
Bank of Montreal (BMO)54352.29
BCE Inc. (BCE)41352.34
Bank of Nova Scotia (BNS)53242.74
Rogers (RCI.B)41343.00
Royal Bank (RY)52243.06
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
Iamgold (IMG)YYY
BCE Inc. (BCE)YY
Bank of Nova Scotia (BNS)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
Agrium (AGU)Y
Barrick Gold (ABX)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
Imperial Oil (IMO)Y
Penn West Petroleum (PWT)Y
Rogers (RCI.B)Y
TransAlta (TA)Y
Notes...



The Rothery Report
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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.

Rothery Report Performance
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Average Capital Gain
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