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The Stingy News Weekly (07/24/2011)


"Investing is simple, but not easy."
- Warren Buffet


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A contrarian case for following the herd
"Price momentum has succeeded in the face of a couple of intuitive objections. One is that buying winners inherently conflicts with a contrarian philosophy that is deeply ingrained within many successful investors. The second is that the simplicity of analysis needed to build a portfolio is troubling to adherents of the belief that markets are at least reasonably efficient. While the skeptics may lurk in the shadows when the strategy is successful, they are eager to speak up when momentum fails. And it is hard for the practitioners of a momentum strategy to launch a vigorous defense while looking foolish for having recently lost money with a portfolio of stocks bought simply on the basis of having recently gone up."


Mining the portfolio
"Mining the portfolio, in essence, is taking information and news from current portfolio holdings, and using it, and the second order effects stemming from that information, to allocate capital in other investments."


Is he economically rational?
"I think of it as training to understand managements — see if they act like owners maximizing long-term profits, or as workers aiming to maximize their pay packets. You will earn more with companies that think like owners."


Catch and release
"Spencer Lanthier, who serves on a variety of boards, recently asserted during a speech in Toronto that, despite recent advances in regulation and enforcement, large frauds still unfold in Canada largely with impunity. He claimed this country has “the weakest standards of enforcement in the G8.” Other critics routinely call for speedier investigations, more charges and more serious punishments. Even IMET superintendent Dean Buzza concedes that his units haven’t lived up to expectations. “We overpromised and underachieved,” he says."


Nothing for money
"While the major stock exchanges, securities regulators and police have made significant progress in the past dozen years purging the old-style boiler rooms and pump-and-dump schemes from the public markets, the marketing of suspect securities continues to thrive in the private domain. Typically, a company advertises or otherwise promotes a particular venture to investors, usually at a fixed price and for a fixed term. At the end of the term, the asset (usually real estate) is meant to be sold, and investors get their money. Sometimes, it begins producing an income stream for the investors. At least, that’s how it works in theory."


Index-beaters
"Among the index-beaters, Mawer Canadian Equity, which is run by Jim Hall of Mawer Investment Management Inc., led the way with a 7.1-per-cent gain. Mr. Hall has been cautious on commodity stocks, a stance that helped his fund gain 8.5 per cent for the first six months of this year. A common thread among many of the outperformers was low fees, with most charging well below 2 per cent."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5535
Verizon (VZ)1345
Merck (MRK)1325
Pfizer (PFE)1425
Johnson & Johnson (JNJ)3215
Kraft (KFT)1445
Intel (INTC)4314
Procter & Gamble (PG)2324
General Electric (GE)3544
EI DuPont (DD)3134
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5553
Hewlett-Packard (HPQ)5451
AT&T (T)5535
JP Morgan Chase (JPM)5533
Chevron (CVX)5444
Intel (INTC)4314
Microsoft (MSFT)4213
Wal-Mart (WMT)4353
Exxon Mobil (XOM)4342
Cisco (CSCO)4421
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)55351.54
Travelers (TRV)55532.83
Intel (INTC)43143.27
Chevron (CVX)54443.44
JP Morgan Chase (JPM)55333.55
Wal-Mart (WMT)43534.34
Microsoft (MSFT)42134.43
Johnson & Johnson (JNJ)32154.50
Coca-Cola (KO)41134.65
Pfizer (PFE)14254.68
Notes | More Info...


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



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Yellow Media (YLO)5555
Enerplus (ERF)1515
TransAlta (TA)5445
BCE Inc. (BCE)3245
Sun Life Financial (SLF)5555
Penn West Petroleum (PWT)1525
ARC Resources (ARX)1215
CIBC (CM)5235
Canadian Oil Sands (COS)4125
Husky Energy (HSE)3445
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5450
Inmet Mining (IMN)5421
Nexen (NXY)5431
Sun Life Financial (SLF)5555
Yellow Media (YLO)5555
TransAlta (TA)5445
Canadian Tire (CTC.A)5553
Magna (MG)5553
CIBC (CM)5235
National Bank (NA)5334
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Yellow Media (YLO)55550.34
Sun Life Financial (SLF)55551.92
TransAlta (TA)54451.93
CIBC (CM)52352.63
Bank of Montreal (BMO)54342.74
Canadian Oil Sands (COS)41252.76
Power Corp of Canada (POW)45553.07
BCE Inc. (BCE)32453.09
National Bank (NA)53343.41
Bank of Nova Scotia (BNS)42343.55
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
Sun Life Financial (SLF)YYY
TransAlta (TA)YYY
Yellow Media (YLO)YYY
BCE Inc. (BCE)YY
Canadian Oil Sands (COS)YY
National Bank (NA)YY
ARC Resources (ARX)Y
Bank of Montreal (BMO)Y
Bank of Nova Scotia (BNS)Y
Canadian Tire (CTC.A)Y
Enerplus (ERF)Y
Husky Energy (HSE)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
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
(03/31/2001 to 06/30/2011)
Average Capital Gain
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