"A pack of lemmings looks like a group of rugged individualists
compared with Wall Street when it gets a concept in its teeth."  - Warren Buffett


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

Why Generation Y is broke
http://articles.moneycentral.msn.com/Investing/HomeMortgageSavings/WhyGenerationYIsBroke.aspx
"Today, people in their 20s and 30s are more educated than ever
before. Some 85% of those aged 25 and older hold a high school
diploma, and 27% have a college degree. This generation of adults
is also, of course, the most technologically sophisticated to
date, with about half using cell phones for text messaging and 90%
on e-mail. And yet stats indicate our generation's financial
literacy is abysmal, with personal finances to match. Only 52% of
high school seniors passed a recent national financial literacy
test, meaning adults entering the work force do not know enough
about basic budgeting, interest rates or taxes to make sound
decisions for their own lives."

Perceptions about income influence lottery purchases
http://www.chicagotribune.com/business/yourmoney/chi-ym-marksjarvis-0810aug10,0,6663121.column
"Do you feel poor ... or at least a lot poorer than your friends
and neighbors or the people you pass on the street? Then be
careful. There is evidence that this feeling will cause you to do
ridiculous things with your money and perhaps undermine your
opportunity to eventually become richer. You might even throw your
money away on the lottery."

CanWest woes may force Fairfax's hand
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20080806/RFAIRFAX06
"Fairfax Financial Holdings Ltd. has made a name as a patient,
deep-value investor in the mould of Warren Buffett's Berkshire
Hathaway Inc., so the company has been surprised to find itself
cast lately in the role of an activist player."

Robert Tattersall
http://www.morningstar.ca/globalhome/Industry/ManagerMonitor.asp?reportid=500
"If you can tolerate double-digit losses like the ones we've seen
recently, veteran fund manager Robert Tattersall suggests
picking up a classic book on value investing and then just sitting
tight. "

Value funds may be poised for comeback
https://secure.globeadvisor.com/servlet/ArticleNews/story/RTGAM/20080808/wstmain0808
"There's an old chestnut about value investors that says they're
never wrong, they're just early. Unfortunately for the
professional ones, when you run a mutual fund that gets marked to market
every day though, it doesn't really matter. If you're early,
you're wrong, and if you're wrong, you get redeemed as investors
chase performance like a dog chases a rolling Frisbee."

Transfers can come with tax surprises
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20080807/RCESTNICK07
"Be aware that you'll be subject to the U.S. estate tax as any
U.S. citizen if you're considered "domiciled" in the United
States. Simply residing in the U.S. doesn't make you "domiciled"
there. Domicile is a concept that involves an intention to
permanently reside south of the border. And so, it seems that domicile is
something to be avoided. Perhaps - but only if careful planning
is undertaken before your transfer, because not being domiciled
in the United States can lead to tax problems too. Let me
explain."

The plight of the value investor
http://www.businessweek.com/investor/content/aug2008/pi2008081_172039.htm
"This is a tough time to be a value investor. The value
philosophy tries to outsmart the stock market by investing in companies
that are deemed undervalued, often trading at a low multiple
relative to earnings. It was developed by Benjamin Graham and
championed by Berkshire Hathaway's (BRK.A) Warren Buffett"

Manulife shows Mawer love
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20080724/RCARRICK24
"Mawer is that rarity in the mutual fund industry, a company that
does everything well, whether it be Canadian equity, U.S. and
international equity, balanced or bond funds. You've probably
never heard of Mawer, but Manulife certainly has. Just recently, it
introduced a new lineup of Mawer-managed funds that are sold by
Manulife agents. Announcements like this aren't rare in the
fund industry. Many insurers strike deals in which they stick their
names on funds run by smart outside firms. What's different
here is the marketing fuss that Manulife is making over its new
lineup of Mawer funds. You'd almost think Warren Buffet himself was
on board."

'Stealth' housing bailout
http://biz.yahoo.com/cnbc/080725/25851253.html
"The numbers are staggering and likely to get much larger. What
we have here is, through a variety of programs, a stealth bailout
where more than a trillion dollars of taxpayer guarantees have
been extended to the housing market, both to keep it going and
to clean up the mess from the past."

Do economists need brains?
http://www.economist.com/finance/displaystory.cfm?story_id=11785391
"These new neuroeconomists saw that it might be possible to move
economics away from its simplified model of rational,
self-interested, utility-maximising decision-making. Instead of
hypothesising about Homo economicus, they could base their research on
what actually goes on inside the head of Homo sapiens. The dismal
science had already been edging in that direction thanks to
behavioural economics. Since the 1980s researchers in this branch of
the discipline had used insights from psychology to develop more
'realistic' models of individual decision-making, in which
people often did things that were not in their best interests. But
neuroeconomics had the potential, some believed, to go further
and to embed economics in the chemical processes taking place in
the brain."

Patient Capital Q2 2008
http://www.patientcapital.com/newsletters/newsletter-2008-06.pdf
"As we had hoped these investor fears have provided us with some
investment opportunities. Indeed we have invested some of our
capital in what we believe to be very strong companies that offer
the potential for excellent long [term] returns."


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)                               4   5   4   5   5    5
Bank of Montreal (BMO)                      3   4   4   1   5    5
CIBC (CM)                                   0   4   5   5   5    5
National Bank of Canada (NA)                2   4   4   4   5    5
Husky Energy (HSE)                          5   2   3   3   5    5
Telus (T)                                   4   4   4   5   5    5
Royal Bank (RY)                             3   2   4   5   5    5
Bank of Nova Scotia (BNS)                   3   2   3   1   5    5
Toronto Dominion Bank (TD)                  4   3   3   2   5    5
BCE (BCE)                                   5   3   3   4   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
========================================== === === === === === =====
Biovail (BVF)                               4   5   4   5   5   0.6
Thomson (TOC)                               5   4   2   2   4   1.9
Husky Energy (HSE)                          5   2   3   3   5   1.9
Bank of Montreal (BMO)                      3   4   4   1   5   2.1
Telus (T)                                   4   4   4   5   5   2.2
BCE (BCE)                                   5   3   3   4   4   2.6
Sun Life (SLF)                              4   5   5   1   4   2.8
Royal Bank (RY)                             3   2   4   5   5   3.0
Toronto Dominion Bank (TD)                  4   3   3   2   5   3.0
Petro Canada (PCA)                          5   4   5   4   3   3.3
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                              P/E P/B P/D   G$   dG$(%)
========================================== === === === ====== ======
ACE Aviation (ACE.B)                        5   5   0   84.45 671.21
Thomson (TOC)                               5   4   4   55.77  48.79
Magna Cl.A (MG.A)                           4   5   3   94.73  47.14
Petro Canada (PCA)                          5   4   3   66.53  42.64
Canadian Tire (CTC.A)                       5   5   3   67.04  33.81
Biovail (BVF)                               4   5   5   14.12  32.58
Inmet Mining (IMN)                          5   4   1   68.81  25.82
Sun Life (SLF)                              4   5   4   49.06  23.23
Nova (NCX)                                  5   4   2   32.33  19.18
Weston George (WN)                          4   5   4   52.52  15.45
Telus (T)                                   4   4   5   44.47   8.92
First Quantum Minerals Ltd. (FM)            5   2   2   65.12   5.74
MDS Inc. (MDS)                              2   5   0   15.95   3.43
Bank of Montreal (BMO)                      3   4   5   50.00   1.96
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

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

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Books for Stingy Investors

Mean Markets and Lizard Brains
by Terry Burnham

Learn how markets and ancient wiring in the brain conspire to
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You'll also discover how to profit from other investor's
mistakes. Burnham's book provides a fun romp through the new world of
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Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471602450/


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http://www.rotheryreport.com/ 

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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2008.
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
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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.