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The Stingy News Weekly (08/12/2012)


"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


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The risky new world of ETFs
"A little more than a decade ago ETFs were rare things. The few that were available were much like the chocolate and vanilla of the investment world - plain but satisfying options. They tracked the big indexes and charged relatively low annual fees (MERs). If you pointed new investors to ETFs in those days, they would likely find reasonable funds on their own. But that was then."


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Looking at China's problems
"The Austrian approach raises the possibility that there is no way for China to make good on enough of its oversubsidized investments. At first, they create lots of jobs and revenue, but as the business cycle proceeds, new marginal investments become less valuable and more prone to allocation by corruption. The giddy booms of earlier times wear off, and suddenly not every decision seems wise. The combination can lead to an economic crackup - not because aggregate demand is too low, but because the economy has been producing the wrong mix of goods and services."


It's just totally irresponsible
"What we're actually witnessing - and have been for years now - is not gridlock, but the abdication of responsibility by Congress and the president for performing the most basic responsibilities of government. Despite the fiscal crisis that Washington knows will occur if it fails to deal with unsustainable spending and debt, it hasn't managed to produce a federal budget in more than three years."


The state of the States
"For operational purposes, 'states' are best understood as undercapitalized health care and pension funds that write speeding tickets on the side."


In praise of copycats
"The conventional wisdom today is that copying is bad for creativity. If we allow people to copy new inventions, the thinking goes, no one will create them in the first place. Copycats do none of the work of developing new ideas but capture much of the benefit. That is the reason behind patents and copyrights: Copying destroys the incentive to innovate. Except when it doesn't. There are many creative industries, like finance, that lack protection against copying (or did for a long time). A closer look at these fields shows that plenty of innovation takes place even when others are free to copy."


Charting a map for investors
"The notion that the prices of stocks and bonds bear a sane relationship to their underlying value is not, at present, in high regard. Wall Street is widely said to be a betting parlor, if not an adjunct of the underworld. Its repute was even worse when Benjamin Graham published 'Security Analysis,' an investment manual that urged investors to calmly dissect securities and then plunge into issues trading at a sizable discount to intrinsic value. Stocks at a discount, Graham wrote, offered a 'margin of safety' - a cushion that would protect the investor from loss and, in time, assure him of a reasonable gain."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Merck (MRK)1315
Pfizer (PFE)2415
Johnson & Johnson (JNJ)1315
EI DuPont (DD)4145
Intel (INTC)4324
Procter & Gamble (PG)2324
JP Morgan Chase (JPM)5534
Chevron (CVX)5544
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Hewlett-Packard (HPQ)5553
Chevron (CVX)5544
Bank of America (BAC)5541
JP Morgan Chase (JPM)5534
Exxon Mobil (XOM)5352
Caterpillar (CAT)5252
Intel (INTC)4324
Travelers (TRV)4543
Boeing (BA)4152
Cisco (CSCO)4432
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
JP Morgan Chase (JPM)55342.59
Chevron (CVX)55442.64
Hewlett-Packard (HPQ)55532.73
Intel (INTC)43243.36
Exxon Mobil (XOM)53523.59
Travelers (TRV)45433.97
EI DuPont (DD)41454.06
Caterpillar (CAT)52524.14
Pfizer (PFE)24154.97
McDonald's (MCD)31145.35
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
Intel (INTC)YYY
JP Morgan Chase (JPM)YYY
Caterpillar (CAT)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
Hewlett-Packard (HPQ)YY
Pfizer (PFE)YY
Travelers (TRV)YY
AT&T (T)Y
Bank of America (BAC)Y
Boeing (BA)Y
Cisco (CSCO)Y
Johnson & Johnson (JNJ)Y
McDonald's (MCD)Y
Merck (MRK)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Enerplus (ERF)1525
TransAlta (TA)0445
Penn West Petroleum (PWT)2525
Canadian Oil Sands (COS)4225
Sun Life Financial (SLF)0555
ARC Resources (ARX)1215
BCE Inc. (BCE)3135
Power Corp of Canada (POW)5555
Bank of Montreal (BMO)4435
Shaw (SJR.B)3235
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Iamgold (IMG)5523
First Quantum (FM)5311
Bombardier (BBD.B)5153
Barrick Gold (ABX)5423
National Bank (NA)5334
Inmet Mining (IMN)5521
Teck Resources (TCK.B)5543
Magna (MG)5553
Agrium (AGU)5241
Power Corp of Canada (POW)5555
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)42251.68
National Bank (NA)53342.07
Power Corp of Canada (POW)55552.15
Bank of Montreal (BMO)44352.21
CIBC (CM)42342.28
Penn West Petroleum (PWT)25252.43
Iamgold (IMG)55232.46
Shaw (SJR.B)32352.75
Bank of Nova Scotia (BNS)43342.77
BCE Inc. (BCE)31352.81
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Power Corp of Canada (POW)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Canadian Oil Sands (COS)YY
Iamgold (IMG)YY
National Bank (NA)YY
Penn West Petroleum (PWT)YY
Shaw (SJR.B)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Bank of Nova Scotia (BNS)Y
Barrick Gold (ABX)Y
Bombardier (BBD.B)Y
CIBC (CM)Y
Enerplus (ERF)Y
First Quantum (FM)Y
Inmet Mining (IMN)Y
Magna (MG)Y
Sun Life Financial (SLF)Y
Teck Resources (TCK.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
(03/31/2001 to 06/30/2012)
Average Capital Gain
38.8%



Graham Value Stocks
(Learn More)

The Graham Value Stocks letter is designed for investors who want to keep up with our sensational stock selection methods inspired by Benjamin Graham. We comb through mountains of data to highlight U.S. and Canadian stocks that we believe to be both cheap and relatively safe.

Graham Portfolio Performance
(6/2009 to 6/2012)
Simple WayDividend WayDefensive
+26%C+35%U+22%C+41%U+63%U



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