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The Stingy News Weekly (08/15/2010)


"Not everything that can be counted counts, and not everything that counts can be counted."
- Albert Einstein


New @ StingyInvestor

Value Workshop: Indigo
"We're putting Indigo Books & Music (IDG on the TSX) under the microscope today."


Stingy Links

Advertising on the handicap principle
"Biologists have been long perplexed by the peacock.s tail, economists by the use of advertising. In both cases the struggle has been to understand why something so self-evidently pointless and potentially damaging can survive in a vicious world of winner-takes-all, loser-goes-extinct natural selection. Meanwhile researchers from both worlds have been closeting themselves ever deeper in an arcane world of computer modelling, where truth can be validated only by mathematics. Hints of answers to these puzzles have come not from number crunching but from fuzzy human intuitions about the way the world actually works."


Soak the very, very rich
"In a society that's becoming more stratified, a sensible tax system should draw more distinctions, not fewer. The U.S. is now a place where the rich and the ultra-rich really inhabit different worlds. (A couple of years ago, Barron's declared, 'Yes, it takes more than $10 million to be seen as rich these days.') They should probably inhabit different tax brackets, too."


U.S. is bankrupt
"Let's get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills. What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy."


Slime mould like humans
"This style of 'comparative valuation' may seem uncannily human, but it's also one that's shared by hummingbirds, starlings, honeybees and many other animals. In fact, Latty and Beekman think that it's a 'common feature of biological decision-making'. Certainly, it's a much easier process - comparing two nearby options is less 'computationally intensive' than making absolute judgments about each of them."


Meet the $69 hot dog
"Absurdly priced menu items are more than a publicity gimmick. They're an application of "anchoring," a cognitive phenomenon discovered by psychologists Amos Tversky and Daniel Kahneman in the 1970s. Whenever we try to estimate a numerical value, we are unconsciously influenced by related numbers just considered. In this case, the diner in a touristy Manhattan restaurant is trying to decide how much he or she can afford to spend. The familiar prices back home don't apply. That diner isn't going to order a $69 hot dog, but might happily opt for an $17.95 cheeseburger. The hot dog makes the cheeseburger appear reasonable in comparison (even though $17.95 would be a ridiculous price for a cheeseburger almost anywhere else). In scores of careful laboratory studies, price contrasts like that affect decisions. Restaurateurs and consultants believe it works on menus, too."


Why I'm not hiring
"A life in business is filled with uncertainties, but I can be quite sure that every time I hire someone my obligations to the government go up. From where I sit, the government's message is unmistakable: Creating a new job carries a punishing price."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
Verizon (VZ)13555
AT&T (T)34355
Pfizer (PFE)35255
Merck (MRK)54155
EI DuPont (DD)42455
Kraft (KFT)54444
Johnson & Johnson (JNJ)32244
Chevron (CVX)54444
Home Depot (HD)23544
Intel (INTC)43144
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
AT&T (T)34351.98
Merck (MRK)54152.07
Chevron (CVX)54442.49
Travelers (TRV)55432.60
Kraft (KFT)54442.76
EI DuPont (DD)42452.94
Johnson & Johnson (JNJ)32243.25
Pfizer (PFE)35253.46
Intel (INTC)43143.58
Exxon Mobil (XOM)43433.99
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Travelers (TRV)55391.8783.23
JP Morgan Chase (JPM)55155.7948.78
Chevron (CVX)54496.9125.21
Kraft (KFT)54434.3916.58
Merck (MRK)54539.8113.74
AT&T (T)34529.028.63
Pfizer (PFE)35516.180.60
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
Intel (INTC)YY
Johnson & Johnson (JNJ)YY
Travelers (TRV)YY
Exxon Mobil (XOM)Y
Home Depot (HD)Y
JP Morgan Chase (JPM)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SP/DYield
BCE (BCE)54455
Transalta (TA)14455
Sun Life (SLF)25555
CIBC (CM)52355
Husky Energy (HSE)34455
Bank of Montreal (BMO)43355
Telus (T)43455
Power Corp (POW)34555
TransCanada (TRP)34255
National Bank (NA)54355
Notes | More Info...


Value Ratio StocksP/EP/BP/SP/DVR
BCE (BCE)54452.03
National Bank (NA)54352.19
CIBC (CM)52352.35
Bank of Montreal (BMO)43352.88
Telus (T)43452.92
Sun Life (SLF)25553.31
Royal Bank (RY)42243.36
Bank of Nova Scotia (BNS)42343.48
Power Corp (POW)34553.51
Husky Energy (HSE)34453.53
Notes | More Info...


Graham-Lite StocksP/EP/BP/DG$dG$(%)
Teck Cominco (TCK.B)55247.3941.25
Inmet Mining (IMN)55167.4037.33
Brookfield A.M. (BAM.A)55333.5627.11
Canadian Tire (CTC.A)45266.2520.04
National Bank (NA)54567.6019.48
Sun Life (SLF)25529.3815.30
Nexen (NXY)45122.9014.77
Encana (ECA)45434.0114.11
BCE (BCE)54534.457.46
Power Corp (POW)34526.252.13
Cameco (CCO)52126.030.66
Notes | More Info...


Top Canadian StocksYieldV.R.Graham
BCE (BCE)YYY
National Bank (NA)YYY
Power Corp (POW)YYY
Sun Life (SLF)YYY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Husky Energy (HSE)YY
Telus (T)YY
Bank of Nova Scotia (BNS)Y
Brookfield A.M. (BAM.A)Y
Cameco (CCO)Y
Canadian Tire (CTC.A)Y
Encana (ECA)Y
Inmet Mining (IMN)Y
Nexen (NXY)Y
Royal Bank (RY)Y
Teck Cominco (TCK.B)Y
TransCanada (TRP)Y
Transalta (TA)Y
Notes...



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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.

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