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The Stingy News Weekly (09/04/2011)


"Thousands of experts study overbought indicators, oversold indicators, head-and-shoulder patterns, put-call ratios, the Fed's policy on money supply, foreign investment, the movement of the constellations through the heavens, and the moss on oak trees, and they can't predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack."
- Peter Lynch


Stingy Links

The case against summer
"The logical argument contra summertime should be four words long: middle-age men in shorts. Q.E.D. Alas, shorts are being worn year-round by us graying porkers with legs as ugly as stump fences—if stump fences had hairy varicose veins. But there are plenty of other things wrong with summer, starting with the fact that it comes at the wrong time of year."


Asking the right and wrong questions
"From a behavioral economics point of view, the field of financial advice is quite strange and not very useful. For the most part, professional financial services rely on clients’ answers to two questions: How much of your current salary will you need in retirement? What is your risk attitude on a seven-point scale? From my perspective, these are remarkably useless questions"


The roots of the Sino-Forest mystery
"Part of what is so astonishing is that Sino-Forest and its business activities failed to arouse serious suspicions or concerns with most investors until June of this year when a short seller named Carson Block and his firm, Muddy Waters LLC, first levelled accusations of fraud against the company."


Get ready to pay billions for hydro pensions
"Defenders of these very generous pensions always claim that these employees contribute their fair share into the pension plans, and so deserve them. As taxpayers, we would normally think a 50-50 split of contributions would be fair, with employees contributing 50% and taxpayers matching it. But over the past five years alone, taxpayers have pumped $1.3-billion into the plan, while employees have contributed only $368-million. Not so fair and sure to create serious pension tensions when taxpayers find out what is really happening in these pension Ponzi schemes."


Risk management and sounding crazy
"All this leads me to wondering about Warren Buffett - the greatest fund manager of them all. He is an unusual individual with strange personal predilections. But he sounds so rational. And he is amazingly self-controlled. Indeed his ability to sit on billions of dollars excess cash for years and years at a time waiting for the time to pounce is legendary and extraordinarily hard to duplicate. Buffett says that temperament is more important than brains in investing and I think this is what he means. But it is often Buffett against the world. Buffett is thought of as a has-been by many people. It doesn't matter whether he was avoiding tech stocks in 1998, 1999 and 2000. It does not matter whether he was buying Bank of America now. He is - of course - just mad. The madness is an important part of how Buffett made all that money. But the self control is - I think - more important."


The halo effect
"As management professor Phil Rosenzweig points out in his book 'The Halo Effect,' a soaring stock price can lead investors to regard the company's managers as focused, disciplined and passionate—while, in the negative halo of a falling stock price, the same executives will now seem stubborn, unimaginative and resistant to change. Investors think, at either time, that they are evaluating the stock and the managers independently, but one opinion inevitably colors the other, often leading investors to be too bullish on the upside and too bearish on the downside. The managers haven't changed our perceptions of them have."


A value investor's best friend in China
"My experience with statistically cheap China-based investments has not always been positive. It dates back 20 years or more to the TSX-listed Noble China, which had the Chinese licence for Pabst Blue Ribbon, a particularly tasteless American beer. The whole episode ended in tears for the shareholders. So, I am not about to invest my life savings in American Lorain, but I think that Ben Graham would approve a modest exposure."


Great courses, great profits
"A teaching company gives the public what the academy no longer supplies: a curriculum in the monuments of human thought."


Betting against flimsy Chinese firms
"“Historically, stock scams are promoters promoting stories. The actual numbers will tell a more truthful story,” he said. “If it's a mining company and there is nothing in ground and the numbers don't lie. The people do. The trick here is that the numbers are made up.”"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5435
Verizon (VZ)1345
Merck (MRK)1325
Pfizer (PFE)1415
Intel (INTC)5315
General Electric (GE)4545
Johnson & Johnson (JNJ)2214
EI DuPont (DD)3234
Kraft (KFT)1434
Procter & Gamble (PG)1324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Hewlett-Packard (HPQ)5552
JP Morgan Chase (JPM)5533
AT&T (T)5435
Chevron (CVX)5444
Intel (INTC)5315
Travelers (TRV)4554
Exxon Mobil (XOM)4342
Microsoft (MSFT)4112
Wal-Mart (WMT)4353
General Electric (GE)4545
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)54351.33
Intel (INTC)53152.10
JP Morgan Chase (JPM)55332.56
Chevron (CVX)54442.60
Travelers (TRV)45542.75
Verizon (VZ)13452.91
Hewlett-Packard (HPQ)55523.04
General Electric (GE)45453.26
Exxon Mobil (XOM)43423.64
EI DuPont (DD)32343.69
Notes | More Info...


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



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Yellow Media (YLO)1555
Enerplus (ERF)1415
Penn West Petroleum (PWT)3525
Sun Life Financial (SLF)5555
BCE Inc. (BCE)3245
TransAlta (TA)3445
Canadian Oil Sands (COS)5225
Power Corp of Canada (POW)4555
ARC Resources (ARX)1315
Husky Energy (HSE)4445
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5450
Brookfield (BAM.A)5542
Nexen (NXY)5542
Sun Life Financial (SLF)5555
Magna (MG)5553
Inmet Mining (IMN)5421
Bombardier (BBD.B)5153
Canadian Oil Sands (COS)5225
Iamgold (IMG)5211
Canadian Tire (CTC.A)5553
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Yellow Media (YLO)15551.12
Sun Life Financial (SLF)55551.48
Canadian Oil Sands (COS)52251.87
Power Corp of Canada (POW)45552.16
CIBC (CM)42352.42
TransAlta (TA)34452.46
Bank of Montreal (BMO)44342.57
Husky Energy (HSE)44452.57
Penn West Petroleum (PWT)35252.59
BCE Inc. (BCE)32452.70
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Canadian Oil Sands (COS)YYY
Sun Life Financial (SLF)YYY
BCE Inc. (BCE)YY
Husky Energy (HSE)YY
Penn West Petroleum (PWT)YY
Power Corp of Canada (POW)YY
TransAlta (TA)YY
Yellow Media (YLO)YY
ARC Resources (ARX)Y
Bank of Montreal (BMO)Y
Bombardier (BBD.B)Y
Brookfield (BAM.A)Y
CIBC (CM)Y
Canadian Tire (CTC.A)Y
Enerplus (ERF)Y
Iamgold (IMG)Y
Inmet Mining (IMN)Y
Magna (MG)Y
Nexen (NXY)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
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