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Stingy News Quarterly
2009: Q1 Q2 Q3 Q4
2008: Q1 Q2 Q3 Q4
2007: Q1 Q2 Q3 Q4
2006: Q1 Q2 Q3 Q4
2005: Q1 Q2 Q3 Q4
2004: Q1 Q2 Q3 Q4
2003: Q1 Q2 Q3 Q4
2002: Q1 Q2 Q3 Q4
2001: Q1 Q2 Q3 Q4
Stingy News Weekly
2009
12: 06 13 20 27
11: 01 08 15 22 29
10: 04 11 18 25
09: 06 13 20 27
08: 09 16 23 30
07: 05 12 19 26 31
06: 07 14 21 28
05: 03 10 17 24 31
04: 05 12 19 26
03: 01 08 15 22 29
02: 01 08 15 22
01: 04 11 18 25
2008
12: 07 14 21 28
11: 02 09 16 23 30
10: 05 12 19 26
09: 07 14 21 28
08: 01 10 17 24 31
07: 06 13 20 27
06: 01 08 15 22 29
05: 04 11 18 25
04: 06 13 20 27
03: 02 09 16 23 30
02: 03 10 17 24
01: 06 13 20 27
Dan's Reports
Perspective on the bear
Dilution excessive
Fund fees revisited
T class funds
Bonds vs. bond funds
Bear market protectors
Investing in bonds
Ignore bonds at your peril
Coping with change
Future of trust funds
Dilution trumps
Are fees excessive?
Performance anxiety
Top advisory model?
81-106 a step back
Poor fund classifications
Pension shortfall
A longer-term report card
Information overload
About Dan
Privacy Policy
"In theory there is no difference between theory and practice. In practice there is." - Yogi Berra Stingy Links http://www.stingyinvestor.com/SI/articles/articlearchive.shtml Flaw in markets: humans http://www.nytimes.com/2009/09/13/business/economy/13view.html?src=linkedin "Memories are short. Immediately after a severe flood, most people are reluctant to build on a flood plain. But land on flood plains is cheaper, and the prospect of short-term advantage quickly lures many to abandon their caution. That is why many jurisdictions adopt strict regulations against building on flood plains. The same logic dictates regulation to limit the damage caused by financial bubbles. The list of financial practices that merit regulatory scrutiny is long. But the most important first step is to limit leverage." The man who saved billions http://www.reason.com/blog/show/136043.html "Norman Borlaug, the man who saved more human lives than anyone else in history, has died at age 95. Borlaug was the Father of the Green Revolution, the dramatic improvement in agricultural productivity that swept the globe in the 1960s. For spearheading this achievement, he was awarded the Nobel Peace Prize in 1970." Peak oil as a behavioral problem http://www.uic.edu/htbin/cgiwrap/bin/ojs/index.php/bsi/article/viewFile/405/1706 "Reaching a peak in worldwide oil production has been largely discussed as a geological, economic, and political event. Missing from much of this discussion are behavioral aspects of peak oil. In the present paper I examine peak oil as a behavioral problem. At the outset the nature of peak oil is discussed, followed by a review of the projected date of the peak and the social and economic consequences of reaching a peak. Behavioral aspects of peak oil are then discussed, especially the challenges involved in responding effectively to a projected peak-oil future." Leveraged ETFs http://www.hbpetfs.com/pdf/20090908_dh.pdf "In fact, some of the common myths and criticisms surrounding double ETFs are based on a simple misunderstanding of their intended exposures. While some have expressed frustration about the lack of tracking of holding period returns, it's important to realize that tracking holding period returns risks losing more than 100% of the original capital. BetaPro's structure, which is rebalanced daily, is needed to limit losses to 100% in a double ETF and provide investors with non-recourse exposure. When measured against their intended daily exposures, BetaPro double ETFs have seen excellent tracking of their target benchmarks. Longer holding periods, however, have been observed with good tracking of index holding period returns. Volatility and a couple of other factors, however, will ultimately determine tracking of holding period returns." Foreclosed homes threatened by hurricane http://www.theonion.com/content/node/97817 "In what forecasters are predicting will be the largest, most devastating disaster to hit Florida since the national economy collapsed, a Category 5 hurricane neared the Gulf coast this week, threatening thousands of repossessed and long deserted homes. According to meteorologists, the incoming tropical storm could leave as many as 3 million residents every bit as homeless as they've been for the past year or so." Buffett recalculating his bets http://www.nytimes.com/2009/09/08/business/economy/08buffett.html?_r=1&hp "After counseling Washington to rescue the nation.s financial industry and publicly urging Americans to buy stocks as the markets reeled, in he swooped. Mr. Buffett positioned himself to profit from the market mayhem - as well as all those taxpayer-financed bailouts - and thus secure his legacy as one of the greatest investors of all time." Dividends and the frozen OJ syndrome http://www.kbcam.com/dpb?area=PB&sub=NewsandPressArc&filename=Dividends%20and%20the%20frozen%20orange%20juice%20syndrome.pdf "In light of the powerful historical evidence that companies can grow and still pay out somewhere around half their earnings as dividends, why is the demand for dividends today so small? If the theoretical case for high payout ratios is beyond dispute, why is the demand for dividends so small? In the wake of corporate and accounting scandals that one might expect to lift the demand for dividends, why is the demand for dividends so small? In view of the radical change in the taxation of dividends, why is the demand for dividends so small? As the King of Siam put it, 'It is a puzzlement.'" DOW 30 Value Screens http://www.stingyinvestor.com/SI/strategy.shtml High Dividend Yield Stocks P/E P/B P/S P/D Yield ============================================ === === === === ===== AT&T (T) 4 4 3 5 5 Verizon (VZ) 3 4 4 5 5 EI DuPont (DD) 1 2 4 5 5 Merck (MRK) 5 2 1 5 5 Kraft (KFT) 4 4 4 5 5 Pfizer (PFE) 3 4 2 4 4 Chevron (CVX) 5 4 5 4 4 McDonald's (MCD) 3 1 2 4 4 Caterpillar (CAT) 2 2 5 4 4 Boeing (BA) 2 1 5 4 4 More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml Value Ratio Stocks P/E P/B P/S P/D VR ============================================ === === === === ===== AT&T (T) 4 4 3 5 2.1 Chevron (CVX) 5 4 5 4 2.2 Verizon (VZ) 3 4 4 5 2.4 Merck (MRK) 5 2 1 5 2.5 Kraft (KFT) 4 4 4 5 2.8 Pfizer (PFE) 3 4 2 4 3.7 McDonald's (MCD) 3 1 2 4 3.9 Procter & Gamble (PG) 4 3 3 3 4.0 Johnson & Johnson (JNJ) 4 2 2 3 4.1 General Electric (GE) 5 5 4 3 4.2 More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml Graham Stocks P/E P/B P/D G$ dG$(%) ======================================== === === === ====== ====== Travelers (TRV) 5 5 2 65.81 35.95 Chevron (CVX) 5 4 4 89.12 25.96 General Electric (GE) 5 5 3 17.37 18.37 Kraft (KFT) 4 4 5 27.54 5.53 AT&T (T) 4 4 5 27.61 3.57 Bank of America (BAC) 1 5 1 17.32 2.05 More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml Top US Stocks Yield V.R. Graham ================================================ ===== ==== ====== AT&T (T) Y Y Y Chevron (CVX) Y Y Y Kraft (KFT) Y Y Y General Electric (GE) Y Y McDonald's (MCD) Y Y Merck (MRK) Y Y Pfizer (PFE) Y Y Verizon (VZ) Y Y Bank of America (BAC) Y Boeing (BA) Y Caterpillar (CAT) Y EI DuPont (DD) Y Johnson & Johnson (JNJ) Y Procter & Gamble (PG) Y Travelers (TRV) Y Stocks score a Y for each test they pass. S&P/TSX60 Value Screens http://www.stingyinvestor.com/SI/strategy.shtml High Dividend Yield Stocks P/E P/B P/S P/C P/D Yield* ======================================= === === === === === ====== BCE (BCE) 2 4 3 5 5 5 CIBC (CM) 1 2 3 5 5 5 Transalta (TA) 2 3 3 4 5 5 Bank of Montreal (BMO) 3 4 3 4 5 5 Telus (T) 5 4 4 4 5 5 Sun Life (SLF) 1 5 4 2 5 5 TransCanada (TRP) 3 4 2 3 5 5 Shaw Comm Cl.B (SJR.B) 3 1 2 3 5 5 Bank of Nova Scotia (BNS) 3 2 3 5 5 5 National Bank of Canada (NA) 3 3 3 3 4 4 More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml Value Ratio Stocks P/E P/B P/S P/C P/D VR ======================================== === === === === === ===== Telus (T) 5 4 4 4 5 1.8 Weston George (WN) 5 5 5 3 3 2.1 Encana (ECA) 5 3 3 4 4 2.6 Enbridge (ENB) 5 2 4 2 4 2.7 Husky Energy (HSE) 4 3 4 5 4 2.7 TransCanada (TRP) 3 4 2 3 5 3.1 Bank of Montreal (BMO) 3 4 3 4 5 3.2 Biovail (BVF) 5 4 2 2 4 3.2 Shaw Comm Cl.B (SJR.B) 3 1 2 3 5 3.3 BCE (BCE) 2 4 3 5 5 3.5 More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml Graham Stocks P/E P/B P/D G$ dG$(%) ======================================== === === === ====== ====== Weston George (WN) 5 5 3 106.13 81.64 Talisman Energy (TLM) 5 3 2 27.58 43.95 Encana (ECA) 5 3 4 83.77 31.88 Biovail (BVF) 5 4 4 18.11 28.33 Canadian Natural Resources (CNQ) 5 2 1 84.69 20.63 Telus (T) 5 4 5 42.52 20.01 Agrium (AGU) 5 3 1 62.48 15.39 Canadian Tire (CTC.A) 4 5 2 66.17 12.07 Husky Energy (HSE) 4 3 4 31.85 7.98 Canadian Pacific Rail (CP) 4 4 3 57.19 7.90 Thomson Reuters (TRI) 3 5 4 38.42 5.23 Metro-Richelieu Cl.A (MRU.A) 4 3 2 36.48 3.49 Loblaw (L) 4 4 3 33.49 2.49 Yamana Gold Inc. (YRI) 2 5 1 11.67 0.34 TransCanada (TRP) 3 4 5 31.99 0.19 More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml Top Canadian Stocks Yield V.R. Graham ================================================ ===== ==== ====== Telus (T) Y Y Y TransCanada (TRP) Y Y Y BCE (BCE) Y Y Bank of Montreal (BMO) Y Y Biovail (BVF) Y Y Encana (ECA) Y Y Husky Energy (HSE) Y Y Shaw Comm Cl.B (SJR.B) Y Y Weston George (WN) Y Y Agrium (AGU) Y Bank of Nova Scotia (BNS) Y CIBC (CM) Y Canadian Natural Resources (CNQ) Y Canadian Pacific Rail (CP) Y Canadian Tire (CTC.A) Y Enbridge (ENB) Y Loblaw (L) Y Metro-Richelieu Cl.A (MRU.A) Y National Bank of Canada (NA) Y Sun Life (SLF) Y Talisman Energy (TLM) Y Thomson Reuters (TRI) Y Transalta (TA) Y Yamana Gold Inc. (YRI) Y Stocks score a Y for each test they pass. *Notes: http://www.stingyinvestor.com/SI/strategy/notes.shtml Books for Stingy Investors Buffett: The Making of an American Capitalist by Roger Lowenstein The Making of an American Capitalist is the best biography of Warren Buffett that I've read. By reading this book, you'll find out how a young Buffett made money selling Coca-Cola to his friends and how an older Buffett cashed in with Coke's stock. You'll also discover why Warren started buying Berkshire Hathaway's stock below $8 per share and how he boosted its value to lofty heights (currently near $80,000 per share). The Making of an American Capitalist is a must have for Buffett fans. Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0385484917/ Stock Research The Rothery Report http://www.rotheryreport.com/ 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 06/30/2009) Average Capital Gain Average Holding Period 29.8% 2.4 Years Learn More http://www.rotheryreport.com/store/store.shtml Subscribe Today http://www.rotheryreport.com/store/order.shtml If you'd like to suggest The Stingy News to a friend, please point them to: http://www.stingyinvestor.com/cgi-bin/email.cgi Please visit the StingyInvestor website at http://www.stingyinvestor.com To (un)subscribe please use our email centre at http://www.stingyinvestor.com/cgi-bin/email.cgi Email comments or questions to info@stingyinvestor.com Refer to legal & conflict of interest disclaimers at http://www.stingyinvestor.com/SI/legal.shtml Privacy Policy http://www.ndir.com/SI/legal/privacy.shtml We do not rent or sell our email list to third parties. ISSN 1499-2795 Copyright Norman Rothery, 2009. 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 securities or financial advisors is solicited or accepted. The 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. Norm or related-parties may have an interest in the securities mentioned.
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