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


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

Value and momentum everywhere
http://www.aqr.com/Research/ValMom%20AMP_20080710.pdf
"We study jointly the returns to value and momentum strategies
for individual stocks within countries, stock indices across
countries, government bonds across countries, currencies, and
commodities. Value and momentum generate abnormal returns everywhere we
look. Exploring their common factor structure across asset
classes, we find that value (momentum) in one asset class is
positively correlated with value (momentum) in other asset classes, and
value and momentum are negatively correlated within and across
asset classes. Long-run consumption risk is positively linked to
both value and momentum, as is global recession risk to a
lesser extent, while global liquidity risk is related positively to
value and negatively to momentum. These patterns emerge from the
power of examining value and momentum everywhere at once and are
not easily detectable when examining each asset class in
isolation."

Florida's big insurance problem
http://www.businessweek.com/magazine/content/08_38/b4100090402723.htm
"When Hurricane Ike took a left on Sept. 8, heading away from
Florida, locals breathed a sigh of relief. Not only are their homes
on the line with each burst of violent weather but their
pocketbooks are increasingly at risk, too. Over the past four years,
Florida taxpayers' vulnerability to a major weather catastrophe
has grown. The quasi-governmental company that was conceived as
an insurer of last resort, Citizens Property Insurance, has
become Florida's top underwriter of homeowners' insurance. Citizens
now has more than $433 billion of property exposure on its books,
and Florida has exacerbated that risk by getting into the
reinsurance business as well."

Paulson, Bernanke resisting aid for Lehman
http://www.bloomberg.com/apps/news?pid=20601087&sid=aFDIGVTjrbrI&refer=home
"Henry Paulson and Ben S. Bernanke may have to weather more
speculative attacks on financial institutions as they resist using
public funds to aid the sale of Lehman Brothers Holdings Inc."

Hurricane Ike may cost insurers up to $18 Billion
http://www.bloomberg.com/apps/news?pid=20601087&sid=aKSotkBzSbCw&refer=home
"Ike may cause $8 billion to $18 billion in insured losses on
land as it moves from coastal Galveston to Houston and further
inland, the Oakland, California-based firm said in an e- mailed
statement today. Disruption to energy production is 'not expected to
be extensive,' the firm said. Flagstone Reinsurance Holdings
Ltd., the Bermuda-based insurer, predicted damage of $10 billion
to $16 billion industrywide. "

Warren Buffett's happy housing story
http://money.cnn.com/2008/09/10/news/newsmakers/buffett_clayton.fortune/index.htm?postversion=2008091105
"Not every subprime lender is drowning in red ink. Berkshire
Hathaway subsidiary Clayton Homes, the nation's largest maker and
financer of prefab and mobile homes, has been a bright light in a
mortgage market that has generated $500 billion in write-downs
since the start of 2007."

Ways to gauge value
http://www.marketwatch.com/News/Story/Story.aspx?guid=47c5ffd5ac3749f08e2091685ffcba0d&sguid=TYryV8UT9kaQ5aga-CXQKQ
"It's what every analyst likes to cite and probably the most
widely used tool on Wall Street. But the price/earnings ratio, or
P/E, of a stock might not be the perfect gauge of its value,
especially now."

Retailers reprogram workers
http://online.wsj.com/article/SB122100270555417001.html
"Retailers have a new tool to turn up the heat on their
salespeople: computer programs that dictate which employees should work
when, and for how long."

Thinking long term about the equity premium
http://marketblog.wordpress.com/2008/09/10/thinking-long-term-about-the-equity-premium/
"The equity premium has been that large because people were
extremely unsure how compelling global events would play out - at the
time those events were occurring. Try to appreciate the
incredible uncertainty associated with two World Wars, the Great
Depression and the Cold War."

What your global neighbors are buying
http://www.nytimes.com/interactive/2008/09/04/business/20080907-metrics-graphic.html?th&emc=th
"How people spend their discretionary income - the cash that goes
to clothing, electronics, recreation, household goods, alcohol
- depends a lot on where they live. People in Greece spend
almost 13 times more money on clothing as they do on electronics.
People living in Japan spend more on recreation than they do on
clothing, electronics and household goods combined. Americans spend
a lot of money on everything."

American savers have drawn the short straw
http://www.businessweek.com/magazine/content/08_37/b4099087568542.htm
"American savers, take a bow. This is your moment of vindication.
Your hour of glory. And you earned it (in a manner of
speaking). You resisted the siren call of plastic teaser APRs, dutifully
living within your means to store money for a rainy day. You
never took out an interest-only mortgage. Never had to pawn the
copper pipes from your exurban McMansion to pay the reset on your
liar loan. Your credit score would have gotten you into Harvard
at age 12. Good for you! Your reward: injurious savings yields,
inflationary rot, and election-season neglect, all served up with
a dollop of institutional insecurity."

Fannie, Freddie credit-default swaps
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajsxbVS.W2lQ
"Investors may be forced to unwind contracts protecting $1.47
trillion of Fannie Mae and Freddie Mac bonds against default after
the U.S. government seized control of the companies in a bid to
bolster the housing market. Thirteen 'major' dealers of
credit-default swaps agreed 'unanimously' that the rescue constitutes a
credit event triggering payment or delivery of the companies'
bonds, the International Swaps and Derivatives Association said in
a memo obtained by Bloomberg News today."



DOW 30 Value Screens
http://www.stingyinvestor.com/SI/strategy.shtml 

High Dividend Yield Stocks                   P/E P/B P/S P/D Yield
============================================ === === === === =====
Bank of America (BAC)                         1   5   1   5    5
Pfizer (PFE)                                  3   4   2   5    5
Citigroup (C)                                 0   5   2   5    5
AT&T (T)                                      2   4   3   5    5
Verizon (VZ)                                  2   4   4   5    5
Merck (MRK)                                   2   2   1   4    4
General Electric (GE)                         4   4   3   4    4
AIG (AIG)                                     0   5   5   4    4
JP Morgan Chase (JPM)                         4   5   2   4    4
EI DuPont (DD)                                4   3   3   4    4
More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml 

Value Ratio Stocks                           P/E P/B P/S P/D  VR
============================================ === === === === =====
Pfizer (PFE)                                  3   4   2   5   2.0
Bank of America (BAC)                         1   5   1   5   2.2
Chevron (CVX)                                 5   4   5   4   2.6
AT&T (T)                                      2   4   3   5   2.8
General Electric (GE)                         4   4   3   4   2.9
EI DuPont (DD)                                4   3   3   4   3.2
Verizon (VZ)                                  2   4   4   5   3.3
Merck (MRK)                                   2   2   1   4   3.3
JP Morgan Chase (JPM)                         4   5   2   4   3.4
Caterpillar (CAT)                             5   2   4   3   3.9
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                            P/E P/B P/D   G$   dG$(%)
======================================== === === === ====== ======
JP Morgan Chase (JPM)                     4   5   4   50.11  26.53
Alcoa (AA)                                5   5   2   33.24  17.47
Chevron (CVX)                             5   4   4   91.63  14.22
Bank of America (BAC)                     1   5   5   35.50  10.14
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 



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)                            1   5   3   5   5    5
Bank of Montreal (BMO)                   3   4   4   1   5    5
CIBC (CM)                                0   4   5   5   5    5
Husky Energy (HSE)                       5   2   2   3   5    5
National Bank of Canada (NA)             2   4   4   4   5    5
Telus (T)                                4   4   4   5   5    5
Bank of Nova Scotia (BNS)                3   2   3   1   5    5
Royal Bank (RY)                          3   2   4   5   5    5
Toronto Dominion Bank (TD)               4   3   3   2   5    5
TransCanada (TRP)                        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
======================================== === === === === === =====
Husky Energy (HSE)                        5   2   2   3   5   1.8
Thomson (TOC)                             5   4   2   2   4   1.9
Biovail (BVF)                             1   5   3   5   5   2.0
Telus (T)                                 4   4   4   5   5   2.2
Bank of Montreal (BMO)                    3   4   4   1   5   2.3
BCE (BCE)                                 5   3   3   4   4   2.5
Petro Canada (PCA)                        5   4   5   4   3   2.7
Sun Life (SLF)                            4   5   4   1   4   2.9
Toronto Dominion Bank (TD)                4   3   3   2   5   3.0
Bank of Nova Scotia (BNS)                 3   2   3   1   5   3.1
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  124.51 1186.2
Petro Canada (PCA)                        5   4   3   66.51  59.54
Magna Cl.A (MG.A)                         4   5   3   94.91  53.76
Thomson (TOC)                             5   4   4   55.77  48.79
First Quantum Minerals Ltd. (FM)          5   2   2   68.68  29.95
Canadian Tire (CTC.A)                     4   5   3   65.01  24.20
Sun Life (SLF)                            4   5   4   49.16  21.32
Inmet Mining (IMN)                        5   3   1   68.79  18.89
Nova (NCX)                                5   3   2   32.27   9.37
Telus (T)                                 4   4   5   44.82   8.13
Canadian Pacific Rail (CP)                4   4   3   64.83   7.14
Weston George (WN)                        3   5   4   52.57   3.72
Talisman Energy (TLM)                     5   3   2   17.56   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

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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
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information in this newsletter, and in its related website, is not
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