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The Stingy News Weekly (09/18/2011)


"Any man who is a bear on the future of this country will go broke."
- J.P.Morgan


Stingy Links

Invest like a minimalist
"A ’minimalist’ lifestyle usually refers to living only with the basics. The less ‘stuff’ you have, the less you have to worry about day-to-day and the happier you will be, say proponents. Perhaps you can’t part with your new smart phone, your second car or the notion of home ownership. But I am convinced that adopting minimalist-like investing style would set most investors on the path of greater happiness and prosperity."


New generation of cross-border income trusts
"In December 2010, Eagle Energy Trust closed its initial public offering (IPO) of trust units in Canada, resulting in the first of a new generation of cross-border income trusts to access the Canadian capital markets. Since then, Parallel Energy Trust completed its IPO in April 2011 and Argent Energy Trust has recently filed a preliminary prospectus for a proposed IPO. Each of these new trusts owns or will acquire an underlying energy business carried on in the U.S. However, and as discussed in further detail below, there is generally no restriction on other types of U.S. businesses being owned by these income trusts. The suitability of a particular business for these trusts will largely turn on the results of economic modelling based on anticipated deductions in computing U.S. income (i.e., deductions for interest, depreciation, depletion, etc.)"


A milestone in low-cost investing
"The golden investing rule of controlling fees to generate bigger returns never makes more sense than it does at challenging times like these for financial markets. So, cost-conscious investors, take note of the introduction of commission-free ETF trading at online brokerage Scotia iTrade. There may not be a cheaper way to invest anywhere."


Opportunity cost
"And if you drive a typical car more than a mile out of your way for each penny you save on the per-gallon price, it doesn't matter how worthless your time is to you - the gas to get there and back costs more than you save."


Banning market orders goes mainstream
"Traders Magazing writes about how more brokers are talking about altering market orders so that they automatically get converted to a limit order (with a price a few % away from the inside market) by the receiving broker. As the article notes, this results in some risk to the broker: if they put a price cap on an order that then doesn’t get filled. It’s also noted that this risk is small and well worth the protection from large errors."


Whitman's Q3 2011 letter
"Based, as always, upon a bottom-up, value oriented, approach to analysis, my view of what is happening in the U.S. economy seems to be quite different from the views held by politicians and academics. Third Avenue shareholders, hopefully, might gain insight from understanding my views about the economy and various economic entities, particularly with regard to the U.S. economy, the global economy and, most important to Third Avenue Management, the companies that must contend with both."


Dividends: Collect, Reinvest, Repeat
"The market storm of the past few months has produced a bright side: dividend yields are on the rise."


There’s no free lunch
"It’s widely known in tax circles that only 50% of the cost of meals and entertainment, when incurred as a legitimate business expense, is tax-deductible. What’s not as well-known, however, is the rationale for this rule. A recent Tax Court decision deals with this rule and delves into the fascinating yet underappreciated world of statutory interpretation."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5435
Verizon (VZ)1345
Merck (MRK)1415
Pfizer (PFE)1425
Intel (INTC)4315
General Electric (GE)4545
Johnson & Johnson (JNJ)2214
EI DuPont (DD)3234
Kraft (KFT)1434
Procter & Gamble (PG)2324
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
Travelers (TRV)5554
Exxon Mobil (XOM)4342
Intel (INTC)4315
Microsoft (MSFT)4112
Wal-Mart (WMT)4353
General Electric (GE)4545
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)54351.42
JP Morgan Chase (JPM)55332.39
Intel (INTC)43152.64
Chevron (CVX)54442.78
Hewlett-Packard (HPQ)55522.83
Travelers (TRV)55542.95
Verizon (VZ)13453.10
General Electric (GE)45453.51
EI DuPont (DD)32343.75
Pfizer (PFE)14253.85
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
Hewlett-Packard (HPQ)YY
JP Morgan Chase (JPM)YY
Pfizer (PFE)YY
Travelers (TRV)YY
Verizon (VZ)YY
Exxon Mobil (XOM)Y
Johnson & Johnson (JNJ)Y
Kraft (KFT)Y
Merck (MRK)Y
Microsoft (MSFT)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
Canadian Oil Sands (COS)5225
BCE Inc. (BCE)2245
ARC Resources (ARX)1315
TransAlta (TA)3335
Power Corp of Canada (POW)5555
Husky Energy (HSE)3445
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5450
Magna (MG)5553
Nexen (NXY)5542
Brookfield (BAM.A)5542
Sun Life Financial (SLF)5555
Inmet Mining (IMN)5421
Bombardier (BBD.B)5153
Canadian Oil Sands (COS)5225
Iamgold (IMG)5211
National Bank (NA)5334
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Sun Life Financial (SLF)55551.47
Canadian Oil Sands (COS)52251.72
Power Corp of Canada (POW)55552.02
CIBC (CM)42352.44
TransAlta (TA)33352.47
Bank of Montreal (BMO)44342.48
National Bank (NA)53342.54
Husky Energy (HSE)34452.60
Enerplus (ERF)14152.61
Magna (MG)55532.65
Notes | More Info...


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



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