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The Stingy News Weekly (09/18/2016)


"The important thing is to keep playing, to play against weak opponents and to play for big stakes."
- Warren Buffett


Stingy Links

Putting it all on red
"Imagine two kinds of investment funds, both of which have the same aim: to provide pensions for their employees. You might think that they would invest in a similar way. But when it comes to American pension funds, you would be wrong. It turns out that public funds have a rather different, and more aggressive, approach to risk from private ones (and indeed from their counterparts in other countries)."
[Retirement]

The discipline of value investing
"The key to implementing the strategy successfully is separating your investment process from short-term results: to have discipline."
[Value Investing]

A severed horse's head
"Tonight, I am talking about a different sort of scam that sucked in a different class of people. This scam was a corporation where the management took a firm into bankruptcy that could easily pay its debts, at least in the short-run. The management likely conspired with the bondholders against its shareholders, seemingly in an effort to gain a greater reward from the bondholders who would own the firm post-bankruptcy than they could from operating the firm outside of bankruptcy."
[Stocks]

Mortgage guidelines
"Canadian banks allow foreign clients with no credit history, including students, to qualify for uninsured mortgages without proving the sources of their income - a practice that exempts non-Canadians who have money in the bank from the scrutiny domestic borrowers face when buying a home or an investment property."
[Management]

If you build it
"While infrastructure investment is often needed when cities or regions are already expanding, too often it goes to declining areas that don't require it and winds up having little long-term economic benefit. As for fighting recessions, which require rapid response, it's dauntingly hard in today's regulatory environment to get infrastructure projects under way quickly and wisely."
[Government]

Investing in a restaurant
"Yet I've come to conclude that the restaurants New York needs are doomed, financially, to fail. That's because amateur capital backed by magical thinking and a desire for fun distorts the economics for everyone."
[Economics]

Time or Money
"We found that the people who chose time were on average statistically happier and more satisfied with life than the people who chose money."
[Behaviour]

ILTB: Jeff Gramm
"My guest today is Jeff Gramm. Jeff is the founder and portfolio manager at Bandera Partners, an Adjunct Professor at Columbia Business School, and the author of Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism. Jeff and I discuss the history and current state of shareholder activism, and explore how Jeff invests himself, taking large stakes and often board seats in undervalued companies."
[Books]

Overfitting
"What we did was to demonstrate that given virtually ANY desired performance profile, one can devise a stock fund portfolio, constructed from S&P500 stocks, that achieves that profile, based on backtests. Do you want a steady 8% per annum growth, month after month, year after year? You can have it - or 10% or 12% or 15% (all based on backtests, over say a 15-year period). We even constructed portfolios that exhibit a stair-step or sinusoidal growth, just to demonstrate that any profile can be used."
[Markets]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)4145
Chevron (CVX)0545
Caterpillar (CAT)1455
IBM (IBM)5145
Exxon Mobil (XOM)1545
Pfizer (PFE)1315
Boeing (BA)2154
Cisco (CSCO)4524
Coca-Cola (KO)2214
General Electric (GE)2434
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5552
JP Morgan Chase (JPM)5533
American Express (AXP)5441
United Technologies (UTX)5453
IBM (IBM)5145
Apple (AAPL)4232
Cisco (CSCO)4524
Verizon (VZ)4145
Wal-Mart (WMT)4453
Goldman Sachs (GS)4531
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Verizon (VZ)41453.29
IBM (IBM)51453.44
JP Morgan Chase (JPM)55333.82
Cisco (CSCO)45244.34
United Technologies (UTX)54534.47
Travelers (TRV)55524.72
Wal-Mart (WMT)44535.73
American Express (AXP)54416.18
Intel (INTC)34236.62
Boeing (BA)21546.63
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Cisco (CSCO)YYY
IBM (IBM)YYY
Verizon (VZ)YYY
American Express (AXP)YY
Boeing (BA)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
United Technologies (UTX)YY
Wal-Mart (WMT)YY
Apple (AAPL)Y
Caterpillar (CAT)Y
Chevron (CVX)Y
Coca-Cola (KO)Y
Exxon Mobil (XOM)Y
General Electric (GE)Y
Goldman Sachs (GS)Y
Intel (INTC)Y
Pfizer (PFE)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)2115
Pembina Pipeline (PPL)1225
Power Corp of Canada (POW)5555
CIBC (CM)5335
National Bank (NA)4335
Shaw (SJR.B)5335
BCE Inc. (BCE)3125
Emera (EMA)4325
TELUS (T)4235
Bank of Nova Scotia (BNS)5425
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Magna (MG)5453
Shaw (SJR.B)5335
CIBC (CM)5335
Power Corp of Canada (POW)5555
Royal Bank (RY)5324
Bank of Nova Scotia (BNS)5425
Sun Life Financial (SLF)5444
Bank of Montreal (BMO)5434
TD Bank (TD)4424
National Bank (NA)4335
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
CIBC (CM)53352.03
Shaw (SJR.B)53352.04
Power Corp of Canada (POW)55552.29
Royal Bank (RY)53242.86
Bank of Nova Scotia (BNS)54252.90
National Bank (NA)43352.90
Magna (MG)54532.98
Bank of Montreal (BMO)54343.13
Sun Life Financial (SLF)54443.19
Emera (EMA)43253.25
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Nova Scotia (BNS)YYY
CIBC (CM)YYY
National Bank (NA)YYY
Power Corp of Canada (POW)YYY
Shaw (SJR.B)YYY
Bank of Montreal (BMO)YY
Emera (EMA)YY
Magna (MG)YY
Royal Bank (RY)YY
Sun Life Financial (SLF)YY
BCE Inc. (BCE)Y
Inter Pipeline (IPL)Y
Pembina Pipeline (PPL)Y
TD Bank (TD)Y
TELUS (T)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
(03/31/2001 to 06/30/2016)
Average Capital Gain
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