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The Stingy News Weekly (09/23/2013)


"The intelligent investor is likely to need considerable will power to keep from following the crowd."
- Benjamin Graham


New @ StingyInvestor

Fishing for a bargain among small-fry
"Insisting on value helps to keep the prices I pay in line, while keeping an eye on dividend growth points the way to reasonably healthy businesses."


How to choose an actively managed fund
"There is a myth going around that most fund managers are bad stock pickers. It is undoubtedly true that some are, but it turns out that most beat their benchmarks over the long term."


Stingy Links

Industry risk rating failing investors
"Floating rate note (FRN) funds are gaining in popularity because of their marketed 'promise' to protect capital during periods of rising interest rates. In Canada since the mid-2000s, FRN funds invest mainly in corporate loans bearing a fluctuating interest rate. They appeal to investors who fear rising interest rates - which is most - but offer competitive current yields. Investors seduced by this class of funds should be aware that hedging one risk often heightens exposure to other risks. And standard industry risk ratings fail to communicate this trade-off, which risks significantly understating these funds' true risk exposure."


Never bubbles today
"A cursory reading of the academic literature on asset prices reveals a litany of puzzles, conundrums, paradoxes, and anomalies. Much of the research on asset prices continues to rely on highly stylized models with identical agents, rational expectations, and optimizing behavior. According to the prevailing view, asset price surges that many would perceive to be bubbles are not really so. Instead, they are seen to reflect the influences of fundamental forces, such as a decline in risk appetite. This reminds me of the White Queen in Through the Looking-Glass, who says jam will be given every other day, but never today. Adherents of this view may admit that bubbles have occurred in the past - like the dot-com boom and bust. And they may even be willing to accept that bubbles are something to worry about in the future - say, in financial supervision. But, in practice, they are never willing to find a bubble in the present. There's always a reason why what looks like a bubble, walks like a bubble, and quacks like a bubble is not actually a bubble."


More on long-term returns
"Throw bonds into the mix and a 60/40 portfolio will generate just 2.77% real, the fourth lowest result in all the years since 1871. If we assume a 2% inflation rate, then nominal returns will be a little under 5%, compared with the 7.5-8% assumed by pension funds."


Berkshire billionaire with more than Gates
"There are probably other Berkshire billionaires to be uncovered. In a June 2010 Fortune magazine article, Buffett said that he knew of two Berkshire shareholders who qualify for the Forbes 400 list of wealthiest Americans, and weren.t on it."


Puerto Rico's pension crisis
"Puerto Rico can cover only 11.2 percent of its public pension costs, which is even less than the notoriously underfunded Illinois retirement system"


It doesn't work all the time
"There are valid theories on investing, and they work on average. If you pursue them consistently, you will do well. If you pursue them after failure, you can do better still."


Risk-free returns for everybody
"Investment professionals too often forget that a dollar saved in costs or fees is actually worth more than a dollar earned from investment returns (thanks to taxes). In addition, investing in cost and fee reduction can provide far greater returns per unit of risk than anything else an investment organization can do. In fact, there.s an argument to be made that cost and fee savings represent risk-free returns to investors."


How Detroit went broke
"Detroit is broke, but it didn't have to be. An in-depth Free Press analysis of the city's financial history back to the 1950s shows that its elected officials and others charged with managing its finances repeatedly failed - or refused - to make the tough economic and political decisions that might have saved the city from financial ruin."


The disappearance of James Duesenberry
"This is puzzling because his theory of consumer behavior clearly outperforms the alternative theories that displaced it in the 1950's - a striking reversal of the usual pattern in which theories are displaced by alternatives that better explain the evidence. His disappearance from modern economics textbooks is an intriguing cautionary tale in the sociology of knowledge."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1445
Verizon (VZ)1245
Intel (INTC)4425
Merck (MRK)1315
Pfizer (PFE)5315
McDonald's (MCD)3115
Chevron (CVX)5544
General Electric (GE)3434
EI DuPont (DD)4234
Procter & Gamble (PG)2324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Pfizer (PFE)5315
JP Morgan Chase (JPM)5533
Chevron (CVX)5544
Travelers (TRV)5542
Exxon Mobil (XOM)5453
EI DuPont (DD)4234
Microsoft (MSFT)4213
Intel (INTC)4425
Cisco (CSCO)4423
Caterpillar (CAT)4353
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Pfizer (PFE)53152.36
JP Morgan Chase (JPM)55333.04
Chevron (CVX)55443.16
Intel (INTC)44253.38
Exxon Mobil (XOM)54533.85
EI DuPont (DD)42343.99
Microsoft (MSFT)42134.54
Travelers (TRV)55424.63
Cisco (CSCO)44234.71
Caterpillar (CAT)43534.77
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
EI DuPont (DD)YYY
Intel (INTC)YYY
Pfizer (PFE)YYY
Caterpillar (CAT)YY
Cisco (CSCO)YY
Exxon Mobil (XOM)YY
JP Morgan Chase (JPM)YY
Microsoft (MSFT)YY
Travelers (TRV)YY
AT&T (T)Y
General Electric (GE)Y
McDonald's (MCD)Y
Merck (MRK)Y
Procter & Gamble (PG)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
TransAlta (TA)3335
Crescent Point (CPG)0315
Canadian Oil Sands (COS)5325
Enerplus (ERF)0525
BCE Inc. (BCE)4135
Penn West Petroleum (PWT)1535
Iamgold (IMG)4545
CIBC (CM)5235
ARC Resources (ARX)1215
Sun Life Financial (SLF)5555
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Power Corp of Canada (POW)5454
National Bank (NA)5334
CIBC (CM)5235
Canadian Oil Sands (COS)5325
Agrium (AGU)5352
Bank of Montreal (BMO)5334
Sun Life Financial (SLF)5555
Imperial Oil (IMO)5241
Bank of Nova Scotia (BNS)5324
Royal Bank (RY)5223
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)53251.46
Power Corp of Canada (POW)54541.83
CIBC (CM)52352.18
TransAlta (TA)33352.34
National Bank (NA)53342.34
Bank of Montreal (BMO)53342.42
BCE Inc. (BCE)41352.57
Sun Life Financial (SLF)55552.62
Iamgold (IMG)45452.78
Bank of Nova Scotia (BNS)53242.81
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
Sun Life Financial (SLF)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Iamgold (IMG)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
TransAlta (TA)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
Imperial Oil (IMO)Y
Penn West Petroleum (PWT)Y
Royal Bank (RY)Y
Notes...



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