"Value stocks are about as exciting as watching grass grow. But
have you ever noticed just how much your grass grows in a week?"  - Christopher Browne


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

Qtrade wins again
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20071006/STMAIN06
"Investors have the online brokerage business right where they want it. To
start with, stock-trading commissions are plunging. After years of being
stuck in the $24-to-$29 range, more and more brokers are charging just
under $10 as long as your accounts have at least $50,000 to $100,000 in total
assets. At the same time, these firms are giving clients more for their
money with better tools for finding investments and managing their
accounts."

Get buffed up
http://www.macleans.ca/canada/features/article.jsp?content=20071005_104145_10120
"Convinced to attend university by his father,
stock-broker-turned-congressman Howard Buffett, the young Buffett complained he knew more than his
teachers. When he attended Columbia University's business graduate school
(after being turned down by Harvard for being too young), he met Benjamin
Graham, whose investment strategies would turn out to greatly influence
Buffett's own business model. The prodigy was the only student to ever earn an
A+ in one of Graham's classes."

Canada's losing war against white-collar crime
http://www.canadianbusiness.com/managing/strategy/article.jsp?content=20070918_19904_19904
"The system is pretty much non-existent. You can fix something that is
hemorrhaging, but if the body is already lifeless, you have to start fresh. We
need politicians to admit that the system is broken from the top to the
bottom. Canadians have to understand that we have a two-tiered justice
system, where people with money can play the system. Show me a person who has
gotten any sort of satisfaction from going to the authorities after being
victimized by a white-collar fraud.who got their money back in a timely
fashion and didn.t go through a lot of grief. I can.t think of a single
person like that."

Life and debt in suburbia
http://money.cnn.com/2007/10/02/pf/100400117.moneymag/index.htm?postversion=2007100514
"Assessing how the neighbors are doing financially and what that means
about how we are doing is practically a national pastime. The guessing game
starts off as harmless pillow talk and community pool chatter, an outgrowth
of natural curiosity. Just how much money must Susie and Bob have to be
able to afford that new kitchen, three cars and a family safari? Then too,
every homeowner has a vested interest in the financial well-being of his or
her neighbors. Homeowner associations have long understood that nothing
raises the value of a home more than an expanse of trim lawn and well-kept
homes on either side. But the finances of those around you affect more
than just the perceived value of your property. They also, like it or not,
help shape how much you spend and save and color your perceptions of your
own financial well-being."

The high dividend yield return advantage
http://www.tweedybrowne.com/library_docs/papers/highdivresearch.pdf
"There is an abundance of empirical evidence which suggests that portfolios
consisting of higher dividend yielding securities produce returns that
are attractive relative to lower yielding portfolios and to overall stock
market returns over long measurement periods."

What do they know?
http://www.investorsinsight.com/otb_va_print.aspx?EditionID=594
"Bernanke, however, may face a problem with this elevator-based ease in
monetary policy. As I have pointed out in prior pages and Outlooks,
globalization and financial innovation have enormously complicated the job of
central bankers. Whereas in prior decades a "one size fits all" policy rate
move has coincidentally and democratically affected households and
corporations alike, the 21st century has ushered in an innovation revolution
favoring corporations with global investment opportunities as opposed to
individuals with daily bills to pay. The same 4.75% rate is not and cannot be
"neutral" for both sides in today's U.S. economy. Whereas current yields are
not restrictive for investment grade corporations with global
opportunities, they are far too high for homeowner Jane Doe and two million of her
neighbors facing higher and higher monthly payments on adjustable rate
mortgages. Should Bernanke put on a brave face and freeze the elevator and rates
in mid-descent, he risks exacerbating a housing crisis in the making. Yet,
should he favor the homeowner over the corporation, he risks reigniting
speculative equity market behavior, and - in addition - a run on the
dollar."


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)                                   3   4   2   5   5    5
Bank of Montreal (BMO)                          4   4   3   3   5    5
National Bank of Canada (NA)                    5   5   4   3   5    5
BCE (BCE)                                       4   3   3   4   5    5
Royal Bank (RY)                                 4   3   3   2   5    5
TransCanada (TRP)                               3   4   2   4   5    5
Bank of Nova Scotia (BNS)                       4   3   2   2   5    5
CIBC (CM)                                       5   2   4   2   5    5
Enbridge (ENB)                                  2   3   5   3   5    5
Transalta (TA)                                  0   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/C P/D  VR
============================================== === === === === === =====
Biovail (BVF)                                   3   4   2   5   5   2.0
National Bank of Canada (NA)                    5   5   4   3   5   2.3
Bank of Montreal (BMO)                          4   4   3   3   5   3.2
CIBC (CM)                                       5   2   4   2   5   3.3
Royal Bank (RY)                                 4   3   3   2   5   3.7
Bank of Nova Scotia (BNS)                       4   3   2   2   5   3.8
BCE (BCE)                                       4   3   3   4   5   4.1
Toronto Dominion Bank (TD)                      4   4   2   3   4   4.6
Teck Cominco Limited (TCK.B)                    5   2   3   4   3   4.7
TransCanada (TRP)                               3   4   2   4   5   5.0
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                                  P/E P/B P/D   G$   dG$(%)
============================================== === === === ====== ======
MDS Inc. (MDS)                                  5   5   0   40.79  90.19
Lundin Mining Corporation (LUN)                 5   5   0   16.75  21.79
National Bank of Canada (NA)                    5   5   5   59.32   4.39
Magna Cl.A (MG.A)                               4   5   3   95.79   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

What Works On Wall Street
by James O'Shaughnessy

Historical stock data is what O'Shaughnessy's book is all about.
If you want to know how straightforward stock selection
techniques have done, pick up What Works on Wall Street and you'll find
out. O'Shaughnessy's book is a must have reference for any
serious student of the market.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0071452257/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.rotheryreport.com/ 

The Rothery Report provides research on select deep-value stocks in
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  Average Capital Gain    Average Holding Period
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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2007.
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.  A Dan Hallett and Associates Inc.(DH&A)
publication.  DH&A is registered as Investment Counsel in the province
of Ontario. DH&A, or related-parties may have an interest in the
securities mentioned.