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The Stingy News Weekly (10/16/2016)


"The fact that people will be full of greed, fear or folly is predictable. The sequence is not predicatable."
- Warren Buffett


New from StingyInvestor

The trouble with 4 per cent
"while simple asset allocations proved to be strong relative performers, the study found the 4-per-cent rule wanting when tested in international markets. Even worse, it did not include the corrosive impact of taxes, fees and other frictions investors face." [$]


Stingy Links

The looming pension crisis
"Guaranteeing pension returns - either before or after retirement, or both - is clearly a popular policy for both savers and sponsors. But the details are daunting, and the risks only grow as the scope of guarantees expands and more people take up the plans, testing the generosity of sponsors - and the taxpayers who back them."
[Retirement]

Turning over accepted wisdom
"How many of us often just cite 'the average can't beat the average' and move on assuming we've smashed whoever we were debating? I know I have done it many times. Sharpe's insight is, in my opinion, likely still mostly true, perhaps entirely true. But Lasse has, at the very least, created some doubt for me in something I was pretty sure about."
[Indexing]

Sharpening the arithmetic
"I challenge Sharpe's (1991) famous equality that 'the return on the average actively managed dollar will equal the return on the average passively managed dollar.' This equality does not hold in general. It is based on the implicit assumption that the market portfolio never changes, which does not hold in the real world because new shares are issued and others are repurchased. Hence, even 'passive' investors must trade regularly in order to maintain their market-weighted portfolios. Since passive investors may trade at less favorable prices than active managers, Sharpe's equality is broken. The changes of the market portfolio are large enough that active managers can add noticeable returns. Hence, active managers can be worth positive fees, which allow them to provide an important, beneficial, role in the economy - helping to allocate resources efficiently. Passive investing also plays a useful role, especially since the average active mutual fund manager has charged larger fees than their value added."
[Indexing]

The illusion of choice
"The challenge with dividends as an investment factor, as opposed to Value, Momentum, or Quality, is that only so many companies pay dividends. As buybacks have become more popular in the U.S., the share of stocks paying high dividend yields has declined. The chart below breaks down dividend payers listed on the S&P 500 by their level of yield. While the share of companies paying small yields of less than 1% has decreased, the share of companies paying greater than 4% has also declined. Historically, about 12% of S&P 500 stocks offer a yield of 4% or greater. As of the third quarter, the tally is half that at 6%."
[Indexing]

Health spending and life expectancy
"The graph below shows the relationship between what a country spends on health per person and life expectancy in that country between 1970 and 2014 for a number of rich countries. The US stands out as an outlier: the US spends far more on health than any other country, yet the life expectancy of the American population is not longer but actually shorter than in other countries that spend far less."
[Health]

The next financial crisis
"Where is the next financial crisis developing? How can investors protect themselves? Answers from two crisis experts, Robert Aliber, Editor Manias, Panics, and Crashes and Global Shocks author, Nicholas Sargen." [video]
[Markets]

Backtesting with unrealistic data
"I'm picking on this particular asset class to prove a point, but the same conclusion applies to a number of asset classes where Fama-French, Ibbotson, poorly matched mutual fund, etc. data is used. In many cases, that data does not remotely match up to anything that can be traded in today's market."
[Markets]

Read 100 books a year
"If you're an ambitious, goal oriented person, it's possible that one of your New Year's resolutions was to read more books. Books are the gateway to imagination, to worlds we may not be able to access physically, but can emotionally. Books help us to expand what we're capable of being and experiencing. Based on the math, which I'll explain below, I'll likely have read 100 books this year."
[Books]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)4145
Chevron (CVX)0545
Pfizer (PFE)1425
IBM (IBM)5145
Caterpillar (CAT)1355
Exxon Mobil (XOM)1545
Cisco (CSCO)4524
Coca-Cola (KO)2214
McDonald's (MCD)3114
Boeing (BA)2154
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
American Express (AXP)5442
Travelers (TRV)5552
JP Morgan Chase (JPM)5533
United Technologies (UTX)5452
IBM (IBM)5145
Apple (AAPL)4221
Verizon (VZ)4145
Cisco (CSCO)4524
Wal-Mart (WMT)4453
Goldman Sachs (GS)4531
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Verizon (VZ)41453.09
IBM (IBM)51453.46
JP Morgan Chase (JPM)55334.03
Cisco (CSCO)45244.15
United Technologies (UTX)54524.47
Travelers (TRV)55524.76
American Express (AXP)54425.00
Wal-Mart (WMT)44535.05
Intel (INTC)34236.53
McDonald's (MCD)31146.60
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Cisco (CSCO)YYY
IBM (IBM)YYY
Verizon (VZ)YYY
American Express (AXP)YY
JP Morgan Chase (JPM)YY
McDonald's (MCD)YY
Travelers (TRV)YY
United Technologies (UTX)YY
Wal-Mart (WMT)YY
Apple (AAPL)Y
Boeing (BA)Y
Caterpillar (CAT)Y
Chevron (CVX)Y
Coca-Cola (KO)Y
Exxon Mobil (XOM)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
National Bank (NA)5435
CIBC (CM)5335
Pembina Pipeline (PPL)1225
Power Corp of Canada (POW)5555
BCE Inc. (BCE)3125
Shaw (SJR.B)5235
Emera (EMA)4325
TELUS (T)3235
Bank of Nova Scotia (BNS)5425
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Magna (MG)5353
Shaw (SJR.B)5235
CIBC (CM)5335
Power Corp of Canada (POW)5555
Royal Bank (RY)5324
Bank of Nova Scotia (BNS)5425
Bank of Montreal (BMO)5424
National Bank (NA)5435
Sun Life Financial (SLF)4444
TD Bank (TD)4424
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
CIBC (CM)53352.01
Shaw (SJR.B)52352.11
Power Corp of Canada (POW)55552.43
National Bank (NA)54352.68
Bank of Nova Scotia (BNS)54252.93
Royal Bank (RY)53242.99
Bank of Montreal (BMO)54243.07
Emera (EMA)43253.19
Magna (MG)53533.32
TD Bank (TD)44243.48
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
TD Bank (TD)YY
BCE Inc. (BCE)Y
Inter Pipeline (IPL)Y
Pembina Pipeline (PPL)Y
Sun Life Financial (SLF)Y
TELUS (T)Y
Notes...



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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.

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