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The Stingy News Weekly (10/23/2011)


"In the short run, the market is a voting machine but in the long run it is a weighing machine."
- Benjamin Graham


Stingy Links

BMO set Monthly Income distribution bar too high
"With nearly 1/3 of distributions having been taken in cash since 2008, sustainability is a legitimate concern generally and a big concern for any investor relying on this fund’s fat payout to pay living expenses. BMO insists the payout is sustainable, an assertion they base on the fund’s net inflows. Indeed, while the fund has spent its last two full fiscal years in net redemptions, reinvested distributions have generally kept more money flowing into the fund than leaving. The only exception so far was 2008, when the fund saw net redemptions of $436 million including reinvested distributions. But this speaks only to the mechanics of where the money comes from. When I mention “sustainability” in this context, I’m speaking to the fund’s potential to support the payout with a sufficiently high total return. And on that basis, there are good reasons to continue questioning its sustainability."


Economics has met the enemy it's economics
"What is today known as economics arose out of two larger intellectual traditions that have since been largely abandoned. One is political economy, which is based on the simple idea that economic outcomes are often determined largely by political factors (as well as vice versa). But when political-economy courses first started appearing in Canadian universities in the 1870s, it was still viewed as a small offshoot of a far more important topic: moral philosophy. In The Wealth of Nations (1776), Adam Smith famously argued that the pursuit of enlightened self-interest by individuals and companies could benefit society as a whole. His notion of the market's “invisible hand” laid the groundwork for much of modern neoclassical and neo-liberal, laissez-faire economics. But unlike today's free marketers, Smith didn't believe that the morality of the market was appropriate for society at large. Honesty, discipline, thrift and co-operation, not consumption and unbridled self-interest, were the keys to happiness and social cohesion. Smith's vision was a capitalist economy in a society governed by non-capitalist morality."


Tax math
"Let’s consider two key areas of the tax code, where “first-stage thinking” allows Buffett to conclude that he’s paying a lower tax rate than his secretary. Once we view the picture from the proper perspective and engage in “second-stage thinking,” you’ll see that Buffett’s effective tax rate is much higher than it seems."


The science of irrationality
"Here's a simple arithmetic question: 'A bat and ball cost $1.10. The bat costs $1 more than the ball. How much does the ball cost?' The vast majority of people respond quickly and confidently, insisting the ball costs 10 cents. This answer is both incredibly obvious and utterly wrong. (The correct answer is five cents for the ball and $1.05 for the bat.) What's most impressive is that education doesn't really help more than 50% of students at Harvard, Princeton and the Massachusetts Institute of Technology routinely give the incorrect answer."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5435
Verizon (VZ)2345
Merck (MRK)1425
Pfizer (PFE)1425
General Electric (GE)3535
EI DuPont (DD)4235
Johnson & Johnson (JNJ)2314
Intel (INTC)4314
Kraft (KFT)1434
Procter & Gamble (PG)1314
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Hewlett-Packard (HPQ)5552
JP Morgan Chase (JPM)5534
AT&T (T)5435
Chevron (CVX)5444
Microsoft (MSFT)5112
Exxon Mobil (XOM)4342
Travelers (TRV)4543
Intel (INTC)4314
Alcoa (AA)4551
Wal-Mart (WMT)4252
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)54351.44
JP Morgan Chase (JPM)55342.39
Chevron (CVX)54443.11
Intel (INTC)43143.15
Verizon (VZ)23453.22
Hewlett-Packard (HPQ)55523.30
EI DuPont (DD)42353.45
General Electric (GE)35353.49
Travelers (TRV)45433.79
Pfizer (PFE)14254.24
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Intel (INTC)YYY
Chevron (CVX)YY
EI DuPont (DD)YY
General Electric (GE)YY
Hewlett-Packard (HPQ)YY
JP Morgan Chase (JPM)YY
Pfizer (PFE)YY
Travelers (TRV)YY
Verizon (VZ)YY
Alcoa (AA)Y
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
Enerplus (ERF)1415
Penn West Petroleum (PWT)3525
Sun Life Financial (SLF)5555
BCE Inc. (BCE)2245
Canadian Oil Sands (COS)5225
TransAlta (TA)3345
Husky Energy (HSE)3445
Bank of Montreal (BMO)4435
ARC Resources (ARX)1215
Power Corp of Canada (POW)4455
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5550
Nexen (NXY)5542
Inmet Mining (IMN)5521
Brookfield (BAM.A)5542
Sun Life Financial (SLF)5555
Bombardier (BBD.B)5153
Magna (MG)5553
Iamgold (IMG)5211
Canadian Oil Sands (COS)5225
National Bank (NA)5334
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Sun Life Financial (SLF)55551.29
Canadian Oil Sands (COS)52251.78
Bank of Montreal (BMO)44352.40
Penn West Petroleum (PWT)35252.41
CIBC (CM)42352.42
Power Corp of Canada (POW)44552.44
TransAlta (TA)33452.55
National Bank (NA)53342.64
Husky Energy (HSE)34452.65
Bank of Nova Scotia (BNS)43242.83
Notes | More Info...


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



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