| |
 |
 |
|
|
Stingy News Quarterly
2010: Q1 Q2
2009: Q1 Q2 Q3 Q4
2008: Q1 Q2 Q3 Q4
2007: Q1 Q2 Q3 Q4
2006: Q1 Q2 Q3 Q4
2005: Q1 Q2 Q3 Q4
2004: Q1 Q2 Q3 Q4
2003: Q1 Q2 Q3 Q4
2002: Q1 Q2 Q3 Q4
2001: Q1 Q2 Q3 Q4
Stingy News Weekly
2010
06: 06 13
05: 02 09 16 23 30
04: 04 11 18 25
03: 07 14 21 28
02: 07 14 21 28
01: 03 10 17 24 31
2009
12: 06 13 20 27
11: 01 08 15 22 29
10: 04 11 18 25
09: 06 13 20 27
08: 09 16 23 30
07: 05 12 19 26 31
06: 07 14 21 28
05: 03 10 17 24 31
04: 05 12 19 26
03: 01 08 15 22 29
02: 01 08 15 22
01: 04 11 18 25
2008
12: 07 14 21 28
11: 02 09 16 23 30
10: 05 12 19 26
09: 07 14 21 28
08: 01 10 17 24 31
07: 06 13 20 27
06: 01 08 15 22 29
05: 04 11 18 25
04: 06 13 20 27
03: 02 09 16 23 30
02: 03 10 17 24
01: 06 13 20 27
Dan's Reports
Perspective on the bear
Dilution excessive
Fund fees revisited
T class funds
Bonds vs. bond funds
Bear market protectors
Investing in bonds
Ignore bonds at your peril
Coping with change
Future of trust funds
Dilution trumps
Are fees excessive?
Performance anxiety
Top advisory model?
81-106 a step back
Poor fund classifications
Pension shortfall
A longer-term report card
Information overload
About Dan
Privacy Policy
"Any man who is a bear on the future of this country will go broke." - J.P.Morgan Stingy Links http://www.stingyinvestor.com/SI/articles/articlearchive.shtml Treasury may purchase stakes in insurers http://www.bloomberg.com/apps/news?pid=20601087&sid=anTJ_3YAl.1k&refer=home "The Financial Services Roundtable, a trade association of the 100 largest banks, securities firms and insurers, pressed Treasury to broaden its guidelines so that insurance companies, broker-dealers, automobile companies and institutions controlled by foreign banks could also sell stakes to the government." Why do markets create bubbles? http://www.forbes.com/home/2008/10/21/why-bubbles-economy-markets-bubbles08-cx_th_1021harford.html "Bubbles are like pornography: Everyone has his or her own opinion as to what qualifies, but it is impossible to pen a precise definition. If you wish to push the metaphor further, both are also fun for a while, if you like that sort of thing, but apt to end up making you feel deflated and embarrassed. Bubbles are also embarrassing for the economics profession. It's not that we have no idea what causes bubbles to form, it's that we have too many ideas for comfort. Some explanations are psychological. Some point out that many bubbles have been stoked not by markets but by governments. There is even a school of thought that some famous bubbles weren't bubbles at all." Qtrade retains crown https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20081025/RREPORTCARD25 "Now to the question of which brokers are best. Qtrade Investor, a small firm out of Vancouver, has taken top spot for the third straight year, while BMO InvestorLine, E*Trade Canada and TD Waterhouse also scored well. Qtrade is an example of a broker that does almost everything well. Whether it's keeping costs low, providing tools that help investors make smart decisions or offering a sturdy trading platform, Qtrade has it covered." Student loan fugitives http://money.cnn.com/2008/10/23/pf/college/student_loan_fugitives/index.htm "When faced with unaffordable monthly payments and relentless creditors, some see leaving the country as their only way out." Realm of fantasy in credit insurance http://www.ft.com/cms/s/0/bfc88362-a12f-11dd-82fd-000077b07658.html "If you had a 100,000 car, what kind of world would it be where you'd consider paying 50 grand over five years to insure it? You'd either have to be such an appalling driver that you ought not to be on the road, or the world would be such a lawless and dangerous place that your 100,000 car should be among the least of your worries. We do not need the details of mathematical probabilities to see there is little sense in the idea of paying out insurance costs that are a huge chunk of the value of the thing to be insured. But that is exactly what participants in credit markets are being asked to do." The revival of railroads http://www.businessweek.com/magazine/content/08_44/b4106058122336.htm "Last April, Warren E. Buffett flew to Kansas City, Mo., to join Matthew K. Rose for a ride in a vintage 1930s railcar. Buffett, the billionaire investor from Omaha, and Rose, the chief executive of Burlington Northern Santa Fe (BN), munched on hamburgers and jelly beans as they chugged 430 miles up to Chicago. Along the way, they talked about Burlington Northern's unlikely turnaround and how the once-stalled railroad could build on its recent momentum." An axis in need of oiling http://www.economist.com/world/international/displayStory.cfm?source=hptextfeature&story_id=12480942 "In sum, Iran, Russia and Venezuela are all likely to be left short of cash - and facing a diminution in their international clout. 'Never confuse brilliance with a bull market,' goes a Wall Street saying. The leaders of the oily trio may have thought high oil prices were an adequate substitute for good governance. In many quarters, the difference is now painfully clear." The economy works http://www.dailybreeze.com/ci_10790180 "Buffett, speaking to California first lady Maria Shriver's Women's Conference in Long Beach, said he has no idea what will happen in the coming two years but was confident that over a 10-year span the stock market would outperform cash-based investments, such as certificates of deposits and savings accounts, which can lose value when inflation is subtracted from gains." Credit crunch humour http://www.canadiancapitalist.com/2008/10/22/credit-crunch-humour "I went to buy a toaster and it came with a bank . . . " Myths about the financial crisis of 2008 http://www.minneapolisfed.org/research/WP/WP666.pdf "The financial press and policymakers have made four claims about the nature of the crisis. 1. Bank lending to nonfinancial corporations and individuals has declined sharply. 2. Interbank lending is essentially nonexistent. 3. Commercial paper issuance by nonfinancial corporations has declined sharply and rates have risen to unprecedented levels. 4. Banks play a large role in channelling funds from savers to borrowers. Here we examine these claims using data from the Federal Reserve Board. At least based on data up until October 8, 2008, we argue that all four claims are false." Companies win, investors lose http://www.financialpost.com/story.html?id=895056 "The Canadian accounting standards board announced last week that they would let companies reclassify certain assets to delay reporting losses to investors. What happened was exactly what was warned about in these pages two weeks ago. Companies are being given more leeway to manipulate net income. In short, Canadian banks and insurers will report higher income than they otherwise could have in their forthcoming year-end reports." Montier: 'Analysts are rubbish' http://ftalphaville.ft.com/blog/2008/10/22/17316/montier-analysts-are-rubbish/ "Seemingly everyone, on both sides of the Atlantic, is now taking about recession. Even Mervyn King. So why, asks SocGen's James Montier in his latest issue of Mind Matters, is the investment research industry still predicting earnings growth of between 12 and 15 per cent? He's got a chart to illustrate that analysts are exceptionally good at one thing and one thing alone - telling you what has just happened." Junk-bond yields bode ill for stocks http://money.cnn.com/2008/10/21/magazines/fortune/bondyields_benner.fortune/index.htm?postversion=2008102114 "Unsurprisingly, yields in the corporate bond market have recently risen to nine-year highs and high yield, or junk bonds, are trading at record levels as well. Usually junk bonds yield 4.5 to 5 percentage points more than the 10-year Treasury, but now that spread is about 14 points." Russia and the crisis http://www.economist.com/world/europe/displayStory.cfm?source=hptextfeature&story_id=12436213 "Dmitry Medvedev dreams of turning Moscow into a global financial centre, but he has an awful long way to go. For Russia.s markets have slumped. Even after recent one-day rallies, the dollar-denominated RTS index and the rouble-denominated MICEX index have shed around two-thirds of their value since mid-May (see chart). These falls are bigger than in any other emerging markets, dealing a blow to Kremlin claims that Russia is a safe haven from global financial turmoil." Rippling economic turbulence http://www.pbs.org/newshour/bb/business/july-dec08/psolman_10-21.html "As the financial sector shifts, so does the reach of the jolt to economic structures around the world. Economist Nassim Nicholas Taleb and his mentor, mathematician Benoit Mandelbrot, speak with Paul Solman about chain reactions and predicting the financial crisis." Next likely bank failures http://www.businessweek.com/magazine/content/08_41/b4103028907635.htm "U.S. banks large and small are buckling under the pressure of the credit crisis. The Federal Deposit Insurance Corp. has seized 13 institutions this year, most recently Washington Mutual. The regulator, which maintains a list of "problem" banks, doesn't disclose which others raise red flags. But one measure, the so-called Texas Ratio, may offer a clue." Perspective on the bear market http://www.ndir.com/SI/funds/10202008.shtml "The decline in stock prices triggered by the U.S. financial crisis has been frightening at times. Most shocking has been the sheer velocity of the decline, which rivals that of the crash of 1929. And despite a recent rally, there is enough bad news to push stock prices back down. But unless you believe the global economy will grind to a halt; I see five reasons why investors should be optimistic today." Tip Sheet http://www.stingyinvestor.com/SI/strategy/tipsheet.shtml Slow Growth, Big Returns http://www.ndir.com/SI/strategy/tipsheet/10-24-2008-Slow-Growth,-Big-Returns.shtml High asset growth? Expect low stock returns. Tangible Book Bargains http://www.ndir.com/SI/strategy/tipsheet/10-24-2008-Tangible-Book-Bargains.shtml We look for profitable Canadian stocks trading below tangible book value. Mighty MicroCaps http://www.ndir.com/SI/strategy/tipsheet/10-22-2008-Mighty-MicroCaps.shtml Who wants to hold tiny micocap stocks in a bear market? Almost no one. That's why I decided to look for small Canadian stocks that have been discarded by investors looking for safer havens. The Loonie Boom and Bust http://www.ndir.com/SI/strategy/tipsheet/10-22-2008-The-Loonie-Boom-and-Bust.shtml Want a challenge? Try to run an export business when the exchange rate changes quickly. DOW 30 Value Screens http://www.stingyinvestor.com/SI/strategy.shtml High Dividend Yield Stocks P/E P/B P/S P/D Yield ============================================ === === === === ===== Pfizer (PFE) 3 4 2 5 5 Verizon (VZ) 2 4 4 5 5 AT&T (T) 3 5 3 5 5 General Electric (GE) 4 4 3 5 5 Alcoa (AA) 5 5 5 5 5 Bank of America (BAC) 1 5 2 4 4 Merck (MRK) 2 2 1 4 4 EI DuPont (DD) 4 3 3 4 4 Citigroup (C) 0 5 1 4 4 Home Depot (HD) 4 3 5 4 4 More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml Value Ratio Stocks P/E P/B P/S P/D VR ============================================ === === === === ===== Alcoa (AA) 5 5 5 5 1.0 Caterpillar (CAT) 5 2 5 4 1.4 Pfizer (PFE) 3 4 2 5 1.5 General Electric (GE) 4 4 3 5 1.6 Chevron (CVX) 5 4 4 3 1.8 AT&T (T) 3 5 3 5 1.8 EI DuPont (DD) 4 3 3 4 1.9 Verizon (VZ) 2 4 4 5 2.1 Home Depot (HD) 4 3 5 4 2.4 Boeing (BA) 5 1 5 3 2.6 More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml Graham Stocks P/E P/B P/D G$ dG$(%) ======================================== === === === ====== ====== Alcoa (AA) 5 5 5 29.07 139.29 Chevron (CVX) 5 4 3 90.08 34.85 AT&T (T) 3 5 5 30.88 20.00 Walt Disney (DIS) 3 4 1 29.70 17.36 Caterpillar (CAT) 5 2 4 45.19 16.37 Bank of America (BAC) 1 5 4 26.61 11.01 General Electric (GE) 4 4 5 22.11 8.65 Pfizer (PFE) 3 4 5 18.35 5.82 Home Depot (HD) 4 3 4 21.54 4.96 JP Morgan Chase (JPM) 1 5 3 41.18 3.63 American Express (AXP) 4 3 2 26.41 0.08 More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml S&P/TSX60 Value Screens http://www.stingyinvestor.com/SI/strategy.shtml High Dividend Yield Stocks P/E P/B P/S P/C P/D Yield* ======================================= === === === === === ====== Biovail (BVF) 1 4 3 5 5 5 Bank of Montreal (BMO) 3 4 2 1 5 5 CIBC (CM) 0 3 1 4 5 5 Husky Energy (HSE) 4 2 3 3 5 5 National Bank of Canada (NA) 2 4 2 4 5 5 Teck Cominco Limited (TCK.B) 5 4 3 4 5 5 Sun Life (SLF) 4 5 4 2 5 5 Telus (T) 4 3 3 4 5 5 Transalta (TA) 2 1 3 3 5 5 Royal Bank (RY) 3 2 2 5 4 4 More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml Value Ratio Stocks P/E P/B P/S P/C P/D VR ======================================== === === === === === ===== First Quantum Minerals Ltd. (FM) 5 5 4 5 3 0.6 Teck Cominco Limited (TCK.B) 5 4 3 4 5 0.9 Petro Canada (PCA) 5 5 5 4 3 1.0 Husky Energy (HSE) 4 2 3 3 5 1.0 Biovail (BVF) 1 4 3 5 5 1.1 Sun Life (SLF) 4 5 4 2 5 1.3 Bank of Montreal (BMO) 3 4 2 1 5 1.3 Telus (T) 4 3 3 4 5 1.7 BCE (BCE) 4 3 3 4 4 1.8 Thomson (TOC) 5 0 0 0 3 1.9 More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml Graham Stocks P/E P/B P/D G$ dG$(%) ======================================== === === === ====== ====== ACE Aviation (ACE.B) 5 5 0 193.43 3475.4 First Quantum Minerals Ltd. (FM) 5 5 3 81.67 243.00 Petro Canada (PCA) 5 5 3 74.77 190.15 Magna Cl.A (MG.A) 4 5 4 99.33 132.85 Inmet Mining (IMN) 5 4 1 75.17 110.55 Teck Cominco Limited (TCK.B) 5 4 5 39.73 108.01 Sun Life (SLF) 4 5 5 52.21 89.50 Talisman Energy (TLM) 5 4 2 19.27 80.46 Nexen Inc. (NXY) 5 4 1 28.77 77.49 Nova (NCX) 5 4 2 33.89 73.45 Agrium (AGU) 5 3 1 63.02 46.22 Bank of Montreal (BMO) 3 4 5 54.27 45.70 Canadian Pacific Rail (CP) 4 4 3 65.99 42.13 Canadian Tire (CTC.A) 4 4 2 66.89 41.15 BCE (BCE) 4 3 4 45.22 33.01 Husky Energy (HSE) 4 2 5 41.28 29.08 Toronto Dominion Bank (TD) 3 4 4 67.13 27.86 Telus (T) 4 3 5 45.30 25.11 Suncor Energy (SU) 4 2 1 32.77 18.04 National Bank of Canada (NA) 2 4 5 49.75 17.07 Weston George (WN) 2 3 3 59.09 9.95 TransCanada (TRP) 3 3 4 35.46 8.80 Encana (ECA) 3 3 4 53.98 8.20 Manulife (MFC) 3 3 3 31.86 5.35 Bombardier Cl.B (BBD.B) 4 2 3 4.35 4.52 Bank of Nova Scotia (BNS) 3 2 4 42.54 2.98 MDS Inc. (MDS) 1 5 0 11.45 0.89 Yamana Gold Inc. (YRI) 1 5 2 7.83 0.18 More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml *Notes: http://www.stingyinvestor.com/SI/strategy/notes.shtml Switch to the HTML version if the tables aren't formatted properly. http://www.stingyinvestor.com/cgi-bin/email.cgi Books for Stingy Investors Security Analysis by Benjamin Graham & David Dodd Graham and Dodd's Security Analysis is the investment bible for smart investors. Regrettably the breadth of material that it covers can be intimidating and only dedicated students are likely to make it through its 770 pages. However, Security Analysis is filled with Graham's practical investment philosophy and if you're a serious investor then you should read this book. Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0071448209/ Stock Research From Dan Hallett & Associates The Rothery Report http://www.rotheryreport.com/ 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 09/30/2008) Average Capital Gain Average Holding Period 36.2% 2.4 Years Learn More http://www.rotheryreport.com/store/store.shtml Subscribe Today http://www.rotheryreport.com/store/order.shtml If you'd like to suggest The Stingy News to a friend, please point them to: http://www.stingyinvestor.com/cgi-bin/email.cgi Please visit the StingyInvestor website at http://www.stingyinvestor.com To (un)subscribe please use our email centre at http://www.stingyinvestor.com/cgi-bin/email.cgi Email comments or questions to info@stingyinvestor.com Refer to legal & conflict of interest disclaimers at http://www.stingyinvestor.com/SI/legal.shtml Privacy Policy http://www.ndir.com/SI/legal/privacy.shtml We do not rent or sell our email list to third parties. ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2008. 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.
|
|
| About Legal | Contact Us |
A Dan Hallett and Associates Inc. publication. Norm Rothery, Ph.D., CFA, is the Chief Investment Strategist at Dan Hallett and Associates Inc. (DH&A) and the founder of StingyInvestor.com. DH&A is registered as Investment Counsel in the province of Ontario. Norm, DH&A, or related-parties may have an interest in the securities mentioned. More...