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The Stingy News Weekly (10/30/2011)


"To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people."
- Charlie Munger


Stingy Links

Real estate never goes down ...
"In real terms, the National index is back to Q3 1999 levels, the Composite 20 index is back to July 2000, and the CoreLogic index back to June 2000. In real terms, all appreciation in the last decade is gone." [Or to some time in 1988 by my eye.]


Building the 3-D shelter
"Unlike “the market,” we believe inflation will be a factor in the next decade or two because of the game-changing effects of deficits, debts, and demographics. Combined these three “Ds” could produce hurricane force headwinds to developed world growth and tailwinds to bursts of rising prices as debt levels are manipulated down to more manageable levels."


Irish see opportunity
"“There’s a political problem for the government,” said Gavin Blessing, a bond analyst at Collins Stewart Plc in Dublin. “The Greeks, who are seen to be behaving badly, get rewarded, whereas the Irish, the top boys in the class, get nothing.”"


The euro deal
"Even if the euro zone succeeds in avoiding CDS payouts, this could prove a Pyrrhic victory. If losing half the face value of a bond does not amount to a default, what does? Undermining the value of CDS insurance could deeply distort the market. If banks or other investors lose faith in their ability to hedge risks, they will be tempted to cut back on risk or demand higher yields. So, perversely, sparing a CDS payout on Greece could push up the borrowing costs of other countries."


Control rights and wrongs
"Banks are special. That has long been recognised in the design of their ownership, governance and regulation. This special status can have strange consequences. The historical distribution of risks and returns in banking is one. For a century, both risks and returns have been high. But while the risks have typically been borne by wider society, the returns have been harvested by bank shareholders and managers. The experience of the past two decades illustrates well this imbalance. In 1989, the CEOs of the seven largest banks in the United States earned on average $2.8 million. That was almost 100 times the median US household income. By 2007, at the height of the boom, CEO compensation among the largest US banks had risen almost tenfold to $26 million. That was over 500 times the median US household income. Those are high returns by any measure. But so, subsequently, have been the risks. The fall in the share prices of global banks means they are scarcely different in real terms today than in the early 1990s. And it is not just investors licking their wounds. So too is the global economy."


Scammers no match for sense of humour
"Rob received a call from “Jim” in India. Jim launched into his spiel: Rob’s Windows operating system was infected. Rob told Jim he has no windows. Jim insisted that he did. Rob deadpanned that his computer had no windows…nor doors."


The Little State With The Big Mess
"In most places, as in Rhode Island, the big issue is pensions. By conventional measures, state and local pensions nationwide now face a combined shortfall of about $3 trillion. Officials argue that, by their accounting, the total is far less. But with pensions, hope often triumphs over experience. Until this year, Rhode Island calculated its pension numbers by assuming that its various funds would post an average annual return on their investments of 8.25 percent the real number for the last decade is about 2.4 percent."


Michael Pettis talks China
"A talk by China skeptic Michael Pettis"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5435
Verizon (VZ)1345
Merck (MRK)1425
Pfizer (PFE)1425
Johnson & Johnson (JNJ)2315
General Electric (GE)3535
Intel (INTC)4314
EI DuPont (DD)3144
Kraft (KFT)1434
Procter & Gamble (PG)2324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Hewlett-Packard (HPQ)5552
JP Morgan Chase (JPM)5533
AT&T (T)5435
Chevron (CVX)5444
Microsoft (MSFT)5212
Exxon Mobil (XOM)4342
Travelers (TRV)4553
Intel (INTC)4314
Wal-Mart (WMT)4253
Coca-Cola (KO)4113
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)54351.50
JP Morgan Chase (JPM)55332.87
Verizon (VZ)13453.26
Chevron (CVX)54443.36
Intel (INTC)43143.41
General Electric (GE)35353.91
Hewlett-Packard (HPQ)55523.98
Travelers (TRV)45534.07
EI DuPont (DD)31444.12
Microsoft (MSFT)52124.23
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
Microsoft (MSFT)YY
Travelers (TRV)YY
Verizon (VZ)YY
Coca-Cola (KO)Y
Exxon Mobil (XOM)Y
Johnson & Johnson (JNJ)Y
Kraft (KFT)Y
Merck (MRK)Y
Pfizer (PFE)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
Sun Life Financial (SLF)5555
Penn West Petroleum (PWT)3525
BCE Inc. (BCE)2245
TransAlta (TA)3435
Canadian Oil Sands (COS)5225
Bank of Montreal (BMO)4435
Husky Energy (HSE)3445
ARC Resources (ARX)1215
CIBC (CM)4335
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5550
Nexen (NXY)5542
Magna (MG)5553
Brookfield (BAM.A)5542
Sun Life Financial (SLF)5555
Inmet Mining (IMN)5521
Bombardier (BBD.B)5153
Canadian Oil Sands (COS)5225
Iamgold (IMG)5211
Teck Resources (TCK.B)5423
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Sun Life Financial (SLF)55551.43
Canadian Oil Sands (COS)52251.91
Bank of Montreal (BMO)44352.47
CIBC (CM)43352.47
TransAlta (TA)34352.55
Power Corp of Canada (POW)44542.67
National Bank (NA)54342.72
Husky Energy (HSE)34452.95
Penn West Petroleum (PWT)35252.98
Bank of Nova Scotia (BNS)43342.98
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Canadian Oil Sands (COS)YYY
Sun Life Financial (SLF)YYY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Husky Energy (HSE)YY
Penn West Petroleum (PWT)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
Enerplus (ERF)Y
Iamgold (IMG)Y
Inmet Mining (IMN)Y
Magna (MG)Y
National Bank (NA)Y
Nexen (NXY)Y
Power Corp of Canada (POW)Y
Research In Motion (RIM)Y
Teck Resources (TCK.B)Y
Notes...



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