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The Stingy News Weekly: 11/08/2019


Stingy Links

Time for a venial value-timing sin
"To evaluate this, we look at how to measure whether a factor, in this case the value factor, is itself rich or cheap versus history. We look at three approaches, from academic to more AQR-like, and the answer, regardless of the approach taken in measuring cheapness, is that value is currently quite cheap compared to history. And it has gotten that way over the last almost two years."
[Value Investing]

Growth bankruptcies
"Buying and holding IPO stocks, you would have lost about half of your wealth half of the time and 75% or more of your wealth in one out of three or four IPOs. And according to the data, the most toxic of these growth-bankruptcy-prone IPOs have been the seemingly most exciting technology and communications stocks, where you would have lost about 60.70% of your wealth half of the time (like SnapChat within its first two years) and 90% or more of your wealth in almost 25% of IPOs (like BlueApron within its first two years)."
[Markets]

Rise and fall of calendar anomalies
"In this paper, we conduct a comprehensive investigation of calendar anomaly evolution in the US stock market (given by the Dow Jones Industrial Average) for the 1900 to 2018 period. We employ various statistical techniques (average analysis, Student's t-test, ANOVA, the Kruskal-Wallis and Mann-Whitney tests) and the trading simulation approach to analyse the evolution of the following calendar anomalies: day of the week effect, turn of the month effect, turn of the year effect, and the holiday effect. The results revealed that 'golden age' of calendar anomalies was in the middle of the 20th century. However, since the 1980s all calendar anomalies disappeared. This is consistent with the Efficient Market Hypothesis."
[Markets]

4-day workweek
"Workers at Microsoft Japan enjoyed an enviable perk this summer: working four days a week, enjoying a three-day weekend - and getting their normal, five-day paycheck. The result, the company says, was a productivity boost of 40%."
[Management]

Consuming dividends
"This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly to anticipated income. We combine administrative bank data linking customers' categorized consumption transactions and income to detailed portfolio and trading data and survey responses on financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth, income and age distributions increase spending precisely around dividend receipt. Importantly, we find that consumption responses are driven by financially sophisticated investors who select dividend portfolios, anticipate dividend income, and plan consumption accordingly. Our results contribute to the literature on a dividend clientele and provide evidence of 'planned' excess sensitivity."
[Dividends]

Ian Cassel interviews Tobias Carlisle
"Ian Cassel is Chief Investment Officer at Intelligent Fanatics Capital Management. He turns the tables on Tobias to discuss deep value, the acquirers multiple and Acquirers Funds, LLC." [video]
[Value Investing]

Compounding machines
"Join us for a rare interview is Chuck Akre and John Neff of Akre Capital Management" [video]
[Value Investing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)BCDA
Enbridge (ENB)DBCA
Pembina Pipeline (PPL)CCDA
Power Corp of Canada (POW)CAAA
BCE Inc. (BCE)DDDA
CIBC (CM)ABCA
Bank of Nova Scotia (BNS)BBCA
TC Energy (TRP)BCEA
TELUS (T)CDCA
Emera (EMA)CBCA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)AAAD
Teck Resources (TECK.B)AABE
Magna (MG)ABAC
Alimentation Couche-Tard (ATD.B)ACAD
Imperial Oil (IMO)AAAC
Manulife (MFC)AABB
Cdn Natural Resources (CNQ)ABCB
Thomson Reuters (TRI)AEEC
Nutrien (NTR)AABB
CIBC (CM)ABCA
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Teck Resources (TECK.B)AABE
EnCana (ECA)AAAD
First Quantum (FM)CABE
Cenovus Energy (CVE)EAAD
Cameco (CCO)EADE
Power Corp of Canada (POW)CAAA
Imperial Oil (IMO)AAAC
Kinross Gold (K)EABF
Manulife (MFC)AABB
BlackBerry (BB)FADF
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
CIBC (CM)YY
EnCana (ECA)YY
Imperial Oil (IMO)YY
Manulife (MFC)YY
Power Corp of Canada (POW)YY
Teck Resources (TECK.B)YY
Alimentation Couche-Tard (ATD.B)Y
BCE Inc. (BCE)Y
Bank of Nova Scotia (BNS)Y
BlackBerry (BB)Y
Cameco (CCO)Y
Cdn Natural Resources (CNQ)Y
Cenovus Energy (CVE)Y
Emera (EMA)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Inter Pipeline (IPL)Y
Kinross Gold (K)Y
Magna (MG)Y
Nutrien (NTR)Y
Pembina Pipeline (PPL)Y
TC Energy (TRP)Y
TELUS (T)Y
Thomson Reuters (TRI)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Exxon Mobil (XOM)CAAA
IBM (IBM)BDBA
Chevron (CVX)BABA
Verizon (VZ)BCBA
Pfizer (PFE)ACDA
3M (MMM)CECA
Walgreens (WBA)ABAB
Cisco (CSCO)CDDB
Coca-Cola (KO)EEEB
Johnson & Johnson (JNJ)DDDB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Goldman Sachs (GS)AACD
JP Morgan Chase (JPM)ABDB
Pfizer (PFE)ACDA
Intel (INTC)ABDD
Walgreens (WBA)ABAB
Caterpillar (CAT)ADBB
American Express (AXP)BCCE
Travelers (TRV)BAAC
Verizon (VZ)BCBA
IBM (IBM)BDBA
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)AACD
DuPont (DD)EAAD
Travelers (TRV)BAAC
Chevron (CVX)BABA
Exxon Mobil (XOM)CAAA
JP Morgan Chase (JPM)ABDB
Walgreens (WBA)ABAB
Walt Disney (DIS)CBCE
United Technologies (UTX)DBBD
Intel (INTC)ABDD
Notes | More Info...


US Stock SummaryYieldP/EP/B
Walgreens (WBA)YYY
Chevron (CVX)YY
Exxon Mobil (XOM)YY
Goldman Sachs (GS)YY
IBM (IBM)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Pfizer (PFE)YY
Travelers (TRV)YY
Verizon (VZ)YY
3M (MMM)Y
American Express (AXP)Y
Caterpillar (CAT)Y
Cisco (CSCO)Y
Coca-Cola (KO)Y
DuPont (DD)Y
Johnson & Johnson (JNJ)Y
United Technologies (UTX)Y
Walt Disney (DIS)Y
Notes...



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2019
  12: 03 11
  11: 03 08 16 22 27
  10: 04 11 18 22
  09: 06 11 17 25
  08: 12 19 31
  07: 07 26 31
  06: 06 15 21 26
  05: 01 08 15 20 27
  04: 03 13 16 21
  03: 04 12 18 25
  02: 05 13 20 25
  01: 01 08 16 22 28
2018
  12: 03 11 17 26
  11: 01 05 12 19 26
  10: 09 15 22
  09: 06 10 17 24 30
  08: 07 13 22 28
  07: 02 09 16 23 30
  06: 04 12 19 25
  05: 08 14 23 28
  04: 02 10 16 22 30
  03: 05 12 19 27
  02: 05 12 20 26
  01: 01 08 15 22 29
2017
  12: 04 11 18 24
  11: 06 12 20 27
  10: 01 07 16 23 30
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  08: 07 16 20 28
  07: 02 09 16 23 30
  06: 04 11 18 26
  05: 07 14 21 28
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  03: 05 12 19 26
  02: 05 12 19 26
  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
  04: 03 10 17 24
  03: 06 13 20 27
  02: 07 14 21 28
  01: 03 10 17 24 31
2015
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 10 18 25
  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
  06: 06 14 21 28
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  03: 01 07 15 22 28
  02: 07 14 21
  01: 04 12 18 25 31
2014
  12: 06 14 21 28
  11: 02 08 16 23 30
  10: 04 11 19 26
  09: 06 14 19 28
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  06: 08 15 20 29
  05: 04 11 18 25 30
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2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
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  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
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