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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
"Unless you can watch your stock holdings decline by 50% without becoming panic-stricken, you should not be in the stock market." - Warren Buffett Stingy Links http://www.stingyinvestor.com/SI/articles/articlearchive.shtml Time to ditch the style box http://alephblog.com/2008/11/04/time-to-ditch-the-style-box/ "Looking over the last 15 years, the style box is very correlated with itself. The lowest correlation is 75%, between largecap value and smallcap growth. That is not a reason to categorize managers; the difference between the average largecap value and growth manger is teensy. It is even true between largecap value and smallcap growth. And in more recent years, the correlations have been tightening to nearly 90% at worst." Investors lick wounds from dividend cuts http://online.wsj.com/article/SB122601848166007053.html?mod=googlenews_wsj "Thirty-six companies listed on Standard & Poor's 500-stock index have cut or suspended dividends 46 times in 2008, sucking some $33.3 billion from investors' pockets, according to Standard & Poor's. From that sum, $30.8 billion came from financial companies, representing 37 individual actions." Disappointing diversification http://www.voxeu.org/index.php?q=node/2520 "We argue that it is no accident that the age of restrictive capital accounts also saw remarkably low equity market correlations. Cross-border diversification opportunities identified by early papers (Grubel 1968) were indeed 'too good to be true.' Once investors can take advantage of low correlations elsewhere, they will rise. Initial investors may benefit since liberalisations tend to be followed by capital gains (Henry 2000). Yet risks will not fall anywhere near as much as initially hoped, as the covariance with other stock markets inevitably increases. In this sense, the gains from international diversification are akin - at least in part - to a Fata Morgana. Investors may chase it, only to discover that it perennially disappears in the distance." Long-term opportunities amidst the fear http://www.lmcm.com/pdf/WherefromHere.pdf "This short essay covers three topics. First is a little perspective on recent events. Second are some thoughts on where we might go from here. And finally, a comment on the behavioral finance issues around what we are going through, with an emphasis on why it.s so hard to act in this type of an environment." Everyone's watching http://www.newyorker.com/talk/financial/2008/11/10/081110ta_talk_surowiecki "Markets work best when investors are thinking for themselves, and tend to go awry when the obsession with what everyone else is doing becomes a dominant concern. Maybe what investors really need is to periodically take a market-information vacation." How AIG failed http://www.portfolio.com/views/blogs/market-movers/2008/11/03/how-aig-failed?tid=true "The lesson, of course, is simple, but hard to learn: it's not the risks you measure which bring you down, it's the risks you don't measure. But protecting against those risks is very, very hard." 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 General Electric (GE) 4 4 3 5 5 Bank of America (BAC) 1 5 2 5 5 Verizon (VZ) 2 4 3 5 5 Alcoa (AA) 5 5 5 5 5 AT&T (T) 2 4 3 4 4 Citigroup (C) 0 5 2 4 4 EI DuPont (DD) 5 3 4 4 4 Merck (MRK) 2 2 1 4 4 Caterpillar (CAT) 5 2 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 0.8 General Electric (GE) 4 4 3 5 1.4 Pfizer (PFE) 3 4 2 5 1.4 Caterpillar (CAT) 5 2 5 4 1.4 EI DuPont (DD) 5 3 4 4 1.6 AT&T (T) 2 4 3 4 2.0 Chevron (CVX) 5 4 4 3 2.1 Verizon (VZ) 2 4 3 5 2.2 Home Depot (HD) 3 3 5 4 2.5 Boeing (BA) 4 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$(%) ======================================== === === === ====== ====== Alcoa (AA) 5 5 5 29.93 167.51 Bank of America (BAC) 1 5 5 28.69 40.03 Walt Disney (DIS) 4 5 1 30.55 30.79 Chevron (CVX) 5 4 3 92.50 25.91 Caterpillar (CAT) 5 2 4 47.13 22.59 General Electric (GE) 4 4 5 22.87 21.25 JP Morgan Chase (JPM) 1 5 3 44.45 17.74 AT&T (T) 2 4 4 31.01 14.86 Pfizer (PFE) 3 4 5 18.54 9.99 American Express (AXP) 4 3 2 27.38 8.19 EI DuPont (DD) 5 3 4 32.95 8.16 Home Depot (HD) 3 3 4 22.29 5.85 Kraft (KFT) 2 4 3 29.68 4.18 More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml S&P/TSX60 Value Screens http://www.stingyinvestor.com/SI/strategy.shtml High Dividend Yield Stocks P/E P/B P/S P/C P/D Yield* ======================================= === === === === === ====== Biovail (BVF) 1 4 3 5 5 5 Teck Cominco Limited (TCK.B) 5 5 4 5 5 5 Bank of Montreal (BMO) 3 4 2 1 5 5 CIBC (CM) 0 3 1 4 5 5 Husky Energy (HSE) 4 2 3 3 5 5 National Bank of Canada (NA) 2 4 2 4 5 5 Bank of Nova Scotia (BNS) 3 2 1 1 5 5 Sun Life (SLF) 4 4 4 1 5 5 Telus (T) 4 2 3 4 5 5 Transalta (TA) 2 1 3 3 4 4 More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml Value Ratio Stocks P/E P/B P/S P/C P/D VR ======================================== === === === === === ===== Teck Cominco Limited (TCK.B) 5 5 4 5 5 0.3 First Quantum Minerals Ltd. (FM) 5 4 4 4 4 0.6 Petro Canada (PCA) 5 5 5 4 3 1.0 Husky Energy (HSE) 4 2 3 3 5 1.1 Nova (NCX) 5 4 5 4 3 1.4 Sun Life (SLF) 4 4 4 1 5 1.5 Biovail (BVF) 1 4 3 5 5 1.6 Magna Cl.A (MG.A) 4 5 5 5 4 1.7 Bank of Montreal (BMO) 3 4 2 1 5 1.7 Thomson (TOC) 5 0 0 0 3 1.9 More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml Graham Stocks P/E P/B P/D G$ dG$(%) ======================================== === === === ====== ====== ACE Aviation (ACE.B) 5 5 0 193.43 3475.4 Teck Cominco Limited (TCK.B) 5 5 5 39.76 252.45 First Quantum Minerals Ltd. (FM) 5 4 4 81.87 247.36 Inmet Mining (IMN) 5 5 1 75.30 203.62 Petro Canada (PCA) 5 5 3 74.70 187.53 Magna Cl.A (MG.A) 4 5 4 99.73 156.05 Nova (NCX) 5 4 3 33.87 134.26 Sun Life (SLF) 4 4 5 52.25 77.35 Talisman Energy (TLM) 5 4 2 19.22 70.88 Nexen Inc. (NXY) 5 3 1 28.69 51.79 Canadian Tire (CTC.A) 4 4 2 66.93 47.20 Agrium (AGU) 5 3 1 62.98 40.39 Yamana Gold Inc. (YRI) 1 5 3 7.83 39.05 Canadian Pacific Rail (CP) 4 4 2 65.86 33.87 Bank of Montreal (BMO) 3 4 5 54.48 28.92 Suncor Energy (SU) 4 3 1 32.79 28.60 Manulife (MFC) 4 3 4 31.82 22.38 Husky Energy (HSE) 4 2 5 41.24 22.07 BCE (BCE) 4 3 4 45.25 21.37 Toronto Dominion Bank (TD) 3 3 4 67.21 17.40 Telus (T) 4 2 5 45.31 15.32 Barrick Gold (ABX) 3 3 2 30.76 9.22 National Bank of Canada (NA) 2 4 5 49.81 9.03 Bank of Nova Scotia (BNS) 3 2 5 42.52 8.72 TransCanada (TRP) 3 3 4 35.52 0.37 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 The Intelligent Investor by Benjamin Graham & Jason Zweig Follow Warren Buffett's advice and read "by far the best book on investing ever written". The latest edition provides the full text of Graham's original work and supplemental chapters with more modern commentary from Money Magazine editor Jason Zweig. I like to read this book every few years and would probably benefit by reading it even more frequently. Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0060555661/ 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.
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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...