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The Stingy News Weekly (11/11/2012)


"I've seen more people fail because of liquor and leverage - leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."
- Warren Buffett


Stingy News Flash

MoneySense just published a new book that collects together a bunch of articles on stocks and several of my scribblings are featured prominently. You can find out more about it, and order a copy, via the following link...

MoneySense Guide to Investing in Stocks



Stingy Links

Fitting factors into the formula
"For this issue's Morningstar Conversation, we talk with two quant-investing legends. Cliff Asness, co-founder of AQR Capital Management, and Robert Arnott, chairman of Research Affiliates - to gain insights on where academic theory is being practically applied in the marketplace."


Low risk stocks outperform
"The fact that low risk stocks have higher expected returns is a remarkable anomaly in the field of finance. It is remarkable because it is persistent - existing now and as far back in time as we can see. It is also remarkable because it is comprehensive. We shall show here that it extends to all equity markets in the world. And finally, it is remarkable because it contradicts the very core of finance: that risk bearing can be expected to produce a reward."


An old friend: the stock market's Shiller P/E
"It's been a long-time since we've discussed this, but since it's actually the source of some current controversy, now seems like a good time to re-examine the valuation of the entire U.S. stock market, and particularly the relevance and meaning of the Shiller P/E, a measure we have favored in the past."


RBC Direct Investing disappoints
"It came to our attention recently that earlier this year, RBC's discount brokerage, RBC Direct Investing, ceased to offer funds sponsored by Leith Wheeler, Mawer and Steadyhand. The move was described by RBC as a "business decision," and we assume this reflects the fact that the funds offered by these firms do not pay trailers, and thus RBC does not receive any revenue from their sale. If this is indeed the reason behind the decision, it is not a strong one."


Income trust fans have no reason to cry
"For many income-oriented investors October 31, 2006 will forever be etched in their brains. That was the day that our Federal Finance Minister lowered the tax boom and ended the tax arbitrage of income trusts. The market reacted by slicing about 17% from market prices of trusts to reflect the tax impact of the announcement. Despite the massive outcry at the time - and since - it's hard to find reasons for trust investors to shed any tears."


How Apple avoids paying billions in taxes
"Thanks to a complex network of offshore accounts and cleverly named subsidiaries, Apple, the world's most valuable company, paid just $713 million on its $36.8 billion in foreign earnings last quarter. That amounts to a rate of just 1.9 percent, a figure that makes Mitt Romney's 14.1 percent effective tax rate look downright generous. And believe it or not, Apple actually reduced its foreign tax rate by nearly 25 percent as the company's market cap soared to new heights this year. According to the Associated Press, it was 2.5 percent at this time in 2011. Did Apple get a tax cut? Nah, it just got better at avoiding the IRS."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Intel (INTC)5425
EI DuPont (DD)3145
Merck (MRK)1325
Hewlett-Packard (HPQ)0555
McDonald's (MCD)2114
Pfizer (PFE)2414
Johnson & Johnson (JNJ)1314
Chevron (CVX)5544
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
JP Morgan Chase (JPM)5533
Chevron (CVX)5544
Caterpillar (CAT)5352
Intel (INTC)5425
Exxon Mobil (XOM)5342
Travelers (TRV)4542
UnitedHealth (UNH)4451
Cisco (CSCO)4433
Boeing (BA)4152
American Express (AXP)4221
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Intel (INTC)54252.11
Chevron (CVX)55442.55
JP Morgan Chase (JPM)55332.87
EI DuPont (DD)31453.35
Cisco (CSCO)44333.42
Caterpillar (CAT)53523.48
Exxon Mobil (XOM)53423.55
Travelers (TRV)45423.65
McDonald's (MCD)21144.43
Microsoft (MSFT)32134.87
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
Intel (INTC)YYY
Caterpillar (CAT)YY
Cisco (CSCO)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
JP Morgan Chase (JPM)YY
McDonald's (MCD)YY
Travelers (TRV)YY
AT&T (T)Y
American Express (AXP)Y
Boeing (BA)Y
Hewlett-Packard (HPQ)Y
Johnson & Johnson (JNJ)Y
Merck (MRK)Y
Microsoft (MSFT)Y
Pfizer (PFE)Y
UnitedHealth (UNH)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Penn West Petroleum (PWT)1535
Enerplus (ERF)0525
TransAlta (TA)0345
Canadian Oil Sands (COS)5225
Sun Life Financial (SLF)1555
BCE Inc. (BCE)4145
ARC Resources (ARX)1215
Bank of Montreal (BMO)5435
CIBC (CM)5235
Power Corp of Canada (POW)4455
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
First Quantum (FM)5211
Magna (MG)5553
Bombardier (BBD.B)5153
National Bank (NA)5334
Canadian Oil Sands (COS)5225
Agrium (AGU)5341
CIBC (CM)5235
Bank of Montreal (BMO)5435
Imperial Oil (IMO)5241
Bank of Nova Scotia (BNS)5324
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)52251.48
Bank of Montreal (BMO)54352.10
National Bank (NA)53342.11
CIBC (CM)52352.11
Power Corp of Canada (POW)44552.31
Bank of Nova Scotia (BNS)53242.54
BCE Inc. (BCE)41452.58
Bombardier (BBD.B)51532.68
Royal Bank (RY)42242.74
TD Bank (TD)43243.01
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
BCE Inc. (BCE)YY
Bank of Nova Scotia (BNS)YY
Bombardier (BBD.B)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Enerplus (ERF)Y
First Quantum (FM)Y
Imperial Oil (IMO)Y
Magna (MG)Y
Penn West Petroleum (PWT)Y
Royal Bank (RY)Y
Sun Life Financial (SLF)Y
TD Bank (TD)Y
TransAlta (TA)Y
Notes...



The Rothery Report
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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 09/30/2012)
Average Capital Gain
39.6%



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