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The Stingy News Weekly (11/20/2017)


"Based on my own personal experience - both as an investor in recent years and an expert witness in years past - rarely do more than three or four variables really count. Everything else is noise."
- Marty Whitman


New from StingyInvestor

Thinking outside the box
"Charlie Munger, Warren Buffett's long-time partner and pundit at Berkshire Hathaway posed a tricky question. He asked for instances when the reverse was true. That is, when does raising prices lead to increased sales volumes?"


Two heads might be worse than one
"Money manager Lou Simpson recently talked about the negative correlation between the number of people making an investment decision and the results. He noted that if a lot of people are involved, the tendency is for the least competent person to effectively make the decision when a consensus is required." [$]


Stingy Links

We're all innocently out of touch
"An American born in 1970 saw stocks rise more than eightfold in their teens and 20s. An American born in 1950 saw stocks go nowhere in their teens and 20s. In Japan, the difference between back-to-back generations was losing 100% of your money vs. making 11.5x on your money."
[Behaviour]

Mind the gap
"On a walking tour of town officials and development consultants pointed to empty buildings and described all the things that could be done to bring them back to productive activity: open up the blank walls and re-install windows, incubate all kinds of new businesses, paint, outdoor seating. I rolled my eyes. None of those things make any economic sense given the regulatory hurdles involved and the likely negative return on the up front investment. I've seen this scenario play out many times before."
[Government]

Right math, wrong conclusion
"The answer is to confront the truth that the public plans are too generous and need rethinking. But wait, can't you hear the public-sector workers saying that it's unfair to reduce their DB promise because they have paid for it? Well they haven't. Government workers and their employers are still funding their pensions assuming the same 1990s returns that built the Factor of 9 (or maybe a factor of 12). They are ignoring the true cost of the pensions being earned and they hope that future investment gains will forever hide the fact that the guaranteed benefit they are receiving is being funded by risky investments that may or may not pay off. Government workers are paying about 12% of pay for a benefit that is worth about three times the amount even though the government is telling taxpayers its only worth twice as much."
[Government]

Fairfax vs. Berkshire Hathaway
"We find that while value beats growth (that is, the value premium is confirmed) in the total sample (on average, by 430 basis points annually - a basis point is 1/100th of a percentage point), the value premium is actually driven by the firms with the poorest earnings quality. The average value premium for the best earnings quality firms (the top quartile) is 60 basis points, whereas the corresponding value premium for the poorest earnings quality firms (the bottom quartile) is 960 basis points. That is, an investment strategy that emphasizes lower-quality value stocks will improve the long-term performance of a value portfolio."
[Value Investing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3215
Enbridge (ENB)2445
Pembina Pipeline (PPL)1225
Emera (EMA)3445
BCE Inc. (BCE)3135
CIBC (CM)5335
Power Corp of Canada (POW)5555
Shaw (SJR.B)3235
TELUS (T)2135
TransCanada (TRP)2225
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Valeant Pharma (VRX)5550
Cenovus Energy (CVE)5552
Teck Resources (TECK.B)5541
Barrick Gold (ABX)5441
Magna (MG)5353
BlackBerry (BB)5310
Power Corp of Canada (POW)5555
Thomson Reuters (TRI)5223
CIBC (CM)5335
Sun Life Financial (SLF)5444
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Cenovus Energy (CVE)5552
Crescent Point (CPG)0544
Goldcorp (G)2521
Teck Resources (TECK.B)5541
First Quantum (FM)0521
Husky Energy (HSE)1550
Cameco (CCO)0534
Valeant Pharma (VRX)5550
Power Corp of Canada (POW)5555
Kinross Gold (K)1540
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Power Corp of Canada (POW)YYY
CIBC (CM)YY
Cenovus Energy (CVE)YY
Teck Resources (TECK.B)YY
Valeant Pharma (VRX)YY
BCE Inc. (BCE)Y
Barrick Gold (ABX)Y
BlackBerry (BB)Y
Cameco (CCO)Y
Crescent Point (CPG)Y
Emera (EMA)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Goldcorp (G)Y
Husky Energy (HSE)Y
Inter Pipeline (IPL)Y
Kinross Gold (K)Y
Magna (MG)Y
Pembina Pipeline (PPL)Y
Shaw (SJR.B)Y
Sun Life Financial (SLF)Y
TELUS (T)Y
Thomson Reuters (TRI)Y
TransCanada (TRP)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)5255
General Electric (GE)3455
IBM (IBM)5245
Chevron (CVX)1545
Exxon Mobil (XOM)2545
Pfizer (PFE)2424
Merck (MRK)1324
Cisco (CSCO)4424
Coca-Cola (KO)1114
Procter & Gamble (PG)4324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Verizon (VZ)5255
Goldman Sachs (GS)5531
IBM (IBM)5245
Travelers (TRV)5552
JP Morgan Chase (JPM)5523
Procter & Gamble (PG)4324
Intel (INTC)4433
United Technologies (UTX)4443
Walt Disney (DIS)4332
Cisco (CSCO)4424
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)5531
Chevron (CVX)1545
Travelers (TRV)5552
JP Morgan Chase (JPM)5523
Exxon Mobil (XOM)2545
General Electric (GE)3455
Cisco (CSCO)4424
Intel (INTC)4433
United Technologies (UTX)4443
Pfizer (PFE)2424
Notes | More Info...


US Stock SummaryYieldP/EP/B
Cisco (CSCO)YYY
Chevron (CVX)YY
Exxon Mobil (XOM)YY
General Electric (GE)YY
Goldman Sachs (GS)YY
IBM (IBM)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Pfizer (PFE)YY
Procter & Gamble (PG)YY
Travelers (TRV)YY
United Technologies (UTX)YY
Verizon (VZ)YY
Coca-Cola (KO)Y
Merck (MRK)Y
Walt Disney (DIS)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 09/30/2017)
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