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The Stingy News Weekly (11/22/2015)


"We attracted a lot of market timers and asset allocators. I don't need those ... amateurs in my fund."
- Martin Whitman


New from StingyInvestor

Top 200 Q&A
"We're always happy to get questions from readers about the Top 200 and Top 500. This week I'll highlight some of the answers to past questions while waiting for new ones."


Stingy Links

Many unhappy returns
"Elroy Dimson, a professor at both the Cambridge and London Business Schools, is the co-author of a study of investment returns, covering 23 countries and more than a century of data. He thinks the likely future long-term real return on a balanced portfolio of equities and bonds will be 2-2.5%. AQR, a fund-management group, has come up with a remarkably similar figure, 2.4%, by assuming annual growth in dividends and profits of 1.5% for a portfolio priced at current valuations and split 60-40 between equities and bonds. It applied the same formula to valuations over the past century, and found that the current projected return is lower than at any time in the past"
[Retirement]

A conversation with Cliff Asness
"Tyler and investment strategist Cliff Asness discuss momentum and value investing strategies, disagreeing with Eugene Fama, Marvel vs. DC, the inscrutability of risk, high frequency trading, the economics of Ayn Rand, bubble logic, and why never to share a gym with Cirque du Soleil." [video]
[Momentum Investing]

Dan Ariely on relationships
"Googler Logan Ury talks to behavioral economist and 'Predictably Irrational' author Dan Ariely in the second of our Modern Romance talks. They discuss the paradox of choice in the 'Age of Tinder,' why a canoe is the best place to test your long-term compatibility, and other research-based insights and advice for modern dating and relationships." [video]
[Behaviour]

Demystifying Wall Street
"Can a better understanding of Wall Street help us become more successful investors? We are joined by Jason Zweig, a highly respected financial journalist, "The Intelligent Investor" columnist at The Wall Street Journal and author. His latest book, The Devil's Financial Dictionary provides an entertaining, informative and insightful look into Wall Street's true nature." [video]
[Zweig]

Phishing for phools
"Nobel Prize winner Robert J. Shiller visited Google's office in Cambridge, MA to discuss the book he co-authored with George Akerlof, 'Phishing for Phools: The Economics of Manipulation and Deception.'" [video]
[Shiller]

Chipping away at financial reporting quality
"Chief financial officers are responsible for managing the financial reporting process. We test whether the quality of a firm's financial reports is a function of the effort expended by the CFO. Using golfing records to measure leisure consumption, we first show that CFOs consume more leisure when they have lower economic incentives to work. We show further that higher levels of CFO leisure are negatively associated with a number of indicators of financial reporting quality. The use of firm fixed effects and an instrumental variable analysis suggest that the observed relations are causal. Further tests indicate that higher leisure consumption is associated with shorter conference calls with a more uncertain tone. Finally, the effects of lower quality reporting are demonstrated by results linking CFO leisure with analysts' forecast dispersion and weaker earnings response coefficients."
[Accounting]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)3145
Chevron (CVX)3555
Caterpillar (CAT)4455
IBM (IBM)5145
Exxon Mobil (XOM)3555
Procter & Gamble (PG)1335
Pfizer (PFE)2414
Merck (MRK)4324
Wal-Mart (WMT)5454
McDonald's (MCD)1114
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
IBM (IBM)5145
Travelers (TRV)5542
JP Morgan Chase (JPM)5533
Goldman Sachs (GS)5531
Wal-Mart (WMT)5454
Apple (AAPL)4221
American Express (AXP)4331
Merck (MRK)4324
Caterpillar (CAT)4455
Cisco (CSCO)4534
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
IBM (IBM)51452.57
Caterpillar (CAT)44553.38
Verizon (VZ)31453.66
Wal-Mart (WMT)54543.95
Chevron (CVX)35554.02
Merck (MRK)43244.31
JP Morgan Chase (JPM)55334.40
Exxon Mobil (XOM)35554.61
Cisco (CSCO)45344.80
Travelers (TRV)55424.91
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Caterpillar (CAT)YYY
IBM (IBM)YYY
Merck (MRK)YYY
Wal-Mart (WMT)YYY
Chevron (CVX)YY
Cisco (CSCO)YY
Exxon Mobil (XOM)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
Verizon (VZ)YY
American Express (AXP)Y
Apple (AAPL)Y
Goldman Sachs (GS)Y
McDonald's (MCD)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Potash Corp. (POT)4325
Crescent Point (CPG)0525
Inter Pipeline (IPL)2215
ARC Resources (ARX)0315
Husky Energy (HSE)0545
Talisman Energy (TLM)0005
National Bank (NA)5335
TransCanada (TRP)3315
Bank of Nova Scotia (BNS)5325
CIBC (CM)5225
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
SNC-Lavalin (SNC)5353
Power Corp of Canada (POW)5454
National Bank (NA)5335
Magna (MG)5252
CIBC (CM)5225
Bank of Nova Scotia (BNS)5325
Royal Bank (RY)5224
Bank of Montreal (BMO)5434
Potash Corp. (POT)4325
Sun Life Financial (SLF)4333
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Potash Corp. (POT)43251.61
SNC-Lavalin (SNC)53531.76
Power Corp of Canada (POW)54541.98
National Bank (NA)53351.99
Bank of Nova Scotia (BNS)53252.45
CIBC (CM)52252.50
Royal Bank (RY)52242.79
Bank of Montreal (BMO)54342.82
Inter Pipeline (IPL)22153.15
TD Bank (TD)43243.49
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Nova Scotia (BNS)YYY
CIBC (CM)YYY
National Bank (NA)YYY
Potash Corp. (POT)YYY
Bank of Montreal (BMO)YY
Inter Pipeline (IPL)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
SNC-Lavalin (SNC)YY
ARC Resources (ARX)Y
Crescent Point (CPG)Y
Husky Energy (HSE)Y
Magna (MG)Y
Sun Life Financial (SLF)Y
TD Bank (TD)Y
Talisman Energy (TLM)Y
TransCanada (TRP)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 9/30/2015)
Average Capital Gain
48.6%



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