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The Stingy News Weekly (11/24/2013)


"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 @ StingyInvestor

Who needs Wall St.?
"Many people go to New York to try to make a fortune on Wall Street. But value investors often thrive in smaller cities, where they're insulated from the groupthink that can infect those in the big city."


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The best brokers
"The best reason to be a do-it-yourself investor is to cut costs, and the online broker that helps you do that best is Virtual Brokers. Cost is a huge category in the 15th annual Globe and Mail ranking of online brokers, and VB aces it."


Survivorship bias
"The military looked at the bombers that had returned from enemy territory. They recorded where those planes had taken the most damage. Over and over again, they saw the bullet holes tended to accumulate along the wings, around the tail gunner, and down the center of the body. Wings. Body. Tail gunner. Considering this information, where would you put the extra armor? Naturally, the commanders wanted to put the thicker protection where they could clearly see the most damage, where the holes clustered. But Wald said no, that would be precisely the wrong decision. Putting the armor there wouldn't improve their chances at all."


Computers have enhanced chess skill
"In the world chess championship match that ended Friday in India, Norway's Magnus Carlsen, the cool, charismatic 22-year-old challenger and the highest-rated player in chess history, defeated local hero Viswanathan Anand, the 43-year-old champion. Mr. Carlsen's winning score of three wins and seven draws will cement his place among the game's all-time greats. But his success also illustrates a paradoxical development: Chess-playing computers, far from revealing the limits of human ability, have actually pushed it to new heights."


Showing returns a big advice industry challenge
"The financial advisory industry has long been challenged to report accurate, personalized performance to its clients. Investment management clients have always wanted good reporting but most retail clients didn't require it because returns seemed healthy. But having survived two bear markets, investors have grown disappointed with their portfolios' growth even without knowing percentage returns. Securities regulators have mandated the reporting of personalized rates of return starting in a couple of years. I believe that this will prove more challenging for the advice industry than any other regulatory initiative - including the much-discussed best interest standard."


The lesson from market extremes
"On November 20, 2008 I spoke to a powerpoint presentation loaded with slides showing the then-current bear market in a historical context - while doing the same with a variety of valuation statistics for North American stocks. A summary of my conclusions: North American stocks were at 20-year lows relative to earnings and book value. On an interest-rate-adjusted basis, U.S. stock yields were at a four-decade high. High yield bonds were sporting the highest spreads and yields in several decades. Stocks and high yield bonds were very attractive and they should be purchased with a focus on their longer-term fundamentals. While it's now clear that it was a good idea to invest five years ago, it's helpful to add some numerical context."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1545
Verizon (VZ)1245
Intel (INTC)4435
Merck (MRK)1325
McDonald's (MCD)3115
Cisco (CSCO)5535
Chevron (CVX)5554
Pfizer (PFE)5414
Microsoft (MSFT)4314
Caterpillar (CAT)3354
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Pfizer (PFE)5414
Chevron (CVX)5554
Goldman Sachs (GS)5531
Travelers (TRV)5542
Cisco (CSCO)5535
EI DuPont (DD)5244
Exxon Mobil (XOM)4453
IBM (IBM)4132
Intel (INTC)4435
JP Morgan Chase (JPM)4533
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Pfizer (PFE)54142.96
Chevron (CVX)55543.17
Intel (INTC)44353.40
Cisco (CSCO)55353.65
EI DuPont (DD)52444.16
Exxon Mobil (XOM)44534.60
Microsoft (MSFT)43144.69
JP Morgan Chase (JPM)45334.98
AT&T (T)15455.09
Travelers (TRV)55425.27
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Chevron (CVX)YYY
Cisco (CSCO)YYY
Intel (INTC)YYY
Pfizer (PFE)YYY
AT&T (T)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
JP Morgan Chase (JPM)YY
Microsoft (MSFT)YY
Travelers (TRV)YY
Caterpillar (CAT)Y
Goldman Sachs (GS)Y
IBM (IBM)Y
McDonald's (MCD)Y
Merck (MRK)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
TransAlta (TA)1435
Canadian Oil Sands (COS)5225
Crescent Point (CPG)1315
Penn West Petroleum (PWT)0535
Enerplus (ERF)0515
BCE Inc. (BCE)3135
Potash Corp. (POT)4215
Shaw (SJR.B)4235
CIBC (CM)5235
ARC Resources (ARX)2215
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Metro (MRU)5351
Power Corp of Canada (POW)5454
National Bank (NA)5334
Agrium (AGU)5352
CIBC (CM)5235
Canadian Oil Sands (COS)5225
Bank of Montreal (BMO)5435
Royal Bank (RY)5224
Rogers (RCI.B)5134
Bank of Nova Scotia (BNS)5324
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)52251.65
Power Corp of Canada (POW)54542.31
National Bank (NA)53342.60
CIBC (CM)52352.65
Bank of Montreal (BMO)54352.88
BCE Inc. (BCE)31353.13
Shaw (SJR.B)42353.22
Potash Corp. (POT)42153.42
Royal Bank (RY)52243.45
Rogers (RCI.B)51343.48
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
National Bank (NA)YY
Potash Corp. (POT)YY
Power Corp of Canada (POW)YY
Rogers (RCI.B)YY
Royal Bank (RY)YY
Shaw (SJR.B)YY
ARC Resources (ARX)Y
Agrium (AGU)Y
Bank of Nova Scotia (BNS)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
Metro (MRU)Y
Penn West Petroleum (PWT)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 09/30/2013)
Average Capital Gain
46.2%



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