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The Stingy News Weekly (11/27/2016)


"In the financial world it tends to be misleading to state, "There is no free lunch." Rather the more meaningful comment is, "Somebody has to pay for lunch.""
- Martin Whitman


New from StingyInvestor

Slice and dice
"Last week, our American cousins celebrated Thanksgiving. A great many turkeys were sliced up for the occasion and each gobbler consumed their favourite bit. Similarly, stock pickers slice up the market and invest in companies they expect to provide the most succulent returns." [$]


Stingy Links

The quality brand Mittelstand
"If you had asked me back then which of the two companies would go the distance, I don't doubt for a second I would have answered the Washington Post. And as late as 1988, when The Powers that Be became the first grownup book I ever read, I still thought of it as a colossus. Yet as events transpired, the Post has come quite a way down in the world, while humble See's is still, in Buffett's words, a 'dream business.'"
[Buffett]

Scalability challenges
"In Canada, robo-advisors must register as Portfolio Managers, which cannot opt-out of their legal fiduciary duty. In my column for the September 2016 issue of Investment Executive, I explain why this will limit the scalability of Canadian robo-advisors' businesses. If they grow as planned, they will need tens of thousands of clients to succeed financially. Technology infrastructure can be built to easily handle this volume. But obligations of registered Portfolio Managers will also require a significant hiring of people who can speak with clients about their investments - and that limits scalability by adding to costs."
[Hallett]

Buffett talks to UofM students
"Today, with $1 million, he and Charlie would probably invest in four stocks."
[Buffett]

Learning from See's Candies
"Berkshire's purchase of a boxed candy business founded by the See family in California fundamentally changed the investing world because it changed the way Buffett and Munger thought about investing. While you may never have the chance to own a business like See's Candies, by better understanding the nature of a dream business you can more easily find a business to invest in that shares some of its positive attributes."
[Buffett]

The 17 year bet
"But the record shows that the period's gross returns are anemic enough to confirm Buffett's general accuracy. From mid-November, 1999, to last Friday's trading day, the annualized total return to investors from the Dow Industrials was 5.9%."
[Buffett]

How to manage an overvalued stock
"It is an unusual situation, but the best strategy for a company with an overvalued stock is to try to grow their way out of it, usually through mergers and acquisitions. The twist I offer you at the end of my piece is this: thus, watch highly acquisitive firms. Not all of them are overvalued or fraudulent, but some will be. Avoid the shares of those firms."
[Management]

Venezuela, a failing state
"Once the richest country in South America, it now has the world's highest inflation rate and is plagued by hunger and violent crime. How did this happen?"
[World]

Does decision-making matter?
"We don't decide about life; we're captured by life. In the major spheres, decision-making, when it happens at all, is downstream from curiosity and engagement. If we really want to understand and shape behavior, maybe we should look less at decision-making and more at curiosity. Why are you interested in the things you are interested in? Why are some people zealously seized, manically attentive and compulsively engaged?"
[Behaviour]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)4145
Chevron (CVX)0545
Pfizer (PFE)1425
Cisco (CSCO)4425
Exxon Mobil (XOM)1545
IBM (IBM)5145
Coca-Cola (KO)2214
Caterpillar (CAT)1354
Procter & Gamble (PG)3324
McDonald's (MCD)3014
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5552
United Technologies (UTX)5452
American Express (AXP)5441
IBM (IBM)5145
Apple (AAPL)5232
JP Morgan Chase (JPM)4522
Cisco (CSCO)4425
Verizon (VZ)4145
Wal-Mart (WMT)4453
Intel (INTC)4433
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Verizon (VZ)41453.24
IBM (IBM)51453.87
Cisco (CSCO)44254.16
Travelers (TRV)55524.88
United Technologies (UTX)54525.12
Wal-Mart (WMT)44535.50
JP Morgan Chase (JPM)45225.58
Intel (INTC)44335.68
Apple (AAPL)52326.59
Procter & Gamble (PG)33246.94
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Cisco (CSCO)YYY
IBM (IBM)YYY
Verizon (VZ)YYY
Apple (AAPL)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Procter & Gamble (PG)YY
Travelers (TRV)YY
United Technologies (UTX)YY
Wal-Mart (WMT)YY
American Express (AXP)Y
Caterpillar (CAT)Y
Chevron (CVX)Y
Coca-Cola (KO)Y
Exxon Mobil (XOM)Y
McDonald's (MCD)Y
Pfizer (PFE)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3215
Pembina Pipeline (PPL)1225
BCE Inc. (BCE)4135
Emera (EMA)4435
CIBC (CM)5335
TELUS (T)4235
Shaw (SJR.B)5335
Power Corp of Canada (POW)4555
National Bank (NA)5335
Bank of Nova Scotia (BNS)5425
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Magna (MG)5453
CIBC (CM)5335
Shaw (SJR.B)5335
Bank of Nova Scotia (BNS)5425
Royal Bank (RY)5324
Bank of Montreal (BMO)5424
Sun Life Financial (SLF)5443
National Bank (NA)5335
TD Bank (TD)4324
Power Corp of Canada (POW)4555
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
CIBC (CM)53352.23
Shaw (SJR.B)53352.35
Bank of Nova Scotia (BNS)54253.15
National Bank (NA)53353.26
Power Corp of Canada (POW)45553.38
Magna (MG)54533.39
Bank of Montreal (BMO)54243.40
Inter Pipeline (IPL)32153.48
Royal Bank (RY)53243.52
BCE Inc. (BCE)41353.92
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Nova Scotia (BNS)YYY
CIBC (CM)YYY
National Bank (NA)YYY
Power Corp of Canada (POW)YYY
Shaw (SJR.B)YYY
BCE Inc. (BCE)YY
Bank of Montreal (BMO)YY
Inter Pipeline (IPL)YY
Magna (MG)YY
Royal Bank (RY)YY
Emera (EMA)Y
Pembina Pipeline (PPL)Y
Sun Life Financial (SLF)Y
TD Bank (TD)Y
TELUS (T)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 09/30/2016)
Average Capital Gain
49.7%



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