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The Stingy News Weekly (11/29/2015)


"In the short run, the market is a voting machine but in the long run it is a weighing machine."
- Benjamin Graham


New from StingyInvestor

The season for tax-loss selling
"We're quickly approaching the season for feasting on figgy pudding and watching Ebenezer Scrooge have a change of heart. It's also a charitable time of year for value investors who lend a helping hand to people who desperately want to sell their shares for tax reasons." [$]


Stingy Links

Hollywood bets on The Big Short
"Then, the following year, as I was handing the manuscript of The Big Short to my publisher, Billy Beane called and said, 'You bastard, Brad Pitt is on his way to my house. The babysitter showed up wearing a dress, and my wife is putting on makeup.'"
[Books]

Why is there an investor return gap?
"The investor return gap persists, despite strong evidence that factor performance is mean reverting, because investors use the manager selection process for alpha timing."
[Behaviour]

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."
[Management]

New York is a city of NO
"New York now is a city of no. You have this great idea? No, you can't do it. You want to try this out? No. You go to Baltimore and it's a city of, 'Well why the f- not? Let's try this!' They really, really love their city and it's exciting. It's that energy I felt when I was growing up in New York."
[Government]

Revealing the closet indexers
"The problem with closet indexing is that you wind up paying substantial fees for a fund that delivers little in the way of independent investing judgment. The extra charge - compared to what you could pay for a plain-vanilla exchange-traded fund that cheaply and efficiently tracks the same index - typically amounts to somewhere between one and two percentage points a year."
[Funds]

John Cleese: So, Anyway
"John Cleese stopped by the Google NYC office to further discuss So, Anyway... a book chronicling the early life of his career." [video]
[Books]

Guessing the future
"Dan Gardner is the co-author of "Superforecasting: The Art and Science of Prediction," on the groundwork it takes to accurately predict the future. What makes some better able to hone in and others not? The Agenda examines what it takes to be prepared for the future." [video]
[Books]

What I learned as my industry died
"But even in our small, art-friendly city, we were abandoned, at first slowly and then very, very quickly. By our last year, each month was down some 30 percent from the already meager takings of the previous year, and it became increasingly clear that there was simply nothing we could do to stop the slide."
[Media]


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)4454
McDonald's (MCD)2114
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
Apple (AAPL)5222
Wal-Mart (WMT)4454
American Express (AXP)4331
Merck (MRK)4324
Cisco (CSCO)4534
Caterpillar (CAT)4455
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
IBM (IBM)51452.56
Caterpillar (CAT)44553.40
Verizon (VZ)31453.63
Wal-Mart (WMT)44543.92
Chevron (CVX)35554.14
Merck (MRK)43244.20
JP Morgan Chase (JPM)55334.36
Cisco (CSCO)45344.73
Exxon Mobil (XOM)35554.78
Travelers (TRV)55424.85
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)5325
Crescent Point (CPG)0525
Inter Pipeline (IPL)2215
Husky Energy (HSE)0545
ARC Resources (ARX)0315
Talisman Energy (TLM)0005
TransCanada (TRP)3325
National Bank (NA)5335
Bank of Nova Scotia (BNS)5325
BCE Inc. (BCE)3125
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
Potash Corp. (POT)5325
Bank of Montreal (BMO)4434
Sun Life Financial (SLF)4334
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Potash Corp. (POT)53251.55
SNC-Lavalin (SNC)53531.78
Power Corp of Canada (POW)54541.95
National Bank (NA)53352.02
Bank of Nova Scotia (BNS)53252.47
CIBC (CM)52252.49
Royal Bank (RY)52242.73
Bank of Montreal (BMO)44342.82
Inter Pipeline (IPL)22153.05
TD Bank (TD)43243.47
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Nova Scotia (BNS)YYY
National Bank (NA)YYY
Potash Corp. (POT)YYY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Inter Pipeline (IPL)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
SNC-Lavalin (SNC)YY
ARC Resources (ARX)Y
BCE Inc. (BCE)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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