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The Stingy News Weekly (12/04/2017)


"Timidity prompted by past failures causes investors to miss the most important bull markets."
- Walter Schloss


Stingy Links

Countering the narrative about value
"By using the price-to-book ratio (or "P/B") as a primary determinant of value, the Russell 1000 Value index has tended to favor stocks from sectors with generally low P/B ratios, such as financials and energy companies, while excluding stocks from sectors such as technology and consumer staples, which may look cheap relative to earnings or cash flows, but have lofty P/B ratios. This, combined with a lack of sector constraints, means that comparing Russell 1000 Value to Russell 1000 Growth is really more akin to comparing energy and banks to consumer and technology stocks"
[Value Investing]

Factor investing and trading costs
"Trading costs degrade performance. Factor investing strategies have capacity constraints. Higher turnover factors have lower capacity constraints than lower turnover factors."
[Value Investing]

Risky mortgage investments
"The documents seen by Reuters, supported by interviews with 10 sources familiar with FSCO's activities, show that the agency didn't merely miss the problem; its senior investigators ignored or downplayed clear warnings from within their own ranks that retail investors were being sucked into a market to which they were ill-suited."
[Government]

Buffett's investments in encyclopedias
"Warren Buffett has eclectic taste in companies. Along with large, thriving businesses such as Geico and the BNSF Railway, he's accumulated a collection of head-scratchers. There's a bowling shoe brand, a maker of vacuum cleaner bags, almost three dozen newspapers, and the manufacturer of Ginsu knives. Then there's World Book."
[Buffett]

Going deep on contrarian factor timing
"we study all the interesting things that happen when some stocks, or other assets, get deeply cheap while others get deeply expensive and, in the process, learn more about the economics of value investing, and how timing works when you sin a little but now in lots of places at once"
[Value Investing]

Enron, 10 years after
"I lost roughly 90% of my net worth in a week. I never recovered. My marriage of 22 years blew up, and my entire network was nuked. I realized almost immediately that [complete] financial recovery wasn't possible... Even today, I worry that I might not be able to find a financial road to provide adequately for my son [who is in second grade]."
[Crime]

Frank Abagnale interview
"His transformation from one of the world's most notorious con men to an international cybersecurity expert trusted by the FBI has been mythologized in film and literature - but the takeaways he shares are the real deal." [video]
[Crime]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3215
Enbridge (ENB)2445
Pembina Pipeline (PPL)1225
BCE Inc. (BCE)3135
Emera (EMA)3445
Power Corp of Canada (POW)5555
CIBC (CM)5335
TELUS (T)2135
Shaw (SJR.B)3225
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
Power Corp of Canada (POW)5555
BlackBerry (BB)5310
Thomson Reuters (TRI)5224
CIBC (CM)5335
ARC Resources (ARX)5414
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)0533
Power Corp of Canada (POW)5555
Valeant Pharma (VRX)5550
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
ARC Resources (ARX)Y
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
TELUS (T)Y
Thomson Reuters (TRI)Y
TransCanada (TRP)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)5145
IBM (IBM)5245
Exxon Mobil (XOM)2555
Chevron (CVX)1545
Pfizer (PFE)2325
Merck (MRK)1325
Coca-Cola (KO)1114
Cisco (CSCO)4424
Procter & Gamble (PG)5324
General Electric (GE)3454
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Goldman Sachs (GS)5531
IBM (IBM)5245
Verizon (VZ)5145
Travelers (TRV)5553
JP Morgan Chase (JPM)5523
Procter & Gamble (PG)5324
Intel (INTC)4434
United Technologies (UTX)4453
Apple (AAPL)4221
Walt Disney (DIS)4332
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)5531
Chevron (CVX)1545
Travelers (TRV)5553
JP Morgan Chase (JPM)5523
Exxon Mobil (XOM)2555
General Electric (GE)3454
Cisco (CSCO)4424
Intel (INTC)4434
(DWDP)1433
United Technologies (UTX)4453
Notes | More Info...


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



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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
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