"Yes, risk-taking is inherently failure-prone. Otherwise, it would
be called sure-thing taking."  - Tim McMahon


New @ StingyInvestor


The Top 500 U.S. Stocks for 2008
http://www.canadianbusiness.com/rankings/top500/list.jsp?year=2007&pageID=list
"Some extraordinary qualities are needed to make our list of top stocks. On
the value front, all our chosen stocks pay a dividend and sell for modest
price-to-sales and price-to-book-value ratios. On the growth side, they
demonstrate strong increases in sales per share and earnings per share. In
addition, most generate healthy returns on equity, carry relatively little
debt, and enjoy rising share prices. Keep in mind, though, that these
stocks are controversial. After all, strong growth is rarely to be had at
rock-bottom prices without some risk."


Stingy Links
http://www.stingyinvestor.com/SI/articles/articlearchive.shtml

After the money's gone
http://www.nytimes.com/2007/12/14/opinion/14krugman.html?_r=1&oref=slogin
"On Wednesday, the Federal Reserve announced plans to lend $40 billion to
banks. By my count, it's the fourth high-profile attempt to rescue the
financial system since things started falling apart about five months ago.
Maybe this one will do the trick, but I wouldn't count on it. In past
financial crises - the stock market crash of 1987, the aftermath of Russia's
default in 1998 - the Fed has been able to wave its magic wand and make market
turmoil disappear. But this time the magic isn't working. Why not?
Because the problem with the markets isn't just a lack of liquidity - there's
also a fundamental problem of solvency."

A short course in thinking about thinking
http://www.edge.org/3rd_culture/kahneman07/kahneman07_index.html
"And some fifteen years ago or so, I started studying whether people
remembered correctly what had happened to them. It turned out that they don't.
And I also began to study whether people can predict how well they will
enjoy what will happen to them in future. I used to call that "predictive
utility", but Dan Gilbert has given it a much better name; he calls it
"affective forecasting". This predicts what your emotional reactions will be. It
turns out people don't do that very well, either."

Scrooge a man for our times
http://www.renewamerica.us/columns/bates/061219
"Christmastime is inevitably accompanied by allusions to Ebenezer Scrooge.
As portrayed in Dickens' "A Christmas Carol," Ebenezer is a thoroughly
disagreeable, curmudgeonly, miserly misanthrope. I sympathize. And not just
because similar contentions are routinely made about me. Enough is enough.
It's time to move on, as they say, from the conventional view of the man
as "a squeezing, wrenching, grasping, scraping, clutching, covetous, old
sinner! Hard and sharp as flint, from which no steel had ever struck out
generous fire; secret, and self-contained, and solitary as an oyster." We as
a society have come a long way in the 160 years since Dickens wrote his
story. We're kinder and gentler and infinitely more accepting. Ebenezer
would be perceived much differently today."

What I like about Scrooge
http://www.slate.com/id/2110817/
"Here's what I like about Ebenezer Scrooge: His meager lodgings were dark
because darkness is cheap, and barely heated because coal is not free. His
dinner was gruel, which he prepared himself. Scrooge paid no man to wait
on him. Scrooge has been called ungenerous. I say that's a bum rap. What
could be more generous than keeping your lamps unlit and your plate
unfilled, leaving more fuel for others to burn and more food for others to eat?
Who is a more benevolent neighbor than the man who employs no servants,
freeing them to wait on someone else?"

A low, low interest rate of 396 percent
http://money.cnn.com/2007/12/13/real_estate/payday_lending/index.htm?postversion=2007121412
"A payday loan is a small-dollar, short-term loan with fees that can add up
to interest rates of almost 400 percent. They're generally taken out when
the borrower is caught short on cash and promises to pay the balance back
next payday. If it sounds like legal loan-sharking, it's not. "Loan
sharks are actually cheaper," said Bill Faith, a leader of the Ohio Coalition
for Responsible Lending. The industry portrays it as emergency cash, but
critics say the business model depends on repeat borrowing where the
original loans are rolled over again and again."


S&P/TSX60 Value Screens
http://www.stingyinvestor.com/SI/strategy.shtml 

High Dividend Yield Stocks                     P/E P/B P/S P/C P/D Yield*
============================================== === === === === === ======
Biovail (BVF)                                   5   5   2   5   5    5
Bank of Montreal (BMO)                          3   4   3   3   5    5
CIBC (CM)                                       5   4   4   3   5    5
National Bank of Canada (NA)                    3   5   4   3   5    5
Telus (T)                                       4   4   3   4   5    5
Royal Bank (RY)                                 4   3   3   2   5    5
BCE (BCE)                                       4   3   3   4   5    5
Bank of Nova Scotia (BNS)                       4   3   2   2   5    5
TransCanada (TRP)                               2   4   2   3   5    5
Enbridge (ENB)                                  2   3   4   3   4    4
More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml 

Value Ratio Stocks                             P/E P/B P/S P/C P/D  VR
============================================== === === === === === =====
Biovail (BVF)                                   5   5   2   5   5   0.7
CIBC (CM)                                       5   4   4   3   5   1.6
Thomson (TOC)                                   5   4   2   3   4   2.3
Teck Cominco Limited (TCK.B)                    5   4   4   5   4   2.5
Bank of Montreal (BMO)                          3   4   3   3   5   2.8
Royal Bank (RY)                                 4   3   3   2   5   3.1
Telus (T)                                       4   4   3   4   5   3.4
Bank of Nova Scotia (BNS)                       4   3   2   2   5   3.4
National Bank of Canada (NA)                    3   5   4   3   5   3.5
BCE (BCE)                                       4   3   3   4   5   3.6
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                                  P/E P/B P/D   G$   dG$(%)
============================================== === === === ====== ======
MDS Inc. (MDS)                                  5   5   0   40.81 109.37
Lundin Mining Corporation (LUN)                 5   5   0   16.97  83.28
Biovail (BVF)                                   5   5   5   19.00  29.51
Thomson (TOC)                                   5   4   4   49.01  25.47
Magna Cl.A (MG.A)                               4   5   3   99.35  24.14
Teck Cominco Limited (TCK.B)                    5   4   4   41.87  16.62
CIBC (CM)                                       5   4   5   78.66   6.88
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

*Notes: http://www.stingyinvestor.com/SI/strategy/notes.shtml 

Switch to the HTML version if the tables aren't formatted properly.
http://www.stingyinvestor.com/cgi-bin/email.cgi 


Books for Stingy Investors

The Aggressive Conservative Investor
by Martin Whitman & Martin Shubik

Originally published in 1979, this value classic is once again in
bookstores with a new introduction but most of the tome remains
unchanged. Aside from providing a glimpse into investing in the
late 1970s, much of Whitman's basic moneymaking approach, which
focuses on balance sheet values, continues to apply today. A
great book for more seasoned investors but it might be a little
heavy for some.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471768057/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.rotheryreport.com/ 

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 09/30/2007)
  Average Capital Gain    Average Holding Period
          53.4%                   2.5 Years

Learn More
http://www.rotheryreport.com/store/store.shtml

Subscribe Today
http://www.rotheryreport.com/store/order.shtml 



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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2007.
All rights reserved. The securities mentioned in this report are not
appropriate for all investors. Consult your professional investment
advisor before making any investment decision.  While all reasonable
effort is made to ensure the accuracy of information and data
contained herein, accuracy can not be guaranteed. Past performance is
not a good predictor of future performance.  Results are not
guaranteed and we assume no liability whatsoever for any material
losses that may occur.  No compensation for suggesting particular
securities or financial advisors is solicited or accepted.  The
information in this newsletter, and in its related website, is not
intended to be, nor does it constitute, financial advice or
recommendations.  Investing in stocks can be risky and may result in
substantial losses.  A Dan Hallett and Associates Inc.(DH&A)
publication.  DH&A is registered as Investment Counsel in the province
of Ontario. DH&A, or related-parties may have an interest in the
securities mentioned.