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The Stingy News Weekly (12/23/2012)


"Nothing is so permanent as a temporary government program."
- Milton Friedman


New @ StingyInvestor

Small, illiquid, value
"While the return potential of small value stocks is well known, the benefits of low liquidity may be less obvious. That's why I was pleased to read a study on the topic by Roger Ibbotson, and others, in the latest Financial Analysts Journal, which dissects mutual funds."


Stingy Links

The Insourcing Boom
"What has happened? Just five years ago, not to mention 10 or 20 years ago, the unchallenged logic of the global economy was that you couldn't manufacture much besides a fast-food hamburger in the United States. Now the CEO of America's leading industrial manufacturing company says it's not Appliance Park that's obsolete - it's offshoring that is. Why does it suddenly make irresistible business sense to build not just dishwashers in Appliance Park, but dishwasher racks as well?"


Bond bears' growl is all noise
"Without failure, for my entire 18+ year career the overriding expectation has been for interest rates and bond yields to rise from their 'historic lows'. My start was in 1994 - notable since that year stands alongside 1979-80 as the worst bond market in North American history. That year, however, was immediately followed by one the best calendar years on record for North American bonds - comfortably recouping 1994 losses and then some. After all this time, the same 'rates must rise' argument continues to proliferate. It's true that the lower that yields fall, the less they can continue falling. That's a mathematical fact. But that alone doesn't mean that yields are bound to rise. And save for one grim scenario, a rise in bond yields is no death sentence for bonds."


Gérard Depardieu, the heroic exile
"Over 45 years, Depardieu said, he had paid 145 million euros in tax, and to this day employs 80 people. Last year he paid taxes amounting to 85 per cent of his income. 'I am neither worthy of pity nor admirable, but I shall not be called 'pathetic',' he concluded, saying that he was sending back his French passport."


Manitoba credit union depositors take note
"An experienced accountant with more than two decades of experience in government, Mr. Dalgliesh said he had been relegated to the Manitoba Information Technology Branch after trying to blow the whistle on Crocus, a disastrous labour-sponsored investment fund."


How to burn $50 billion
"Ottawa has increased by $50-billion the amount of residential mortgages that it is willing to guarantee. But this time the Canada Mortgage and Housing Corp., the biggest provider of mortgage default insurance, is not getting any. Instead, the additional backing is going only to private-sector players such as Genworth Canada, who will see their maximum raised to $"68%"-billion from $250-billion."


Shaky foundations
"When Dennis Gilmore gathered financial analysts and investors on a conference call last summer, the head of California-based First American Financial Corp. had some troubling news. It was what he referred to bluntly as 'the situation' up in Canada. The Los Angeles-area insurance company was losing tens of millions of dollars due to hidden problems in the Canadian housing market, and there were no assurances that the bleeding was going to stop."


Ryan Morris, activist value investor
"When an activist investor like Carl Icahn tries to take over a household brand, it plays out on CNBC. Most shareholder struggles occur when little-known investment funds try to take over little-known companies like InfuSystem. Of the more than two dozen activist battles in 2012, most involved companies with a market value under $50 million."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Intel (INTC)5435
Merck (MRK)2315
Pfizer (PFE)1315
EI DuPont (DD)3145
Hewlett-Packard (HPQ)0554
General Electric (GE)2434
Johnson & Johnson (JNJ)1214
McDonald's (MCD)2114
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Chevron (CVX)5544
Caterpillar (CAT)5252
Intel (INTC)5435
Exxon Mobil (XOM)5343
JP Morgan Chase (JPM)5533
Travelers (TRV)4542
UnitedHealth (UNH)4451
Cisco (CSCO)4423
American Express (AXP)4221
Boeing (BA)4152
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Intel (INTC)54352.11
Chevron (CVX)55442.73
JP Morgan Chase (JPM)55333.34
Exxon Mobil (XOM)53433.55
EI DuPont (DD)31453.66
Caterpillar (CAT)52523.92
Travelers (TRV)45424.16
Microsoft (MSFT)32144.37
General Electric (GE)24344.59
Cisco (CSCO)44234.60
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Intel (INTC)YYY
Caterpillar (CAT)YY
Chevron (CVX)YY
Cisco (CSCO)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
General Electric (GE)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
AT&T (T)Y
American Express (AXP)Y
Boeing (BA)Y
Hewlett-Packard (HPQ)Y
Johnson & Johnson (JNJ)Y
McDonald's (MCD)Y
Merck (MRK)Y
Microsoft (MSFT)Y
Pfizer (PFE)Y
UnitedHealth (UNH)Y
Verizon (VZ)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Penn West Petroleum (PWT)1535
Enerplus (ERF)0535
TransAlta (TA)0345
Crescent Point (CPG)1315
Canadian Oil Sands (COS)5225
Sun Life Financial (SLF)1555
BCE Inc. (BCE)4145
ARC Resources (ARX)1215
Bank of Montreal (BMO)5435
Power Corp of Canada (POW)4455
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
First Quantum (FM)5311
National Bank (NA)5334
Magna (MG)5453
Bombardier (BBD.B)5153
Canadian Oil Sands (COS)5225
Imperial Oil (IMO)5241
Bank of Montreal (BMO)5435
Barrick Gold (ABX)5423
CIBC (CM)5235
Suncor Energy (SU)5542
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)52251.40
National Bank (NA)53341.94
Bank of Montreal (BMO)54352.11
CIBC (CM)52352.29
Power Corp of Canada (POW)44552.38
BCE Inc. (BCE)41452.59
Bank of Nova Scotia (BNS)43242.85
Royal Bank (RY)42243.09
Bombardier (BBD.B)51533.22
Shaw (SJR.B)42343.23
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
Canadian Oil Sands (COS)YYY
BCE Inc. (BCE)YY
Bombardier (BBD.B)YY
CIBC (CM)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
ARC Resources (ARX)Y
Bank of Nova Scotia (BNS)Y
Barrick Gold (ABX)Y
Crescent Point (CPG)Y
Enerplus (ERF)Y
First Quantum (FM)Y
Imperial Oil (IMO)Y
Magna (MG)Y
Penn West Petroleum (PWT)Y
Royal Bank (RY)Y
Shaw (SJR.B)Y
Sun Life Financial (SLF)Y
Suncor Energy (SU)Y
TransAlta (TA)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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