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The Stingy News Weekly (12/30/2012)


"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


Stingy Links

Why do Value Investors like Indexing?
"In general, most value investors like indexing. Buffett and many others agree on this. But why? 1) Most value investors that I have known want ordinary people to have an option of doing pretty well, without investing with them, because the minimums are too high - investing in index funds fits that... 2) The second reason is less noble. We like less competition."


Housing affordability crisis
"For just the second time in the past century, the country's housing market is pushing the limits of affordability, according to key statistical measures, shutting many potential buyers out of the market, and making it harder for those who have already taken the plunge to pay off their mortgages."


Zero-Sum doesn't add up
"Is life like a pizza, where if some people have too many slices, other people have to eat the pizza box?"


Heading over the fiscal cliff
"Even if the United States slips back into recession in the short-term, the fiscal cliff's economic prescriptions will make it better in the long-run: The Congressional Budget Office estimates that, a decade after going over the edge, debt will be 58% of GDP - which is much better than 100%."


The illiquidity premium
"This paper examines the illiquidity premium in stock markets in 45 countries. The premium is the excess return on high-illiquidity stocks minus low-illiquidity stocks across volatility portfolios, after controlling for volatility. The average monthly premium is 0.95% (0.44%) for equally-weighted (value-weighted) portfolio return. After controlling for six common global and regional risk factors, the monthly alpha is 1.04% (0.54%). The premium is much higher for emerging markets than it is for developed ones and it is lower in countries with better disclosure and legal\governance rules. We document significant comovement of country illiquidity premium with both the global and regional average illiquidity premiums."


Merry Christmas!
"Merry Christmas! Oh, and a "Bah! Humbug!" to all. ;-)"



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1435
Verizon (VZ)1245
Intel (INTC)5435
Merck (MRK)2315
Hewlett-Packard (HPQ)0555
Pfizer (PFE)1315
EI DuPont (DD)3144
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
Intel (INTC)5435
Caterpillar (CAT)5252
Exxon Mobil (XOM)5343
JP Morgan Chase (JPM)5533
Travelers (TRV)4542
UnitedHealth (UNH)4451
Cisco (CSCO)4423
American Express (AXP)4221
Boeing (BA)4153
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Intel (INTC)54352.00
Chevron (CVX)55442.65
JP Morgan Chase (JPM)55333.27
Exxon Mobil (XOM)53433.46
EI DuPont (DD)31443.64
Caterpillar (CAT)52523.70
Travelers (TRV)45423.91
Microsoft (MSFT)32144.22
General Electric (GE)24344.38
Merck (MRK)23154.40
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Intel (INTC)YYY
Caterpillar (CAT)YY
Chevron (CVX)YY
EI DuPont (DD)YY
Exxon Mobil (XOM)YY
General Electric (GE)YY
JP Morgan Chase (JPM)YY
Merck (MRK)YY
Travelers (TRV)YY
AT&T (T)Y
American Express (AXP)Y
Boeing (BA)Y
Cisco (CSCO)Y
Hewlett-Packard (HPQ)Y
Johnson & Johnson (JNJ)Y
McDonald's (MCD)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)1415
Canadian Oil Sands (COS)5225
Sun Life Financial (SLF)1555
BCE Inc. (BCE)4145
ARC Resources (ARX)1215
Bank of Montreal (BMO)5435
CIBC (CM)5235
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)52251.38
National Bank (NA)53341.92
Bank of Montreal (BMO)54352.08
CIBC (CM)52352.19
Power Corp of Canada (POW)44552.36
BCE Inc. (BCE)41452.54
Bank of Nova Scotia (BNS)43242.77
Penn West Petroleum (PWT)15352.95
Royal Bank (RY)42243.00
Bombardier (BBD.B)51533.16
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YYY
CIBC (CM)YYY
Canadian Oil Sands (COS)YYY
BCE Inc. (BCE)YY
Bombardier (BBD.B)YY
National Bank (NA)YY
Penn West Petroleum (PWT)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
Power Corp of Canada (POW)Y
Royal Bank (RY)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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