Tip Sheet
Tip Sheet Archive
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Value Ratio DJIA30
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Graham's Approach
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Low P/E DJIA
Low P/E TSX60
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Stingy Investor Tip Sheet
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| Graham Net Net March 2016 Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, the
tables are sorted by market capitalization from high to low. It's not
perfect but broken companies usually appear lower down on each list.
Also, for NASDAQ stocks, a trailing Q in the 5 letter ticker symbol is
a bad sign.
To clear out some of the tiny stock clutter, I dropped stocks with Net Net
values or market capitalizations of less than $1 million. Stocks with
prices below $0.05 per share were also removed.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
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| 3/5/2016 12:48 PM EST Permlink save & share | Value Investing |
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| | Graham Net Net November 2015 Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, the
tables are sorted by market capitalization from high to low. It's not
perfect but broken companies usually appear lower down on each list.
Also, for NASDAQ stocks, a trailing Q in the 5 letter ticker symbol is
a bad sign.
To clear out some of the tiny stock clutter, I dropped stocks with Net Net
values or market capitalizations of less than $1 million. Stocks with
prices below $0.05 per share were also removed.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 11/14/2015 3:03 PM EST Permlink save & share | Value Investing |
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| | Graham Net Net June 2015 Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, the
tables are sorted by price from high to low. It's not perfect but
broken companies usually appear lower down on each list. Also, for
NASDAQ stocks, a trailing Q in the 5 letter ticker symbol is a bad sign.
To clear out some of the tiny stock clutter, I dropped stocks with Net Net
values or market capitalizations of less than $1 million. Stocks with
prices below $0.05 per share were also removed.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 06/03/2015 3:35 PM EST Permlink save & share | Value Investing |
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| | Graham Net Net November 2014 Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by price from high to low. It's not perfect but broken
companies usually appear lower down on the list. Also, for NASDAQ
stocks, a trailing Q in a 5 letter ticker symbol is a bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 11/16/2014 7:00 PM EST Permlink save & share | Value Investing |
|
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| | Graham Net Net September 2014 Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by price from high to low. It's not perfect but broken
companies usually appear lower down on the list. Also, for NASDAQ
stocks, a trailing Q in a 5 letter ticker symbol is a bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 10/09/2014 7:00 PM EST Permlink save & share | Value Investing |
|
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| | Graham Net Net May 2014 Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by price from high to low. It's not perfect but broken
companies usually appear lower down on the list. Also, for NASDAQ
stocks, a trailing Q in a 5 letter ticker symbol is a bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 11/05/2014 1:00 PM EST Permlink save & share | Value Investing |
|
|
| | Graham Net Net December Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by price from high to low. It's not perfect but broken
companies usually appear lower down on the list. Also, for NASDAQ
stocks, a trailing Q in a 5 letter ticker symbol is a bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 12/06/2013 2:40 PM EST Permlink save & share | Value Investing |
|
|
| | Graham Net Net May Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by price from high to low. It's not perfect but broken
companies usually appear lower down on the list. Also, for NASDAQ
stocks, a trailing Q in a 5 letter ticker symbol is a bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 5/27/2013 10:00 PM EST Permlink save & share | Value Investing |
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| | Stingy Stock May Update |
Our Stingy
Stock method is very popular and, we're pleased to say, that it
has also been highly profitable.
| Table 1: Past Performance |
| Period | Stingy Stocks | S&P500 (SPY) | +/- |
| 2001 - 2002 | -1.9% | -22.1% | 20.2 |
| 2002 - 2003 | 33.8% | 23.0% | 10.8 |
| 2003 - 2004 | 29.8% | 13.4% | 16.4 |
| 2004 - 2005 | 29.2% | 8.2% | 21.0 |
| 2005 - 2006 | 28.9% | 12.6% | 16.3 |
| 2006 - 2007 | -5.5% | 7.4% | -12.9 |
| 2007 - 2008 | -40.1% | -37.5% | -2.6 |
| 2008 - 2009 | 64.5% | 26.0% | 38.5 |
| 2009 - 2010 | 69.4% | 12.4% | 57.0 |
| 2010 - 2011 | -16.1% | -0.3% | -15.7 |
| 2011 - 2012 | 10.9% | 20.8% | -9.9 |
| Total Gain Since Inception | 317% | 52% | |
After the huge run, it won't surprise you that we've had several
requests for updates from keen investors. But before revealing the
current list of Stingy Stocks, let's take a quick look at
some of the criteria we used to find them.
| Stingy Stock Criteria |
1. A member of the S&P500
2. Debt-to-Equity Ratio less than or equal to 0.5
3. Current Ratio of more than 2
4. Interest Coverage of more than 2
5. Some Cash Flow from Operations
6. Some Earnings
7. Price to Sales ratio of less than 1 |
You can learn even more about the approach by perusing last year's article.
The rest of this update has been reserved for Rothery Report
subscribers. If you're a current subscriber, just login. If
not, subscribe today!
|
|
| 5/27/2013 9:00 PM EST Permlink save & share | Value Investing |
|
|
| | Stingy Stock April Update |
Our Stingy
Stock method is very popular and, we're pleased to say, that it
has also been highly profitable.
| Table 1: Past Performance |
| Period | Stingy Stocks | S&P500 (SPY) | +/- |
| 2001 - 2002 | -1.9% | -22.1% | 20.2 |
| 2002 - 2003 | 33.8% | 23.0% | 10.8 |
| 2003 - 2004 | 29.8% | 13.4% | 16.4 |
| 2004 - 2005 | 29.2% | 8.2% | 21.0 |
| 2005 - 2006 | 28.9% | 12.6% | 16.3 |
| 2006 - 2007 | -5.5% | 7.4% | -12.9 |
| 2007 - 2008 | -40.1% | -37.5% | -2.6 |
| 2008 - 2009 | 64.5% | 26.0% | 38.5 |
| 2009 - 2010 | 69.4% | 12.4% | 57.0 |
| 2010 - 2011 | -16.1% | -0.3% | -15.7 |
| 2011 - 2012 | 10.9% | 20.8% | -9.9 |
| Total Gain Since Inception | 317% | 52% | |
After the huge run, it won't surprise you that we've had several
requests for updates from keen investors. But before revealing the
current list of Stingy Stocks, let's take a quick look at
some of the criteria we used to find them.
| Stingy Stock Criteria |
1. A member of the S&P500
2. Debt-to-Equity Ratio less than or equal to 0.5
3. Current Ratio of more than 2
4. Interest Coverage of more than 2
5. Some Cash Flow from Operations
6. Some Earnings
7. Price to Sales ratio of less than 1 |
You can learn even more about the approach by perusing last year's article.
The rest of this update has been reserved for Rothery Report
subscribers. If you're a current subscriber, just login. If
not, subscribe today!
|
|
| 4/7/2013 8:00 PM EST Permlink save & share | Value Investing |
|
|
| | Graham Net Net January Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by price from high to low. It's not perfect but broken
companies usually appear lower down on the list. Also, for NASDAQ
stocks, a trailing Q in a 5 letter ticker symbol is a bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 2/1/2013 10:30 PM EST Permlink save & share | Value Investing |
|
|
| | Stingy Stock January Update |
Our Stingy
Stock method is very popular and, we're pleased to say, that it
has also been highly profitable.
| Table 1: Past Performance |
| Period | Stingy Stocks | S&P500 (SPY) | +/- |
| 2001 - 2002 | -1.9% | -22.1% | 20.2 |
| 2002 - 2003 | 33.8% | 23.0% | 10.8 |
| 2003 - 2004 | 29.8% | 13.4% | 16.4 |
| 2004 - 2005 | 29.2% | 8.2% | 21.0 |
| 2005 - 2006 | 28.9% | 12.6% | 16.3 |
| 2006 - 2007 | -5.5% | 7.4% | -12.9 |
| 2007 - 2008 | -40.1% | -37.5% | -2.6 |
| 2008 - 2009 | 64.5% | 26.0% | 38.5 |
| 2009 - 2010 | 69.4% | 12.4% | 57.0 |
| 2010 - 2011 | -16.1% | -0.3% | -15.7 |
| 2011 - 2012 | 10.9% | 20.8% | -9.9 |
| Total Gain Since Inception | 317% | 52% | |
After the huge run, it won't surprise you that we've had several
requests for updates from keen investors. But before revealing the
current list of Stingy Stocks, let's take a quick look at
some of the criteria we used to find them.
| Stingy Stock Criteria |
1. A member of the S&P500
2. Debt-to-Equity Ratio less than or equal to 0.5
3. Current Ratio of more than 2
4. Interest Coverage of more than 2
5. Some Cash Flow from Operations
6. Some Earnings
7. Price to Sales ratio of less than 1 |
You can learn even more about the approach by perusing last year's article.
The rest of this update has been reserved for Rothery Report
subscribers. If you're a current subscriber, just login. If
not, subscribe today!
|
|
| 1/31/2013 11:00 PM EST Permlink save & share | Value Investing |
|
|
| | Graham Net Net September Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by Market Capitalization from high to low. It's not
perfect but broken companies usually appear lower down on the list.
Also, for NASDAQ stocks, a trailing Q in a 5 letter ticker symbol is a
bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
If you're a current subscriber,
login to see the tables.
If not, subscribe today!
|
|
| 9/7/2012 11:00 PM EST Permlink save & share | Value Investing |
|
|
| | Stingy Stock September Update |
Our Stingy
Stock method is very popular and, we're pleased to say, that it
has also been highly profitable.
| Table 1: Past Performance |
| Period | Stingy Stocks | S&P500 (SPY) | +/- |
| 2001 - 2002 | -1.9% | -22.1% | 20.2 |
| 2002 - 2003 | 33.8% | 23.0% | 10.8 |
| 2003 - 2004 | 29.8% | 13.4% | 16.4 |
| 2004 - 2005 | 29.2% | 8.2% | 21.0 |
| 2005 - 2006 | 28.9% | 12.6% | 16.3 |
| 2006 - 2007 | -5.5% | 7.4% | -12.9 |
| 2007 - 2008 | -40.1% | -37.5% | -2.6 |
| 2008 - 2009 | 64.5% | 26.0% | 38.5 |
| 2009 - 2010 | 69.4% | 12.4% | 57.0 |
| 2010 - 2011 | -16.1% | -0.3% | -15.7 |
| Total Gain Since Inception | 275.5% | 25.4% | 250.0 |
After the huge run, it won't surprise you that we've had several
requests for updates from keen investors. But before revealing the
current list of Stingy Stocks, let's take a quick look at
some of the criteria we used to find them.
| Stingy Stock Criteria |
1. A member of the S&P500
2. Debt-to-Equity Ratio less than or equal to 0.5
3. Current Ratio of more than 2
4. Interest Coverage of more than 2
5. Some Cash Flow from Operations
6. Some Earnings
7. Price to Sales ratio of less than 1 |
You can learn even more about the approach by perusing this year's article.
The rest of this update has been reserved for Rothery Report
subscribers. If you're a current subscriber, just login. If
not, subscribe today!
|
|
| 9/7/2012 10:11 PM EST Permlink save & share | Value Investing |
|
|
| | Stingy Stock June Update |
Our Stingy
Stock method is very popular and, we're pleased to say, that it
has also been highly profitable.
| Table 1: Past Performance |
| Period | Stingy Stocks | S&P500 (SPY) | +/- |
| 2001 - 2002 | -1.9% | -22.1% | 20.2 |
| 2002 - 2003 | 33.8% | 23.0% | 10.8 |
| 2003 - 2004 | 29.8% | 13.4% | 16.4 |
| 2004 - 2005 | 29.2% | 8.2% | 21.0 |
| 2005 - 2006 | 28.9% | 12.6% | 16.3 |
| 2006 - 2007 | -5.5% | 7.4% | -12.9 |
| 2007 - 2008 | -40.1% | -37.5% | -2.6 |
| 2008 - 2009 | 64.5% | 26.0% | 38.5 |
| 2009 - 2010 | 69.4% | 12.4% | 57.0 |
| 2010 - 2011 | -16.1% | -0.3% | -15.7 |
| Total Gain Since Inception | 275.5% | 25.4% | 250.0 |
After the huge run, it won't surprise you that we've had several
requests for updates from keen investors. But before revealing the
current list of Stingy Stocks, let's take a quick look at
some of the criteria we used to find them.
| Stingy Stock Criteria |
1. A member of the S&P500
2. Debt-to-Equity Ratio less than or equal to 0.5
3. Current Ratio of more than 2
4. Interest Coverage of more than 2
5. Some Cash Flow from Operations
6. Some Earnings
7. Price to Sales ratio of less than 1 |
You can learn even more about the approach by perusing this year's article.
The rest of this update has been reserved for Rothery Report
subscribers. If you're a current subscriber, just login. If
not, subscribe today!
|
|
| 6/27/2012 4:24 PM EST Permlink save & share | Value Investing |
|
|
| | Graham Net Net June Update |
I've refreshed the list of Canadian and U.S. Net Net stocks. These
are stocks trading at a discount to current assets less all
liabilities. Ben Graham originally suggested stocks trading at 66% of
their Net Net value. I was more generous and started my search at
100% or less of Net Net.
You'll remember that a stock's Net Net is equal to its current
assets less all liabilities.
It should come as no surprise that there are relatively few Net Net
candidates and they tend to be very small stocks indeed. Data on
these very small stocks tends to be uneven at best. Indeed, looking
for Net Nets can be a good way to uncover database errors or bankrupt
companies. Nonetheless, you can occasionally spot a gem or two.
But, before diving in, make sure you go the extra mile to check the
data and beware that many of these stocks are extraordinarily
illiquid. In such cases, market orders can lead to poverty. Buying
stocks indiscriminately from a Net Net list can be dangerous.
If it's dangerous, why bother? Because the returns have been quite
good as Montier showed in his article "Graham's net-nets: outdated or
outstanding?" which can be found in his book "Value Investing".
(Hint: The answer is outstanding.) You just have to sort through the
dross.
The two tables below present raw data. To help discriminate between
the bankrupt companies and those that are not quite dead yet, I've
sorted them by Market Capitalization from high to low. It's not
perfect but broken companies usually appear lower down on the list.
Also, for NASDAQ stocks, a trailing Q in a 5 letter ticker symbol is a
bad sign.
Here are the lists of Canadian and U.S. stocks that pass the Net Net
test ...
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| 6/27/2012 4:00 PM EST Permlink save & share | Value Investing |
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