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The Stingy News Weekly: 03/28/2021


Stingy Links

Low cost is better than free
"As someone who's worked on pricing R&D at two different wealth managers, I can assure you that like high-functioning pavlovian dogs, companies are very sensitive to what people want as revealed by their actual behavior. If people started subscribing in droves to a direct paid model, they'd hop on that model quickly. But usually we don't. Based on our behavior, we basically look companies in the eye and say 'Lie to me please'. 'Tell me it's free', 'Tell me there's no fee'."
[Thrift]

Replication crisis that wasn't
"In plainer words, done properly (using a consistent methodology, accounting for the simultaneous testing of many factors, comparing to a fair yardstick and not 100% of a backtest, studying the broadest set of factors in the most places, using global data, and even making their code and data available online) the study of ex post 'after the research paper came out and told everybody the good news' factor results is extremely supportive of factor investing."
[Markets]

Replication crisis in finance
"Value factors became stronger when controlling for other effects because of their hedging benefits relative to momentum, quality, and leverage. And the Leverage cluster became one of the most heavily weighted, in large part due to its ability to hedge value and low-risk factors."
[Markets]

Canadian systemic risk
"In Vancouver, you currently need to earn at least $147,600 to make the payments on a typical home in February 2020. Over in Fraser Valley, you can get away with $143,700 per year. That's 44% and 40% higher than the current median household income, respectively. Greater Toronto real estate also requires much bigger salaries to carry the mortgages. The payments on a typical GTA home needs a minimum salary of $148,570. In Hamilton, it's estimated at $128,100 at minimum. The minimum income is 45% and 25% higher than the current estimated household income, respectively."
[Real Estate]

Defining inequality so it can't be fixed
"conventional income inequality numbers report the distribution of income before taxes and transfers. After taxes and transfers, income inequality is flat or decreasing, depending on your starting point."
[Economics]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Brookfield Property Partners (BPY.UN)FABA
Enbridge (ENB)DCBA
Pembina Pipeline (PPL)FBDA
BCE Inc. (BCE)CDCA
TC Energy (TRP)BCDA
Power Corp of Canada (POW)AAAA
TELUS (T)DDBA
Cdn Natural Resources (CNQ)FACA
CIBC (CM)ABBA
Emera (EMA)BCCA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Kinross Gold (K)AACD
Manulife (MFC)AAAB
Canadian Apartment REIT (CAR.UN)AAEC
Kirkland Lake Gold (KL)ABEC
Algonquin Power (AQN)ACEB
Alimentation Couche-Tard (ATD.B)ADAE
Power Corp of Canada (POW)AAAA
TD Bank (TD)ABDB
CIBC (CM)ABBA
Bank of Montreal (BMO)BBBB
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Teck Resources (TECK.B)FABE
Brookfield Property Partners (BPY.UN)FABA
Cenovus Energy (CVE)FAAE
Canadian Apartment REIT (CAR.UN)AAEC
Imperial Oil (IMO)FAAC
Manulife (MFC)AAAB
Power Corp of Canada (POW)AAAA
Suncor Energy (SU)FABC
Kinross Gold (K)AACD
Nutrien (NTR)EABC
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Power Corp of Canada (POW)YYY
Brookfield Property Partners (BPY.UN)YY
CIBC (CM)YY
Canadian Apartment REIT (CAR.UN)YY
Kinross Gold (K)YY
Manulife (MFC)YY
Algonquin Power (AQN)Y
Alimentation Couche-Tard (ATD.B)Y
BCE Inc. (BCE)Y
Bank of Montreal (BMO)Y
Cdn Natural Resources (CNQ)Y
Cenovus Energy (CVE)Y
Emera (EMA)Y
Enbridge (ENB)Y
Imperial Oil (IMO)Y
Kirkland Lake Gold (KL)Y
Nutrien (NTR)Y
Pembina Pipeline (PPL)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TD Bank (TD)Y
TELUS (T)Y
Teck Resources (TECK.B)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Chevron (CVX)FABA
IBM (IBM)BCAA
Verizon (VZ)ABAA
Walgreens (WBA)ABAA
Merck (MRK)CDCA
Coca-Cola (KO)DDEB
3M (MMM)BDCB
Cisco (CSCO)BCCB
(AMGN)BEDB
Johnson & Johnson (JNJ)DCDB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Walgreens (WBA)ABAA
Intel (INTC)ABCD
Goldman Sachs (GS)AABD
Verizon (VZ)ABAA
Travelers (TRV)AAAC
JP Morgan Chase (JPM)BADC
(AMGN)BEDB
3M (MMM)BDCB
IBM (IBM)BCAA
Cisco (CSCO)BCCB
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Travelers (TRV)AAAC
Goldman Sachs (GS)AABD
DuPont (DD)CABD
Chevron (CVX)FABA
JP Morgan Chase (JPM)BADC
Walgreens (WBA)ABAA
Intel (INTC)ABCD
Verizon (VZ)ABAA
Walt Disney (DIS)EBDF
(CRM)EBEF
Notes | More Info...


US Stock SummaryYieldP/EP/B
Verizon (VZ)YYY
Walgreens (WBA)YYY
3M (MMM)YY
Chevron (CVX)YY
Cisco (CSCO)YY
Goldman Sachs (GS)YY
IBM (IBM)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
Coca-Cola (KO)Y
DuPont (DD)Y
Johnson & Johnson (JNJ)Y
Merck (MRK)Y
Walt Disney (DIS)Y
Notes...



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The Rothery Report

2021
  12: 05
  11: 06 14 21 28
  10: 03 07 17 24 30
  09: 05 12 19 24
  08: 02 08 15 22 29
  07: 04 11 19 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 30
2020
  12: 06 13 20 25
  11: 01 08 22 27
  10: 03 11 18 24
  09: 06 11 19 26
  08: 01 09 16 22 30
  07: 04 12 18 26
  06: 06 12 20 27
  05: 03 09 16 23 31
  04: 04 12 17 24
  03: 08 15 22 28
  02: 01 07 15 22 28
  01: 03 10 17 24
2019
  12: 03 11 16 27
  11: 03 08 16 22 27
  10: 04 11 18 22
  09: 06 11 17 25
  08: 12 19 31
  07: 07 26 31
  06: 06 15 21 26
  05: 01 08 15 20 27
  04: 03 13 16 21
  03: 04 12 18 25
  02: 05 13 20 25
  01: 01 08 16 22 28
2018
  12: 03 11 17 26
  11: 01 05 12 19 26
  10: 09 15 22
  09: 06 10 17 24 30
  08: 07 13 22 28
  07: 02 09 16 23 30
  06: 04 12 19 25
  05: 08 14 23 28
  04: 02 10 16 22 30
  03: 05 12 19 27
  02: 05 12 20 26
  01: 01 08 15 22 29
2017
  12: 04 11 18 24
  11: 06 12 20 27
  10: 01 07 16 23 30
  09: 04 11 17 23
  08: 07 16 20 28
  07: 02 09 16 23 30
  06: 04 11 18 26
  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
  02: 05 12 19 26
  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
  04: 03 10 17 24
  03: 06 13 20 27
  02: 07 14 21 28
  01: 03 10 17 24 31
2015
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 10 18 25
  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
  06: 06 14 21 28
  05: 03 09 17 23 31
  04: 04 12 19 26
  03: 01 07 15 22 28
  02: 07 14 21
  01: 04 12 18 25 31
2014
  12: 06 14 21 28
  11: 02 08 16 23 30
  10: 04 11 19 26
  09: 06 14 19 28
  08: 10 16 24 29
  07: 05 12 19 25
  06: 08 15 20 29
  05: 04 11 18 25 30
  04: 06 12 20 27
  03: 02 09 16 23 30
  02: 01 09 16 23
  01: 05 12 18 26
2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
  12: 02 09 16 23 30
  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 31

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