The Stingy News Weekly: 04/07/2024
Stingy Links
The empirical problem with competitive strategy
"There is no empirical evidence that a company's market share
predicts its profitability. But that hasn't stopped academics,
business school curricula, and management consulting firms from
promulgating the idea for decades." [Markets]
Cliff Asness interview
"We talk about diversifying by both asset class and geography,
the challenge of managing short-term expectations while keeping a
long-term perspective, and ..." [video] [Asness]
Cognitive dissonance
"Here are a few things I would've thought were hard for investors
to believe simultaneously. I would've been wrong" [Asness]
Don't bank on the equity risk premium
"If stocks will assuredly outperform bonds over intervals of,
say, 20 years or more, where is the risk? And if stocks aren't
risky over long intervals, why should their returns exceed the
returns on bonds that are not risky?" [Markets]
Buying tiny ETFs
"We went with a NAV trade in this case, deploying $60 million
into a $6 million ETF very efficiently in a single trade." [Indexing]
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | Yield | | BCE (BCE) | C | D | A |
| Enbridge (ENB) | B | C | A |
| TC Energy (TRP) | F | B | A |
| Algonquin Power (AQN) | F | A | A |
| TELUS (T) | E | C | A |
| Bank of Nova Scotia (BNS) | A | A | A |
| Emera (EMA) | A | A | A |
| Power (POW) | A | A | A |
| Brookfield Infra (BIP.UN) | E | C | A |
| Pembina Pipeline (PPL) | C | C | A |
| Low Price/Earnings Stocks | P/E | P/B | Yield | | Brookfield Asset Management (BAM) | A | C | B |
| Suncor Energy (SU) | A | B | B |
| Tourmaline Oil (TOU) | A | B | D |
| Emera (EMA) | A | A | A |
| Power (POW) | A | A | A |
| Imperial Oil (IMO) | A | C | C |
| Bank of Nova Scotia (BNS) | A | A | A |
| National Bank (NA) | A | C | B |
| Magna International (MG) | A | A | C |
| Manulife Financial (MFC) | A | B | B |
| Low Price/Book Value Stocks | P/E | P/B | Yield | | First Quantum (FM) | A | A | D |
| Canadian Apt REIT (CAR.UN) | F | A | C |
| Algonquin Power (AQN) | F | A | A |
| Nutrien (NTR) | B | A | B |
| Power (POW) | A | A | A |
| Bank of Nova Scotia (BNS) | A | A | A |
| Teck Resources (TECK.B) | B | A | E |
| Emera (EMA) | A | A | A |
| Magna International (MG) | A | A | C |
| Fortis (FTS) | C | A | B |
| Canadian Stock Summary | P/E | P/B | Yield | | Bank of Nova Scotia (BNS) | Y | Y | Y |
| Emera (EMA) | Y | Y | Y |
| Power (POW) | Y | Y | Y |
| Algonquin Power (AQN) | | Y | Y |
| Magna International (MG) | Y | Y | |
| BCE (BCE) | | | Y |
| Brookfield Asset Management (BAM) | Y | | |
| Brookfield Infra (BIP.UN) | | | Y |
| Canadian Apt REIT (CAR.UN) | | Y | |
| Enbridge (ENB) | | | Y |
| First Quantum (FM) | | Y | |
| Fortis (FTS) | | Y | |
| Imperial Oil (IMO) | Y | | |
| Manulife Financial (MFC) | Y | | |
| National Bank (NA) | Y | | |
| Nutrien (NTR) | | Y | |
| Pembina Pipeline (PPL) | | | Y |
| Suncor Energy (SU) | Y | | |
| TC Energy (TRP) | | | Y |
| TELUS (T) | | | Y |
| Teck Resources (TECK.B) | | Y | |
| Tourmaline Oil (TOU) | Y | | |
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | Yield | | 3M (MMM) | F | A |
| Verizon (VZ) | B | A |
| Dow (DOW) | E | A |
| Walmart (WMT) | A | A |
| Chevron (CVX) | A | A |
| IBM (IBM) | C | B |
| Amgen (AMGN) | C | B |
| Cisco Systems (CSCO) | A | B |
| Coca-Cola (KO) | D | B |
| Johnson & Johnson (JNJ) | A | B |
| Low Price/Earnings Stocks | P/E | Yield | | Walmart (WMT) | A | A |
| Johnson & Johnson (JNJ) | A | B |
| JPMorgan Chase (JPM) | A | D |
| Chevron (CVX) | A | A |
| Cisco Systems (CSCO) | A | B |
| Verizon (VZ) | B | A |
| Goldman (GS) | B | C |
| Travelers (TRV) | B | D |
| Caterpillar (CAT) | B | D |
| UnitedHealth (UNH) | B | D |
| US Stock Summary | P/E | Yield | | Amgen (AMGN) | Y | Y |
| Chevron (CVX) | Y | Y |
| Goldman (GS) | Y | Y |
| Verizon (VZ) | Y | Y |
| 3M (MMM) | | Y |
| American Express (AXP) | Y | |
| Caterpillar (CAT) | Y | |
| Cisco Systems (CSCO) | Y | |
| Coca-Cola (KO) | | Y |
| Dow (DOW) | | Y |
| Home Depot (HD) | Y | |
| IBM (IBM) | | Y |
| JPMorgan Chase (JPM) | Y | |
| Johnson & Johnson (JNJ) | | Y |
| Travelers (TRV) | Y | |
| Walgreens (WBA) | | Y |
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