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The Stingy News Weekly: 05/29/2022


Stingy Links

Still overrated
"In sum, PE LPs are paying higher-than-S&P 500 prices for near-distressed credit quality micro-caps with a heavy sector bias toward tech and healthcare. With cracks showing in public markets for these sectors, and for growth in general, I fear that the reckoning might be finally arriving for private equity."
[Markets]

Valuations with and without Tech
"Turns out, the S&P 500 ex-technology is actually more expensive than the S&P 500, suggesting that large-cap tech might be relatively cheap but the devil is in the details."
[Value Investing]

Value investing is not all about tech
"The within-industry value spread (far closer to what we actually trade) is currently 95th percentile versus its own history and still 90% of the way up from median to its tech bubble peak (the prior peak before the crazy COVID driven 2020-2021 peak). The expensiveness of tech vs. the S&P 500 is 84th percentile versus its own history (so still on the high side but not the stratosphere) but only 17% of the way up from median toward its tech bubble peak."
[Value Investing]

On European value
"So it stands to reason, or at least consider, that in a more normal market environment, Europe might have a lot of catching up to do - particularly some of the value stocks across the continent."
[Value Investing]

Avoidable costs of index rebalancing
"Traditional capitalization-weighted indices generally add stocks with high valuation multiples after persistent outperformance and sell stocks at low valuation multiples after persistent underperformance. For the S&P 500 Index, in the year after a change in the index, additions lose relative to discretionary deletions by about 22%. Simple rules, such as trading ahead of index funds or delaying reconstitution trades by 3 to 12 months, can add up to 23 basis points (bps). This benefit doubles when we cap-weight a portfolio not selected on market value, but based on the fundamental size of a business or its multi-year average market cap."
[Indexing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
Enbridge (ENB)CCA
Manulife Financial (MFC)AAA
Power (POW)AAA
BCE (BCE)DDA
TC Energy (TRP)ECA
Pembina Pipeline (PPL)DCA
Bank of Nova Scotia (BNS)BAA
CIBC (CM)AAA
Algonquin Power (AQN)EBA
Emera (EMA)EBA
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)AAC
Manulife Financial (MFC)AAA
SNC-Lavalin (SNC)AAE
Bank of Montreal (BMO)AAB
Power (POW)AAA
Thomson Reuters (TRI)AED
Canadian Tire (CTC.A)ABC
Sun Life (SLF)AAA
CIBC (CM)AAA
National Bank (NA)ABB
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)AAC
Manulife Financial (MFC)AAA
Kinross Gold (K)DAC
Power (POW)AAA
Teck Resources (TECK.B)BAD
CIBC (CM)AAA
Sun Life (SLF)AAA
SNC-Lavalin (SNC)AAE
Bank of Montreal (BMO)AAB
Barrick Gold (ABX)CAC
Notes | More Info...


Canadian Stock SummaryP/EP/BYield
CIBC (CM)YYY
Manulife Financial (MFC)YYY
Power (POW)YYY
Bank of Montreal (BMO)YY
Canadian Apt REIT (CAR.UN)YY
SNC-Lavalin (SNC)YY
Sun Life (SLF)YY
Algonquin Power (AQN)Y
BCE (BCE)Y
Bank of Nova Scotia (BNS)Y
Barrick Gold (ABX)Y
Canadian Tire (CTC.A)Y
Emera (EMA)Y
Enbridge (ENB)Y
Kinross Gold (K)Y
National Bank (NA)Y
Pembina Pipeline (PPL)Y
TC Energy (TRP)Y
Teck Resources (TECK.B)Y
Thomson Reuters (TRI)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BYield
Verizon (VZ)BBA
IBM (IBM)CDA
Walgreens (WBA)AAA
Dow (DOW)ABA
3M (MMM)BCA
Cisco Systems (CSCO)BCB
Intel (INTC)AAB
Chevron (CVX)BBB
JPMorgan Chase (JPM)AAB
Amgen (AMGN)DEB
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Walgreens (WBA)AAA
Goldman (GS)AAD
Intel (INTC)AAB
Dow (DOW)ABA
JPMorgan Chase (JPM)AAB
Verizon (VZ)BBA
Travelers (TRV)BAD
3M (MMM)BCA
Cisco Systems (CSCO)BCB
Merck (MRK)BCC
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Goldman (GS)AAD
Walgreens (WBA)AAA
JPMorgan Chase (JPM)AAB
Travelers (TRV)BAD
Intel (INTC)AAB
Walt Disney (DIS)EBF
Chevron (CVX)BBB
Verizon (VZ)BBA
Dow (DOW)ABA
salesforce.com (CRM)EBF
Notes | More Info...


US Stock SummaryP/EP/BYield
Dow (DOW)YYY
Intel (INTC)YYY
JPMorgan Chase (JPM)YYY
Verizon (VZ)YYY
Walgreens (WBA)YYY
3M (MMM)YY
Chevron (CVX)YY
Cisco Systems (CSCO)YY
Goldman (GS)YY
Travelers (TRV)YY
Amgen (AMGN)Y
IBM (IBM)Y
Merck (MRK)Y
Walt Disney (DIS)Y
salesforce.com (CRM)Y
Notes...



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2022
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2019
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2018
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2015
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2014
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2013
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2010
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