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The Rothery Report

2017
  10: 01 07 16
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  07: 02 09 16 23 30
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  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
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2016
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  11: 06 13 20 27
  10: 02 09 16 23 29
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  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
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  01: 03 10 17 24 31
2015
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2014
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2013
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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
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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
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  06: 05 12 19 26
  05: 01 08 15 22 29
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  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
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  10: 03 10 17 24 31
  09: 05 12 19 26
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The Stingy News Weekly (01/04/02)

The Markets This Week

DOW 30: 10,259.74 +1.21% to a P/E of 28.1
TSE 300: 7,833.24 +2.06% with a negative P/E

The Value View

Dow at a P/E of 20: 7,302 (-28.8%) Poor Value
Dow at a P/E of 15: 5,477 (-46.6%) Fair Value
Dow at a P/E of 10: 3,651 (-64.4%) Good Value

Stingy investors value American Express at $23.6 billion

Visitors to the StingyInvestor.com website were asked to value a mystery company in bid to win a copy of Jim Otar's new book "High Expectations & False Dreams: one hundred years of stock market history applied to retirement planning".

The mystery company was none other than credit card giant American Express in disguise. The disguise? Raw financial numbers such as sales, earnings and book value were divided by 2. As a result, sales of $22 billion became sales of $11 billion and so on.

On average, the stingy contestants thought that the mystery company should be worth $11.8 billion. Multiply by 2 and American Express is worth $23.6 billion. However, the market took a different view and at the end of the contest American Express traded at about $50 billion.

Stingy Links

Dell does domination
"It's a terrible time to be selling computers--unless you're Michael Dell, who is slashing prices and stealing share from less efficient rivals. Is it 'game over' in PCs?"

The Top Achievements, Challenges, and Failures of Finance
"There is much subjectivity in my particular selection of subjects. Still, I would guess that most finance professors would agree that most of my final choices below represent important progress in the development of finance. Alas, I would expect none to agree with my specific rankings. Thus, my hope is that the list below is of interest to many practitioners and academics. " [PDF]

The facts on tax
"Come Jan. 1, the federal government will take a bigger slice of many Canadians' paycheques, despite the contention it is delivering on promises of significant tax relief."

Primer for Canadian Do-It-Yourself Investors
"The purpose of this web document is to serve as a primer for Canadian do-it-yourself (DIY) investors who wish to manage their own investment portfolio. It is aimed particularly at individuals who will be using their investment portfolio as the main source of retirement income."

Jack Bogle, man on a mission
"Here the longtime advocate of low-cost index investing describes what he expects from the market in coming years and what he believes investors should be doing, as well as what issues in the mutual fund world he's working on at the Bogle Center."

Market Trivia

The trivia questions this week are:
Q1. What is Buffett's first rule of investing?
Q2. What is Buffett's second rule of investing?
Q3. What is Buffett's first instruction in his succession plan?

The answers for last week's trivia questions are:
Q1. How many Canadian mutual funds existed in 1980?
A1. 162
Q2. How many Canadian mutual funds existed in 1990?
A2. 558
Q3. How many Canadian mutual funds existed in 2000?
A3. 3681

New @ StingyInvestor.com

Frugal Funds
If you are tired of being taken to the cleaners by high fees then Frugal Funds is for you.

Stingy Selections & Dartboard Dynamos
I've put my feet in the fire by taking up the Canadian MoneySaver stock picking challenge. Check out my picks and those submitted by the dastardly dartboard.

The StingyInvestor Store

Discover attractively priced stocks by subscribing to the Rothery Report. Ask for a sample today.

http://www.stingyinvestor.com/SI/store/freereport.shtml

Learn how to pick conservative mutual funds by reading our Frugal Funds special report.

http://www.stingyinvestor.com/SI/store/frugalfunds.shtml

Bullishly Yours,
Norman Rothery
ISSN 1499-2795

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Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...