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The Stingy News Weekly (01/08/2012)


"The chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions."
- Benjamin Graham


New @ StingyInvestor

Analyst Expectations
"The New Year brings with it soon-to-be-forgotten resolutions, but here’s one resolution that investors should strive to keep: Take analyst rankings with a large dose of caution."


Economic omens
"The global economy made it through 2011 despite Europe’s debt problems, high unemployment in the United States and growing worries about China’s red-hot housing market. But will 2012 be as forgiving?"


Stingy Links

Cycle bodes ill for the markets
"In June 1964, the real return over the previous 15 years averaged 15.6 percent a year, the highest that figure had ever been. The stock market did not begin to fall then, but it could no longer maintain the torrid pace, and the 15-year return figures began to decline. On a real total return basis, stock prices hit their highs for the era in late 1968, and by the mid-1970s were in free fall as high inflation combined with a bear market. By 1979, an investor who bought stocks in 1964, when the market seemed to be a sure moneymaker, had lost money after adjusting for inflation, even after including dividend income."


Open letter to Apple shareholders
"You see, one day a competitor will come along and cut our core product line out from underneath us. We will need all the cash we can muster to fend them off. When that cash is done, we will mortgage the company. The first several times we may be successful. However, as is always the case, eventually time will get the best of us and we will be unable to meet our creditors demands. We will go bankrupt. Our creditors will seize the equity and the shareholders will be left with nothing and having made zero return on their investment. To our original investors, who are truly dear to us, we can only hope that you have long since sold out to some greater fool. If not, please do so at your earliest convenience."


Why you can’t find heritage poultry
"But here’s what hasn’t been said about supply management: It is the enemy of deliciousness."


Newspapers, Paywalls, and Core Users
"This may be the year where newspapers finally drop the idea of treating all news as a product, and all readers as customers."


Scouring the market's bargain bin
"As a long time value investor, one of my favourite research tools is the famous Ben Graham “net-net working capital” screen. This analysis begins with current assets – typically dominated by cash, accounts receivable and inventories – and then deducts all liabilities, not just current liabilities, to arrive at a net working capital per share value. No value is given to fixed assets such as plant, machinery and real estate, nor to intangibles such as goodwill, patents, licenses or other intellectual property."



DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)2535
Verizon (VZ)2345
Merck (MRK)1415
General Electric (GE)3435
Pfizer (PFE)2425
Johnson & Johnson (JNJ)2315
EI DuPont (DD)4244
Intel (INTC)4314
Kraft (KFT)1434
Procter & Gamble (PG)1324
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
JP Morgan Chase (JPM)5533
Hewlett-Packard (HPQ)5552
Chevron (CVX)5454
Alcoa (AA)5551
Microsoft (MSFT)5114
Exxon Mobil (XOM)4342
Intel (INTC)4314
American Express (AXP)4221
Wal-Mart (WMT)4252
EI DuPont (DD)4244
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)25352.60
JP Morgan Chase (JPM)55332.60
Chevron (CVX)54542.77
Verizon (VZ)23453.02
Intel (INTC)43143.32
Microsoft (MSFT)51143.52
EI DuPont (DD)42443.57
General Electric (GE)34353.86
Pfizer (PFE)24254.05
Hewlett-Packard (HPQ)55524.42
Notes | More Info...


US Stock SummaryYieldP/EV.R.
EI DuPont (DD)YYY
Intel (INTC)YYY
AT&T (T)YY
Chevron (CVX)YY
General Electric (GE)YY
Hewlett-Packard (HPQ)YY
JP Morgan Chase (JPM)YY
Microsoft (MSFT)YY
Pfizer (PFE)YY
Verizon (VZ)YY
Alcoa (AA)Y
American Express (AXP)Y
Exxon Mobil (XOM)Y
Johnson & Johnson (JNJ)Y
Kraft (KFT)Y
Merck (MRK)Y
Procter & Gamble (PG)Y
Wal-Mart (WMT)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Enerplus (ERF)5415
Sun Life Financial (SLF)2555
TransAlta (TA)3345
BCE Inc. (BCE)2135
Penn West Petroleum (PWT)3525
Canadian Oil Sands (COS)5225
Husky Energy (HSE)4445
Bank of Montreal (BMO)4435
Power Corp of Canada (POW)4555
CIBC (CM)4235
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Research In Motion (RIM)5550
Brookfield (BAM.A)5542
Iamgold (IMG)5312
Bombardier (BBD.B)5153
Agrium (AGU)5351
Inmet Mining (IMN)5411
Canadian Oil Sands (COS)5225
Teck Resources (TCK.B)5433
Magna (MG)5553
Gildan Activewear (GIL)5342
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Enerplus (ERF)54151.22
Canadian Oil Sands (COS)52251.86
CIBC (CM)42352.10
TransAlta (TA)33452.21
Sun Life Financial (SLF)25552.21
Power Corp of Canada (POW)45552.23
Bank of Montreal (BMO)44352.24
Husky Energy (HSE)44452.30
Manulife (MFC)45542.39
National Bank (NA)43342.54
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Canadian Oil Sands (COS)YYY
Bank of Montreal (BMO)YY
CIBC (CM)YY
Enerplus (ERF)YY
Husky Energy (HSE)YY
Power Corp of Canada (POW)YY
Sun Life Financial (SLF)YY
TransAlta (TA)YY
Agrium (AGU)Y
BCE Inc. (BCE)Y
Bombardier (BBD.B)Y
Brookfield (BAM.A)Y
Gildan Activewear (GIL)Y
Iamgold (IMG)Y
Inmet Mining (IMN)Y
Magna (MG)Y
Manulife (MFC)Y
National Bank (NA)Y
Penn West Petroleum (PWT)Y
Research In Motion (RIM)Y
Teck Resources (TCK.B)Y
Notes...



The Rothery Report
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The Rothery Report provides research on select deep-value stocks in North America. Discover overlooked and undervalued stocks in quarterly investment reports which provide detailed analysis of Canadian and U.S. stocks. Weekly email news and additional updates keep subscribers informed about new opportunities and developments.

Rothery Report Performance
(03/31/2001 to 09/30/2011)
Average Capital Gain
33.1%



Graham Value Stocks
(Learn More)

The Graham Value Stocks letter is designed for investors who want to keep up with our sensational stock selection methods inspired by Benjamin Graham. We comb through mountains of data to highlight U.S. and Canadian stocks that we believe to be both cheap and relatively safe.

Graham Portfolio Performance
(9/2009 to 9/2011)
Simple WayDividend WayDefensive
+21%C+15%U+22%C+26%U+27%U



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