"Unless you can watch your stock holdings decline by 50% without
becoming panic-stricken, you should not be in the stock market."  - Warren Buffett


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Stingy Links
http://www.stingyinvestor.com/SI/articles/articlearchive.shtml

Housing meltdown
http://www.businessweek.com/magazine/content/08_06/b4070040767516.htm
"Brace yourself: Home prices could sink an additional 25% over the next two
or three years, returning values to their 2000 levels in
inflation-adjusted terms. That's even with the Federal Reserve's half-percentage-point
rate cut on Jan. 30 While a 25% decline is unprecedented in modern times,
some economists are beginning to talk about it. "We now see potential for
another 25% to 30% downside over the next two years," says David A.
Rosenberg, North American economist for Merrill Lynch (MER), who until recently had
expected a much smaller slide. Shocking though it might seem, a decline
of 25% from here would merely reverse the market's spectacular appreciation
during the boom. It would put the national price level right back on its
long-term growth trend line, a surprisingly modest 0.4% a year after
inflation."

The dash to trash
http://www.investorsinsight.com/otb_va_print.aspx?EditionID=645
"The US market is not priced for even a shallow recession - let alone a
deep one. Investors are piling on the risk by blindly believing that they can
tell 'true' growth stocks from the young pretenders - however, history
suggests that a monkey throwing darts would generally do a better job!
Investors with an ability to hold cash should consider this option. Waiting for
the 'fat pitch' may be one of the smartest ways of dealing with the
current juncture. For those who have to be invested, discipline will be key.
Sticking with a proven process and focusing on the long- term should bring
(long-term) rewards. Tilting towards large cap, dividend paying stocks or
large caps with the resource to transform cash piles into dividends are
likely to be the safest place to hide."

Experience: Walter Schloss
http://www.forbes.com/forbes/2008/0211/048.html
"Walter Schloss has lived through 17 recessions, starting with one when
Woodrow Wilson was President. This old-school value investor has made money
through many of them. What's ahead for the economy? He doesn't worry about
it. A onetime employee of the grand panjandrum of value, Benjamin Graham,
and a man his pal Warren Buffett calls a "superinvestor," Schloss at 91
would rather talk about individual bargains he has spotted. Like the
struggling car-wheel maker or the moneylosing furniture supplier. Bushy-eyebrowed
and avuncular, Schloss has a laid-back approach that fast-money traders
couldn't comprehend. He has never owned a computer and gets his prices from
the morning newspaper. A lot of his financial data come from company
reports delivered to him by mail, or from hand-me-down copies of Value Line,
the stock information service."


S&P/TSX60 Value Screens
http://www.stingyinvestor.com/SI/strategy.shtml 

High Dividend Yield Stocks                     P/E P/B P/S P/C P/D Yield*
============================================== === === === === === ======
Biovail (BVF)                                   5   5   3   5   5    5
Bank of Montreal (BMO)                          3   4   3   3   5    5
National Bank of Canada (NA)                    3   4   4   3   5    5
CIBC (CM)                                       5   3   4   3   5    5
Telus (T)                                       3   4   3   4   5    5
BCE (BCE)                                       4   3   4   4   5    5
Royal Bank (RY)                                 4   3   3   2   5    5
Bank of Nova Scotia (BNS)                       4   3   2   2   5    5
TransCanada (TRP)                               2   3   2   3   5    5
Shaw Comm Cl.B (SJR.B)                          2   4   3   4   4    4
More Info: http://www.stingyinvestor.com/SI/strategy/dogs.shtml 

Value Ratio Stocks                             P/E P/B P/S P/C P/D  VR
============================================== === === === === === =====
Biovail (BVF)                                   5   5   3   5   5   0.5
CIBC (CM)                                       5   3   4   3   5   1.6
Thomson (TOC)                                   5   4   2   3   4   2.0
Teck Cominco Limited (TCK.B)                    5   4   4   5   4   2.3
Bank of Montreal (BMO)                          3   4   3   3   5   2.8
Royal Bank (RY)                                 4   3   3   2   5   3.1
Bank of Nova Scotia (BNS)                       4   3   2   2   5   3.1
BCE (BCE)                                       4   3   4   4   5   3.1
Telus (T)                                       3   4   3   4   5   3.2
National Bank of Canada (NA)                    3   4   4   3   5   3.3
More Info: http://www.stingyinvestor.com/SI/strategy/valueratio.shtml 

Graham Stocks                                  P/E P/B P/D   G$   dG$(%)
============================================== === === === ====== ======
MDS Inc. (MDS)                                  5   5   0   40.84 139.53
Lundin Mining Corporation (LUN)                 5   5   0   16.95 104.76
Biovail (BVF)                                   5   5   5   19.02  43.52
Thomson (TOC)                                   5   4   4   49.02  33.93
Magna Cl.A (MG.A)                               4   5   3   99.57  22.81
Teck Cominco Limited (TCK.B)                    5   4   4   41.89  20.03
ACE Aviation Holdings Inc. (ACE.B)              5   5   0   26.15  16.77
Talisman Energy (TLM)                           5   4   2   17.26   7.99
Petro Canada (PCA)                              5   4   2   49.89   7.99
CIBC (CM)                                       5   3   5   78.74   7.16
More Info: http://www.stingyinvestor.com/SI/strategy/graham.shtml 

*Notes: http://www.stingyinvestor.com/SI/strategy/notes.shtml 

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Books for Stingy Investors

Common Stocks and Uncommon Profits
by Philip A. Fisher

Fisher takes a qualitative view of stocks and stresses the
importance of intangible aspects of a firm with heavy emphasis on
research and human capital. He also falls into the focused camp of
investors who buy only a few carefully selected stocks and hold
them for long periods. As Warren Buffett's second favourite book
on investing, Common Stocks and Uncommon Profits is a must read
for students of the market.
Amazon Link: http://www.amazon.ca/exec/obidos/ASIN/0471445509/


Stock Research From Dan Hallett & Associates

The Rothery Report
http://www.rotheryreport.com/ 

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 12/31/2007)
  Average Capital Gain    Average Holding Period
          45.2%                   2.4 Years

Learn More
http://www.rotheryreport.com/store/store.shtml

Subscribe Today
http://www.rotheryreport.com/store/order.shtml 



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ISSN 1499-2795 Copyright Dan Hallett and Associates Inc., 2008.
All rights reserved. The securities mentioned in this report are not
appropriate for all investors. Consult your professional investment
advisor before making any investment decision.  While all reasonable
effort is made to ensure the accuracy of information and data
contained herein, accuracy can not be guaranteed. Past performance is
not a good predictor of future performance.  Results are not
guaranteed and we assume no liability whatsoever for any material
losses that may occur.  No compensation for suggesting particular
securities or financial advisors is solicited or accepted.  The
information in this newsletter, and in its related website, is not
intended to be, nor does it constitute, financial advice or
recommendations.  Investing in stocks can be risky and may result in
substantial losses.  A Dan Hallett and Associates Inc.(DH&A)
publication.  DH&A is registered as Investment Counsel in the province
of Ontario. DH&A, or related-parties may have an interest in the
securities mentioned.