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The Stingy News Weekly: 02/13/2019


New from Norm

Trying to time the market
"Trying to time the market might be tempting but it's failure-prone. Most investors should focus on the fundamentals instead." [$]


Stingy Links

Retiring on low income
"Retirement savings advice doesn't always work for everyone, especially those living on low incomes. The Agenda discusses the reality of retirement for Ontario's low-income earners." [video]
[Retirement]

The world is shrinking
"Dire predictions about an impending overpopulation crisis have loomed large in the human imagination for centuries. Darrel Bricker and John Ibbitson co-authors of, 'Empty Planet: The Shock of Global Population Decline,' say these predictions have been greatly exaggerated. In fact, the global population is on the decline." [video]
[World]

DCA vs buy the dip
"My point in all of this is that Buy the Dip, even with perfect information, typically underperforms DCA. So if you attempt to build up cash and buy at the next bottom, you will likely be worse off than if you had bought every month. Why? Because while you wait for the next dip, the market is likely to keep rising and leave you behind."
[Markets]

Where big leaps live
"Few talented people get all their value from being great at one thing. Being so good at one thing that it's enough to make you extraordinary is rare. More likely are people who are pretty good at a few things and combine those things to make a big leap into something great."
[Behaviour]

Paul Volcker talks to Ray Dalio
"I sat down with one of my greatest heroes, Paul Volcker, to talk about the state of the economy and U.S. government as well as learn about the principles that guided his incredible career." [video]
[Government]

Sovereign bonds since Waterloo
"This paper studies external sovereign bonds as an asset class. We compile a new database of 220,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering 91 countries. Our main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ex-post returns averaged 7% annually across two centuries, including default episodes, major wars, and global crises. This represents an excess return of around 4% above US or UK government bonds, which is comparable to stocks and outperforms corporate bonds. The observed returns are hard to reconcile with canonical theoretical models and with the degree of credit risk in this market, as measured by historical default and recovery rates. Based on our archive of more than 300 sovereign debt restructurings since 1815, we show that full repudiation is rare; the median haircut is below 50%."
[Bonds]

Broken beta
"Smart beta will disappoint some investors, but that's as much their fault as the product providers. Investors do not appreciate the significant tracking errors relative to their benchmarks. This has led ETF issuers to create index products with only slight factor tilts. Given the higher price tag of smart beta ETFs compared to plain-vanilla equity ETFs, they are probably not worth the higher fees."
[Indexing]

Looking for the intuition
"After a very tough 2018 for many quantitative strategies, particularly in market-neutral stock selection, one hurdle many investors face is getting some basic intuition about results, and even more elementary, about what one actually owns in such a portfolio. This matters as the more intuitive something is the easier it is, all else equal, to stick with it. I can't fully fix this problem. A multi-factor process, by design, lacks simple one-liner explanations. Frankly, that's much of the idea of diversifying across factors and stocks. But, while I can't fix this completely, I do hope I can help."
[Value Investing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)BDDA
Enbridge (ENB)ECBA
ARC Resources (ARX)DADA
Power Corp of Canada (POW)AAAA
BCE Inc. (BCE)CECA
Emera (EMA)ECBA
TransCanada (TRP)BDEA
CIBC (CM)ABCA
Pembina Pipeline (PPL)CDDA
Manulife (MFC)BABA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Teck Resources (TECK.B)AABE
Metro (MRU)ADBD
Magna (MG)ACAC
Husky Energy (HSE)AAAC
CIBC (CM)ABCA
Power Corp of Canada (POW)AAAA
National Bank (NA)ACCB
Bank of Nova Scotia (BNS)ABCB
Cdn Natural Resources (CNQ)ABCB
Bank of Montreal (BMO)BBCB
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Crescent Point (CPG)FAAD
Goldcorp (G)EADE
Teck Resources (TECK.B)AABE
Cenovus Energy (CVE)FAAD
First Quantum (FM)EACE
Husky Energy (HSE)AAAC
Power Corp of Canada (POW)AAAA
Kinross Gold (K)CABF
EnCana (ECA)FABE
ARC Resources (ARX)DADA
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Power Corp of Canada (POW)YYY
ARC Resources (ARX)YY
CIBC (CM)YY
Husky Energy (HSE)YY
Teck Resources (TECK.B)YY
BCE Inc. (BCE)Y
Bank of Montreal (BMO)Y
Bank of Nova Scotia (BNS)Y
Cdn Natural Resources (CNQ)Y
Cenovus Energy (CVE)Y
Crescent Point (CPG)Y
Emera (EMA)Y
EnCana (ECA)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Goldcorp (G)Y
Inter Pipeline (IPL)Y
Kinross Gold (K)Y
Magna (MG)Y
Manulife (MFC)Y
Metro (MRU)Y
National Bank (NA)Y
Pembina Pipeline (PPL)Y
TransCanada (TRP)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
IBM (IBM)BDBA
Verizon (VZ)BCBA
Exxon Mobil (XOM)CBAA
Chevron (CVX)BABA
Pfizer (PFE)CBEA
Coca-Cola (KO)EEEA
JP Morgan Chase (JPM)AADB
Procter & Gamble (PG)DCDB
DowDuPont (DWDP)EAAB
Merck (MRK)EDEB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Goldman Sachs (GS)AACE
Intel (INTC)ABCC
JP Morgan Chase (JPM)AADB
Caterpillar (CAT)ADBC
Walgreens (WBA)ABAC
American Express (AXP)ACCE
Travelers (TRV)BAAC
Apple (AAPL)BDCD
IBM (IBM)BDBA
Verizon (VZ)BCBA
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)AACE
DowDuPont (DWDP)EAAB
JP Morgan Chase (JPM)AADB
Travelers (TRV)BAAC
Chevron (CVX)BABA
Exxon Mobil (XOM)CBAA
Walgreens (WBA)ABAC
United Technologies (UTX)CBBD
Intel (INTC)ABCC
Walt Disney (DIS)BBCE
Notes | More Info...


US Stock SummaryYieldP/EP/B
JP Morgan Chase (JPM)YYY
Chevron (CVX)YY
DowDuPont (DWDP)YY
Exxon Mobil (XOM)YY
Goldman Sachs (GS)YY
IBM (IBM)YY
Intel (INTC)YY
Travelers (TRV)YY
Verizon (VZ)YY
Walgreens (WBA)YY
American Express (AXP)Y
Apple (AAPL)Y
Caterpillar (CAT)Y
Coca-Cola (KO)Y
Merck (MRK)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
United Technologies (UTX)Y
Walt Disney (DIS)Y
Notes...



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2019
  08: 12 19
  07: 07 26 31
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  04: 03 13 16 21
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2018
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2017
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2016
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2015
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2014
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2013
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2012
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2010
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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...