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The Stingy News Weekly (02/20/2018)


"If the job has been correctly done when a common stock is purchased, the time to sell it is almost never."
- Philip Fisher


New from StingyInvestor

A better trend-following strategy
"The dual approach provides benefits, according to Philosophical Economics. It generated average annual returns of 12.7 per cent, from January, 1947, to November, 2015, with a volatility of 12.9 per cent. By way of comparison, the S&P 500 gained 11.2 per cent on average annually over the same period with a volatility of 14.5 per cent." [$]


Corrections come and go. It usually makes sense to do nothing
"the vast majority of investors should avoid market timing and follow the lead of Warren Buffett and Charlie Munger instead. Broadly speaking, they buy companies at reasonable prices and hold them for very long periods. They're like collectors but instead of baseball cards they buy good businesses and rarely sell. It's a simple approach that has worked well for decades."


Stingy Links

Private equity: overvalued and overrated
"The great postcrisis private equity gold rush is on, fueled by cheap debt and enthusiastic investors. A lawn care chain might get half a dozen calls and emails a week from business brokers and 'searchers.' A regional bank auctioning off a business with $15 million in profits might pitch two hundred prospects, receive fifty letters of intent, and take twelve separate private equity firms to management meetings, ending in a sale price which the majority of bidders considers crazy. And the greatest prize of all - a software company - could sell for many multiples of revenue, regardless of profitability."
[Markets]

Scant evidence of power laws in real-world networks
"These results undermine the universality of scale-free networks and reveal that real-world networks exhibit a rich structural diversity that will likely require new ideas and mechanisms to explain."
[Science]

Charlie Munger: 2018 AGM transcript
"Most newspapers by the way I think are going to perish. It's just a question of when. I mean they're all going to die. You know the New York Times will continue because people will pay $5 for it in an airport. So there will be a few survivors, but by and large the newspaper business is not doing well. Berkshire Hathaway owns a lot of them. And buying them we figured on a certain natural decline rate after which the profits would go to zero. We underestimated the rate of decline. It's going faster than we thought."
[Munger]

Smart beta is sick
"Smart beta may be state-of-the-art, but it has also become the E. coli of institutional investing. There are at least 300 published factors, with roughly 40 newly discovered factors announced each year."
[Markets]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)3215
Enbridge (ENB)2445
Emera (EMA)3445
Pembina Pipeline (PPL)2225
BCE Inc. (BCE)3135
Power Corp of Canada (POW)5555
Shaw (SJR.B)4235
ARC Resources (ARX)5425
CIBC (CM)5335
TELUS (T)2135
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Cenovus Energy (CVE)5553
Valeant Pharma (VRX)5550
Metro (MRU)5252
Barrick Gold (ABX)5441
Teck Resources (TECK.B)5541
Thomson Reuters (TRI)5234
Power Corp of Canada (POW)5555
Magna (MG)5353
ARC Resources (ARX)5425
CIBC (CM)5335
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Cenovus Energy (CVE)5553
Crescent Point (CPG)0544
Goldcorp (G)2521
Cameco (CCO)0544
Husky Energy (HSE)1550
Power Corp of Canada (POW)5555
Kinross Gold (K)1540
Teck Resources (TECK.B)5541
Imperial Oil (IMO)4543
Valeant Pharma (VRX)5550
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Power Corp of Canada (POW)YYY
ARC Resources (ARX)YY
CIBC (CM)YY
Cenovus Energy (CVE)YY
Teck Resources (TECK.B)YY
Valeant Pharma (VRX)YY
BCE Inc. (BCE)Y
Barrick Gold (ABX)Y
Cameco (CCO)Y
Crescent Point (CPG)Y
Emera (EMA)Y
Enbridge (ENB)Y
Goldcorp (G)Y
Husky Energy (HSE)Y
Imperial Oil (IMO)Y
Inter Pipeline (IPL)Y
Kinross Gold (K)Y
Magna (MG)Y
Metro (MRU)Y
Pembina Pipeline (PPL)Y
Shaw (SJR.B)Y
TELUS (T)Y
Thomson Reuters (TRI)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Verizon (VZ)5255
Exxon Mobil (XOM)5455
Chevron (CVX)3545
IBM (IBM)3245
Pfizer (PFE)5425
Coca-Cola (KO)1115
Merck (MRK)1324
Procter & Gamble (PG)4334
General Electric (GE)0454
Intel (INTC)3424
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Verizon (VZ)5255
Pfizer (PFE)5425
Walt Disney (DIS)5332
Exxon Mobil (XOM)5455
Apple (AAPL)5221
JP Morgan Chase (JPM)4522
Travelers (TRV)4553
UnitedHealth (UNH)4351
Procter & Gamble (PG)4334
United Technologies (UTX)4443
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Chevron (CVX)3545
Goldman Sachs (GS)2531
Travelers (TRV)4553
DowDuPont (DWDP)1533
JP Morgan Chase (JPM)4522
Exxon Mobil (XOM)5455
General Electric (GE)0454
Intel (INTC)3424
United Technologies (UTX)4443
Pfizer (PFE)5425
Notes | More Info...


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



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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
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2018
  04: 02 10 16 22
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2017
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  10: 01 07 16 23 30
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2015
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2014
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2013
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2012
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2011
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2010
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