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The Rothery Report

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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2011
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2010
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The Stingy News Weekly (02/23/03)

The Markets This Week

DOW 30: 8,018 +1.38% with a median P/E of 20.1
S&P/TSX: 6,559 +1.11% with a median P/E of 22.3*


The Value View

Dow at a P/E of 20: 7,978 (-0.5%) Poor Value
Dow at a P/E of 15: 5,984 (-25.4%) Fair Value
Dow at a P/E of 10: 3,989 (-50.3%) Good Value

S&P/TSX at a P/E of 20: 5,883 (-10.3%) Poor Value
S&P/TSX at a P/E of 15: 4,412 (-32.7%) Fair Value
S&P/TSX at a P/E of 10: 2,941 (-55.2%) Good Value


Stingy Links

Stop the budget sham
"By 2006, for every Canadian Ottawa will be collecting about $6,100 in taxes or $24,000 for every family of four. Spending will hit $4,900 per person or $19,600 per family. And that's just Ottawa. The provinces and local governments will take and spend even more. Why should real government taxes and spending per person relentlessly rise?"

Can we trust them now?
"This earnings season, CEOs have put some bad habits behind them. Funny, though, how they keep hitting their numbers."

A conversation with Marty Whitman
"In the final analysis, value investing means being price conscious rather than outlook conscious. You buy what is cheap and safe. Most everybody else is outlook conscious, or price unconscious. But growth investing is a misnomer. When people talk about growth investing, they mean generally recognized growth. We do real growth investing in value, but we don't pay for it. You can't do generally recognized growth without paying for it. Growth investing entails a willingness to pay up front. If you concentrate on growth investing, you concentrate on the outlook, rather than the price. Most people want to buy a stock that will go up; they don't care if it's cheap or not."

The Linux uprising
"How a ragtag band of software geeks is threatening Sun and Microsoft--and turning the computer world upside down."

Cisco's juicy margins: too rich?
"Vendors such as Nortel have recently stabilized their businesses, despite gross margins that are less than 40%, nearly half Cisco's. And they've recently come out with new products that work as well -- or better -- than Cisco's but cost a lot less. Most important, thanks to advancements in interoperability, rivals are gearing up to make their products run seamlessly on networks originally built with Cisco parts."

The Holocaust's Unsettled Accounts
"Not even that lesson, though, could have adequately prepared Eizenstat for the controversies that surfaced in his new assignment. His work would lead to a reckoning of the economic and financial crimes of World War II, expose the myth of Switzerland's wartime neutrality, and foster an increase in anti-Semitism in Europe."

Why is Wrigley so wrapped up?
"Through the years Wrigley Co. built an international gum empire with conservative practices that became known as the Wrigley Way. It focused on its product. It shunned debt. It avoided the press. It resisted talking to Wall Street. It worked."

Patient Capital Q4
"What we do advocate is that the practice of providing quarterly earnings forecasts and guidance be stopped. This would eliminate the pressure to match or exceed quarterly estimates. The pressure of meeting expectations can lead to short term business decisions at the expense of important strategic considerations."

Do accountants have a future?
"The last thing the Big Four needed was yet another scandal. But they've got one--this time over tax shelters."

Conservative is the refrain as RRSP deadline nears
"How much risk an RRSP should take on depends on age and other sources of retirement income, such as corporate pensions, says fee-only advisor Adrian Mastracci. If you have a large non-registered stock portfolio, tax considerations favour overweighting RRSPs with fixed income."

Six myths of the crash
"Two and a half years into one of the most severe Bear Markets in History, the most striking feature of the typical economic discussion is the persistent state of denial about how parlous our situation truly is. Also notable is the unthinking promulgation of a species of economic fallacies which, though long since discredited, keep springing up like weeds to choke our reasoning about where we might go from here and, therefore, of how we should be preparing to act."


Market Trivia
			
	
This week's trivia questions are:
Q1. How many stocks in the S&P/TSX Composite lost more than 25% over
    the last year?
Q2. How many stocks in the DOW30 lost more than 25% over the last year?
Q3. How many stocks in the S&P500 lost more than 25% over the last year?

The answers to last week's trivia questions are:
Q1. What is the median market cap of the S&P/TSX Composite?
A1. $1,162 Million
Q2. What is the median market cap of the S&P500?
A2. $6,415 Million
Q3. What is the median market cap of the DOW30?
A3. $49,864 Milion
     Source: globeinvestor.com


Symbol Search

Can you find all the DOW stock symbols in the following text block?
Repeat symbols are allowed, but diagonals are not.

 Q U D V N V S M  
 M I G R X Z G X  
 X B C O E K K U  
 M K B Z H F L Q  
 Y M N N W S V I  
 Q O D Y W N I E  
 H S S I Q R B F  
 V R Y A X P M B  

 Number of hidden symbols: 5

 The solution to last week's symbol search in lower case

 A M A h d N a V  
 Z F O G G H b Q  
 e Q N i b m Q K  
 g H J L O F D B  
 M H M m Y F G Y  
 Q W K r V a K X  
 Q B U k U b D G  
 F Y Q c E A F F  
 
 Number of hidden symbols: 7 
 Symbols: c, ba, ba, ge, hd, ibm, mrk 



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