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The Stingy News Weekly (03/07/2015)


"Yes, risk-taking is inherently failure-prone. Otherwise, it would be called sure-thing taking."
- Tim McMahon


New from StingyInvestor

A good strategy should last a lifetime
"Investing legend Irving Kahn's stock holdings"


Stingy Links

Days to cover and stock returns
"The short ratio -- shares shorted to shares outstanding -- is an oft-used measure of arbitrageurs' opinion about a stock's over-valuation. We show that days-to-cover (DTC), which divides a stock's short ratio by its average daily share turnover, is actually the theoretically correct measure because trading costs vary across stocks. Since trading costs are inversely related to share turnover, DTC is then approximately the marginal cost of the shorts. At the arbitrageurs' optimum it equals the marginal benefit of the shorts, which is their opinion about over-valuation. Consistent with our model, DTC is a stronger predictor of poor stock returns than short ratio. It is distinct from the stock lending fee effect but has comparable forecasting power. An equal-weighted long-short strategy based on DTC generates a significant return of 1.2% per month."
[Academia]

Austerity is not Greece's Problem
"Unsustainable growth paths often end in a sudden stop of capital inflows, forcing countries to bring their spending back in line with production. In Greece, however, official lenders' unprecedented munificence made the adjustment more gradual than in, say, Latvia or Ireland."
[World]

Leave the TFSA alone
"On the surface both reports appear to address the merits of doubling TFSA limits, but a closer reading suggests they are really criticizing the TFSA as we now know it"
[Taxes]

Get your income here
"According to Citigroup, the dividend yield on the equity market is higher than the 10-year government bond yield in Australia, Canada, France, Germany, Japan and the UK. In the US, the two yields are neck-and-neck but equity investors can get an extra cashflow boost from buy-backs."
[Markets]

Tobias Carlisle interview
"I had a lot of fun recording an interview with Stig Brodersen and Preston Pysh of The Investors Podcast on one of my favorite subjects, deep value investing."
[Value Investing]

Chou America Annual
"We believe that CDS are starting to sell at prices that are becoming interesting. At recent prices, they appear to offer one of the potentially cheapest forms of insurance against market disruptions. We are continuing to monitor CDS prices and may potentially invest in CDS in the future."
[Chou]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1545
Verizon (VZ)3145
Chevron (CVX)5555
General Electric (GE)4545
McDonald's (MCD)2125
Caterpillar (CAT)4455
Pfizer (PFE)2414
Exxon Mobil (XOM)5454
Coca-Cola (KO)1214
Merck (MRK)4314
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
Chevron (CVX)5555
Goldman Sachs (GS)5531
Exxon Mobil (XOM)5454
JP Morgan Chase (JPM)5533
IBM (IBM)5143
Caterpillar (CAT)4455
Merck (MRK)4314
Intel (INTC)4423
American Express (AXP)4331
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)55552.47
Exxon Mobil (XOM)54543.50
Caterpillar (CAT)44553.89
Verizon (VZ)31454.37
JP Morgan Chase (JPM)55334.38
Merck (MRK)43144.41
General Electric (GE)45454.69
Travelers (TRV)55424.75
IBM (IBM)51434.79
Intel (INTC)44234.97
Notes | More Info...


US Stock SummaryYieldP/EV.R.
Caterpillar (CAT)YYY
Chevron (CVX)YYY
Exxon Mobil (XOM)YYY
Merck (MRK)YYY
General Electric (GE)YY
IBM (IBM)YY
Intel (INTC)YY
JP Morgan Chase (JPM)YY
Travelers (TRV)YY
Verizon (VZ)YY
AT&T (T)Y
American Express (AXP)Y
Coca-Cola (KO)Y
Goldman Sachs (GS)Y
McDonald's (MCD)Y
Pfizer (PFE)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)1515
TransAlta (TA)2445
ARC Resources (ARX)3215
Teck Resources (TCK.B)2545
Cenovus Energy (CVE)2455
BCE Inc. (BCE)3135
Inter Pipeline (IPL)1115
CIBC (CM)4325
Potash Corp. (POT)3215
Husky Energy (HSE)3445
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)5533
First Quantum (FM)5521
Imperial Oil (IMO)5341
National Bank (NA)5334
Canadian Oil Sands (COS)5542
Bank of Nova Scotia (BNS)5324
Manulife (MFC)5443
Bank of Montreal (BMO)5424
Royal Bank (RY)5224
Power Corp of Canada (POW)5454
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
EnCana (ECA)55331.23
National Bank (NA)53342.58
Bank of Nova Scotia (BNS)53242.78
Bank of Montreal (BMO)54242.86
CIBC (CM)43252.90
Royal Bank (RY)52243.07
Crescent Point (CPG)15153.37
TD Bank (TD)43243.46
Power Corp of Canada (POW)54543.56
TransAlta (TA)24453.70
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
CIBC (CM)YY
Crescent Point (CPG)YY
EnCana (ECA)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
Royal Bank (RY)YY
TransAlta (TA)YY
ARC Resources (ARX)Y
BCE Inc. (BCE)Y
Canadian Oil Sands (COS)Y
Cenovus Energy (CVE)Y
First Quantum (FM)Y
Husky Energy (HSE)Y
Imperial Oil (IMO)Y
Inter Pipeline (IPL)Y
Manulife (MFC)Y
Potash Corp. (POT)Y
TD Bank (TD)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 12/31/2014)
Average Capital Gain
49.6%



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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...