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The Stingy News Weekly (03/15/2015)


"Don't gamble. Take all your savings and buy a good stock, and hold it till it goes up, then sell it. If it don't go up, don't buy it."
- Will Rogers


Stingy Links

Third Avenue Funds letter
"In analyzing junior securities of companies with perpetual lives, especially the common stocks of corporations, markets tend to be quite inefficient in measuring long-term underlying value."
[Value Investing]

Fairfax 2014 letter
"The CAPE (Cyclically Adjusted Price Earnings) Ratio for the S&P500 is currently at 28 times. It has been higher only twice before; both times ended badly. The first time was in 1929 and the second time during the dot.com boom of 1999 to 2002. The rising U.S. dollar (with over 40% of the average S&P500 companies' earnings coming from abroad) and the current record after-tax profit margins, combined with deflation, could result in significant declines in the earnings of the S&P500 companies - just as the index hits record highs. We say 'caveat emptor', and continue to be very cautious about our equity positions. I have reminded you many times in past Annual Reports of the warning from the distant past from our mentor Ben Graham: 'Only 1 in 100 survived the 1929 - 1932 debacle if one was not bearish in 1925'."
[Value Investing]

Sequoia Fund 2014 report
"One reason we think the trend could have legs is that markets continue to grow more efficient. Our colleague Greg Alexander likes to say 'the Index is a lot better than it used to be.' U.S. corporate managements are generally competent and focused on creating shareholder value. There are not a lot of mutts left in the kennel, so to speak, so winning the dog show is harder."
[Value Investing]

A pioneer of the investment industry
"His passion for investing shown through in everything he did. We owe him a great deal of gratitude because he helped to demonstrate that investing should be moved from the back office to the executive suite."
[Kahn]

TFSA criticisms miss key points
"The TFSA isn't just a popular savings instrument among Canadians, especially for many middle-income Canadians facing retirement. It is also an economic tool, generating economic growth, jobs - and ultimately government revenues. Anyone examining the 'costs' of TFSAs must also look at the benefits."
[Taxes]

Watch prices and the industrial revolution
"Although largely absent from modern accounts of the Industrial Revolution, watches were the first mass produced consumer durable, and were Adam Smith's pre-eminent example of technological progress. In fact, Smith makes the notable claim that watch prices may have fallen by up to 95 per cent over the preceding century; a claim that this paper attempts to evaluate. We look at changes in the reported value of over 3,200 stolen watches from records of criminal trials in the Old Bailey court in London from 1685 to 1810. Before allowing for quality improvements we find that the real price of watches in nearly all categories falls steadily by 1.3 per cent per year, equivalent to a fall of 75 per cent over a century, a rate considerably above the growth rate of average labour productivity in British industry in the early nineteenth century."
[Academia]

Daylight saving time
"Daylight saving time doesn't actually benefit anyone. Strangely, it's still a thing!" [video]
[Fun]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)1545
Verizon (VZ)3145
Chevron (CVX)5555
General Electric (GE)3545
Caterpillar (CAT)4455
McDonald's (MCD)3125
Coca-Cola (KO)1214
Pfizer (PFE)2414
Exxon Mobil (XOM)5454
Merck (MRK)4314
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Travelers (TRV)5542
Chevron (CVX)5555
Exxon Mobil (XOM)5454
Goldman Sachs (GS)5531
JP Morgan Chase (JPM)5533
IBM (IBM)5143
Intel (INTC)4434
Caterpillar (CAT)4455
Merck (MRK)4314
American Express (AXP)4231
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Chevron (CVX)55552.38
Exxon Mobil (XOM)54543.36
Caterpillar (CAT)44553.82
Merck (MRK)43144.32
Intel (INTC)44344.32
JP Morgan Chase (JPM)55334.40
Verizon (VZ)31454.48
IBM (IBM)51434.55
General Electric (GE)35454.55
AT&T (T)15454.78
Notes | More Info...


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



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Crescent Point (CPG)2525
TransAlta (TA)2445
ARC Resources (ARX)3315
Teck Resources (TCK.B)2545
Cenovus Energy (CVE)2455
BCE Inc. (BCE)3135
Inter Pipeline (IPL)1115
Husky Energy (HSE)3445
Potash Corp. (POT)3215
CIBC (CM)4325
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)5543
SNC-Lavalin (SNC)5353
First Quantum (FM)5531
Canadian Oil Sands (COS)5542
Cdn Natural Resources (CNQ)5423
Imperial Oil (IMO)5341
National Bank (NA)5334
Bank of Nova Scotia (BNS)5324
Manulife (MFC)5443
Bank of Montreal (BMO)5424
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
EnCana (ECA)55431.05
SNC-Lavalin (SNC)53531.93
Crescent Point (CPG)25252.35
National Bank (NA)53342.39
Bank of Nova Scotia (BNS)53242.54
CIBC (CM)43252.79
Bank of Montreal (BMO)54242.85
Royal Bank (RY)42242.96
ARC Resources (ARX)33153.17
TD Bank (TD)43243.37
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
ARC Resources (ARX)YY
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
SNC-Lavalin (SNC)YY
BCE Inc. (BCE)Y
Canadian Oil Sands (COS)Y
Cdn Natural Resources (CNQ)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
Royal Bank (RY)Y
TD Bank (TD)Y
Teck Resources (TCK.B)Y
TransAlta (TA)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
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