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The Stingy News Weekly: 04/03/2019


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Fairfax Lollapalooza 2019
Check out the schedule of events for next week's Fairfax Lollapalooza.
[Value Investing]

Real estate vs stocks
"Comparing real estate to the stock market or bonds or any traditional asset class is difficult because there are so many other variables involved in real estate. There are taxes and costs involved just like there are in the stock market, but then you have to consider the leverage involved, the cost of borrowing, the length of time in the home, the imputed rent, the psychic income from home ownership and the fact that you have to live somewhere."
[Real Estate]

Momentum in Imperial Russia
"Some of the leading theories of momentum have different empirical predictions that depend on market composition and structure. The institutional theory predicts lower momentum profits in markets with less agency. Behavioral theories predict lower momentum profits in markets with more sophisticated investors. One risk-based theory predicts occasional momentum crashes. In this paper, we use a dataset from a major 19th century equity market to test these predictions. We find no evidence to support the institutional theory due to the lack of delegated management. We exploit a regulatory change in the middle of our sample period to test behavior theories. We find evidence consistent with overreaction theories of momentum. We find no evidence to support a rare disaster theory."
[Momentum Investing]

ETF tax dodge
"It turns out that transfusions like these are tax dodges, carried out by the world's largest asset managers with help from investment banks. The beneficiaries are the long-term investors in exchange-traded funds."
[Indexing]

Forward vs trailing price to earnings
"It also became clear in my study that had an investor focused on low trailing P/E ratio stocks she would have done much better than focusing on low forward P/E ratio stocks."
[Value Investing]

Price matters
"Motusbank's fee for chequing accounts is zero, and that includes unlimited debits, including e-transfers, and an interest rate of 0.5 per cent (competitive for a chequing account). On savings, the bank will pay a rate of 2.25 per cent on regular accounts and 2.5 per cent on tax-free savings accounts."
[Thrift]

Chou's letter
"In summary, although the markets have been less kind to value investing, we exacerbated the problemas practitioners." [pdf]
[Chou]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)BDDA
ARC Resources (ARX)BACA
Enbridge (ENB)ECCA
BCE Inc. (BCE)CEDA
CIBC (CM)ABBA
TransCanada (TRP)BDEA
Bank of Nova Scotia (BNS)ABCA
Power Corp of Canada (POW)AAAA
Emera (EMA)CCBA
Pembina Pipeline (PPL)DDDA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Teck Resources (TECK.B)AABE
EnCana (ECA)AABE
Magna (MG)ABAC
Husky Energy (HSE)AAAB
CIBC (CM)ABBA
Manulife (MFC)AABB
National Bank (NA)ACCB
Bank of Nova Scotia (BNS)ABCA
Bank of Montreal (BMO)ABCB
Power Corp of Canada (POW)AAAA
Notes | More Info...


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


Canadian Stock SummaryYieldP/EP/B
Power Corp of Canada (POW)YYY
ARC Resources (ARX)YY
Bank of Nova Scotia (BNS)YY
CIBC (CM)YY
EnCana (ECA)YY
Husky Energy (HSE)YY
Teck Resources (TECK.B)YY
BCE Inc. (BCE)Y
Bank of Montreal (BMO)Y
Cenovus Energy (CVE)Y
Crescent Point (CPG)Y
Emera (EMA)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
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
DowDuPont (DWDP)DAAA
Verizon (VZ)BCBA
Exxon Mobil (XOM)CBAA
Chevron (CVX)BABA
Coca-Cola (KO)EEEA
Pfizer (PFE)DCDB
Walgreens (WBA)ABAB
JP Morgan Chase (JPM)AACB
Home Depot (HD)CFBB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Goldman Sachs (GS)AACD
Walgreens (WBA)ABAB
JP Morgan Chase (JPM)AACB
Intel (INTC)ABDC
Caterpillar (CAT)ADBC
American Express (AXP)ACCE
Travelers (TRV)BAAD
IBM (IBM)BDBA
Walt Disney (DIS)BBCD
Verizon (VZ)BCBA
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
DowDuPont (DWDP)DAAA
Goldman Sachs (GS)AACD
JP Morgan Chase (JPM)AACB
Chevron (CVX)BABA
Travelers (TRV)BAAD
Exxon Mobil (XOM)CBAA
Walgreens (WBA)ABAB
United Technologies (UTX)CBBD
Walt Disney (DIS)BBCD
Intel (INTC)ABDC
Notes | More Info...


US Stock SummaryYieldP/EP/B
JP Morgan Chase (JPM)YYY
Walgreens (WBA)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
Walt Disney (DIS)YY
American Express (AXP)Y
Caterpillar (CAT)Y
Coca-Cola (KO)Y
Home Depot (HD)Y
Pfizer (PFE)Y
United Technologies (UTX)Y
Notes...



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2019
  12: 03 11
  11: 03 08 16 22 27
  10: 04 11 18 22
  09: 06 11 17 25
  08: 12 19 31
  07: 07 26 31
  06: 06 15 21 26
  05: 01 08 15 20 27
  04: 03 13 16 21
  03: 04 12 18 25
  02: 05 13 20 25
  01: 01 08 16 22 28
2018
  12: 03 11 17 26
  11: 01 05 12 19 26
  10: 09 15 22
  09: 06 10 17 24 30
  08: 07 13 22 28
  07: 02 09 16 23 30
  06: 04 12 19 25
  05: 08 14 23 28
  04: 02 10 16 22 30
  03: 05 12 19 27
  02: 05 12 20 26
  01: 01 08 15 22 29
2017
  12: 04 11 18 24
  11: 06 12 20 27
  10: 01 07 16 23 30
  09: 04 11 17 23
  08: 07 16 20 28
  07: 02 09 16 23 30
  06: 04 11 18 26
  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
  02: 05 12 19 26
  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
  04: 03 10 17 24
  03: 06 13 20 27
  02: 07 14 21 28
  01: 03 10 17 24 31
2015
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 10 18 25
  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
  06: 06 14 21 28
  05: 03 09 17 23 31
  04: 04 12 19 26
  03: 01 07 15 22 28
  02: 07 14 21
  01: 04 12 18 25 31
2014
  12: 06 14 21 28
  11: 02 08 16 23 30
  10: 04 11 19 26
  09: 06 14 19 28
  08: 10 16 24 29
  07: 05 12 19 25
  06: 08 15 20 29
  05: 04 11 18 25 30
  04: 06 12 20 27
  03: 02 09 16 23 30
  02: 01 09 16 23
  01: 05 12 18 26
2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
  12: 02 09 16 23 30
  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 31

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