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The Rothery Report

2017
  10: 01 07 16
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  07: 02 09 16 23 30
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  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
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  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
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  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
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  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
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2014
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2013
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  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
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  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
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  04: 04 11 18 25
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The Stingy News Weekly (06/03/02)

The Markets This Week

DOW 30: 9,710 -3.90% with a median P/E of 32.6
S&P/TSX: 7,600 -0.89% with a median P/E of 33.9

The Value View

Dow at a P/E of 20: 5,957 (-38.7%) Poor Value
Dow at a P/E of 15: 4,468 (-54.0%) Fair Value
Dow at a P/E of 10: 2,979 (-69.3%) Good Value

S&P/TSX at a P/E of 20: 4,484 (-41.0%) Poor Value
S&P/TSX at a P/E of 15: 3,363 (-55.8%) Fair Value
S&P/TSX at a P/E of 10: 2,242 (-70.5%) Good Value

Stingy Links

Blowing Up
"How Nassim Taleb turned the inevitability of disaster into an investment strategy."

Warren Buffett & his CEO's-A team that works
"It's a very limited management role that I have, very, very limited. But I enjoy - if you want to call that managing, I enjoy that more than investing. I mean, I like the managers that I work with. I like thinking about business problems and occasionally being able to do something about them. And I would say that it's just amore interesting. There's more human interaction. And I would - if I had to choose one or the other, I would choose the management role over the investing role at Berkshire."

How big is the options bite?
"Indeed, the earnings landscape looks a lot different for all of corporate America when options costs are included. Bear Stearns accounting analyst Pat McConnell found that counting options costs reduced S&P 500 earnings per share for 2000 by 9%. Numbers for 2001 look even worse: As of late May, with 389 companies counted, McConnell's tally showed options reducing earnings by 20%."

How to avoid the value trap
"A value trap, by contrast, is a stock that looks cheap but ain't. Investors get so focused on one part of the story that they overlook problems with the balance sheet, historical valuations, and, yes, the business model."

Insurance After 9/11
"For commercial property and casualty insurers, the World Trade Center disaster was what actuaries call an "extreme event." Insured losses are still unknowable, but they are estimated at $30 billion to $70 billion. Given that the commercial P&C industry, worldwide, came into this crisis with perhaps only about $300 billion in capital, the economic effects of this disaster are simply enormous."

Banking On Allah
"Devout Muslims don't pay or receive interest. So how can their financial system work?" or a really different sort of bank

Men, women don't manage differently
"Women and men don't manage any differently -- they just talk like they do, a new academic study says."

SEC may probe hedge funds
"The Securities and Exchange Commission is starting an investigation into hedge fund fraud and considering tough regulations for the investment pools for the wealthy"

Market Trivia

The trivia questions this week are:
Q1. How many companies in the S&P/TSX Composite are losing money?
Q2. How many companies in the S&P500 are losing money?
Q3. How many companies in the NASDAQ100 are losing money?

The answers for last week's trivia questions are:
Q1. How many no-load Canadian equity funds have a MER of less than 2?
A1. 56 (according to www.globefund.com)
Q2. How many no-load U.S. equity funds have a MER of less than 2?
A2. 63 (according to www.globefund.com)
Q3. How many no-load International equity funds have a MER of less than 2?
A3. 19 (according to www.globefund.com)

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Bullishly Yours,
Norman Rothery
ISSN 1499-2795

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