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The Stingy News Weekly (06/16/02)

The Markets This Week

DOW 30: 9,474 -1.21% with a median P/E of 31.2
S&P/TSX: 7,249 -3.08% with a median P/E of 34.6

The Value View

Dow at a P/E of 20: 6,073 (-35.9%) Poor Value
Dow at a P/E of 15: 4,555 (-51.9%) Fair Value
Dow at a P/E of 10: 3,037 (-68.0%) Good Value

S&P/TSX at a P/E of 20: 4,190 (-42.2%) Poor Value
S&P/TSX at a P/E of 15: 3,143 (-56.7%) Fair Value
S&P/TSX at a P/E of 10: 2,095 (-71.1%) Good Value

Stingy Links

Patently absurd
"There are those who view the patent system as the seedbed of capitalism--the place where ideas and new technologies are nurtured. This is a romantic myth. In reality, patents are enormously powerful competitive weapons that are proliferating dangerously, and the U.S. Patent and Trademark Office (USPTO) has all the trappings of a revenue-driven, institutionalized arms merchant."

Back to the drawing board
"In the ten-year study the low-cost funds demonstrated substantial superiority in all nine of the style boxes."

The persistence of growth rates
"There is no persistence in long-term earnings growth beyond chance, and there is low predictability even with a wide variety of predictor variables." - Forget growth, buy value.

Trendy trusts?
"As ever, the onus is on investors to be vigilant. A few eyebrows were raised on Bay Street recently when managers at PBB Global Logistics Income Fund managers (TSX: PBB.UN), which went public in May, initially marketed their trust to The Street with a planned 11% to 12% payout for unitholders, but had cranked up the yield substantially higher, to 15%, by the time of issue. It earned them a lot more on the markets, but some investors wonder how sustainable the bigger paycheques will be in the long run."

Practice audits pay off
"The exams aren't cheap, easily costing upwards of $25,000, depending on the extent of the inspection. But for many firms the cost pales in comparison with the consequences of an SEC deficiency letter. "The damage to a firm's reputation if it winds up in the Wall Street Journal or the New York Times for a violation can be huge," says Peter Mafteiu, a director at National Regulatory Services, a Connecticut consulting firm that is owned by Thomson Financial and does mock exams for investment advisors." -- Directors take note!

The good news bears
"The outlook for the rest of the world is improving too. Western Europe is making a comeback, albeit a poky one. Japan's current weak upturn may not last, but at least it's an upturn. The manufacturing hotbeds of East and Southeast Asia appear to be in the early stages of a serious growth spurt. And for what it's worth, Canada's economy is positively booming." -- Go Canada!

System failure
"Phony earnings, inflated revenues, conflicted Wall Street analysts, directors asleep at the switch--this isn't just a few bad apples we're talking about here. This, my friends, is a systemic breakdown. Nearly every known check on corporate behavior--moral, regulatory, you name it--fell by the wayside, replaced by the stupendous greed that marked the end of the bubble. And that has created a crisis of investor confidence the likes of which hasn't been seen since--well, since the Great Depression."

Market Trivia

The trivia questions this week are:
Q1. How far has the S&P/TSE60 fallen from its peak?
Q2. How far has the S&P500 fallen from its peak?
Q3. How far has the NASDAQ fallen from its peak?

The answers for last week's trivia questions are:
Q1. How many companies in the NASDAQ 100 pay a dividend?
A1. 9 out of 100
Q2. What is the largest and smallest company in the S&P500 by market cap?
A2. GE (297 Billion), PWER (552 Million)
Q3. What is the largest and smallest company in the S&P/TSX Composite by revenue?
A3. BCE (25.7 Billion), Glyko (-10.4 Million)
According to www.globeinvestor.com.

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Bullishly Yours,
Norman Rothery
ISSN 1499-2795

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