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The Stingy News Weekly (07/26/02)

The Markets This Week

DOW 30: 8,264 +3.06% with a median P/E of 25.2
S&P/TSX: 6,310 -3.44% with a median P/E of 28.8

The Value View

Dow at a P/E of 20: 6,559 (-20.6%) Poor Value
Dow at a P/E of 15: 4,919 (-40.5%) Fair Value
Dow at a P/E of 10: 3,279 (-60.3%) Good Value

S&P/TSX at a P/E of 20: 4,382 (-30.6%) Poor Value
S&P/TSX at a P/E of 15: 3,286 (-47.9%) Fair Value
S&P/TSX at a P/E of 10: 2,191 (-65.3%) Good Value

Stingy Links

Smart Boomers haven't sold off
"Norm Rothery, publisher of Toronto-based The Rothery Report quips that he hopes Boomers will flee the markets more quickly. 'I hope to spend another 50 years or so on this rock and I'd like to see low low prices.'"

Tweedy on the markets
"The current stream of negative news and declining stock prices will eventually run its course. In the meantime, a lot of good companies are getting to be quite cheap. This is presenting opportunities we have not seen in a long time."

Fraud Inc
A CNN-Money special report on corporations, and CEOs, in trouble.

The power of WorldCom's puff
"Internet traffic, went the industry's favourite statistic, doubles every 100 days. The claim assumed unimpeachable status when it appeared in a report published by America's Department of Commerce in April 1998. Unfortunately for the telecoms firms that rushed to build networks to carry the reported surge in traffic, it wasn't true."

The Adelphia story
"The sixth-largest cable company might as well have been called John Rigas & Sons. Its rise and fall was a small-town saga of epic dimensions."

SEC charges Adelphia and Rigas family
"The Securities and Exchange Commission today filed charges against Adelphia Communications Corp.; its founder John J. Rigas; his three sons, Timothy J. Rigas, Michael J. Rigas, and James P. Rigas; and two senior executives at Adelphia, James R. Brown, and Michael C. Mulcahey, in one of the most extensive financial frauds ever to take place at a public company."

The seamy side of pension funds
"A consultant is supposed to be a pension manager's best friend. But just how two-faced is your fund's pal?"

The SEC's List
"The order requires the principal executive and financial officers of SEC-registered companies to each file with the Commission a sworn written statement in which the officer must personally attest that the company's most recent periodic reports are materially truthful and complete or explain why such a statement would be incorrect." -- Applies to companies with more than $1.2 billion is revenues.

Up against the pension headwind
"As corporate earnings attempt to recover in 2002, they face a huge locked-in obstacle from lower pension returns -- no matter how well the market performs."

Buffett's emergency quiz
Before selling your stocks take Warren's quiz.

CEO perks that'll drive you berserk
"Here are a few of the corporate world's most eye-catching extras."

Market Trivia

This week's trivia questions are:

Q1. Who said "You should invest in a business that even a fool can run, because someday a fool will."?
Q2. Who said "Buy right and hold tight."?
Q3. Who said "In the short run, the market is a voting machine but in the long run it is a weighing machine."?

Take Warren Buffett's quiz

A short quiz: If you plan to eat hamburgers throughout your life and are not a cattle producer, should you wish for higher or lower prices for beef? Likewise, if you are going to buy a car from time to time but are not an auto manufacturer, should you prefer higher or lower car prices? These questions, of course, answer themselves.

But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period?

Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying.

This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

The StingyInvestor Store

Discover attractively priced stocks by subscribing to the Rothery Report. Download a sample today.

http://www.stingyinvestor.com/SI/store/freereport.shtml

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http://www.frugalfunds.com

Bullishly Yours,
Norman Rothery
ISSN 1499-2795

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