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The Stingy News Weekly: 08/31/2019


New from Norm

The perch portfolio
"When it comes to lunch, many investors pay for their lakeside repast using money sent their way in the form of dividends from large companies. But smaller companies also pay dividends and often generate succulent returns." [$]


Stingy Links

Factor investing works
"Don't fall for claims by highly respected asset managers that factor-based investing isn't working. Factor-based strategies have outperformed capitalization-weighted indices over long time horizons."
[Value Investing]

Contrarian investing in commodity cyclicals
"Some investors avoid these cyclical industries because of their wild and unpredictable fluctuations, but these data suggest that using economic data to evaluate investment opportunities in cyclicals and buying at economic troughs can provide above-market returns."
[Value Investing]

Factor investing on the country level
"It is worth noting that the performance of the Value factor on country level is similar to that on single stock level. In both universes, the factor experienced a significant boom-and-bust cycle over the last 30 years. Investors have been buying cheap and selling expensive stocks as well as countries at approximately the same time periods."
[Markets]

Risk-profile questionnaires don't work
"I love the idea that risk tolerance is something that can be quantified by answering certain questions that magically reveal what your asset allocation should be. I'm opposed to using them, however, because reality indicates they don't work."
[Behaviour]

All-in fee of top investment advisors
"When added to the management fee of 1.0%, the average advisor has an all-in cost of 1.5% per year."
[Fees]

Trouble in the land of OZK
"Construction lending is a high-risk business; it tends to do well when the economy is doing well and tends to be painful during a recession"
[Management]

Bye-bye net-net
"The problem for the value investor is that long-term leases create long-term assets, so the assets are not part of working capital, but, to adhere to IFRS 16, the increased liabilities are deducted to calculate net-net working capital. With current assets unchanged and total liabilities increased, there will be even fewer companies that pass the net-net working capital screen. I think that it is now an interesting historical artifact with no practical application for today's investors." [$]
[Value Investing]

The plague years
"Sam Harris speaks with Matt McCarthy about his book Superbugs: The Race to Stop an Epidemic. They discuss the problem of drug resistant bacteria, fungi, parasites, and viruses, and the failure of the pharmaceutical industry to keep pace with evolution." [audio]
[Health]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Inter Pipeline (IPL)CDDA
Enbridge (ENB)CBCA
Power Corp of Canada (POW)BAAA
Husky Energy (HSE)AAAA
CIBC (CM)ABCA
BCE Inc. (BCE)CDDA
Pembina Pipeline (PPL)CCDA
Bank of Nova Scotia (BNS)BBCA
Cdn Natural Resources (CNQ)AACA
Shaw (SJR.B)CCDA
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)AAAD
Teck Resources (TECK.B)AABE
Husky Energy (HSE)AAAA
Magna (MG)ABAC
Manulife (MFC)AABB
Cdn Natural Resources (CNQ)AACA
Imperial Oil (IMO)AABC
CIBC (CM)ABCA
Thomson Reuters (TRI)AEEC
Bank of Montreal (BMO)ABBB
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
First Quantum (FM)BABE
Husky Energy (HSE)AAAA
Teck Resources (TECK.B)AABE
EnCana (ECA)AAAD
Cenovus Energy (CVE)EAAD
Power Corp of Canada (POW)BAAA
Cameco (CCO)EADE
Manulife (MFC)AABB
Imperial Oil (IMO)AABC
Cdn Natural Resources (CNQ)AACA
Notes | More Info...


Canadian Stock SummaryYieldP/EP/B
Cdn Natural Resources (CNQ)YYY
Husky Energy (HSE)YYY
CIBC (CM)YY
EnCana (ECA)YY
Imperial Oil (IMO)YY
Manulife (MFC)YY
Power Corp of Canada (POW)YY
Teck Resources (TECK.B)YY
BCE Inc. (BCE)Y
Bank of Montreal (BMO)Y
Bank of Nova Scotia (BNS)Y
Cameco (CCO)Y
Cenovus Energy (CVE)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Inter Pipeline (IPL)Y
Magna (MG)Y
Pembina Pipeline (PPL)Y
Shaw (SJR.B)Y
Thomson Reuters (TRI)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Exxon Mobil (XOM)BBAA
IBM (IBM)ADBA
DuPont (DD)EAAA
Verizon (VZ)BCBA
Pfizer (PFE)BCDA
Chevron (CVX)BABA
3M (MMM)CECB
Walgreens (WBA)ABAB
Caterpillar (CAT)ACAB
JP Morgan Chase (JPM)AACB
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Goldman Sachs (GS)AABC
Walgreens (WBA)ABAB
Intel (INTC)ABCC
Caterpillar (CAT)ACAB
JP Morgan Chase (JPM)AACB
IBM (IBM)ADBA
Travelers (TRV)BABD
American Express (AXP)BCCE
Verizon (VZ)BCBA
Chevron (CVX)BABA
Notes | More Info...


Low Price/Book Value StocksP/EP/BP/SYield
Goldman Sachs (GS)AABC
DuPont (DD)EAAA
Chevron (CVX)BABA
JP Morgan Chase (JPM)AACB
Travelers (TRV)BABD
Exxon Mobil (XOM)BBAA
Walgreens (WBA)ABAB
Walt Disney (DIS)CBDE
United Technologies (UTX)CBBD
Intel (INTC)ABCC
Notes | More Info...


US Stock SummaryYieldP/EP/B
Chevron (CVX)YYY
JP Morgan Chase (JPM)YYY
Walgreens (WBA)YYY
Caterpillar (CAT)YY
DuPont (DD)YY
Exxon Mobil (XOM)YY
Goldman Sachs (GS)YY
IBM (IBM)YY
Intel (INTC)YY
Travelers (TRV)YY
Verizon (VZ)YY
3M (MMM)Y
American Express (AXP)Y
Pfizer (PFE)Y
United Technologies (UTX)Y
Walt Disney (DIS)Y
Notes...



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