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The Stingy News Weekly (09/01/02)

The Markets This Week

DOW 30: 8,664 -2.36% with a median P/E of 26.4
S&P/TSX: 6,612 -0.03% with a median P/E of 29.7

The Value View

Dow at a P/E of 20: 6,564 (-24.3%) Poor Value
Dow at a P/E of 15: 4,923 (-43.2%) Fair Value
Dow at a P/E of 10: 3,282 (-62.1%) Good Value

S&P/TSX at a P/E of 20: 4,453 (-32.7%) Poor Value
S&P/TSX at a P/E of 15: 3,339 (-49.5%) Fair Value
S&P/TSX at a P/E of 10: 2,226 (-66.3%) Good Value

A New Stingy Article

Dangerous Diversification
"Mutual fund diversification can quickly get out of hand and wind up costing investors a lot of money."

Stingy Links

Planet Starbucks
"The story of how Schultz & Co. transformed a pedestrian commodity into an upscale consumer accessory has a fairy-tale quality. Starbucks has grown from 17 coffee shops in Seattle 15 years ago to 5,689 outlets in 28 countries."

Forced ranking: the controversy continues
"Critics have countered the popularity of forced ranking by suggesting that it is a system that may help with some problems, but which creates many others. They note that while this system may work in a company like GE, there are few other companies that share GE's culture. According to this line of thinking, those businesses that believe that applying forced ranking to their workforce will bring them closer to the achievements of GE are in for a rude shock."

The hard consequences of easy loans
"There's plenty of blame to go around for the New Economy's boom and bust. But most of the attention has focused on the role of equity markets. Largely overlooked are debt markets, which also have played a role in the drama"

Fiber optics: beware of Buffett's bet
"Lots of investors are heartened by his investment in network operator Level 3. Chances are they'll be highly disappointed."

A good time to pick Apple's stock?
"While several factors are weighing down the company's financial performance these days, many others could provide a nice lift."

Fraudster broker on parole after 18 months
"Former Bay Street broker Michael Holoday, the man behind one of the biggest frauds in Canadian history, walked out of a residential-style prison yesterday after spending less than 18 months there."

My pro forma life
"On a pro forma basis, I'm having an outstanding year. In calendar 2002 I've gone to the gym on a regular basis and expect this trend to continue and to have a material impact on my health going forward. Year-to-date, my health has improved by a solid 15 percent on an annualized basis."

Brokers rub salt in investors' wounds
"You would think the bear market has done enough damage to the portfolios of Canadian investors but now they are facing a rash of fee hikes."

Self-directed RRSPs may have hidden fees
"However, as the bear market is starting to reveal, self-directed RRSPs also expose investors to more risk and potentially higher losses. Investors who misused the flexibility of this vehicle and overweighted the tech sector or even single stocks like Nortel Networks may well refer to their RRSPs as "self-wrecked" rather than "self-directed.""

The color of money
"Yes, the Federal Reserve is continuing to experiment with new, more difficult-to-counterfeit paper money. First it was BIG FACES (along with the introduction of a variety of other counterfeit-proof characteristics into our Federal Reserve notes). Next, maybe, it will be color."

Market Trivia

This week's trivia questions are:

Q1. From 1970 to 1996 how many funds outperformed the S&P500?
Q2. Who said "There are two different kinds of problems in trying to beat the market. One problem is that it is so extraordinarily difficult to do so - and so easy while trying to do better , to do worse."?
Q3. Who said "If we shopped for stocks the way we shop for socks, we'd be better off."?

The answers to last week's trivia questions are:

Q1. What is the highest P/Book stock in the DOW?
A1. Exxon Mobil at 3,217
Q2. What is the highest P/Book stock in the S&P500?
A2. Wrigley at 6,361
Q3. What is the highest P/Book stock in the S&P/TSX Composite?
A3. Acetex at 43.5
Source: globeinvestor.com

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Bullishly Yours,
Norman Rothery
ISSN 1499-2795

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