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The Stingy News Weekly (12/06/2014)


"The stock market is filled with individuals who know the price of everything, but the value of nothing."
- Philip Fisher


New from StingyInvestor

Injecting enthusiasm into millennial investing
"Getting a good education opens up many doors. But even after years of schooling, too many people know little about the financial markets and investing, which is a real shame. Money manager Patrick O'Shaughnessy hopes to bridge the gap with a new book called Millennial Money: How Young Investors Can Build a Fortune. In it, he encourages young adults to invest in the stock market to take full advantage of the magic of compounding."


Stingy Links

Can't stay retired
"The AARP research found that 55 percent of retirees are employed voluntarily, including the 25 percent who reported working because they wanted to be physically or mentally active."
[Retirement]

Retail financial advice
"Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients into similar portfolios independent of their clients' risk preferences and stage in the life cycle. An advisor's own portfolio is a good predictor of the client's portfolio even after controlling for the client's characteristics. This one-size-fits-all advice does not come cheap. The average client pays more than 2.7% each year in fees and thus gives up all of the equity premium gained through increased risk-taking."
[Brokers]

The world's dumbest idea
"When it comes to bad ideas, finance certainly offers up an embarrassment of riches - CAPM, Efficient Market Hypothesis, Beta, VaR, portfolio insurance, tail risk hedging, smart beta, leverage, structured finance products, benchmarks, hedge funds, risk premia, and risk parity to name but a few. Whilst I have expressed my ire at these concepts and poured scorn upon many of these ideas over the years, they aren't the topic of this paper. Rather in this essay I want to explore the problems that surround the concept of shareholder value and its maximization."
[Montier]

The dangers of reacting to short-term volatility
"It is true that the volatility of terminal wealth across all holding periods is found to be higher for stocks than bonds in every market examined and, thus, stocks are riskier when risk is measured by volatility. But interestingly, the higher volatility of terminal wealth from stocks is mostly on the upside. So, stocks have both higher upside and more limited downside than bonds."
[Value Investing]

Lessons from Black Friday
"The ultimate lesson: When assets are priced for perfection in an imperfect world, investors who don't slash their expectations are apt to be disappointed at best and devastated at worst."
[Zweig]


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
AT&T (T)5545
Verizon (VZ)5145
Chevron (CVX)5555
McDonald's (MCD)3125
General Electric (GE)2535
Pfizer (PFE)2415
Exxon Mobil (XOM)4454
Merck (MRK)1314
Procter & Gamble (PG)1334
Caterpillar (CAT)4454
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
Chevron (CVX)5555
Travelers (TRV)5542
AT&T (T)5545
Verizon (VZ)5145
Goldman Sachs (GS)5531
JP Morgan Chase (JPM)5533
Exxon Mobil (XOM)4454
IBM (IBM)4143
Caterpillar (CAT)4454
United Technologies (UTX)4442
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
AT&T (T)55451.91
Verizon (VZ)51452.32
Chevron (CVX)55552.64
Exxon Mobil (XOM)44544.01
JP Morgan Chase (JPM)55334.55
Travelers (TRV)55424.88
IBM (IBM)41434.92
McDonald's (MCD)31255.37
Caterpillar (CAT)44545.65
General Electric (GE)25355.88
Notes | More Info...


US Stock SummaryYieldP/EV.R.
AT&T (T)YYY
Caterpillar (CAT)YYY
Chevron (CVX)YYY
Exxon Mobil (XOM)YYY
Verizon (VZ)YYY
General Electric (GE)YY
IBM (IBM)YY
JP Morgan Chase (JPM)YY
McDonald's (MCD)YY
Travelers (TRV)YY
Goldman Sachs (GS)Y
Merck (MRK)Y
Pfizer (PFE)Y
Procter & Gamble (PG)Y
United Technologies (UTX)Y
Notes...



S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BP/SYield
Penn West Petroleum (PWT)0555
Crescent Point (CPG)1515
Enerplus (ERF)4435
Canadian Oil Sands (COS)5545
TransAlta (TA)0445
Talisman Energy (TLM)0545
Teck Resources (TCK.B)2545
Husky Energy (HSE)5545
ARC Resources (ARX)2215
BCE Inc. (BCE)3135
Notes | More Info...


Low Price/Earnings StocksP/EP/BP/SYield
EnCana (ECA)5432
Canadian Oil Sands (COS)5545
Manulife (MFC)5433
Imperial Oil (IMO)5331
Bank of Nova Scotia (BNS)5324
National Bank (NA)5334
Husky Energy (HSE)5545
Brookfield (BAM.A)5431
Power Corp of Canada (POW)5454
Bank of Montreal (BMO)4324
Notes | More Info...


Value Ratio StocksP/EP/BP/SYieldV.R.
Canadian Oil Sands (COS)55451.22
EnCana (ECA)54321.95
Enerplus (ERF)44352.08
Husky Energy (HSE)55452.26
National Bank (NA)53342.78
Bank of Nova Scotia (BNS)53242.80
Crescent Point (CPG)15152.81
Bank of Montreal (BMO)43243.13
CIBC (CM)42243.23
Power Corp of Canada (POW)54543.44
Notes | More Info...


Canadian Stock SummaryYieldP/EV.R.
Canadian Oil Sands (COS)YYY
Husky Energy (HSE)YYY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
Crescent Point (CPG)YY
EnCana (ECA)YY
Enerplus (ERF)YY
National Bank (NA)YY
Power Corp of Canada (POW)YY
ARC Resources (ARX)Y
BCE Inc. (BCE)Y
Brookfield (BAM.A)Y
CIBC (CM)Y
Imperial Oil (IMO)Y
Manulife (MFC)Y
Penn West Petroleum (PWT)Y
Talisman Energy (TLM)Y
Teck Resources (TCK.B)Y
TransAlta (TA)Y
Notes...



The Rothery Report
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The Rothery Report provides research on select deep-value stocks in North America. Discover overlooked and undervalued stocks in quarterly investment reports which provide detailed analysis of Canadian and U.S. stocks. Weekly email news and additional updates keep subscribers informed about new opportunities and developments.

Rothery Report Performance
(03/31/2001 to 09/30/2014)
Average Capital Gain
47.3%



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Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...