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The Stingy News Weekly: 03/25/2023


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America's first value investor
"Hetty Green's accomplishments are extraordinary by any standard, but what makes them even more impressive is that she succeeded despite having none of the advantages afforded to men at the time. Hetty Green could not purchase a seat on the New York Stock Exchange, serve as a director on a corporate board, or even exercise the right to vote."
[Value Investing]

No satisfaction
"But here's what I found most intriguing: While the authors found that more money typically boosts happiness, they also observe the relationship between income and happiness 'is weak, even if statistically robust.' In fact, they go on to note that 'the difference between the medians of happiness at household incomes of $15,000 and $250,000 is about five points on a 100-point scale.'"
[Behaviour]

Mr. Market's paddle
"Fed members also appear confused by the relationship between the Fed's powerful tools and concerning macroeconomic trends, such as inflation, wealth inequality, and the declining labor participation rate. Chairman Powell recently commented on the labor participation rate, noting rising retirements were contributing the decline. Based on his comments, it appears Powell is unable to connect the dots between the Fed's powerful tools and retirement-enabling portfolio and home values. Instead, he blames COVID and doesn't consider the linkage between the Federal Reserve's bloated balance sheet, asset prices, and labor availability."
[Markets]

Executives with remarkable timing
"Never-before-seen IRS records show that CEOs are sometimes making multimillion-dollar bets on the stocks of direct competitors and partners - and doing so with exquisite timing."
[Markets]

Merger arbitrage
"There are about 40 deals per year meeting our criteria; 89% of deals close successfully. The arbitrageur earns about 2.0% on the successful deals and loses 2.8% on cancelled deals for a blended average 1.5% return on long exposure if they were to bet on every merger."
[Markets]

Institutional impact on factor premiums
"For anomalies that are risk-based, that is what we should expect to see because, while risk cannot be arbitraged away, cash flows can reduce the size of the premium. For the anomalies that are behavioral based, it appears that limits to arbitrage are still sufficient to allow them to persist post-publication."
[Markets]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
TC Energy (TRP)ECA
Enbridge (ENB)ECA
BCE (BCE)CDA
Bank of Nova Scotia (BNS)AAA
Pembina Pipeline (PPL)ACA
CIBC (CM)BAA
Manulife Financial (MFC)AAA
Power (POW)BAA
Algonquin Power (AQN)EAA
Suncor Energy (SU)ABA
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Tourmaline Oil (TOU)ABD
Nutrien (NTR)ABC
Imperial Oil (IMO)ABC
Suncor Energy (SU)ABA
Manulife Financial (MFC)AAA
Cenovus Energy (CVE)ABD
Bank of Montreal (BMO)AAB
Canadian Natural (CNQ)ACB
Teck Resources (TECK.B)AAE
Pembina Pipeline (PPL)ACA
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)EAC
Manulife Financial (MFC)AAA
Kinross Gold (K)FAC
Teck Resources (TECK.B)AAE
Power (POW)BAA
Algonquin Power (AQN)EAA
CIBC (CM)BAA
Bank of Nova Scotia (BNS)AAA
Bank of Montreal (BMO)AAB
Brookfield (BN)DAE
Notes | More Info...


Canadian Stock SummaryP/EP/BYield
Manulife Financial (MFC)YYY
Algonquin Power (AQN)YY
Bank of Montreal (BMO)YY
Bank of Nova Scotia (BNS)YY
CIBC (CM)YY
Pembina Pipeline (PPL)YY
Power (POW)YY
Suncor Energy (SU)YY
Teck Resources (TECK.B)YY
BCE (BCE)Y
Brookfield (BN)Y
Canadian Apt REIT (CAR.UN)Y
Canadian Natural (CNQ)Y
Cenovus Energy (CVE)Y
Enbridge (ENB)Y
Imperial Oil (IMO)Y
Kinross Gold (K)Y
Nutrien (NTR)Y
TC Energy (TRP)Y
Tourmaline Oil (TOU)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BYield
Verizon (VZ)AAA
Walgreens (WBA)FAA
3M (MMM)ACA
Dow (DOW)AAA
IBM (IBM)CCA
Chevron (CVX)ABB
Amgen (AMGN)CEB
Goldman (GS)ABB
JPMorgan Chase (JPM)BAB
Coca-Cola (KO)DDB
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Verizon (VZ)AAA
Dow (DOW)AAA
Chevron (CVX)ABB
3M (MMM)ACA
Goldman (GS)ABB
JPMorgan Chase (JPM)BAB
Travelers (TRV)BBD
Intel (INTC)BAD
American Express (AXP)BCE
Home Depot (HD)BEC
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Intel (INTC)BAD
Walgreens (WBA)FAA
JPMorgan Chase (JPM)BAB
Verizon (VZ)AAA
Goldman (GS)ABB
Dow (DOW)AAA
Travelers (TRV)BBD
Walt Disney (DIS)EBF
Chevron (CVX)ABB
salesforce.com (CRM)EBF
Notes | More Info...


US Stock SummaryP/EP/BYield
Chevron (CVX)YYY
Dow (DOW)YYY
Goldman (GS)YYY
JPMorgan Chase (JPM)YYY
Verizon (VZ)YYY
3M (MMM)YY
Intel (INTC)YY
Travelers (TRV)YY
Walgreens (WBA)YY
American Express (AXP)Y
Amgen (AMGN)Y
Coca-Cola (KO)Y
Home Depot (HD)Y
IBM (IBM)Y
Walt Disney (DIS)Y
salesforce.com (CRM)Y
Notes...



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