The Stingy News Weekly: 04/13/2019
Stingy Links
OSAM Q1 letter
"One of the best ways to evaluate a manager is to ask them about
their research graveyard. Of the research projects we've pursued
over the decades, a significant majority end up like the
ownership data project - dead. The quantitative research process is
default frustrating." [Funds]
Tax-loss harvesting alpha
"We find that a tax-loss harvesting strategy yields a geometric
average of 51 basis points per year from 1926 to 2018. However,
this tax alpha is highly variable: over four successive 23-year
periods, the tax alpha ranged from 26 to 88 basis points per
annum" [Taxes]
We overestimate and underestimate our abilities
"Do you think you are an above-average driver, as most people do?
How do you compare with others as a parent? Are you better than
most at dancing? Where do you rank in your capability to save
humanity? Many of you will answer these questions incorrectly.
For some of these skills, you will think you are better than you
actually are. For others, you will think you are worse." [Behaviour]
Multi-factor ETFs
"There is a lot to consider in relation to the composition and
performance of multi-factor ETFs in the US stock market. Perhaps
the most interesting insight is that these products feature
factors such as growth that are not supported by academic research
and lack exposure to established ones like quality and momentum." [Indexing]
Dividends fade
"In the past, dividends were the only reason investors placed
their money in equities. Now, dividends play a much smaller role,
for better or worse, in the overall stock market." [Dividends]
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Inter Pipeline (IPL) | B | D | D | A |
| Enbridge (ENB) | E | B | B | A |
| BCE Inc. (BCE) | C | D | C | A |
| CIBC (CM) | A | B | B | A |
| Power Corp of Canada (POW) | A | A | A | A |
| Brookfield Infrastructure (BIP.UN) | E | C | C | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| TransCanada (TRP) | B | D | E | A |
| Emera (EMA) | B | B | B | A |
| Pembina Pipeline (PPL) | D | D | D | A |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Teck Resources (TECK.B) | A | A | B | E |
| EnCana (ECA) | A | A | B | E |
| Magna (MG) | A | B | A | C |
| Thomson Reuters (TRI) | A | E | E | C |
| CIBC (CM) | A | B | B | A |
| Husky Energy (HSE) | A | A | A | B |
| National Bank (NA) | A | C | C | B |
| Manulife (MFC) | A | A | B | B |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| Power Corp of Canada (POW) | A | A | A | A |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Husky Energy (HSE) | A | A | A | B |
| Teck Resources (TECK.B) | A | A | B | E |
| First Quantum (FM) | C | A | C | E |
| Cenovus Energy (CVE) | F | A | A | D |
| Kinross Gold (K) | F | A | B | F |
| EnCana (ECA) | A | A | B | E |
| Goldcorp (G) | F | A | D | E |
| Power Corp of Canada (POW) | A | A | A | A |
| Manulife (MFC) | A | A | B | B |
| Imperial Oil (IMO) | B | A | B | C |
| Notes | More Info... |
| Canadian Stock Summary | Yield | P/E | P/B | | Power Corp of Canada (POW) | Y | Y | Y |
| Bank of Nova Scotia (BNS) | Y | Y | |
| CIBC (CM) | Y | Y | |
| EnCana (ECA) | | Y | Y |
| Husky Energy (HSE) | | Y | Y |
| Manulife (MFC) | | Y | Y |
| Teck Resources (TECK.B) | | Y | Y |
| BCE Inc. (BCE) | Y | | |
| Brookfield Infrastructure (BIP.UN) | Y | | |
| Cenovus Energy (CVE) | | | Y |
| Emera (EMA) | Y | | |
| Enbridge (ENB) | Y | | |
| First Quantum (FM) | | | Y |
| Goldcorp (G) | | | Y |
| Imperial Oil (IMO) | | | Y |
| Inter Pipeline (IPL) | Y | | |
| Kinross Gold (K) | | | Y |
| Magna (MG) | | Y | |
| National Bank (NA) | | Y | |
| Pembina Pipeline (PPL) | Y | | |
| Thomson Reuters (TRI) | | Y | |
| TransCanada (TRP) | Y | | |
| Notes... |
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | IBM (IBM) | B | D | B | A |
| DowDuPont (DWDP) | D | A | A | A |
| Verizon (VZ) | B | C | B | A |
| Exxon Mobil (XOM) | B | B | A | A |
| Chevron (CVX) | B | A | B | A |
| Coca-Cola (KO) | E | E | E | A |
| Pfizer (PFE) | D | B | D | B |
| Walgreens (WBA) | A | B | A | B |
| JP Morgan Chase (JPM) | A | A | C | B |
| Home Depot (HD) | C | F | B | B |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Goldman Sachs (GS) | A | A | C | D |
| Walgreens (WBA) | A | B | A | B |
| JP Morgan Chase (JPM) | A | A | C | B |
| Intel (INTC) | A | B | C | C |
| Caterpillar (CAT) | A | D | B | C |
| American Express (AXP) | A | C | C | E |
| Travelers (TRV) | B | A | A | D |
| IBM (IBM) | B | D | B | A |
| Chevron (CVX) | B | A | B | A |
| Verizon (VZ) | B | C | B | A |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | DowDuPont (DWDP) | D | A | A | A |
| Goldman Sachs (GS) | A | A | C | D |
| Chevron (CVX) | B | A | B | A |
| JP Morgan Chase (JPM) | A | A | C | B |
| Travelers (TRV) | B | A | A | D |
| Exxon Mobil (XOM) | B | B | A | A |
| Walgreens (WBA) | A | B | A | B |
| United Technologies (UTX) | C | B | B | D |
| Intel (INTC) | A | B | C | C |
| Pfizer (PFE) | D | B | D | B |
| Notes | More Info... |
| US Stock Summary | Yield | P/E | P/B | | Chevron (CVX) | Y | Y | Y |
| JP Morgan Chase (JPM) | Y | Y | Y |
| Walgreens (WBA) | Y | Y | Y |
| DowDuPont (DWDP) | Y | | Y |
| Exxon Mobil (XOM) | Y | | Y |
| Goldman Sachs (GS) | | Y | Y |
| IBM (IBM) | Y | Y | |
| Intel (INTC) | | Y | Y |
| Pfizer (PFE) | Y | | Y |
| Travelers (TRV) | | Y | Y |
| Verizon (VZ) | Y | Y | |
| American Express (AXP) | | Y | |
| Caterpillar (CAT) | | Y | |
| Coca-Cola (KO) | Y | | |
| Home Depot (HD) | Y | | |
| United Technologies (UTX) | | | Y |
| Notes... |
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