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The Stingy News Weekly: 05/19/2024 Stingy Links Cliff Asness interview "Our conversation covers Cliff's journey from studying market efficiency under Eugene Fama to capitalizing on market inefficiencies at AQR. We discuss regime changes in factors, difficult periods for performance and AQR's business, research innovation, machine learning, index funds, pod shops, areas of cognitive dissonance, private equity, and serving on investment committees." [Video] [Asness] Seinfeld on money "That money became everything. What happened because it was not like that in the seventies. In the seventies, it's how cool is your job? How cool is what you're doing? If your job's cooler than my job, you beat me." [Behaviour] Estimating future returns "As of December 31st, 2023, the S&P 500 was forecasting a return of 1.34%/year over the next ten years, with no adjustment for inflation. As of the close on May 10th, 2024, that figure was 0.32%/year." [Markets] Diversification is about decades "You don't have to look too far back for a lost decade in U.S. stocks (it happened from 2000-2009). In the 1970s and 1980s, U.S. stocks were closer to the bottom of the pack than the top." [Markets] Far from perfect "Looking closer at that time frame highlights that in any 6 month period following yield curve inversion the chances that a recession comes are much closer to 50/50 than 100%. It's a coin flip. As the period moves further out beyond 18 months, the probability of predicting a recession falls closer to the long-term average U.S. recession probability (15-20% of months)." [Economy] S&P/TSX60 Value Screens High Dividend Yield Stocks P/E P/B Yield BCE (BCE) C D A Enbridge (ENB) C C A TC Energy (TRP) F B A TELUS (T) E C A Bank of Nova Scotia (BNS) A A A Algonquin Power (AQN) F A A Emera (EMA) A A A CIBC (CM) A A A Power (POW) A A A Pembina Pipeline (PPL) D C A Low Price/Earnings Stocks P/E P/B Yield Brookfield Asset Management (BAM) A C B Suncor Energy (SU) A B B Tourmaline Oil (TOU) A B D Imperial Oil (IMO) A C C Magna International (MG) A A B Bank of Nova Scotia (BNS) A A A Power (POW) A A A Emera (EMA) A A A National Bank (NA) A C C Cenovus Energy (CVE) A B C Low Price/Book Value Stocks P/E P/B Yield Canadian Apt REIT (CAR.UN) F A C First Quantum (FM) B A D Algonquin Power (AQN) F A A Nutrien (NTR) B A B Bank of Nova Scotia (BNS) A A A Magna International (MG) A A B Power (POW) A A A CIBC (CM) A A A Bank of Montreal (BMO) C A B Emera (EMA) A A A Canadian Stock Summary P/E P/B Yield Bank of Nova Scotia (BNS) Y Y Y Emera (EMA) Y Y Y Power (POW) Y Y Y Algonquin Power (AQN) Y Y CIBC (CM) Y Y Magna International (MG) Y Y BCE (BCE) Y Bank of Montreal (BMO) Y Brookfield Asset Management (BAM) Y Canadian Apt REIT (CAR.UN) Y Cenovus Energy (CVE) Y Enbridge (ENB) Y First Quantum (FM) Y Imperial Oil (IMO) Y National Bank (NA) Y Nutrien (NTR) Y Pembina Pipeline (PPL) Y Suncor Energy (SU) Y TC Energy (TRP) Y TELUS (T) Y Tourmaline Oil (TOU) Y DOW 30 Value Screens High Dividend Yield Stocks P/E Yield Verizon (VZ) A A 3M (MMM) F A Dow (DOW) E A Chevron (CVX) A A IBM (IBM) B A Walmart (WMT) A B Cisco Systems (CSCO) B B Coca-Cola (KO) D B Johnson & Johnson (JNJ) A B Amgen (AMGN) C B Low Price/Earnings Stocks P/E Yield Johnson & Johnson (JNJ) A B Walmart (WMT) A B JPMorgan Chase (JPM) A D Chevron (CVX) A A Verizon (VZ) A A Cisco Systems (CSCO) B B Travelers (TRV) B D Caterpillar (CAT) B D Goldman (GS) B C IBM (IBM) B A US Stock Summary P/E Yield Amgen (AMGN) Y Y Chevron (CVX) Y Y Goldman (GS) Y Y Verizon (VZ) Y Y 3M (MMM) Y American Express (AXP) Y Caterpillar (CAT) Y Cisco Systems (CSCO) Y Coca-Cola (KO) Y Dow (DOW) Y Home Depot (HD) Y IBM (IBM) Y JPMorgan Chase (JPM) Y Johnson & Johnson (JNJ) Y Travelers (TRV) Y Walgreens (WBA) Y	Stingy News Weekly The Latest Edition Get the Stingy News via email with ... 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