The Stingy News Weekly: 06/30/2024
Stingy Links
The buyback wall of shame
"With the stock market trading at record highs, corporations are
aggressively buying back stock. Some consider the current level
of buybacks as a sign of confidence. Given valuations, we view
it as a sign of capital misallocation and profit extrapolation." [Markets]
Mean reversion, or extreme aversion?
"In other words, it is the value stocks in Europe which have been
hit the hardest. Harder than the growth stocks, and even harder
than US value stocks. Much harder, in fact." [Value Investing]
Investors should expect the worst
"Although I am averse to making financial market forecasts, I can
say with some level of confidence that over any long-run
horizon most investors will have to encounter painful periods of
losses in equity markets. Some seem unaware of this (or at least
behave as if they are) while others spend most of their time
attempting to predict when such phases will occur. Neither of these
will lead to good outcomes." [Behaviour]
The calm before the storm
"In our view, neither private credit nor direct lending have
rewritten the rules of credit risk. We'd argue that what passes for
innovation in finance is often just repackaging risk in more
convenient and higher-fee wrappers" [Bonds]
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | Yield | | BCE (BCE) | C | D | A |
| TELUS (T) | D | C | A |
| Enbridge (ENB) | B | C | A |
| TC Energy (TRP) | C | C | A |
| Algonquin Power (AQN) | F | A | A |
| Bank of Nova Scotia (BNS) | A | A | A |
| Emera (EMA) | C | A | A |
| Power (POW) | A | A | A |
| Brookfield Infra (BIP.UN) | E | C | A |
| CIBC (CM) | A | A | A |
| Low Price/Earnings Stocks | P/E | P/B | Yield | | Canadian Natural (CNQ) | A | B | B |
| Suncor Energy (SU) | A | B | B |
| Power (POW) | A | A | A |
| CIBC (CM) | A | A | A |
| Bank of Nova Scotia (BNS) | A | A | A |
| Imperial Oil (IMO) | A | C | C |
| Cenovus Energy (CVE) | A | B | C |
| National Bank (NA) | A | B | B |
| Magna International (MG) | A | A | B |
| Tourmaline Oil (TOU) | A | B | D |
| Low Price/Book Value Stocks | P/E | P/B | Yield | | Canadian Apt REIT (CAR.UN) | F | A | C |
| Algonquin Power (AQN) | F | A | A |
| First Quantum (FM) | F | A | E |
| Nutrien (NTR) | D | A | B |
| Magna International (MG) | A | A | B |
| Bank of Nova Scotia (BNS) | A | A | A |
| Power (POW) | A | A | A |
| Bank of Montreal (BMO) | B | A | B |
| Emera (EMA) | C | A | A |
| CIBC (CM) | A | A | A |
| Canadian Stock Summary | P/E | P/B | Yield | | Bank of Nova Scotia (BNS) | Y | Y | Y |
| CIBC (CM) | Y | Y | Y |
| Power (POW) | Y | Y | Y |
| Algonquin Power (AQN) | | Y | Y |
| Emera (EMA) | | Y | Y |
| Magna International (MG) | Y | Y | |
| BCE (BCE) | | | Y |
| Bank of Montreal (BMO) | | Y | |
| Brookfield Infra (BIP.UN) | | | Y |
| Canadian Apt REIT (CAR.UN) | | Y | |
| Canadian Natural (CNQ) | Y | | |
| Cenovus Energy (CVE) | Y | | |
| Enbridge (ENB) | | | Y |
| First Quantum (FM) | | Y | |
| Imperial Oil (IMO) | Y | | |
| National Bank (NA) | Y | | |
| Nutrien (NTR) | | 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) | B | A |
| Dow (DOW) | D | A |
| Chevron (CVX) | A | A |
| IBM (IBM) | B | A |
| Johnson & Johnson (JNJ) | A | A |
| Cisco Systems (CSCO) | B | B |
| Coca-Cola (KO) | C | B |
| Amgen (AMGN) | E | B |
| 3M (MMM) | F | B |
| McDonald's (MCD) | C | B |
| Low Price/Earnings Stocks | P/E | Yield | | Johnson & Johnson (JNJ) | A | A |
| JPMorgan Chase (JPM) | A | C |
| Chevron (CVX) | A | A |
| Travelers (TRV) | A | C |
| Caterpillar (CAT) | A | D |
| Verizon (VZ) | B | A |
| Cisco Systems (CSCO) | B | B |
| Goldman (GS) | B | C |
| American Express (AXP) | B | E |
| 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 |
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