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The Stingy News Weekly: 07/16/2023


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International diversification is prudent
"Given the current (as of March 2023) economic positions for the U.S. CAPE (at 3.4%) and the EAFE CAPE 10 (5.6%), unless these values change, investors can reasonably estimate EAFE markets to outperform the S&P 500 by 2.2% annually."
[Markets]

Looking up and down
"I'm happy to over-rebalance when the stock market nosedives, shifting a higher percentage of my portfolio into stock funds than my written asset allocation calls for. But the opposite isn't true. When stocks soar, I sell shares to get back to my target percentage"
[Indexing]

The red superball
"The current environment for stocks continues to remind us of 2007 when investors also appeared undeterred by developing cracks in the economy and earnings. Based on normalized earnings of many of the businesses we analyze, we believe most stocks are overvalued and have significant downside risk. As investors shrug off slowing earnings growth, sticky accumulated inflation, competitive risk-free rates, and expensive valuations, we believe the future returns of equities are very uncertain, and in our opinion, remain inadequate relative to risk assumed."
[Economy]

P.E. operational improvements
"By and large, as an industry, PE firms take control of businesses to increase debt. As a result, or in tandem, the growth of the business and the rate of spending on capex slows. That's a simple, structural change, not a grand shift in strategy or a change that really requires any expertise in management."
[Markets]

Sustainable investors expect lower returns
"The takeaway for those investors is to recognize that they are accepting not only lower expected returns, but lower risk-adjusted expected returns, to invest in accordance with their sustainability preferences."
[Markets]


S&P/TSX60 Value Screens

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


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


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


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
Manulife Financial (MFC)YYY
CIBC (CM)YY
Nutrien (NTR)YY
Pembina Pipeline (PPL)YY
Power (POW)YY
Suncor Energy (SU)YY
Teck Resources (TECK.B)YY
Algonquin Power (AQN)Y
BCE (BCE)Y
Bank of Montreal (BMO)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
TC Energy (TRP)Y
TELUS (T)Y
Tourmaline Oil (TOU)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BYield
Verizon (VZ)AAA
Walgreens (WBA)FAA
3M (MMM)ABA
Dow (DOW)BBA
IBM (IBM)ECA
Chevron (CVX)ABB
Amgen (AMGN)BEB
Cisco Systems (CSCO)BCB
Goldman (GS)AAB
Coca-Cola (KO)DDB
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Verizon (VZ)AAA
Chevron (CVX)ABB
3M (MMM)ABA
JPMorgan Chase (JPM)ABC
Goldman (GS)AAB
Dow (DOW)BBA
Travelers (TRV)BBD
Amgen (AMGN)BEB
Cisco Systems (CSCO)BCB
American Express (AXP)BCE
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Goldman (GS)AAB
Walgreens (WBA)FAA
Intel (INTC)FAE
Verizon (VZ)AAA
Walt Disney (DIS)EAF
JPMorgan Chase (JPM)ABC
Travelers (TRV)BBD
Chevron (CVX)ABB
Dow (DOW)BBA
3M (MMM)ABA
Notes | More Info...


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



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