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The Stingy News Weekly: 07/21/2024


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Don't take the last dollar
"Ultimately, the best way to negotiate is to not take the last dollar. It's to always negotiate as if you're playing an infinite game. Of course, no game is truly infinite. But, you should act as if it is in almost all cases. Even when you know that an infinite game is ending (i.e. becoming finite), you should still pretend its infinite. Why? Because how you behave in those situations will follow you. It's your reputation you have to worry about. And your reputation is an infinite game. It lives on even after you're gone."
[Behaviour]

A time traveler's guide
"Although he did note that actually these long-term performers had somewhat moderate returns - on an annualized basis - compared to the companies that periodically pop up throughout stock market history through surging and capturing the imagination of an entire generation of investors, before ultimately fizzling out. Think RCA in the 1920s, Polaroid in the 1960s, or Cisco in the 1990s. 'Really high returns,' he wrote to us. 'Don't persist.'"
[Markets]

Highest long-term returns
"Annualized compound returns to these top performers relatively were modest, averaging 13.47% across the top seventeen stocks, thereby affirming the importance of 'time in the market.'"
[History]

Neglecting equilibrium
"The biggest difference between an academic view of markets and the view of actual investors is that most investors believe that higher future earnings growth means higher future stock returns, whereas academics believe this information is priced in by an efficient market."
[Markets]

Overconfidence and emergency planning
"The median subjective emergency fund ratio is 1.4, indicating that most respondents perceive their emergency funds to cover only 1.4 months of expenses. Only 28% of respondents perceive that they need at least three months of emergency funds. Overconfident respondents perceive a significantly lower emergency fund ratio compared to those with appropriately high financial knowledge. The overconfident group reported their emergency needs to be 21.4% lower than those with higher objective and subjective financial knowledge."
[Behaviour]

Asset managers' profits get thinner
"In addition to feeble inflows and weaker company brands, the cost of doing business as an asset manager continues to meaningfully rise. Operating expenses grew at a rate between 2020 to 2023 that has cut into profits. The growth rate for data and technology was 13 percent over those three years; operations was 9 percent; business and support functions was 6 percent; investment management was 5 percent; and sales and marketing was 4 percent."
[Funds]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
BCE (BCE)CDA
Enbridge (ENB)BCA
Algonquin Power (AQN)FAA
TELUS (T)DCA
TC Energy (TRP)CCA
Bank of Nova Scotia (BNS)AAA
Emera (EMA)CAA
Power (POW)AAA
Pembina Pipeline (PPL)BCA
Brookfield Infra (BIP.UN)ECA


Low Price/Earnings StocksP/EP/BYield
Canadian Natural (CNQ)AAB
Suncor Energy (SU)ABB
Power (POW)AAA
CIBC (CM)AAA
Bank of Nova Scotia (BNS)AAA
Imperial Oil (IMO)ACC
Cenovus Energy (CVE)ABC
National Bank (NA)ABB
Tourmaline Oil (TOU)ABC
Magna International (MG)AAB


Low Price/Book Value StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)FAC
Algonquin Power (AQN)FAA
First Quantum (FM)FAE
Nutrien (NTR)DAB
Magna International (MG)AAB
Bank of Nova Scotia (BNS)AAA
Power (POW)AAA
Emera (EMA)CAA
Bank of Montreal (BMO)BAA
Teck Resources (TECK.B)CAD


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
Power (POW)YYY
Algonquin Power (AQN)YY
Emera (EMA)YY
Magna International (MG)YY
BCE (BCE)Y
Bank of Montreal (BMO)Y
Brookfield Infra (BIP.UN)Y
CIBC (CM)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
Pembina Pipeline (PPL)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TELUS (T)Y
Teck Resources (TECK.B)Y
Tourmaline Oil (TOU)Y


DOW 30 Value Screens

High Dividend Yield StocksP/EYield
Verizon (VZ)AA
Dow (DOW)DA
Chevron (CVX)AA
IBM (IBM)BA
Cisco Systems (CSCO)BA
Johnson & Johnson (JNJ)AB
Coca-Cola (KO)CB
Amgen (AMGN)EB
3M (MMM)FB
McDonald's (MCD)CB


Low Price/Earnings StocksP/EYield
Johnson & Johnson (JNJ)AB
JPMorgan Chase (JPM)AC
Chevron (CVX)AA
Travelers (TRV)AC
Verizon (VZ)AA
Caterpillar (CAT)BD
Cisco Systems (CSCO)BA
Goldman (GS)BC
American Express (AXP)BE
IBM (IBM)BA


US Stock SummaryP/EYield
Amgen (AMGN)YY
Chevron (CVX)YY
Goldman (GS)YY
Verizon (VZ)YY
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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2024
  08: 04 11
  07: 07 14 21 27
  06: 01 09 16 22 30
  05: 05 10 19 25
  04: 07 14 21 28
  03: 03 10 17 24 31
  02: 03 09 17 25
  01: 07 14 21 28
2023
  12: 03 09 16 24 30
  11: 05 12 19 26
  10: 01 07 15 22 29
  09: 04 10 17 24
  08: 07 13 20 27
  07: 02 09 16 23 29
  06: 04 11 16 25
  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2022
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 01 07 14 20 28
  07: 03 10 17 24
  06: 05 12 17 26
  05: 01 08 15 23 29
  04: 03 10 17
  03: 06 13 20 27
  02: 04 13 20 27
  01: 02 09 16 23 30
2021
  12: 05 12 19 25
  11: 06 14 21 28
  10: 03 07 17 24 30
  09: 05 12 19 24
  08: 02 08 15 22 29
  07: 04 11 19 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 30
2020
  12: 06 13 20 25
  11: 01 08 22 27
  10: 03 11 18 24
  09: 06 11 19 26
  08: 01 09 16 22 30
  07: 04 12 18 26
  06: 06 12 20 27
  05: 03 09 16 23 31
  04: 04 12 17 24
  03: 08 15 22 28
  02: 01 07 15 22 28
  01: 03 10 17 24
2019
  12: 03 11 16 27
  11: 03 08 16 22 27
  10: 04 11 18 22
  09: 06 11 17 25
  08: 12 19 31
  07: 07 26 31
  06: 06 15 21 26
  05: 01 08 15 20 27
  04: 03 13 16 21
  03: 04 12 18 25
  02: 05 13 20 25
  01: 01 08 16 22 28
2018
  12: 03 11 17 26
  11: 01 05 12 19 26
  10: 09 15 22
  09: 06 10 17 24 30
  08: 07 13 22 28
  07: 02 09 16 23 30
  06: 04 12 19 25
  05: 08 14 23 28
  04: 02 10 16 22 30
  03: 05 12 19 27
  02: 05 12 20 26
  01: 01 08 15 22 29
2017
  12: 04 11 18 24
  11: 06 12 20 27
  10: 01 07 16 23 30
  09: 04 11 17 23
  08: 07 16 20 28
  07: 02 09 16 23 30
  06: 04 11 18 26
  05: 07 14 21 28
  04: 02 09 16 23 30
  03: 05 12 19 26
  02: 05 12 19 26
  01: 02 07 15 22 29
2016
  12: 04 11 18 26
  11: 06 13 20 27
  10: 02 09 16 23 29
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24 31
  06: 05 11 19 26
  05: 01 08 15 22
  04: 03 10 17 24
  03: 06 13 20 27
  02: 07 14 21 28
  01: 03 10 17 24 31
2015
  12: 06 13 20 27
  11: 01 08 15 22 29
  10: 04 10 18 25
  09: 05 13 20 27
  08: 17 23 30
  07: 05 12 19 26 31
  06: 06 14 21 28
  05: 03 09 17 23 31
  04: 04 12 19 26
  03: 01 07 15 22 28
  02: 07 14 21
  01: 04 12 18 25 31
2014
  12: 06 14 21 28
  11: 02 08 16 23 30
  10: 04 11 19 26
  09: 06 14 19 28
  08: 10 16 24 29
  07: 05 12 19 25
  06: 08 15 20 29
  05: 04 11 18 25 30
  04: 06 12 20 27
  03: 02 09 16 23 30
  02: 01 09 16 23
  01: 05 12 18 26
2013
  12: 02 09 16 30
  11: 03 11 17 24
  10: 06 14 20 27
  09: 09 16 23 30
  08: 04 10 25
  07: 07 15 21 28
  06: 03 09 16 23 30
  05: 05 12 19 26
  04: 07 14 21 28
  03: 03 11 17 24 31
  02: 04 10 17 24
  01: 06 13 20 27
2012
  12: 02 09 16 23 30
  11: 04 11 18 25
  10: 07 14 21 28
  09: 02 09 16 23 30
  08: 05 12 19 26
  07: 01 08 15 22 29
  06: 03 10 17 24
  05: 07 13 20 27
  04: 01 08 15 22 29
  03: 04 11 18 25
  02: 05 12 19 26
  01: 01 08 15 22 29
2011
  12: 04 11 18 25
  11: 06 13 20 27
  10: 02 09 16 23 30
  09: 04 11 18 25
  08: 07 14 21 28
  07: 03 10 17 24
  06: 05 12 19 26
  05: 01 08 15 22 29
  04: 04 10 17 24
  03: 06 13 20 27
  02: 06 13 20 27
  01: 02 09 16 23 30
2010
  12: 05 12 19 26
  11: 07 14 21 28
  10: 03 10 17 24 31
  09: 05 12 19 26
  08: 01 08 15 22 29
  07: 04 11 16 25
  06: 06 13 20 27
  05: 02 09 16 23 30
  04: 04 11 18 25
  03: 07 14 21 28
  02: 07 14 21 28
  01: 03 10 17 24 31

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