The Stingy News Weekly: 07/26/2020
Stingy Links
Tail risk hedging
"The common view that Put costs more but is a more effective tail
hedge contains a kernel of truth but does not capture the full
story. We will give a more nuanced picture, including
practicality for investors, and end up preferring Trend over Put." [Markets]
My four goals
"I also want some income I'm guaranteed not to outlive. Research
suggests our ability to manage money deteriorates as we age.
Research also suggests that retirees with predictable income tend
to be happier." [Retirement]
Down the rabbit hole
"There are only three things you need to know about private
equity: leverage, leverage and leverage" [Markets]
Surge in defaults
"More than half of companies that defaulted in the second quarter
are owned by private equity firms, Moody's said in a report
this week." [Bonds]
The bubble 500
"Paying >10x revenue for exciting growth stories is historically
one of the worst long-term investment methodologies ever. Our
research on similarly priced, similarly unprofitable new-issue
stocks with similar growth prospects suggests that this is because
of their dramatically high failure rate and disproportionate
risk of extreme multiple compression. And this is true even
excluding the dot-com bubble. Bankruptcy-level losses occur at such
high rates that the group of stocks has an actuarial price return
risk equivalent to investing exclusively in tomorrow's levered
defaulters." [Markets]
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Brookfield Property Partners (BPY.UN) | A | A | A | A |
| Enbridge (ENB) | E | C | C | A |
| Pembina Pipeline (PPL) | B | B | D | A |
| Power Corp of Canada (POW) | B | A | A | A |
| Cdn Natural Resources (CNQ) | A | A | B | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| CIBC (CM) | A | B | C | A |
| Manulife (MFC) | A | A | A | A |
| BCE Inc. (BCE) | C | D | D | A |
| Nutrien (NTR) | C | A | B | A |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Canadian Apartment REIT (CAR.UN) | A | A | E | C |
| Manulife (MFC) | A | A | A | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| Cdn Natural Resources (CNQ) | A | A | B | A |
| Bank of Montreal (BMO) | A | B | B | A |
| Imperial Oil (IMO) | A | A | A | B |
| Brookfield Property Partners (BPY.UN) | A | A | A | A |
| Inter Pipeline (IPL) | A | B | C | C |
| CIBC (CM) | A | B | C | A |
| National Bank (NA) | A | C | C | B |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Teck Resources (TECK.B) | F | A | B | D |
| Brookfield Property Partners (BPY.UN) | A | A | A | A |
| Cenovus Energy (CVE) | D | A | A | F |
| First Quantum (FM) | F | A | C | E |
| Imperial Oil (IMO) | A | A | A | B |
| Power Corp of Canada (POW) | B | A | A | A |
| Manulife (MFC) | A | A | A | A |
| Suncor Energy (SU) | F | A | B | C |
| Nutrien (NTR) | C | A | B | A |
| Cdn Natural Resources (CNQ) | A | A | B | A |
| Notes | More Info... |
| Canadian Stock Summary | Yield | P/E | P/B | | Brookfield Property Partners (BPY.UN) | Y | Y | Y |
| Cdn Natural Resources (CNQ) | Y | Y | Y |
| Manulife (MFC) | Y | Y | Y |
| Bank of Nova Scotia (BNS) | Y | Y | |
| CIBC (CM) | Y | Y | |
| Imperial Oil (IMO) | | Y | Y |
| Nutrien (NTR) | Y | | Y |
| Power Corp of Canada (POW) | Y | | Y |
| BCE Inc. (BCE) | Y | | |
| Bank of Montreal (BMO) | | Y | |
| Canadian Apartment REIT (CAR.UN) | | Y | |
| Cenovus Energy (CVE) | | | Y |
| Enbridge (ENB) | Y | | |
| First Quantum (FM) | | | Y |
| Inter Pipeline (IPL) | | Y | |
| National Bank (NA) | | Y | |
| Pembina Pipeline (PPL) | Y | | |
| Suncor Energy (SU) | | | Y |
| Teck Resources (TECK.B) | | | Y |
| Notes... |
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Exxon Mobil (XOM) | B | A | A | A |
| Chevron (CVX) | E | A | B | A |
| IBM (IBM) | A | D | B | A |
| Walgreens (WBA) | E | B | A | A |
| Verizon (VZ) | A | C | B | A |
| Pfizer (PFE) | A | C | D | B |
| 3M (MMM) | C | E | C | B |
| JP Morgan Chase (JPM) | A | B | D | B |
| Coca-Cola (KO) | C | E | E | B |
| Merck (MRK) | C | D | D | B |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Intel (INTC) | A | B | C | D |
| Goldman Sachs (GS) | A | A | B | D |
| Verizon (VZ) | A | C | B | A |
| JP Morgan Chase (JPM) | A | B | D | B |
| Pfizer (PFE) | A | C | D | B |
| IBM (IBM) | A | D | B | A |
| American Express (AXP) | B | C | C | D |
| Caterpillar (CAT) | B | C | B | C |
| DuPont (DD) | B | A | C | D |
| Exxon Mobil (XOM) | B | A | A | A |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Goldman Sachs (GS) | A | A | B | D |
| DuPont (DD) | B | A | C | D |
| Exxon Mobil (XOM) | B | A | A | A |
| Travelers (TRV) | B | A | A | C |
| Chevron (CVX) | E | A | B | A |
| JP Morgan Chase (JPM) | A | B | D | B |
| Walgreens (WBA) | E | B | A | A |
| Walt Disney (DIS) | E | B | C | F |
| Raytheon (RTX) | C | B | A | C |
| Intel (INTC) | A | B | C | D |
| Notes | More Info... |
| US Stock Summary | Yield | P/E | P/B | | Exxon Mobil (XOM) | Y | Y | Y |
| JP Morgan Chase (JPM) | Y | Y | Y |
| Chevron (CVX) | Y | | Y |
| DuPont (DD) | | Y | Y |
| Goldman Sachs (GS) | | Y | Y |
| IBM (IBM) | Y | Y | |
| Intel (INTC) | | Y | Y |
| Pfizer (PFE) | Y | Y | |
| Verizon (VZ) | Y | Y | |
| Walgreens (WBA) | Y | | Y |
| 3M (MMM) | Y | | |
| American Express (AXP) | | Y | |
| Caterpillar (CAT) | | Y | |
| Coca-Cola (KO) | Y | | |
| Merck (MRK) | Y | | |
| Raytheon (RTX) | | | Y |
| Travelers (TRV) | | | Y |
| Walt Disney (DIS) | | | Y |
| Notes... |
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