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The Stingy News Weekly: 11/05/2023


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Charlie Munger interview
"We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We've gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We're so glad that we got the opportunity to record and share this with you all - break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger." [video]
[Munger]

Performance chasing
"First, investors are chasing past returns. But on average, funds that have great returns in the last five years tend to have poor returns in the next five years. That means that investors who chase past returns and put their money into the best performing funds of the last five years tend to underperform. How long do investors underperform? The red line in the chart indicates that fund managers have about five years before their investors turn their backs on them. After five years of underperformance, there is no stopping disappointed investors from leaving the fund. My personal experience with investors is that five years is a long time. Most investors will get nervous after six to twelve months of underperformance and leave you after two to three years of underperformance."
[Funds]

Beyond risk parity
"The problem is that this still requires investors to forecast the expected returns of different asset classes and sub-asset classes, diagnose the risk of those asset classes, and then combine those asset classes in an optimal way based on their correlations. This problem seems equally, if not more daunting than individual security selection."
[Markets]

Bracing for evening
"Not much rattles me. I'm unperturbed by stock market crashes and I don't worry whether tomorrow will come. But I must confess, I look ahead to the no-go years with trepidation. But I'm hoping that, as with so many things, thinking about the future - and planning for it - will ease those fears."
[Retirement]

Soft serving a hard landing
"Interestingly, and slightly off topic, we're noticing more companies are choosing debt reduction over stock buybacks. It's a growing trend that we expect will accelerate assuming interest rates and refinancing risk remain elevated. Although this would be a positive for balance sheets, it could remove one of this cycle's most aggressive buyers of equities - corporations."
[Markets]

The retired kid
"Back at work. At age 78, partly by game plan and partly by chance, I've arrived at a productive and meaningful partial retirement."
[Retirement]


S&P/TSX60 Value Screens

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


Low Price/Earnings StocksP/EP/BYield
Tourmaline Oil (TOU)ACD
Nutrien (NTR)AAB
Imperial Oil (IMO)ACC
Manulife Financial (MFC)AAA
Pembina Pipeline (PPL)ACA
Bank of Nova Scotia (BNS)AAA
National Bank (NA)ABB
Agnico Eagle (AEM)AAC
Suncor Energy (SU)ABB
Canadian Tire (CTC.A)ABB
Notes | More Info...


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


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
Algonquin Power (AQN)YY
CIBC (CM)YY
Manulife Financial (MFC)YY
Nutrien (NTR)YY
Pembina Pipeline (PPL)YY
Power (POW)YY
Agnico Eagle (AEM)Y
BCE (BCE)Y
Bank of Montreal (BMO)Y
Canadian Apt REIT (CAR.UN)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Imperial Oil (IMO)Y
Kinross Gold (K)Y
National Bank (NA)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TELUS (T)Y
Teck Resources (TECK.B)Y
Tourmaline Oil (TOU)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EYield
Walgreens (WBA)FA
Verizon (VZ)AA
3M (MMM)AA
Dow (DOW)CA
IBM (IBM)EA
Chevron (CVX)AB
Goldman (GS)AB
Amgen (AMGN)BB
Coca-Cola (KO)CB
Johnson & Johnson (JNJ)EB
Notes | More Info...


Low Price/Earnings StocksP/EYield
Verizon (VZ)AA
JPMorgan Chase (JPM)AC
Chevron (CVX)AB
3M (MMM)AA
Goldman (GS)AB
American Express (AXP)BD
Travelers (TRV)BC
Amgen (AMGN)BB
Cisco Systems (CSCO)BC
Home Depot (HD)BC
Notes | More Info...


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
Notes...



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Disclaimers: Consult with a qualified investment adviser before trading. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, financial advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. More...