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The Stingy News Weekly: 11/19/2023


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Safe withdrawal rates
"This is where Dave Ramsey went wrong when arguing for an 8% withdrawal rate. This only works as long as you don't get unlucky during the first 10 years of retirement. Given that the probability that you run out of money over a 30-year timeframe is only a little worse than a coin flip (42%), Ramsey's advice is far riskier for a retiree than he might have initially imagined."
[Retirement]

Death of inflation
"The reality is that stocks have averaged about 4.4% according to Dimson (2020) or 6.6% according to Siegel (2014). A lot of this depends on which market you look at and what time horizon, but the global stock market has generated nowhere near 10% when you account for real factors like inflation, taxes and fees. And that's important because we don't live in a nominal world. We live in the real world where we pay for inflation, taxes and fees over time."
[Markets]

Diversification is not a free lunch
"Diversification is a vital concept for investors. It is an acceptance that the future is inherently unknowable and can take many different directions. If done well it provides protection against both uncertainty and hubris. The best indicator of an investor's overconfidence is how concentrated their portfolio is. If we could accurately predict the future, then we would only own one security."
[Markets]

The death of small cap
"small caps currently trade at a 40% discount relative to large caps in the US, so its plausible the decline in small cap quality is reflected in lower multiples. But this still leaves the question of why US small caps trade in line with Europe and at a premium to Japan despite lower GP/A."
[Value Investing]

Momentum review
"The pervasiveness of momentum returns provides perhaps the strongest evidence against the efficient market hypothesis. We find positive momentum returns in the post-2000 period in markets throughout the world, long after the phenomenon was first documented. We do not find support for risk-based explanations of momentum but find that behavioral theories provide insights about why we observe momentum in some markets but not in others. Nevertheless, we find it surprising that with the important exception of the US, most markets that exhibited momentum before 2000 continue to exhibit similarly strong momentum in the post-2000 period."
[Momentum Investing]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
Enbridge (ENB)DCA
TC Energy (TRP)EBA
Algonquin Power (AQN)FAA
BCE (BCE)DDA
Bank of Nova Scotia (BNS)AAA
CIBC (CM)AAA
TELUS (T)ECA
Pembina Pipeline (PPL)CCA
Emera (EMA)ABA
Power (POW)BAA
Notes | More Info...


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


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


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
Algonquin Power (AQN)YY
CIBC (CM)YY
Emera (EMA)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
Manulife Financial (MFC)Y
National Bank (NA)Y
Nutrien (NTR)Y
Pembina Pipeline (PPL)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TD Bank (TD)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...