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The Stingy News Weekly (11/23/2014)

	"I don't read economic forecasts. I don't read the funny papers."
	- Warren Buffett

New from StingyInvestor

High-flying Fairfax
"Melding value investing with momentum investing tends to be particularly powerful. In this case, think of value investing as the meat and potatoes of portfolio construction. The idea is to stick to good companies at reasonable prices. Momentum investing represents the horseradish because it favours hot stocks that are expected to move even higher."

Stingy Links

Price-to-book value ratios
"...analyzing the results for stocks based on their price-to-book value ratios underlines and highlights why we should always seek access to the longest datasets we can find, as they offer much better indications of what investors should expect from various types of investing." [Value Investing]

Doubling down
"With a sample from 1/1990 to 12/2013, the paper finds that a portfolio formed of the positions that fund managers add to after recent stock-level underperformance generates significant annualized risk-adjusted outperformance of between 5% to 15% (Table below shows the monthly performances). Double down portfolios perform best with around a 6 to 9 month holding period." [Funds]

Joel Greenblatt on WealthTrack
"Joel Greenblatt of the Gotham Funds will explain his big change in portfolio strategy, from a very concentrated approach to broad diversification." [Value Investing]

TFSA loophole for the rich
"Loophole allows the rich to qualify for the GIS and reveals Canada's broken system" [Taxes]

DOW 30 Value Screens

High Dividend Yield Stocks	P/E	P/B	P/S	Yield
AT&T (T)	5	5	4	5
Verizon (VZ)	5	1	4	5
Chevron (CVX)	5	5	5	5
McDonald's (MCD)	2	1	2	5
Pfizer (PFE)	3	4	1	5
General Electric (GE)	2	5	3	5
Merck (MRK)	1	3	1	4
Procter & Gamble (PG)	1	3	3	4
Exxon Mobil (XOM)	4	4	5	4
Cisco (CSCO)	3	4	3	4
Notes \| More Info...

Low Price/Earnings Stocks	P/E	P/B	P/S	Yield
Travelers (TRV)	5	5	4	2
AT&T (T)	5	5	4	5
Verizon (VZ)	5	1	4	5
Chevron (CVX)	5	5	5	5
Goldman Sachs (GS)	5	5	3	1
JP Morgan Chase (JPM)	5	5	3	3
Exxon Mobil (XOM)	4	4	5	4
IBM (IBM)	4	1	4	4
United Technologies (UTX)	4	4	4	2
American Express (AXP)	4	2	2	1
Notes \| More Info...

Value Ratio Stocks	P/E	P/B	P/S	Yield	V.R.
AT&T (T)	5	5	4	5	2.07
Verizon (VZ)	5	1	4	5	2.48
Chevron (CVX)	5	5	5	5	3.02
JP Morgan Chase (JPM)	5	5	3	3	4.22
Exxon Mobil (XOM)	4	4	5	4	4.27
Travelers (TRV)	5	5	4	2	4.75
IBM (IBM)	4	1	4	4	4.78
McDonald's (MCD)	2	1	2	5	5.41
Pfizer (PFE)	3	4	1	5	5.49
General Electric (GE)	2	5	3	5	6.32
Notes \| More Info...

US Stock Summary	Yield	P/E	V.R.
AT&T (T)	Y	Y	Y
Chevron (CVX)	Y	Y	Y
Exxon Mobil (XOM)	Y	Y	Y
Verizon (VZ)	Y	Y	Y
General Electric (GE)	Y		Y
IBM (IBM)		Y	Y
JP Morgan Chase (JPM)		Y	Y
McDonald's (MCD)	Y		Y
Pfizer (PFE)	Y		Y
Travelers (TRV)		Y	Y
American Express (AXP)		Y
Cisco (CSCO)	Y
Goldman Sachs (GS)		Y
Merck (MRK)	Y
Procter & Gamble (PG)	Y
United Technologies (UTX)		Y
Notes...

S&P/TSX60 Value Screens

High Dividend Yield Stocks	P/E	P/B	P/S	Yield
Penn West Petroleum (PWT)	0	5	4	5
Canadian Oil Sands (COS)	4	3	3	5
Crescent Point (CPG)	1	4	1	5
TransAlta (TA)	0	4	4	5
Enerplus (ERF)	2	3	2	5
BCE Inc. (BCE)	3	1	3	5
Teck Resources (TCK.B)	2	5	4	5
Husky Energy (HSE)	4	5	4	5
Talisman Energy (TLM)	0	5	4	5
ARC Resources (ARX)	1	2	1	5
Notes \| More Info...

Low Price/Earnings Stocks	P/E	P/B	P/S	Yield
EnCana (ECA)	5	4	2	2
Manulife (MFC)	5	5	3	3
Imperial Oil (IMO)	5	3	4	1
Bank of Nova Scotia (BNS)	5	3	2	4
Brookfield (BAM.A)	5	4	3	1
Power Corp of Canada (POW)	5	5	5	4
National Bank (NA)	5	2	3	4
Bank of Montreal (BMO)	5	3	2	4
Magna (MG)	5	2	5	2
CIBC (CM)	4	2	3	4
Notes \| More Info...

Value Ratio Stocks	P/E	P/B	P/S	Yield	V.R.
Canadian Oil Sands (COS)	4	3	3	5	1.72
EnCana (ECA)	5	4	2	2	3.05
Husky Energy (HSE)	4	5	4	5	3.10
Bank of Nova Scotia (BNS)	5	3	2	4	3.14
Power Corp of Canada (POW)	5	5	5	4	3.33
Bank of Montreal (BMO)	5	3	2	4	3.36
National Bank (NA)	5	2	3	4	3.40
CIBC (CM)	4	2	3	4	3.43
Enerplus (ERF)	2	3	2	5	3.43
Manulife (MFC)	5	5	3	3	3.58
Notes \| More Info...

Canadian Stock Summary	Yield	P/E	V.R.
Bank of Montreal (BMO)		Y	Y
Bank of Nova Scotia (BNS)		Y	Y
CIBC (CM)		Y	Y
Canadian Oil Sands (COS)	Y		Y
EnCana (ECA)		Y	Y
Enerplus (ERF)	Y		Y
Husky Energy (HSE)	Y		Y
Manulife (MFC)		Y	Y
National Bank (NA)		Y	Y
Power Corp of Canada (POW)		Y	Y
ARC Resources (ARX)	Y
BCE Inc. (BCE)	Y
Brookfield (BAM.A)		Y
Crescent Point (CPG)	Y
Imperial Oil (IMO)		Y
Magna (MG)		Y
Penn West Petroleum (PWT)	Y
Talisman Energy (TLM)	Y
Teck Resources (TCK.B)	Y
TransAlta (TA)	Y
Notes...

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