The Stingy News Weekly (01/26/2014)
| "If the job has been correctly done when a common stock is
purchased, the time to sell it is almost never." | |
| - Philip Fisher | |
Stingy Links
Lose as little money as possible
"LeBaron, 80 years old, spoke to Zweig from his home near
Sarasota, Fla. He believes that the name of the game for investors has
been to make as much money as possible, but from now on, the
prime directive will be to 'lose as little money as possible.'"
Volatility and mutual fund manager skill
"Low volatility mutual funds outperform high volatility funds to
a remarkable degree, and, in a standard four factor framework,
past volatility is a reliable, persistent, and powerful predictor
of future abnormal returns. Analyses patterned after Kosowski,
Timmerman, Wermers, and White (2006) and Fama and French (2010)
indicate that low volatility fund managers have significant
skill. However, the addition of a factor contrasting returns on
diversified portfolios of low and high volatility stocks eliminates
differences in risk-adjusted performance. We conclude that
either our volatility measure is associated with a pervasive,
systematic pricing factor, or else the volatility effect is a market
inefficiency of extraordinary size. Either way, failure to account
for the volatility effect can lead to substantial
mismeasurement of fund manager skill."
The Big Mac index
"For example, the average price of a Big Mac in America in
January 2014 was $4.62; in China it was only $2.74 at market exchange
rates. So the "raw" Big Mac index says that the yuan was
undervalued by 41% at that time."
TED talks are lying to you
"This was not science, despite the technological gloss applied by
writers like Jonah Lehrer. It was a literature of superstition,
in which everything always worked out and the good guys always
triumphed and the right inventions always came along in the nick
of time." [Warning: The grumpiness is strong with this one]
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | AT&T (T) | 1 | 4 | 4 | 5 |
| Verizon (VZ) | 5 | 2 | 4 | 5 |
| Intel (INTC) | 4 | 4 | 3 | 5 |
| Pfizer (PFE) | 5 | 4 | 1 | 5 |
| General Electric (GE) | 2 | 5 | 3 | 5 |
| McDonald's (MCD) | 3 | 1 | 2 | 5 |
| Chevron (CVX) | 5 | 5 | 5 | 4 |
| Merck (MRK) | 1 | 3 | 1 | 4 |
| Cisco (CSCO) | 4 | 5 | 2 | 4 |
| EI DuPont (DD) | 5 | 2 | 4 | 4 |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Pfizer (PFE) | 5 | 4 | 1 | 5 |
| Travelers (TRV) | 5 | 5 | 5 | 2 |
| Chevron (CVX) | 5 | 5 | 5 | 4 |
| Goldman Sachs (GS) | 5 | 5 | 3 | 1 |
| EI DuPont (DD) | 5 | 2 | 4 | 4 |
| Verizon (VZ) | 5 | 2 | 4 | 5 |
| IBM (IBM) | 4 | 1 | 3 | 2 |
| Cisco (CSCO) | 4 | 5 | 2 | 4 |
| Exxon Mobil (XOM) | 4 | 4 | 5 | 3 |
| JP Morgan Chase (JPM) | 4 | 5 | 3 | 3 |
| Notes | More Info... |
| Value Ratio Stocks | P/E | P/B | P/S | Yield | V.R. | | Pfizer (PFE) | 5 | 4 | 1 | 5 | 2.37 |
| Verizon (VZ) | 5 | 2 | 4 | 5 | 2.65 |
| Chevron (CVX) | 5 | 5 | 5 | 4 | 2.80 |
| Travelers (TRV) | 5 | 5 | 5 | 2 | 3.35 |
| Intel (INTC) | 4 | 4 | 3 | 5 | 3.65 |
| Cisco (CSCO) | 4 | 5 | 2 | 4 | 3.90 |
| EI DuPont (DD) | 5 | 2 | 4 | 4 | 3.91 |
| AT&T (T) | 1 | 4 | 4 | 5 | 4.45 |
| JP Morgan Chase (JPM) | 4 | 5 | 3 | 3 | 4.52 |
| Microsoft (MSFT) | 3 | 3 | 1 | 4 | 4.54 |
| Notes | More Info... |
| US Stock Summary | Yield | P/E | V.R. | | Chevron (CVX) | Y | Y | Y |
| Cisco (CSCO) | Y | Y | Y |
| EI DuPont (DD) | Y | Y | Y |
| Pfizer (PFE) | Y | Y | Y |
| Verizon (VZ) | Y | Y | Y |
| AT&T (T) | Y | | Y |
| Intel (INTC) | Y | | Y |
| JP Morgan Chase (JPM) | | Y | Y |
| Travelers (TRV) | | Y | Y |
| Exxon Mobil (XOM) | | Y | |
| General Electric (GE) | Y | | |
| Goldman Sachs (GS) | | Y | |
| IBM (IBM) | | Y | |
| McDonald's (MCD) | Y | | |
| Merck (MRK) | Y | | |
| Microsoft (MSFT) | | | Y |
| Notes... |
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | TransAlta (TA) | 1 | 4 | 4 | 5 |
| Crescent Point (CPG) | 1 | 3 | 1 | 5 |
| Penn West Petroleum (PWT) | 0 | 5 | 3 | 5 |
| Canadian Oil Sands (COS) | 5 | 3 | 2 | 5 |
| Enerplus (ERF) | 0 | 5 | 2 | 5 |
| BCE Inc. (BCE) | 4 | 1 | 3 | 5 |
| CIBC (CM) | 5 | 2 | 3 | 5 |
| National Bank (NA) | 5 | 3 | 3 | 5 |
| ARC Resources (ARX) | 2 | 2 | 1 | 5 |
| Shaw (SJR.B) | 4 | 2 | 3 | 5 |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Power Corp of Canada (POW) | 5 | 4 | 5 | 4 |
| Metro (MRU) | 5 | 3 | 5 | 2 |
| National Bank (NA) | 5 | 3 | 3 | 5 |
| CIBC (CM) | 5 | 2 | 3 | 5 |
| Agrium (AGU) | 5 | 3 | 5 | 3 |
| Bank of Montreal (BMO) | 5 | 4 | 3 | 5 |
| Bombardier (BBD.B) | 5 | 1 | 5 | 3 |
| Canadian Oil Sands (COS) | 5 | 3 | 2 | 5 |
| Bank of Nova Scotia (BNS) | 5 | 3 | 2 | 4 |
| Royal Bank (RY) | 5 | 2 | 2 | 4 |
| Notes | More Info... |
| Value Ratio Stocks | P/E | P/B | P/S | Yield | V.R. | | Canadian Oil Sands (COS) | 5 | 3 | 2 | 5 | 1.67 |
| Power Corp of Canada (POW) | 5 | 4 | 5 | 4 | 2.10 |
| National Bank (NA) | 5 | 3 | 3 | 5 | 2.32 |
| CIBC (CM) | 5 | 2 | 3 | 5 | 2.39 |
| Bank of Montreal (BMO) | 5 | 4 | 3 | 5 | 2.72 |
| BCE Inc. (BCE) | 4 | 1 | 3 | 5 | 3.05 |
| Bank of Nova Scotia (BNS) | 5 | 3 | 2 | 4 | 3.12 |
| Royal Bank (RY) | 5 | 2 | 2 | 4 | 3.35 |
| Rogers (RCI.B) | 4 | 1 | 3 | 4 | 3.50 |
| Shaw (SJR.B) | 4 | 2 | 3 | 5 | 3.61 |
| Notes | More Info... |
| Canadian Stock Summary | Yield | P/E | V.R. | | CIBC (CM) | Y | Y | Y |
| Canadian Oil Sands (COS) | Y | Y | Y |
| National Bank (NA) | Y | Y | Y |
| BCE Inc. (BCE) | Y | | Y |
| Bank of Montreal (BMO) | | Y | Y |
| Bank of Nova Scotia (BNS) | | Y | Y |
| Power Corp of Canada (POW) | | Y | Y |
| Royal Bank (RY) | | Y | Y |
| Shaw (SJR.B) | Y | | Y |
| ARC Resources (ARX) | Y | | |
| Agrium (AGU) | | Y | |
| Bombardier (BBD.B) | | Y | |
| Crescent Point (CPG) | Y | | |
| Enerplus (ERF) | Y | | |
| Metro (MRU) | | Y | |
| Penn West Petroleum (PWT) | Y | | |
| Rogers (RCI.B) | | | Y |
| TransAlta (TA) | Y | | |
| Notes... |
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