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The Stingy News Weekly (04/07/2013) "Nothing is so permanent as a temporary government program." - Milton Friedman Stingy News Flash Fairfax Annual Meeting I'll be going to the Fairfax annual meeting this week. If you're dropping by, say hi! New @ StingyInvestor Jolt from the blue "When you're enjoying your cup of coffee this weekend, download a copy of Francis Chou's annual report. It'll help you to become a better investor." Stingy Links Absolute momentum "There is a considerable body of research on relative strength price momentum but relatively little on absolute, time series momentum. In this paper, we explore the practical side of absolute momentum. We first explore its sole parameter - the formation, or look back, period. We then examine the reward, risk, and correlation characteristics of absolute momentum applied to stocks, bonds, and real assets. We finally apply absolute momentum to a 60-40 stock/bond portfolio and a simple risk parity portfolio. We show that absolute momentum can effectively identify regime change and add significant value as an easy to implement, rule-based approach with many potential uses as both a stand- alone program and trend following overlay." What risk premium? "I disagree with most mainline thinking on this issue in that I believe the risk premium is much lower than is commonly believed. Most academics think it's around 5% or so. I think the long-run premium is probably about 2%. Eric Falkenstein thinks it doesn't exist at all." Housing and the never-ending recession "They argue that the recession is far from over and that the lingering effects of the collapsed housing market will be felt for years to come." DOW 30 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield AT&T (T) 1 4 3 5 Intel (INTC) 5 4 3 5 Verizon (VZ) 1 2 4 5 Merck (MRK) 1 3 1 5 EI DuPont (DD) 3 1 4 5 General Electric (GE) 2 4 3 5 Pfizer (PFE) 4 3 1 4 Cisco (CSCO) 4 4 2 4 JP Morgan Chase (JPM) 5 5 3 4 Microsoft (MSFT) 3 2 1 4 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield Chevron (CVX) 5 5 4 4 Exxon Mobil (XOM) 5 4 4 3 JP Morgan Chase (JPM) 5 5 3 4 Intel (INTC) 5 4 3 5 Caterpillar (CAT) 5 3 5 3 UnitedHealth (UNH) 4 4 5 1 Cisco (CSCO) 4 4 2 4 Travelers (TRV) 4 5 4 2 IBM (IBM) 4 1 2 1 Pfizer (PFE) 4 3 1 4 Notes | More Info... Value Ratio Stocks P/E P/B P/S Yield V.R. Intel (INTC) 5 4 3 5 2.29 JP Morgan Chase (JPM) 5 5 3 4 2.88 Chevron (CVX) 5 5 4 4 2.94 Exxon Mobil (XOM) 5 4 4 3 3.67 Cisco (CSCO) 4 4 2 4 3.70 Caterpillar (CAT) 5 3 5 3 3.99 Pfizer (PFE) 4 3 1 4 4.54 EI DuPont (DD) 3 1 4 5 4.72 Microsoft (MSFT) 3 2 1 4 4.93 General Electric (GE) 2 4 3 5 5.38 Notes | More Info... US Stock Summary Yield P/E V.R. Cisco (CSCO) Y Y Y Intel (INTC) Y Y Y JP Morgan Chase (JPM) Y Y Y Pfizer (PFE) Y Y Y Caterpillar (CAT) Y Y Chevron (CVX) Y Y EI DuPont (DD) Y Y Exxon Mobil (XOM) Y Y General Electric (GE) Y Y Microsoft (MSFT) Y Y AT&T (T) Y IBM (IBM) Y Merck (MRK) Y Travelers (TRV) Y UnitedHealth (UNH) Y Verizon (VZ) Y Notes... S&P/TSX60 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield Penn West Petroleum (PWT) 1 5 3 5 TransAlta (TA) 0 3 4 5 Enerplus (ERF) 0 5 2 5 Crescent Point (CPG) 1 3 1 5 Canadian Oil Sands (COS) 5 2 2 5 Sun Life Financial (SLF) 5 5 5 5 BCE Inc. (BCE) 4 1 3 5 CIBC (CM) 5 2 3 5 Bank of Montreal (BMO) 5 4 3 5 ARC Resources (ARX) 1 2 1 5 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield First Quantum (FM) 5 3 2 1 Iamgold (IMG) 5 5 4 4 National Bank (NA) 5 3 3 5 Imperial Oil (IMO) 5 2 4 1 Magna (MG) 5 4 5 2 Canadian Oil Sands (COS) 5 2 2 5 CIBC (CM) 5 2 3 5 Agrium (AGU) 5 2 5 2 Sun Life Financial (SLF) 5 5 5 5 Bank of Montreal (BMO) 5 4 3 5 Notes | More Info... Value Ratio Stocks P/E P/B P/S Yield V.R. Canadian Oil Sands (COS) 5 2 2 5 1.42 National Bank (NA) 5 3 3 5 1.76 Sun Life Financial (SLF) 5 5 5 5 1.90 Iamgold (IMG) 5 5 4 4 1.97 CIBC (CM) 5 2 3 5 2.11 Bank of Montreal (BMO) 5 4 3 5 2.17 Bank of Nova Scotia (BNS) 4 3 2 4 2.56 Penn West Petroleum (PWT) 1 5 3 5 2.66 BCE Inc. (BCE) 4 1 3 5 2.74 Royal Bank (RY) 4 2 2 4 2.82 Notes | More Info... Canadian Stock Summary Yield P/E V.R. Bank of Montreal (BMO) Y Y Y CIBC (CM) Y Y Y Canadian Oil Sands (COS) Y Y Y Sun Life Financial (SLF) Y Y Y BCE Inc. (BCE) Y Y Iamgold (IMG) Y Y National Bank (NA) Y Y Penn West Petroleum (PWT) Y Y ARC Resources (ARX) Y Agrium (AGU) Y Bank of Nova Scotia (BNS) Y Crescent Point (CPG) Y Enerplus (ERF) Y First Quantum (FM) Y Imperial Oil (IMO) Y Magna (MG) Y Royal Bank (RY) Y TransAlta (TA) Y Notes... The Rothery Report (Learn More | Subscribe) The Rothery Report provides research on select deep-value stocks in North America. Discover overlooked and undervalued stocks in quarterly investment reports which provide detailed analysis of Canadian and U.S. stocks. Weekly email news and additional updates keep subscribers informed about new opportunities and developments. Rothery Report Performance (03/31/2001 to 12/31/2012) Average Capital Gain 40.8%	Stingy News Weekly The Latest Edition Get the Stingy News via email with ... 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