The Stingy News Weekly: 07/04/2020
New from Norm
On the risks of concentration
"Investors inspired by Mr. Munger's success should think thrice
before buying just a few stocks. Such portfolios tend to either
do very well or very poorly, but the odds favour the poor side of
the ledger. While performing poorly is unfortunate for
billionaires, it can be devastating for those of us of more modest
means." [$]
Stingy Links
Value in recessions and recoveries
"Value, quality, and small-cap strategies all tend to perform
well during recoveries regardless of the catalyst for the bear
market and recession." [Value Investing]
Beyond the zero bound
"Perhaps the most significant conclusion to draw from Japan's
experience during ZIRP therefore is not about the special impact of
a low-rate environment. As we see it, interest rates were
relevant in predicting bond returns and the poor performance of bank
stocks, but other asset classes were better predicted by relying
on entry valuations and yields." [Value Investing]
Partha Mohanram on his glamour G-Score
"Partha Mohanram is the John H. Watson Chair in Value Investing
and Area Coordinator of Accounting at Rotman. He has published
extensively in the areas of financial statement analysis,
valuation of growth firms, implied cost of capital and executive
compensation." [video] [Growth Investing]
Momentum plus long-term reversal
"Combining the alpha momentum and reversal strategies into the
blended signal produces a superior return predictive signal,
outperforming the individual momentum and reversal strategies." [Momentum Investing]
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Brookfield Property Partners (BPY.UN) | A | A | A | A |
| Enbridge (ENB) | E | C | C | A |
| Power Corp of Canada (POW) | B | A | A | A |
| Pembina Pipeline (PPL) | B | B | D | A |
| Cdn Natural Resources (CNQ) | A | A | C | A |
| CIBC (CM) | A | B | C | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| Manulife (MFC) | A | A | A | A |
| BCE Inc. (BCE) | C | D | D | A |
| Bank of Montreal (BMO) | A | A | B | A |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Canadian Apartment REIT (CAR.UN) | A | B | E | C |
| Manulife (MFC) | A | A | A | A |
| Cdn Natural Resources (CNQ) | A | A | C | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| Imperial Oil (IMO) | A | A | A | B |
| Bank of Montreal (BMO) | A | A | B | A |
| Inter Pipeline (IPL) | A | B | C | B |
| CIBC (CM) | A | B | C | A |
| National Bank (NA) | A | C | C | B |
| Brookfield Property Partners (BPY.UN) | A | A | A | A |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Teck Resources (TECK.B) | F | A | B | D |
| Brookfield Property Partners (BPY.UN) | A | A | A | A |
| Cenovus Energy (CVE) | D | A | A | F |
| First Quantum (FM) | F | A | B | E |
| Imperial Oil (IMO) | A | A | A | B |
| Power Corp of Canada (POW) | B | A | A | A |
| Manulife (MFC) | A | A | A | A |
| Suncor Energy (SU) | F | A | B | C |
| Cdn Natural Resources (CNQ) | A | A | C | A |
| Nutrien (NTR) | D | A | B | A |
| Notes | More Info... |
| Canadian Stock Summary | Yield | P/E | P/B | | Brookfield Property Partners (BPY.UN) | Y | Y | Y |
| Cdn Natural Resources (CNQ) | Y | Y | Y |
| Manulife (MFC) | Y | Y | Y |
| Bank of Montreal (BMO) | Y | Y | |
| Bank of Nova Scotia (BNS) | Y | Y | |
| CIBC (CM) | Y | Y | |
| Imperial Oil (IMO) | | Y | Y |
| Power Corp of Canada (POW) | Y | | Y |
| BCE Inc. (BCE) | Y | | |
| Canadian Apartment REIT (CAR.UN) | | Y | |
| Cenovus Energy (CVE) | | | Y |
| Enbridge (ENB) | Y | | |
| First Quantum (FM) | | | Y |
| Inter Pipeline (IPL) | | Y | |
| National Bank (NA) | | Y | |
| Nutrien (NTR) | | | Y |
| Pembina Pipeline (PPL) | Y | | |
| Suncor Energy (SU) | | | Y |
| Teck Resources (TECK.B) | | | Y |
| Notes... |
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Exxon Mobil (XOM) | C | A | A | A |
| Chevron (CVX) | E | A | B | A |
| IBM (IBM) | A | D | B | A |
| Verizon (VZ) | B | C | B | A |
| Pfizer (PFE) | B | B | D | A |
| Walgreens (WBA) | A | B | A | B |
| JP Morgan Chase (JPM) | A | B | C | B |
| 3M (MMM) | C | E | C | B |
| Coca-Cola (KO) | C | E | E | B |
| Caterpillar (CAT) | B | C | B | B |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | JP Morgan Chase (JPM) | A | B | C | B |
| Goldman Sachs (GS) | A | A | C | D |
| Walgreens (WBA) | A | B | A | B |
| Intel (INTC) | A | C | D | D |
| IBM (IBM) | A | D | B | A |
| Travelers (TRV) | A | A | A | C |
| Pfizer (PFE) | B | B | D | A |
| Verizon (VZ) | B | C | B | A |
| Caterpillar (CAT) | B | C | B | B |
| DuPont (DD) | B | A | B | D |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Goldman Sachs (GS) | A | A | C | D |
| DuPont (DD) | B | A | B | D |
| Exxon Mobil (XOM) | C | A | A | A |
| Travelers (TRV) | A | A | A | C |
| Chevron (CVX) | E | A | B | A |
| JP Morgan Chase (JPM) | A | B | C | B |
| Walgreens (WBA) | A | B | A | B |
| Walt Disney (DIS) | E | B | C | F |
| Raytheon (RTX) | B | B | A | C |
| Pfizer (PFE) | B | B | D | A |
| Notes | More Info... |
| US Stock Summary | Yield | P/E | P/B | | JP Morgan Chase (JPM) | Y | Y | Y |
| Pfizer (PFE) | Y | Y | Y |
| Walgreens (WBA) | Y | Y | Y |
| Caterpillar (CAT) | Y | Y | |
| Chevron (CVX) | Y | | Y |
| DuPont (DD) | | Y | Y |
| Exxon Mobil (XOM) | Y | | Y |
| Goldman Sachs (GS) | | Y | Y |
| IBM (IBM) | Y | Y | |
| Travelers (TRV) | | Y | Y |
| Verizon (VZ) | Y | Y | |
| 3M (MMM) | Y | | |
| Coca-Cola (KO) | Y | | |
| Intel (INTC) | | Y | |
| Raytheon (RTX) | | | Y |
| Walt Disney (DIS) | | | Y |
| Notes... |
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