The Stingy News Weekly: 07/12/2020
Stingy Links
Fight the Fed model
"This has the appearance but not the reality of common sense. The
empirical evidence tells us the Fed model has no power to
forecast long-term real stock returns. On the contrary: Traditional
methods, like examining the market's unadjusted P/E alone, have
been very effective." [Markets]
A world with no yield
"Around 90% of developed countries have government bond yields of
1% or less. Almost 40% of these countries have negative yields.
Rates are low for a reason. We're in the midst of a depression
which is a deflationary force and central banks are doing their
damnedest to keep rates down to be able to fund all of the
government spending and keep borrowing rates low." [Markets]
Momentum plus long-term reversal
"Two of most documented anomalies in the asset pricing literature
are the momentum effect and the long-term reversal effect.
Momentum is typically defined as the last 12 months of returns
excluding the most recent month (i.e., months 2 - 12) because it
tends to show a reversal, which some have attributed to
microstructure (trading) effects in which securities that have outperformed
recently tend to continue to outperform. The long-term reversal
effect is typically defined as the returns from month t - 13 to
t - 60, in which securities that have outperformed for a long
time tend to see a reversal in performance." [Momentum Investing]
Clifford Asness talks value
"AQR's Clifford Asness on fundamental value with Tobias on The
Acquirers Podcast" [video] [Asness]
Charlie Munger talks
"Charlie Munger talks at the Redlands Forum" [video] [Munger]
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 |
| Pembina Pipeline (PPL) | B | B | D | A |
| Power Corp of Canada (POW) | B | A | A | A |
| Cdn Natural Resources (CNQ) | A | A | B | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| CIBC (CM) | A | B | C | A |
| Manulife (MFC) | A | A | A | A |
| BCE Inc. (BCE) | C | D | D | A |
| Nutrien (NTR) | C | 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 | B | A |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| Imperial Oil (IMO) | A | A | A | B |
| Inter Pipeline (IPL) | A | B | C | B |
| Bank of Montreal (BMO) | A | A | B | A |
| 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 |
| Imperial Oil (IMO) | A | A | A | B |
| First Quantum (FM) | F | A | C | E |
| Manulife (MFC) | A | A | A | A |
| Power Corp of Canada (POW) | B | A | A | A |
| Suncor Energy (SU) | F | A | B | C |
| Cdn Natural Resources (CNQ) | A | A | B | A |
| Nutrien (NTR) | C | 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 Nova Scotia (BNS) | Y | Y | |
| CIBC (CM) | Y | Y | |
| Imperial Oil (IMO) | | Y | Y |
| Nutrien (NTR) | Y | | Y |
| Power Corp of Canada (POW) | Y | | Y |
| BCE Inc. (BCE) | Y | | |
| Bank of Montreal (BMO) | | 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 | |
| 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) | B | A | A | A |
| Chevron (CVX) | E | A | B | A |
| IBM (IBM) | A | D | B | A |
| Walgreens (WBA) | A | B | A | A |
| Verizon (VZ) | B | C | B | A |
| Pfizer (PFE) | A | B | D | 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 | | Walgreens (WBA) | A | B | A | A |
| JP Morgan Chase (JPM) | A | B | C | B |
| Goldman Sachs (GS) | A | A | C | D |
| Intel (INTC) | A | C | D | D |
| IBM (IBM) | A | D | B | A |
| Pfizer (PFE) | A | B | D | B |
| Verizon (VZ) | B | C | B | A |
| Travelers (TRV) | B | A | A | C |
| 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) | B | A | A | A |
| Chevron (CVX) | E | A | B | A |
| Travelers (TRV) | B | A | A | C |
| JP Morgan Chase (JPM) | A | B | C | B |
| Walgreens (WBA) | A | B | A | A |
| Walt Disney (DIS) | E | B | C | F |
| Raytheon (RTX) | C | B | A | C |
| Pfizer (PFE) | A | B | D | B |
| 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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