The Stingy News Weekly (07/23/2018)
| "In my whole life, I have known no wise people (over a broad
subject matter area) who didn't read all the time - none, zero. You'd
be amazed at how much Warren reads - at how much I read. My
children laugh at me. They think I'm a book with a couple of legs
sticking out." | |
| - Charlie Munger | |
Stingy Links
Share buybacks: a global perspective
"For example, in the United States, the S&P 500 Buyback Index has
pummeled the overall market, averaging annual returns of 13.98%
since January of 1994, versus 9.05% for the S&P 500 over the
same period" [Value Investing]
Deconstructing the low vol anomaly
"Research has provided persistent and pervasive evidence that the
low-volatility anomaly, at least in stocks, is well explained
by other common factors, specifically the value factors of D/P
and E/P, the profitability and investments factors, and the term
factor. This makes the low-volatility factor redundant for
portfolios that already have exposures to these factors." [Value Investing]
O'Shaughnessy letter
"Is Value ever going to work again? Since 2010, the Russell 1000
Growth index has outperformed the Russell 1000 Value index by
roughly 70%, leaving many investors wondering if Value's
historical edge will persist, or whether, instead, the future will be
more random." [Value Investing]
Lessons from Jim O'Shaughnessy
"We are, by our very nature, story-loving animals, and we create
stories to create narratives that help us make sense of what is
going on around us in the world, and many times, those stories
are wrong. And so, from our perspective, trying to make a
successful forecast, short-term forecast, is a virtual impossibility,
because, in the short term, there's quite a bit of noise in the
marketplace. And people mistake noise for signal, and they have a
narrative about it, and it's very believable, but
unfortunately, often wrong. So we don't make forecasts in terms of what the
market's going to do over short periods of time because quite
frankly, we don't know. And if others were honest, they would have
to admit that they don't know, either. However, we do make
forecasts based on very long-term time in the market." [Value Investing]
Long live value
"We discuss how difficult the market has become for active
investors, thematic investment opportunities, and the potential
sources of market mispricings." [audio] [Value Investing]
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Inter Pipeline (IPL) | B | D | E | A |
| Enbridge (ENB) | E | B | B | A |
| BCE Inc. (BCE) | C | E | C | A |
| Emera (EMA) | E | B | B | A |
| Power Corp of Canada (POW) | A | A | A | A |
| Pembina Pipeline (PPL) | D | C | D | A |
| TransCanada (TRP) | B | D | E | A |
| CIBC (CM) | A | B | C | A |
| Shaw (SJR.B) | E | D | D | A |
| TELUS (T) | C | D | C | A |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Metro (MRU) | A | D | A | D |
| Cenovus Energy (CVE) | A | A | A | D |
| Teck Resources (TECK.B) | A | A | B | E |
| Power Corp of Canada (POW) | A | A | A | A |
| Magna (MG) | A | C | A | C |
| CIBC (CM) | A | B | C | A |
| Kinross Gold (K) | A | A | B | F |
| Bank of Nova Scotia (BNS) | A | B | C | A |
| National Bank (NA) | A | C | C | B |
| Royal Bank (RY) | A | D | D | B |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Crescent Point (CPG) | F | A | B | B |
| Goldcorp (G) | C | A | D | E |
| Cenovus Energy (CVE) | A | A | A | D |
| Teck Resources (TECK.B) | A | A | B | E |
| Power Corp of Canada (POW) | A | A | A | A |
| Kinross Gold (K) | A | A | B | F |
| First Quantum (FM) | F | A | D | E |
| Cameco (CCO) | F | A | D | C |
| Husky Energy (HSE) | D | A | B | D |
| Manulife (MFC) | D | A | A | B |
| Notes | More Info... |
| Canadian Stock Summary | Yield | P/E | P/B | | Power Corp of Canada (POW) | Y | Y | Y |
| CIBC (CM) | Y | Y | |
| Cenovus Energy (CVE) | | Y | Y |
| Kinross Gold (K) | | Y | Y |
| Teck Resources (TECK.B) | | Y | Y |
| BCE Inc. (BCE) | Y | | |
| Bank of Nova Scotia (BNS) | | Y | |
| Cameco (CCO) | | | Y |
| Crescent Point (CPG) | | | Y |
| Emera (EMA) | Y | | |
| Enbridge (ENB) | Y | | |
| First Quantum (FM) | | | Y |
| Goldcorp (G) | | | Y |
| Husky Energy (HSE) | | | Y |
| Inter Pipeline (IPL) | Y | | |
| Magna (MG) | | Y | |
| Manulife (MFC) | | | Y |
| Metro (MRU) | | Y | |
| National Bank (NA) | | Y | |
| Pembina Pipeline (PPL) | Y | | |
| Royal Bank (RY) | | Y | |
| Shaw (SJR.B) | Y | | |
| TELUS (T) | Y | | |
| TransCanada (TRP) | Y | | |
| Notes... |
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Verizon (VZ) | A | C | A | A |
| IBM (IBM) | C | D | B | A |
| Exxon Mobil (XOM) | B | B | A | A |
| Pfizer (PFE) | A | B | D | A |
| Procter & Gamble (PG) | B | C | C | A |
| General Electric (GE) | F | B | A | A |
| Chevron (CVX) | C | A | B | B |
| Coca-Cola (KO) | E | D | E | B |
| Cisco (CSCO) | F | C | D | B |
| Merck (MRK) | E | C | E | B |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Verizon (VZ) | A | C | A | A |
| Pfizer (PFE) | A | B | D | A |
| Walt Disney (DIS) | A | C | C | D |
| JP Morgan Chase (JPM) | A | A | D | D |
| Travelers (TRV) | A | A | A | C |
| Exxon Mobil (XOM) | B | B | A | A |
| Apple (AAPL) | B | D | D | E |
| Procter & Gamble (PG) | B | C | C | A |
| Goldman Sachs (GS) | B | A | C | E |
| UnitedHealth (UNH) | B | D | A | E |
| Notes | More Info... |
| Low Price/Book Value Stocks | P/E | P/B | P/S | Yield | | Goldman Sachs (GS) | B | A | C | E |
| Travelers (TRV) | A | A | A | C |
| DowDuPont (DWDP) | E | A | B | C |
| Chevron (CVX) | C | A | B | B |
| JP Morgan Chase (JPM) | A | A | D | D |
| Exxon Mobil (XOM) | B | B | A | A |
| General Electric (GE) | F | B | A | A |
| Pfizer (PFE) | A | B | D | A |
| United Technologies (UTX) | C | B | B | D |
| Wal-Mart (WMT) | D | B | A | C |
| Notes | More Info... |
| US Stock Summary | Yield | P/E | P/B | | Exxon Mobil (XOM) | Y | Y | Y |
| Pfizer (PFE) | Y | Y | Y |
| Chevron (CVX) | Y | | Y |
| General Electric (GE) | Y | | Y |
| Goldman Sachs (GS) | | Y | Y |
| JP Morgan Chase (JPM) | | Y | Y |
| Procter & Gamble (PG) | Y | Y | |
| Travelers (TRV) | | Y | Y |
| Verizon (VZ) | Y | Y | |
| Apple (AAPL) | | Y | |
| Cisco (CSCO) | Y | | |
| Coca-Cola (KO) | Y | | |
| DowDuPont (DWDP) | | | Y |
| IBM (IBM) | Y | | |
| Merck (MRK) | Y | | |
| United Technologies (UTX) | | | Y |
| UnitedHealth (UNH) | | Y | |
| Wal-Mart (WMT) | | | Y |
| Walt Disney (DIS) | | Y | |
| Notes... |
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