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The Stingy News Weekly (10/04/2015)
| "there are all kinds of wonderful new inventions that give you
nothing as owners except the opportunity to spend a lot more money
in a business that's still going to be lousy. The money still
won't come to you. All of the advantages from great improvements
are going to flow through to the customers." | |
| - Charlie Munger | |
New from StingyInvestor
Style swapping
"It's been a hard year for Canadian value investors. Those who
wisely steered clear of the resource sector might be down only a
little bit. But others will have to do some belt tightening this
Thanksgiving." [$]
Can I have some more yield, please?
"Income investors looking for satisfactory yields from bonds are
feeling like the rich relatives of Oliver Twist these days. They
just want a little more, please. They can get it - and use some
of the extra income to help the poor - if they turn to the
admittedly riskier world of dividend stocks."
Stingy Links
Relationships and credit scores
"One new place where credit scores could prove useful is
analyzing a prospective spouse." [Behaviour]
How not to wipe out with momentum
"Front runners and high transaction costs, a function of the
strategy's required high turnover, largely destroy the potential
benefits of a momentum-based passive portfolio." [Momentum]
The active share debate
"There is an interesting discussion in the geeky world of
academic finance literature between the intellectual muscle at AQR and
academia." [Academia]
Building optimal value portfolios
"The authors also found that, due to a diversification benefit, a
50/50 blend of B/P and E/P outperformed both single-metric
strategies during most 10-year periods between 1973 and 2013. The
blended strategy had the highest annualized return: 14.21 percent
per year over the period January 1973 through December 2013,
followed by E/P with 13.48 percent per year and B/P with 12.79
percent per year." [Value Investing]
Are buybacks an oasis or a mirage?
"The dilution rate for the U.S. equity market in 2014 was 1.8%
compared to the historical dilution rate of 1.7% over the 80-year
period from 1935 to 2014." [Accounting]
DOW 30 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Verizon (VZ) | 3 | 1 | 4 | 5 |
| Chevron (CVX) | 5 | 5 | 5 | 5 |
| Caterpillar (CAT) | 5 | 4 | 5 | 5 |
| Exxon Mobil (XOM) | 4 | 5 | 5 | 5 |
| Procter & Gamble (PG) | 1 | 3 | 3 | 5 |
| General Electric (GE) | 0 | 4 | 4 | 5 |
| IBM (IBM) | 4 | 1 | 4 | 4 |
| Merck (MRK) | 3 | 3 | 2 | 4 |
| McDonald's (MCD) | 2 | 1 | 1 | 4 |
| Pfizer (PFE) | 1 | 4 | 1 | 4 |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | Travelers (TRV) | 5 | 5 | 4 | 2 |
| Goldman Sachs (GS) | 5 | 5 | 3 | 1 |
| JP Morgan Chase (JPM) | 5 | 5 | 3 | 3 |
| Caterpillar (CAT) | 5 | 4 | 5 | 5 |
| Chevron (CVX) | 5 | 5 | 5 | 5 |
| IBM (IBM) | 4 | 1 | 4 | 4 |
| Apple (AAPL) | 4 | 2 | 2 | 2 |
| United Technologies (UTX) | 4 | 4 | 4 | 2 |
| Intel (INTC) | 4 | 4 | 3 | 3 |
| American Express (AXP) | 4 | 3 | 3 | 1 |
| Notes | More Info... |
| Value Ratio Stocks | P/E | P/B | P/S | Yield | V.R. | | Caterpillar (CAT) | 5 | 4 | 5 | 5 | 2.39 |
| Chevron (CVX) | 5 | 5 | 5 | 5 | 2.40 |
| Verizon (VZ) | 3 | 1 | 4 | 5 | 3.38 |
| Exxon Mobil (XOM) | 4 | 5 | 5 | 5 | 3.51 |
| IBM (IBM) | 4 | 1 | 4 | 4 | 3.53 |
| Travelers (TRV) | 5 | 5 | 4 | 2 | 3.76 |
| JP Morgan Chase (JPM) | 5 | 5 | 3 | 3 | 3.80 |
| Merck (MRK) | 3 | 3 | 2 | 4 | 4.08 |
| Intel (INTC) | 4 | 4 | 3 | 3 | 4.10 |
| Wal-Mart (WMT) | 3 | 4 | 5 | 3 | 4.49 |
| Notes | More Info... |
| US Stock Summary | Yield | P/E | V.R. | | Caterpillar (CAT) | Y | Y | Y |
| Chevron (CVX) | Y | Y | Y |
| IBM (IBM) | Y | Y | Y |
| Exxon Mobil (XOM) | Y | | Y |
| Intel (INTC) | | Y | Y |
| JP Morgan Chase (JPM) | | Y | Y |
| Merck (MRK) | Y | | Y |
| Travelers (TRV) | | Y | Y |
| Verizon (VZ) | Y | | Y |
| American Express (AXP) | | Y | |
| Apple (AAPL) | | Y | |
| General Electric (GE) | Y | | |
| Goldman Sachs (GS) | | Y | |
| McDonald's (MCD) | Y | | |
| Pfizer (PFE) | Y | | |
| Procter & Gamble (PG) | Y | | |
| United Technologies (UTX) | | Y | |
| Wal-Mart (WMT) | | | Y |
| Notes... |
S&P/TSX60 Value Screens
| High Dividend Yield Stocks | P/E | P/B | P/S | Yield | | Potash Corp. (POT) | 4 | 2 | 2 | 5 |
| Crescent Point (CPG) | 1 | 5 | 2 | 5 |
| ARC Resources (ARX) | 1 | 3 | 1 | 5 |
| Inter Pipeline (IPL) | 2 | 2 | 1 | 5 |
| Husky Energy (HSE) | 1 | 4 | 4 | 5 |
| Talisman Energy (TLM) | 0 | 0 | 0 | 5 |
| National Bank (NA) | 5 | 3 | 3 | 5 |
| Bank of Nova Scotia (BNS) | 5 | 4 | 2 | 5 |
| TransCanada (TRP) | 3 | 3 | 2 | 5 |
| BCE Inc. (BCE) | 3 | 1 | 2 | 5 |
| Notes | More Info... |
| Low Price/Earnings Stocks | P/E | P/B | P/S | Yield | | SNC-Lavalin (SNC) | 5 | 3 | 5 | 3 |
| First Quantum (FM) | 5 | 5 | 4 | 1 |
| Power Corp of Canada (POW) | 5 | 4 | 5 | 4 |
| National Bank (NA) | 5 | 3 | 3 | 5 |
| Bank of Nova Scotia (BNS) | 5 | 4 | 2 | 5 |
| CIBC (CM) | 5 | 3 | 2 | 5 |
| Royal Bank (RY) | 5 | 3 | 2 | 4 |
| Brookfield (BAM.A) | 5 | 3 | 3 | 2 |
| Teck Resources (TCK.B) | 5 | 5 | 5 | 4 |
| Bank of Montreal (BMO) | 4 | 4 | 3 | 4 |
| Notes | More Info... |
| Value Ratio Stocks | P/E | P/B | P/S | Yield | V.R. | | Power Corp of Canada (POW) | 5 | 4 | 5 | 4 | 1.66 |
| Potash Corp. (POT) | 4 | 2 | 2 | 5 | 1.68 |
| SNC-Lavalin (SNC) | 5 | 3 | 5 | 3 | 1.76 |
| National Bank (NA) | 5 | 3 | 3 | 5 | 1.78 |
| Bank of Nova Scotia (BNS) | 5 | 4 | 2 | 5 | 2.19 |
| CIBC (CM) | 5 | 3 | 2 | 5 | 2.31 |
| Royal Bank (RY) | 5 | 3 | 2 | 4 | 2.49 |
| Teck Resources (TCK.B) | 5 | 5 | 5 | 4 | 2.52 |
| Bank of Montreal (BMO) | 4 | 4 | 3 | 4 | 2.53 |
| TD Bank (TD) | 4 | 3 | 2 | 4 | 3.12 |
| Notes | More Info... |
| Canadian Stock Summary | Yield | P/E | V.R. | | Bank of Nova Scotia (BNS) | Y | Y | Y |
| National Bank (NA) | Y | Y | Y |
| Bank of Montreal (BMO) | | Y | Y |
| CIBC (CM) | | Y | Y |
| Potash Corp. (POT) | Y | | Y |
| Power Corp of Canada (POW) | | Y | Y |
| Royal Bank (RY) | | Y | Y |
| SNC-Lavalin (SNC) | | Y | Y |
| Teck Resources (TCK.B) | | Y | Y |
| ARC Resources (ARX) | Y | | |
| BCE Inc. (BCE) | Y | | |
| Brookfield (BAM.A) | | Y | |
| Crescent Point (CPG) | Y | | |
| First Quantum (FM) | | Y | |
| Husky Energy (HSE) | Y | | |
| Inter Pipeline (IPL) | Y | | |
| TD Bank (TD) | | | Y |
| Talisman Energy (TLM) | Y | | |
| TransCanada (TRP) | Y | | |
| Notes... |
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| Disclaimers: Consult with a
qualified investment adviser before trading. Past performance is a
poor indicator of future performance. The information on this site,
and in its related newsletters, is not intended to be, nor does it
constitute, financial advice or recommendations. The information on
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