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The Stingy News Weekly: 10/07/2023


Stingy Links

Starting late
"What would our financial situation be if we retired and our only income was Social Security? That was entirely possible. My employer's pension plan had been woefully underfunded when I began working there. Future pension benefits were far from certain. Meanwhile, my wife's employer had recently been sold, and the new owner had no pension plan."
[Retirement]

If you're not confused, you're not paying attention
"bond markets act as if they think inflation can be extrapolated. Long-term interest rates tend to be high when the last decade's inflation was high. US long-term bond yields, such as the ten-year Treasury yield, are highly positively correlated (70% since 1913) with the previous ten years' inflation. But the correlation between the Treasury yield and the inflation rate over the next ten years is only 28%."
[Bonds]

International value
"While value stocks have provided higher returns than growth stocks, like all strategies that invest in risky assets, value investors experience long periods of underperformance. Such periods test investor discipline. Sadly, it is my experience that while economists know that when it comes to risk assets, returns over periods of 10 years or even longer are likely to be just 'noise,' most investors think that three years is a long time to judge performance, five years a very long time, and ten years an eternity. That belief leads them to sell after periods of underperformance. This is even though such periods generally result in asset trading at historically cheap levels."
[Value Investing]

Between bold and reckless
"If success requires taking risk that could easily turn into failure, and the line between the two is nearly invisible in real time, I want to learn from people who accidentally stepped over the line and lived to tell the tale. Companies that survived deep recessions. Investors who survived bear markets. Products that flopped, were redesigned, and then worked."
[Bahaviour]

One less vulnerability
"Many of the relationships we have come to know and love (oil vs. USDCAD, Aussie vs. Terms of Trade) have broken down as transmission mechanisms have changed."
[Markets]

House of cards
"what intrigues me is why people end up with horrifying card balances. On the way to five-figure or six-figure card debt, you have to imagine there's a moment or two when cardholders think, 'Maybe this is getting out of control. Maybe it's time to stop spending.' And yet they don't."
[Behaviour]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
Enbridge (ENB)DCA
TC Energy (TRP)EBA
BCE (BCE)CDA
Algonquin Power (AQN)FAA
Bank of Nova Scotia (BNS)AAA
CIBC (CM)BAA
Pembina Pipeline (PPL)ABA
TELUS (T)DCA
Power (POW)BAA
Manulife Financial (MFC)AAA
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Tourmaline Oil (TOU)ACD
Pembina Pipeline (PPL)ABA
Imperial Oil (IMO)ACC
Nutrien (NTR)AAB
Manulife Financial (MFC)AAA
Agnico Eagle (AEM)AAC
Bank of Nova Scotia (BNS)AAA
National Bank (NA)ABB
Suncor Energy (SU)ABB
Canadian Tire (CTC.A)ABB
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)EAC
Algonquin Power (AQN)FAA
Kinross Gold (K)DAC
CIBC (CM)BAA
Bank of Nova Scotia (BNS)AAA
Teck Resources (TECK.B)CAD
Power (POW)BAA
Agnico Eagle (AEM)AAC
Barrick Gold (ABX)FAC
Manulife Financial (MFC)AAA
Notes | More Info...


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
Manulife Financial (MFC)YYY
Agnico Eagle (AEM)YY
Algonquin Power (AQN)YY
CIBC (CM)YY
Pembina Pipeline (PPL)YY
Power (POW)YY
BCE (BCE)Y
Barrick Gold (ABX)Y
Canadian Apt REIT (CAR.UN)Y
Canadian Tire (CTC.A)Y
Enbridge (ENB)Y
Imperial Oil (IMO)Y
Kinross Gold (K)Y
National Bank (NA)Y
Nutrien (NTR)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TELUS (T)Y
Teck Resources (TECK.B)Y
Tourmaline Oil (TOU)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EYield
Walgreens (WBA)FA
Verizon (VZ)AA
3M (MMM)AA
Dow (DOW)CA
IBM (IBM)EA
Chevron (CVX)AB
Goldman (GS)AB
Amgen (AMGN)BB
Coca-Cola (KO)CB
Johnson & Johnson (JNJ)EB
Notes | More Info...


Low Price/Earnings StocksP/EYield
Verizon (VZ)AA
JPMorgan Chase (JPM)AC
Chevron (CVX)AB
3M (MMM)AA
Goldman (GS)AB
American Express (AXP)BD
Travelers (TRV)BC
Amgen (AMGN)BB
Cisco Systems (CSCO)BC
Home Depot (HD)BC
Notes | More Info...


US Stock SummaryP/EYield
Amgen (AMGN)YY
Chevron (CVX)YY
Goldman (GS)YY
Verizon (VZ)YY
3M (MMM)Y
American Express (AXP)Y
Caterpillar (CAT)Y
Cisco Systems (CSCO)Y
Coca-Cola (KO)Y
Dow (DOW)Y
Home Depot (HD)Y
IBM (IBM)Y
JPMorgan Chase (JPM)Y
Johnson & Johnson (JNJ)Y
Travelers (TRV)Y
Walgreens (WBA)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 this site is in no way guaranteed for completeness, accuracy or in any other way. More...