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The Stingy News Weekly (10/28/2012) "Volatility is a symptom that people have no idea of the underlying value" - Jeremy Grantham Stingy Links The guide to trading candy "Everything you need to know to get ahead in candy trading." Merton vs. Low Vol "Low volatility investing is becoming more popular, but the question is perhaps it could be better captured via a more inclusive metric of volatility. The Merton model of default popularized by Moody's KMV is basically a function of two inputs: volatility and leverage. If this model is correct, then a probability of firm failure is better captured than mere volatility alone, and perhaps it also captures the true, fundamental volatility that is driving the low vol effect." The flaws of finance "The problems inherent in VaR are further amplified by the use of short runs of data to estimate the inputs. This creates an even more pro-cyclical element, adding to the problems of VaR. If the immediate past is a period of tranquillity, then the future is held to be the same. If a risky asset, let's say a CDO, happens to have been less volatile than U.S. treasuries over the last couple of years, the model says (with a straight face) that the CDO is less risky than treasuries!" 21 reasons why you should never date an economist "7. On average they are pretty mean." Taxes, inflation, default "Buffett is uncomfortable with the idea that the Fed can expand its balance sheet indefinitely. He doesn't know why it won't work, but he knows that there are no free lunches, and wonders what might happen as a result." Buffett on CNBC: Summary "Buffett was on CNBC this morning. Who has time to sit in front of the TV from 7:00 - 9:00 am? Only hardcore Buffett-heads would click through and watch all the videos or read the full transcript. So here are some notes." Warren Buffett on CNBC "Warren talks about many topics over multiple segments. Topics include: cancer, housing, QE3, Europe, Asia, etc." DOW 30 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield AT&T (T) 1 4 3 5 Verizon (VZ) 1 2 4 5 Intel (INTC) 5 4 2 5 EI DuPont (DD) 3 1 4 5 Hewlett-Packard (HPQ) 0 5 5 5 Merck (MRK) 1 3 1 5 McDonald's (MCD) 2 1 1 4 Pfizer (PFE) 2 3 1 4 Johnson & Johnson (JNJ) 1 2 1 4 Cisco (CSCO) 4 4 3 4 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield Chevron (CVX) 5 5 4 3 Caterpillar (CAT) 5 3 5 2 JP Morgan Chase (JPM) 5 5 3 3 Exxon Mobil (XOM) 5 3 4 2 Intel (INTC) 5 4 2 5 Travelers (TRV) 4 5 4 2 UnitedHealth (UNH) 4 4 5 1 Cisco (CSCO) 4 4 3 4 Boeing (BA) 4 1 5 2 American Express (AXP) 4 2 2 1 Notes | More Info... Value Ratio Stocks P/E P/B P/S Yield V.R. Intel (INTC) 5 4 2 5 2.33 Chevron (CVX) 5 5 4 3 2.59 JP Morgan Chase (JPM) 5 5 3 3 3.01 Caterpillar (CAT) 5 3 5 2 3.45 Cisco (CSCO) 4 4 3 4 3.51 EI DuPont (DD) 3 1 4 5 3.68 Exxon Mobil (XOM) 5 3 4 2 3.82 Travelers (TRV) 4 5 4 2 3.93 Microsoft (MSFT) 3 2 1 4 4.62 McDonald's (MCD) 2 1 1 4 4.67 Notes | More Info... US Stock Summary Yield P/E V.R. Cisco (CSCO) Y Y Y Intel (INTC) Y Y Y Caterpillar (CAT) Y Y Chevron (CVX) Y Y EI DuPont (DD) Y Y Exxon Mobil (XOM) Y Y JP Morgan Chase (JPM) Y Y McDonald's (MCD) Y Y Travelers (TRV) Y Y AT&T (T) Y American Express (AXP) Y Boeing (BA) Y Hewlett-Packard (HPQ) Y Johnson & Johnson (JNJ) Y Merck (MRK) Y Microsoft (MSFT) Y Pfizer (PFE) Y UnitedHealth (UNH) Y Verizon (VZ) Y Notes... S&P/TSX60 Value Screens High Dividend Yield Stocks P/E P/B P/S Yield Penn West Petroleum (PWT) 2 5 3 5 TransAlta (TA) 0 3 4 5 Enerplus (ERF) 0 5 2 5 Canadian Oil Sands (COS) 4 2 2 5 Sun Life Financial (SLF) 0 5 5 5 BCE Inc. (BCE) 3 1 4 5 ARC Resources (ARX) 1 2 1 5 CIBC (CM) 5 2 3 5 Bank of Montreal (BMO) 5 4 3 5 Power Corp of Canada (POW) 5 5 5 5 Notes | More Info... Low Price/Earnings Stocks P/E P/B P/S Yield First Quantum (FM) 5 3 1 1 Bombardier (BBD.B) 5 1 5 3 National Bank (NA) 5 3 3 4 Magna (MG) 5 5 5 3 Barrick Gold (ABX) 5 4 2 2 CIBC (CM) 5 2 3 5 Bank of Montreal (BMO) 5 4 3 5 Inmet Mining (IMN) 5 5 1 1 Power Corp of Canada (POW) 5 5 5 5 Imperial Oil (IMO) 5 2 4 1 Notes | More Info... Value Ratio Stocks P/E P/B P/S Yield V.R. Canadian Oil Sands (COS) 4 2 2 5 1.63 Penn West Petroleum (PWT) 2 5 3 5 1.97 CIBC (CM) 5 2 3 5 2.11 National Bank (NA) 5 3 3 4 2.14 Bank of Montreal (BMO) 5 4 3 5 2.17 Power Corp of Canada (POW) 5 5 5 5 2.23 BCE Inc. (BCE) 3 1 4 5 2.49 Bank of Nova Scotia (BNS) 4 3 2 4 2.53 Royal Bank (RY) 4 2 2 4 2.85 Shaw (SJR.B) 4 2 3 4 2.94 Notes | More Info... Canadian Stock Summary Yield P/E V.R. Bank of Montreal (BMO) Y Y Y CIBC (CM) Y Y Y Power Corp of Canada (POW) Y Y Y BCE Inc. (BCE) Y Y Canadian Oil Sands (COS) Y Y National Bank (NA) Y Y Penn West Petroleum (PWT) Y Y ARC Resources (ARX) Y Bank of Nova Scotia (BNS) Y Barrick Gold (ABX) Y Bombardier (BBD.B) Y Enerplus (ERF) Y First Quantum (FM) Y Imperial Oil (IMO) Y Inmet Mining (IMN) Y Magna (MG) Y Royal Bank (RY) Y Shaw (SJR.B) Y Sun Life Financial (SLF) Y TransAlta (TA) Y Notes... The Rothery Report (Learn More | Subscribe) The Rothery Report provides research on select deep-value stocks in North America. Discover overlooked and undervalued stocks in quarterly investment reports which provide detailed analysis of Canadian and U.S. stocks. Weekly email news and additional updates keep subscribers informed about new opportunities and developments. Rothery Report Performance (03/31/2001 to 09/30/2012) Average Capital Gain 39.6%	Stingy News Weekly The Latest Edition Get the Stingy News via email with ... 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