How To Invest
In addition, Pat thinks then beginner investors should cultivate two important qualities: a healthy sense of skepticism and patience.
Investors should approach all investments with a healthy sense of skepticism. This can help keep you out of fraudulent stocks that masquerade as high-quality stocks. It will also keep you out of legally operated, but poorly managed, companies that promise more than they can possibly deliver.
If you are a new investor, you should also realize that losing patience can cause you to sell your best choices right before a big rise. All too often, investors buy a promising stock just as it enters a period of price stagnation. Even the best-performing stocks run into these unpredictable phases from time to time. They move mainly sideways in a wide range for months or years before their next big rise begins. (Stock brokers often refer to these stocks as “dead money.”)
If you lack patience, you run a big risk of selling your best choices in the midst of one of these phases, prior to the next big move upward. If you lose patience and sell, you are particularly likely to do so in the low end of the trading range, when stock prices have weakened and confidence in the stock has waned.
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VANGUARD GROWTH ETF $73.04 (New Yorksymbol VUG; buy or sell through brokers) aims to track theMSCI U.S. Prime Market Growth Index, a broadlydiversified index that mainly consists of shares oflarge U.S. companies. Its MER is just 0.10%.
The $27.0-billion fund’s top holdings are Apple,IBM, Google, Coca-Cola, Philip Morris International,Oracle, Wal-Mart, Schlumberger, Qualcomm andHome Depot.
Vanguard Growth ETF’s breakdown by industryis as follows: Information Technology (29.1%),Consumer Discretionary (20.1%), Consumer Staples(12.9%), Industrials (11.6%), Health Care (10.9%),Financials (5.9%), Energy (5.7%), Materials (3.1%),Telecommunication Services (0.6%) and Utilities(0.1%).
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The $27.0-billion fund’s top holdings are Apple,IBM, Google, Coca-Cola, Philip Morris International,Oracle, Wal-Mart, Schlumberger, Qualcomm andHome Depot.
Vanguard Growth ETF’s breakdown by industryis as follows: Information Technology (29.1%),Consumer Discretionary (20.1%), Consumer Staples(12.9%), Industrials (11.6%), Health Care (10.9%),Financials (5.9%), Energy (5.7%), Materials (3.1%),Telecommunication Services (0.6%) and Utilities(0.1%).
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VANGUARD EMERGING MARKETS ETF$45.47 (New York symbol VWO; buy or sell through brokers)aims to track the MSCI Emerging Markets Index,which is made up of common stocks of companieslocated in developing countries around the world.The fund has an MER of just 0.20%.
Vanguard Emerging Markets ETF’s top holdingsinclude Samsung Electronics Co. (South Korea),China Mobile (China: wireless), Petroleo BrasileiroSA (Brazil: oil and gas), Taiwan Semiconductor(Taiwan: computer chips), Vale SA (Brazil: mining),America Movil SAB de CV (Latin America: wireless),Gazprom (Russia: gas utility), China ConstructionBank, Itau Unibanco Holding SA (Brazil:banking), Industrial & Commercial Bank of China,CNOOC Ltd. (China: oil and gas) and China LifeInsurance.
The $71.4-billion fund’s breakdown by country isas follows: China (17.8%), South Korea (15.3%),Brazil (12.5%), Taiwan (10.6%), South Africa(7.6%), India (6.6%), Russia (6.0%), Mexico (4.9%),Malaysia (3.5%), Indonesia (2.7%), Thailand (2.2%),Chile (1.8%), Turkey (1.7%), Poland (1.4%) andOther (5.4%).
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Vanguard Emerging Markets ETF’s top holdingsinclude Samsung Electronics Co. (South Korea),China Mobile (China: wireless), Petroleo BrasileiroSA (Brazil: oil and gas), Taiwan Semiconductor(Taiwan: computer chips), Vale SA (Brazil: mining),America Movil SAB de CV (Latin America: wireless),Gazprom (Russia: gas utility), China ConstructionBank, Itau Unibanco Holding SA (Brazil:banking), Industrial & Commercial Bank of China,CNOOC Ltd. (China: oil and gas) and China LifeInsurance.
The $71.4-billion fund’s breakdown by country isas follows: China (17.8%), South Korea (15.3%),Brazil (12.5%), Taiwan (10.6%), South Africa(7.6%), India (6.6%), Russia (6.0%), Mexico (4.9%),Malaysia (3.5%), Indonesia (2.7%), Thailand (2.2%),Chile (1.8%), Turkey (1.7%), Poland (1.4%) andOther (5.4%).
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IMPERIAL OIL $42.44 (Toronto symbol IMO;Shares outstanding: 847.6 million; Market cap:$36.0 billion; TSINetwork Rating: Average;Dividend yield: 1.1%; www.imperialoil.ca) hasagreed to pay $1.55 billion to buy 50% of CelticExploration (Toronto symbol CLT). Thecompany will purchase this stake from its parentcompany, ExxonMobil Corp. (New York symbolXOM), after Exxon completes its recent deal tobuy 100% of Celtic.
Celtic owns large, undeveloped shale gasdeposits along the B.C.-Alberta border. Thesefields hold a total of 128 million barrels of oilequivalent. Of that total, 76% is natural gas and24% is natural gas liquids, such as butane. Atthe end of 2011, Imperial’s proved reservestotalled 3.2 billion barrels of oil equivalent.
Imperial Oil is a buy.
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Celtic owns large, undeveloped shale gasdeposits along the B.C.-Alberta border. Thesefields hold a total of 128 million barrels of oilequivalent. Of that total, 76% is natural gas and24% is natural gas liquids, such as butane. Atthe end of 2011, Imperial’s proved reservestotalled 3.2 billion barrels of oil equivalent.
Imperial Oil is a buy.
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CENOVUS ENERGY $33.67 (Toronto symbolCVE; Shares outstanding: 754.9 million; Market cap:$25.4 billion; TSINetwork Rating: Average;Dividend yield: 2.6%; www.cenovus.com) operatesthree heavy oil projects in Alberta and one inSaskatchewan. It gets about half of its output fromthe oil sands. Conventional oil and natural gas wellssupply the other half.
U.S.-based ConocoPhillips (New York symbolCOP) owns 50% of Cenovus’s main Foster Creekand Christina Lake oil sands projects in Alberta.Cenovus ships the heavy bitumen from these assets torefineries in Illinois and Texas that are also 50%owned by ConocoPhillips.
In the quarter ended September 30, 2012, Cenovus’scash flow per share rose 40.0%, to $1.47 from$1.05 a year earlier. The company continues toexpand its projects, and that pushed up its oil outputby 28.4%, to 171,350 barrels per day. It aims toboost production to 500,000 barrels a day by 2021.
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U.S.-based ConocoPhillips (New York symbolCOP) owns 50% of Cenovus’s main Foster Creekand Christina Lake oil sands projects in Alberta.Cenovus ships the heavy bitumen from these assets torefineries in Illinois and Texas that are also 50%owned by ConocoPhillips.
In the quarter ended September 30, 2012, Cenovus’scash flow per share rose 40.0%, to $1.47 from$1.05 a year earlier. The company continues toexpand its projects, and that pushed up its oil outputby 28.4%, to 171,350 barrels per day. It aims toboost production to 500,000 barrels a day by 2021.
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ENCANA CORP. $19.34 (Toronto symbol ECA;Shares outstanding: 735.4 million; Market cap: $14.2billion; TSINetwork Rating: Average; Dividendyield: 4.1%; www.encana.com) is one of NorthAmerica’s largest natural gas producers. Its provenreserves should last over 14 years.
In the three months ended September 30, 2012,Encana’s cash flow per share fell 22.5%, to $1.24from $1.60 a year earlier (all amounts except shareprice and market cap in U.S. dollars).
Natural gas accounts for 95% of Encana’s production.In response to falling gas prices, the companylowered its output during the quarter; this was themain reason for the lower cash flow.
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In the three months ended September 30, 2012,Encana’s cash flow per share fell 22.5%, to $1.24from $1.60 a year earlier (all amounts except shareprice and market cap in U.S. dollars).
Natural gas accounts for 95% of Encana’s production.In response to falling gas prices, the companylowered its output during the quarter; this was themain reason for the lower cash flow.
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GLOBAL X COPPER MINERS ETF $13.59(New York symbol COPX; buy or sell through brokers;www.globalxfunds.com) tracks the Solactive GlobalCopper Miners Index, which includes between20 and 40 international companies that mine,refine or explore for copper. Germany-basedStructured Solutions AG created this index.
Canadian companies make up 43.3% of thefund’s holdings. It also includes companiesbased in Australia (7.9%), Poland (6.5%), Peru(5.6%) and the U.S. (5.4%). Global X CopperMiners ETF’s MER is 0.65%.
Its top 10 holdings are Inmet Mining at 6.9%;KGHM Polska Miedz, 5.6%; Grupo Mexico,5.2%; Xstrata, 5.0%; Antofagasta plc, 5.0%;Southern Copper Corporation, 4.8%; Kazakhmys,4.8%; Jiangxi Copper Company, 4.8%;Hudbay Minerals, 4.8%; and Vendanta Resources,4.7%.
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Canadian companies make up 43.3% of thefund’s holdings. It also includes companiesbased in Australia (7.9%), Poland (6.5%), Peru(5.6%) and the U.S. (5.4%). Global X CopperMiners ETF’s MER is 0.65%.
Its top 10 holdings are Inmet Mining at 6.9%;KGHM Polska Miedz, 5.6%; Grupo Mexico,5.2%; Xstrata, 5.0%; Antofagasta plc, 5.0%;Southern Copper Corporation, 4.8%; Kazakhmys,4.8%; Jiangxi Copper Company, 4.8%;Hudbay Minerals, 4.8%; and Vendanta Resources,4.7%.
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GLOBAL X SILVER MINERS ETF $23.46 (NewYork symbol SIL; buy or sell through brokers;www.globalxfunds.com) tracks the Solactive Global SilverMiners Index.
This index includes 32 international companiesthat mine, refine or explore for silver. GermanybasedStructured Solutions AG developed the GlobalX Silver Miners Index.
Canadian companies make up 45.4% of the fund’sholdings, but it also includes companies based in theU.S. (13.7%) and Mexico (13.0%). The ETF’s MERis 0.65%.
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This index includes 32 international companiesthat mine, refine or explore for silver. GermanybasedStructured Solutions AG developed the GlobalX Silver Miners Index.
Canadian companies make up 45.4% of the fund’sholdings, but it also includes companies based in theU.S. (13.7%) and Mexico (13.0%). The ETF’s MERis 0.65%.
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ISHARES S&P/TSX GLOBAL GOLD INDEXFUND $19.04 (Toronto symbol XGD; buy or sell throughbrokers; ca.ishares.com) aims to mirror the performanceof the S&P/TSX Global Gold Index.
This index is made up of 56 gold stocks fromCanada and around the world. The fund’s MER is0.60%. iShares S&P/TSX Global Gold Index Fundbegan trading on March 23, 2001.
The fund’s top 10 holdings are Barrick Gold at15.1%; Goldcorp, 13.1%; Newmont Mining, 9.8%;Yamana Gold, 5.7%; AngloGold Ashanti (ADR),5.2%; Kinross, 4.8%; Eldorado Gold, 4.1%;Randgold Resources, 4.1%; Agnico-Eagle Mines,3.4%; and Gold Fields (ADR), 3.8%.
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This index is made up of 56 gold stocks fromCanada and around the world. The fund’s MER is0.60%. iShares S&P/TSX Global Gold Index Fundbegan trading on March 23, 2001.
The fund’s top 10 holdings are Barrick Gold at15.1%; Goldcorp, 13.1%; Newmont Mining, 9.8%;Yamana Gold, 5.7%; AngloGold Ashanti (ADR),5.2%; Kinross, 4.8%; Eldorado Gold, 4.1%;Randgold Resources, 4.1%; Agnico-Eagle Mines,3.4%; and Gold Fields (ADR), 3.8%.
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TORSTAR CORP. $7.49 (Toronto symbol TS.B;Shares outstanding: 79.9 million; Market cap:$598.5 million; TSINetwork Rating: AboveA v e r a g e ; D i v i d e n d y i e l d : 7 . 0 % ;www.torstar.com) has a great hidden asset in itsownership of romance-novel publisherHarlequin Enterprises.
Harlequin’s earnings should benefit from anew joint venture with Cosmopolitan magazinethat will publish two e-books a month, starting inMay 2013. Cosmopolitan is the world’s largestwoman’s magazine.
Called “Cosmo Red Hot Reads”, these30,000-word e-books aim to profit from fastgrowingdemand for erotica, such as the bestsellingFifty Shades of Grey trilogy. Harlequinwill use its own popular authors, which cuts the
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Harlequin’s earnings should benefit from anew joint venture with Cosmopolitan magazinethat will publish two e-books a month, starting inMay 2013. Cosmopolitan is the world’s largestwoman’s magazine.
Called “Cosmo Red Hot Reads”, these30,000-word e-books aim to profit from fastgrowingdemand for erotica, such as the bestsellingFifty Shades of Grey trilogy. Harlequinwill use its own popular authors, which cuts the
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MARKET VECTORS VIETNAM ETF $18.95(New York symbol VNM; buy or sell through brokers) holdsshares of Vietnamese companies or foreign firms thatget a significant amount of their revenue fromVietnam.
The ETF’s top 10 holdings are Vietin CommercialBank, 7.9%; Vincom Corp. (real estate), 7.9%;Baoviet Holdings (finance and insurance), 7.3%; JSCBank, 7.3%; PetroVietnam Fertilizer and Chemical,5.4%; Minor International (a Thailand-based firmwith hotels and fast-food restaurants in Vietnam),4.9%; Charoen Pokphand Foods (a Thailand-basedfood conglomerate), 4.6%; Gamuda Bhd (a Malaysiabasedconstruction group), 4.6%; Premier Oil (aU.K.-based producer with stakes in the huge CuuLong basin off southern Vietnam), 4.5%; and Oil &Natural Gas Corp. (an India-based oil and gascompany), 4.0%.
Market Vectors Vietnam ETF’s industry breakdownis as follows: Financials, 45.9%; Energy,21.5%; Industrials, 10.6%; Materials, 7.9%; ConsumerDiscretionary, 6.6%; Consumer Staples, 4.7%;and Utilities, 2.9%. Its expense ratio is 0.76%.
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The ETF’s top 10 holdings are Vietin CommercialBank, 7.9%; Vincom Corp. (real estate), 7.9%;Baoviet Holdings (finance and insurance), 7.3%; JSCBank, 7.3%; PetroVietnam Fertilizer and Chemical,5.4%; Minor International (a Thailand-based firmwith hotels and fast-food restaurants in Vietnam),4.9%; Charoen Pokphand Foods (a Thailand-basedfood conglomerate), 4.6%; Gamuda Bhd (a Malaysiabasedconstruction group), 4.6%; Premier Oil (aU.K.-based producer with stakes in the huge CuuLong basin off southern Vietnam), 4.5%; and Oil &Natural Gas Corp. (an India-based oil and gascompany), 4.0%.
Market Vectors Vietnam ETF’s industry breakdownis as follows: Financials, 45.9%; Energy,21.5%; Industrials, 10.6%; Materials, 7.9%; ConsumerDiscretionary, 6.6%; Consumer Staples, 4.7%;and Utilities, 2.9%. Its expense ratio is 0.76%.
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