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 08/28   The Stingy News Weekly: August 28, 2016SNW 
 08/28   The lost decadeStingy Investing 
 08/28   CPP changesRetirement 
 08/28   Most retirement accounts never run dryRetirement 
 08/28   Re-evaluation of pension returnsRetirement 
 08/28   Times are ripeMarkets 
 08/28   Take-downs of Warren BuffettBuffett 

Most Recent Stingy News

The Stingy News Weekly: August 28, 2016
08/28/16 11:54 PM ESTSNW
This week we have a lost decade, pensions, retirement, Buffett bashing, and more.
More SNW: The Stingy News Weekly: August 21, 2016
The Stingy News Weekly: August 14, 2016

The lost decade
08/28/16 11:11 PM ESTStingy Investing
"Bond yields remain near historic lows with long-term Canadian government bond yields hovering near 1.7% this week. That doesn't leave much room for error. If interest rates rise, bond prices will fall. Rising inflation could also wipe out the small gains. More ominously, interest rates and inflation could climb at the same time like they did in the 1970s. It's a period that older investors remember all to well and one that younger investors should learn from."
More Stingy Investing: Be careful what you wish for
Fixed income needs a fix

CPP changes
08/28/16 11:08 PM ESTRetirement
"the CPP enhancement seems to do so little to ensure that future generations have an appropriate level of retirement income"
More Retirement: Most retirement accounts never run dry
Re-evaluation of pension returns

Most retirement accounts never run dry
08/28/16 10:54 PM ESTRetirement
"Consequently, while most retirees accumulate a portfolio with the plans to spend it in retirement, when faced with the ever-open-ended potential of living many more years they may feel compelled to keep extra assets available, and never actually deplete the retirement portfolio, even in their later years. This isn't a sign of inefficient portfolio spending or a consumption gap, but merely a prudent response to an uncertain future."
More Retirement: Re-evaluation of pension returns
The reality of retirement

Re-evaluation of pension returns
08/28/16 10:52 PM ESTRetirement
"In an April 2016 report, McKinsey & Co. forecast that under a slow growth scenario, U.S. stocks will return 4 percent over the next 20 years while government bonds won't make any money. Ten-year returns for Connecticut's teachers' and state employees' pensions is 5.25 percent and 5.14 percent, respectively, far short of the annual gains it currently expects."
More Retirement: The reality of retirement
New retiree withdrawal rate

Times are ripe
08/28/16 10:48 PM ESTMarkets
"Net profits are dependent on more than just business profitability. Net profit margins are also driven by economy-wide interest rates and corporate tax law."
More Markets: Breakdown of a diversified strategy
Amazon arbitrage

Take-downs of Warren Buffett
08/28/16 10:46 PM ESTBuffett
"Buffett achieved that record without embracing the tightrope-walking risks, the ethical shortcuts, or the death-by-slow-obsolescence that have undone so many big corporations (of the 30 companies in the Dow Jones Industrial Average when Buffett took the helm at Berkshire, only three remain.)"
More Buffett: Ted Weschler makes his mark

The Stingy News Weekly: August 21, 2016
08/21/16 7:54 PM ESTSNW
This week we have traders losing money, precarious pensions, retirement, the new voodoo, and more.
More SNW: The Stingy News Weekly: August 14, 2016
The Stingy News Weekly: August 7, 2016

Almost 80% of day traders lose money
08/21/16 4:02 PM ESTBrokers
"In the end, 79.5% of them lost real money. The median 12-month returns were -36.3%."
More Brokers: Advisors worth their fees?
John Oliver: retirement plans

The $6 trillion public pension hole
08/21/16 3:57 PM ESTGovernment
"Compounding the problem, today's aggregate annual contributions of $160 billion don't even pay for newly earned benefits, adding more debt to be paid by future generations. State and local governments already face making bigger required contributions - even under the measurement approach that ignores risk - requiring higher taxes and crowding out other government spending. That is already happening in Chicago. In Detroit, Stockton, Calif., and Puerto Rico, bondholders haven't been paid."
More Government: Why Americans don't trust government
How politicians poisoned statistics

Breakdown of a diversified strategy
08/21/16 3:45 PM ESTMarkets
"That thought experiment is really frightening to me. You followed very sound modern portfolio management advice back then and still in ten years your portfolio is gone. I don't think we are really learning the lessons of history, especially now that the global economy is so much more interconnected than it was before."
More Markets: Amazon arbitrage
Beware 13Fs

What 2 years of negative rates tell us
08/21/16 3:43 PM ESTBonds
"It hasn't worked very well. As many experts predicted at the time, the policy has had only a modest impact on growth. It is also increasingly clear that pushing rates down further wouldn't help much and could, in fact, increase risks to the global financial system."
More Bonds: Do the hard thing
Bonds aren't wretched

The reality of retirement
08/21/16 3:41 PM ESTRetirement
"Lyndsay Green, sociologist and author of 'Ready To Retire? What You and Your Spouse Need to Know About the Reality of Retirement,' spoke with men over the age of 60 and their spouses, to learn about the anxieties and unexpected pleasures of retirement. Green joins The Agenda in the Summer to explore the worry and anticipation many feel toward the end of their careers." [video]
More Retirement: New retiree withdrawal rate
Am I saving enough for retirement?

The new voodoo
08/21/16 3:39 PM ESTEconomics
"Old hydraulic Keynesianism from the 1960s was already a pretty implausible model. But what's happened since 2009 involves not just one, but at least five new types of voodoo"
More Economics: Higher minimum wages
Wholesale transfer pricing

Why you should not write a book
08/21/16 3:37 PM ESTBooks
"There's an unwritten rule that published authors are supposed to encourage everyone who dreams of it to finally go for it and write that book! Except that's just not true. Many of the people who want to write a book should not."
More Books: Quench your own thirst
Read books, live longer

The Stingy News Weekly: August 14, 2016
08/14/16 9:10 PM ESTSNW
This week we have smart beta, withdrawal rates, high yield nightmares, and more.
More SNW: The Stingy News Weekly: August 7, 2016
The Stingy News Weekly: July 31, 2016

Be careful what you wish for
08/14/16 8:53 PM ESTStingy Investing
"The bond market is also caught in a drought - at least as far as yields are concerned. But you should think twice before wishing to return to a high yield era. Not only do bond prices fall when yields rise but, when yields are high, taxes and inflation can turn profits into losses in the blink of an eye."
More Stingy Investing: Fixed income needs a fix
Brexit-proof your plan

Testing smart beta
08/14/16 8:05 PM ESTIndexing
"Equal weighting isn't everyone's cup of tea, but the numbers on a trailing 10-year basis, which encompasses a full business cycle of stress testing, are strong enough to give advocates of the strategy plenty of ammunition for arguing their cause."
More Indexing: Index revolution
Cost versus convenience

Sued over retirement plan fees
08/14/16 8:03 PM ESTFunds
"The complaints allege that the universities, as the plan sponsors, failed to monitor excessive fees paid to administer the plans and did not replace more expensive, poor-performing investments with cheaper ones. Had the plans eliminated their long lists of investment options and used their bargaining power to cut costs, the complaints argue, participants could have collectively saved tens of millions of dollars."
More Funds: Curse of the benchmarks
Chasing returns

Index revolution
08/14/16 8:02 PM ESTIndexing
"Charles Ellis on why investing in low cost, passive index funds, not actively managed ones is the best choice for most individual investors."
More Indexing: Cost versus convenience
The high price of low vol

New retiree withdrawal rate
08/14/16 8:00 PM ESTRetirement
"Inglis' recommendation: Simply divide your age by 20 (for couples, use the younger spouse's age). So, for example, someone who is 70 could safely spend 3.5% (70 / 20 = 3.5) of their savings, while someone who is 80 could withdraw 4% (80 / 20 = 4) and someone 65 could withdraw 3.25%."
More Retirement: Am I saving enough for retirement?
Should you work in retirement?

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