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 11/27   The Stingy News Weekly: November 27, 2020 
 11/27   Value 
 11/27   Boring 
 11/27   Enough 
 11/27   Influence 
 11/22   The Stingy News Weekly: November 22, 2020 
 11/22   Canadian bills lose legal tender status 
 11/22   Delaying CPP 


Most Recent Stingy News

The Stingy News Weekly: November 27, 2020
11/27/20 9:22 PM ESTSNW
This week we have thoughts on saving, early retirement, envy, and more.
More SNW: The Stingy News Weekly: November 22, 2020
The Stingy News Weekly: November 8, 2020

Value
11/27/20 9:05 PM ESTBehaviour
"We begin our lives as growth stocks, but end our lives as value stocks."
More Behaviour: Enough
Influence

Boring
11/27/20 9:04 PM ESTRetirement
"So that's my verdict after four years of early retirement: boring."
More Retirement: Delaying CPP
Sequence risk

Enough
11/27/20 9:03 PM ESTBehaviour
"For me, enough is acknowledging the line between satisfaction and excess."
More Behaviour: Influence
Unfortunate social distancing

Influence
11/27/20 9:02 PM ESTBehaviour
"We all like to think we're independent thinkers who weigh the evidence and reach our own conclusions - and yet there's ample evidence that our views are heavily influenced by those around us, whether we're choosing presidential candidates, bottled water or mayonnaise. This extends to financial matters, sometimes with grim consequences."
More Behaviour: Unfortunate social distancing
Seems so easy

The Stingy News Weekly: November 22, 2020
11/22/20 9:18 PM ESTSNW
This week we have horses, homes, value, legal tender, and more.
More SNW: The Stingy News Weekly: November 8, 2020
The Stingy News Weekly: November 1, 2020

Canadian bills lose legal tender status
11/22/20 8:35 PM ESTMarkets
"The Bank of Canada issued a reminder on Thursday that hundreds of millions of $1, $2, $25, $500, and $1,000 bank notes will have their legal tender status removed as of Jan. 1, 2021."
More Markets: Day traders lose money
Great company, wrong price

Delaying CPP
11/22/20 8:19 PM ESTRetirement
"Delaying CPP and Quebec Pension Plan (QPP) payments is the surest way to secure lifelong income, MacDonald said, but very few Canadians are taking advantage. More than 95% of Canadians start taking their CPP/QPP benefits at 65 or earlier, and fewer than 1% wait until they're 70."
More Retirement: Sequence risk
One-page plan

Day traders lose money
11/22/20 7:46 PM ESTMarkets
"Large increases in Robinhood users are often accompanied by large price spikes and are followed by reliably negative returns."
More Markets: Great company, wrong price
The dead versus the living

Great company, wrong price
11/22/20 7:41 PM ESTMarkets
"The one thing he would point out is his strong belief that there is a difference between a company and its stock price. He believes that when a stock price underreacts to great things, or overreacts to terrible things, this creates opportunities. He also believes that you can pay too much for a good company. He believes this, because as mentioned above, he covered tech stocks during the tech bubble and its aftermath."
More Markets: The dead versus the living
The risk-free asset

Don't count out value
11/15/20 5:07 PM ESTStingy Investing
"The announcement buoyed the market and value stocks in particular. I've been investing for almost three decades and don't remember a time when several of my stocks gained more than 20 per cent in a single day. But it happened on Nov. 9, when advances north of 5 per cent seemed to be the norm for value stocks." [$]
More Stingy Investing: There and back again
Fizzy giants

Homes in a bubble
11/14/20 7:24 PM ESTReal Estate
"The bad news is all previous history came at higher mortgage rates. The average 30-year fixed mortgage rate fell below 3% for the first time in August 2020, and rates are close to the lowest possible levels given the credit risk and costs of writing mortgages. It's one thing to be a peak valuation, it's another to be at peak valuation with no discernable upside."
More Real Estate: Workers cannot afford rent
Property ladders

Locking it in
11/14/20 7:09 PM ESTWorld
"Regardless of how long the current downturn lasts, we believe current oil prices are unsustainable as they trade below the breakeven price of most major producers."
More World: The Global Market Portfolio
Emerging concerns

Horses for courses
11/14/20 6:21 PM ESTValue Investing
"Had you bet on large growth in the early '60s after it had built up a lead on small value over half a decade, you would have missed one of the best opportunities to bet on the opposite horse. Had you done it again in 1974 when large growth had really pulled ahead by double digits, you would have missed out again. Same for the early '90s and, of course, March of 2000. Today, large growth is way ahead of small value."
More Value Investing: Value waves the white flag
Combining value and profitability

A work-from-home tax
11/14/20 6:16 PM ESTTaxes
"One economist thinks there are negative externalities and even net costs to the individual in working from home; the other thinks it is an inarguable optimum"
More Taxes: Moving in a canoe
Tax-loss harvesting alpha

Sequence risk
11/14/20 6:15 PM ESTRetirement
"Financial planners are keenly aware of, and routinely warn clients about, sequence risk; that is, the possibility of facing a sequence of low returns early in retirement that may force retirees to scale down the plans they had made. This really is a scary scenario, but one that the evidence here shows that retirees are not very likely to encounter. A new and refined definition of sequence risk is advanced in this article, linking this type of risk to the sustainability of a withdrawal strategy. Furthermore, three ways of assessing sequence risk are proposed, among them one that enables a retiree to monitor the sustainability of his withdrawal strategy periodically and to introduce adjustments when necessary. The ultimate message of this article is that retirees should be informed, but not obsess, about sequence risk."
More Retirement: One-page plan
Enough

The Stingy News Weekly: November 8, 2020
11/08/20 7:26 PM ESTSNW
This week we have hobbits, zombies, plans, pairs, and more.
More SNW: The Stingy News Weekly: November 1, 2020
The Stingy News Weekly: October 24, 2020

There and back again
11/08/20 1:28 PM ESTStingy Investing
"COVID crashed into the market this spring and appears to be returning for a second round. It's only natural for investors to worry that the market may plumb its March lows again. While some concern is warranted, I'm going to flip the pessimistic view on its head and seek stocks that fell hard in the spring but came back again." [$]
More Stingy Investing: Fizzy giants
Look to the long term

The dead versus the living
11/08/20 1:27 PM ESTMarkets
"In this short research note, we will explore the current state of the zombification of stock markets across the globe as this is bound to change dramatically over the next few months and years. More zombies will emerge, and they will haunt the living."
More Markets: The risk-free asset
Memory gets in the way of a jolly market

ETF pairs for tax-loss selling
11/08/20 1:19 PM ESTIndexing
"A quick recap: effective tax-loss harvesting with ETFs involves selling a fund to realize a capital loss and immediately replacing it with a similar fund that would not be considered 'identical property.' According to the Canada Revenue Agency, two index ETFs are identical property if they track the same benchmark."
More Indexing: Look under the hood
Index Investors in the pandemic

The risk-free asset
11/08/20 1:15 PM ESTMarkets
"Blitz found strong evidence that the risk-free rate used in asset pricing models is misspecified, as the empirical evidence provides support for intermediate-term Treasuries as the more appropriate benchmark. In addition to the empirical evidence, economic theory posits that the one-month rate is not a riskless rate for investors with horizons beyond that term. His findings help explain at least part of the equity risk premium puzzle. In addition, the evidence helps explain the performance of low-beta stocks."
More Markets: Memory gets in the way of a jolly market
In defense of the IPO

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