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 04/23   The Stingy News Weekly: April 23, 2017SNW 
 04/23   The freemium business modelEconomics 
 04/23   The market timing mythStingy Investing 
 04/23   An ETF gets too bigIndexing 
 04/23   Alt-facts about formulaic value investingValue Investing 
 04/23   Cheap Chick-fil-A franchiseManagement 
 04/23   Fairfax Valu-paloozaStingy Investing 


Most Recent Stingy News

The Stingy News Weekly: April 23, 2017
04/23/17 9:01 PM ESTSNW
This week we have market timing, bloated ETFs, alt-facts about value investing, and more.
More SNW: The Stingy News Weekly: April 16, 2017
The Stingy News Weekly: April 9, 2017

The freemium business model
04/23/17 8:59 PM ESTEconomics
"Freemium describes a business model in which a business gives one product away for free or at a subsidized price and then either sells another profitable product to this user base or sells access to that user base to third parties"
More Economics: A slippery idea
What do economists know?

The market timing myth
04/23/17 8:36 PM ESTStingy Investing
"I found myself pondering bad behaviour after being drafted as a possible juror for a murder trial. To escape from the drudgery of waiting for the judge to make his way through the pool of prospective jurors, my mind turned to the accusation that investors are poor market timers." [$]
More Stingy Investing: Fairfax Valu-palooza
The permanent portfolio

An ETF gets too big
04/23/17 8:33 PM ESTIndexing
"Can an exchange-traded fund get too big for its index? That's the question investors in one popular gold miner ETF are grappling with after rapid asset growth pushed it to significantly deviate from its underlying index."
More Indexing: ETFs are the new bond kings
The permanent portfolio

Alt-facts about formulaic value investing
04/23/17 8:21 PM ESTValue Investing
"We believe that even the simplest systematic value strategy will likely earn higher expected returns than the broader market over the next 50 years, but it may not be 'healthy' and it will surely be volatile as heck. We also believe that more sophisticated systematic value strategies will likely earn a marginal premium over the simplest value strategies over the next 50 years. But let's not fool ourselves, the bulk of the excess expected returns that may be realized by these 'sophisticated' value strategies will be driven by the fact that these portfolios will own cheap companies the world hates, not from the 'sophistication.'"
More Value Investing: Joel Greenblatt talks at Google
Jim O'Shaughnessy talks at Google

Cheap Chick-fil-A franchise
04/23/17 8:19 PM ESTManagement
"The barrier to entry for being a franchisee is never going to be money"
More Management: The uselessness of job interviews
Selling pressure at TD

Fairfax Valu-palooza
04/23/17 8:14 PM ESTStingy Investing
"I was recently nominated for jury duty and narrowly avoided serving on a six week murder trial. It was pleasing to be let off because a lengthy trial would have put a dent in my income and kept me away from this year's Fairfax Lollapalooza for value investors. I'm not sure which would have been worse."
More Stingy Investing: The permanent portfolio
Bad behaviour or bad math?

The Stingy News Weekly: April 16, 2017
04/16/17 9:10 PM ESTSNW
This week we have Arnott, Asness, retirement, interviews, and more.
More SNW: The Stingy News Weekly: April 9, 2017
The Stingy News Weekly: April 2, 2017

Work longer to retire earlier
04/16/17 9:00 PM ESTRetirement
"In our experience, many continue to put up with the grind of Intel (or any other employer) simply because they are married to hitting a target portfolio number, when in reality they could step away from the routine, and take a pay cut no doubt, but still earn enough income that allows them financial freedom sooner than they may have envisioned - and this may have the dual benefit of allowing them to pursue an area of work they've been putting off for years but are passionate about getting involved in."
More Retirement: Get serious about retirement ages
Rich or free

Shrinking factor return
04/16/17 8:51 PM ESTArnott
"Our research shows that over the last quarter-century the real-world return for the value and market factors is halved or worse than theoretical factor returns imply, and the momentum factor has provided no benefit whatever to the end-investor."
More Arnott: The Glidepath Illusion

Lies and data mining
04/16/17 8:41 PM ESTAsness
"We are the whipping boy for a recent article on the dangers of data mining in our field. And the whipping is delivered largely based on an unsupported shot taken by my frequent foil and sparring partner, Rob Arnott."

Bank counselling
04/16/17 8:27 PM ESTFun
"Realistic expectations is the key to happiness." [video]
More Fun: Dave Barry's 2016
David Mitchell on tax avoidance

Winner takes all
04/16/17 8:23 PM ESTMarkets
"The reason these music companies were able to control the industry for so long is because they had the scale to release such a high number of albums and incur those costs to allow the few winners to more than make up for it. But they also had little competition from new technologies, that is, until the MP3s and streaming came along."
More Markets: Diversification, adaptation, and valuation
Let your winners run

The uselessness of job interviews
04/16/17 8:17 PM ESTManagement
"Research that my colleagues and I have conducted shows that the problem with interviews is worse than irrelevance: They can be harmful, undercutting the impact of other, more valuable information about interviewees."
More Management: Selling pressure at TD
Learn from James Sinegal

The Stingy News Weekly: April 9, 2017
04/09/17 10:04 PM ESTSNW
This week we have Greenblatt, O'Shaughnessy, fair inequality, market valuation, and more.
More SNW: The Stingy News Weekly: April 2, 2017
The Stingy News Weekly: March 26, 2017

Diversification, adaptation, and valuation
04/09/17 9:26 PM ESTMarkets
"To summarize: over time, markets have developed an improved understanding of the nature of long-term equity returns. They've evolved increasingly efficient mechanisms and methodologies through which to manage the inherent risks in equities. These improvements provide a basis for average equity valuations to increase, which is something that has clearly been happening."
More Markets: Let your winners run
The most broadly overvalued moment

Joel Greenblatt talks at Google
04/09/17 7:15 PM ESTValue Investing
"Since 1996, he has been a professor on the adjunct faculty of Columbia Business School where he teaches Value and Special Situation Investing. He is the author of three books, You Can Be A Stock Market Genius (1997), The Little Book That Beats The Market (2005), and The Big Secret for the Small Investor (2011)." [video]
More Value Investing: Jim O'Shaughnessy talks at Google
Factor timing is hard

ETFs are the new bond kings
04/09/17 6:48 PM ESTIndexing
"Exchange-traded funds are transforming debt markets as big investors use them in ways considered crazy a few short years ago."
More Indexing: The permanent portfolio
Latest crop of fixed-income ETFs

Jim O'Shaughnessy talks at Google
04/09/17 6:46 PM ESTValue Investing
"Investors who do not have the following traits and emotional quality should index their portfolios. I find they are the majority of investors today." [video]
More Value Investing: Factor timing is hard
Chuck Akre talks at Google

Why people prefer unequal societies
04/09/17 6:43 PM ESTBehaviour
"There is immense concern about economic inequality, both among the scholarly community and in the general public, and many insist that equality is an important social goal. However, when people are asked about the ideal distribution of wealth in their country, they actually prefer unequal societies. We suggest that these two phenomena can be reconciled by noticing that, despite appearances to the contrary, there is no evidence that people are bothered by economic inequality itself. Rather, they are bothered by something that is often confounded with inequality: economic unfairness. Drawing upon laboratory studies, cross-cultural research, and experiments with babies and young children, we argue that humans naturally favour fair distributions, not equal ones, and that when fairness and equality clash, people prefer fair inequality over unfair equality. Both psychological research and decisions by policymakers would benefit from more clearly distinguishing inequality from unfairness."
More Behaviour: Why is my life so hard
Why facts don't change our minds

The Stingy News Weekly: April 2, 2017
04/02/17 10:02 PM ESTSNW
This week we have undead ideas, bad math, the permanent portfolio, and more.
More SNW: The Stingy News Weekly: March 26, 2017
The Stingy News Weekly: March 19, 2017

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