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 11/27   The Stingy News Weekly: November 27, 2016SNW 
 11/27   Slice and diceStingy Investing 
 11/27   The quality brand MittelstandBuffett 
 11/27   Scalability challengesHallett 
 11/27   Buffett talks to UofM studentsBuffett 
 11/27   Learning from See's CandiesBuffett 
 11/27   The 17 year betBuffett 
 11/27   How to manage an overvalued stockManagement 
 11/27   Venezuela, a failing stateWorld 
 11/27   Does decision-making matter?Behaviour 


Most Recent Stingy News

The Stingy News Weekly: November 27, 2016
11/27/16 7:05 PM ESTSNW
This week we have See's Candies squared, Buffett's 17 year bet, and more.
More SNW: The Stingy News Weekly: November 20, 2016
The Stingy News Weekly: November 13, 2016

Slice and dice
11/27/16 6:21 PM ESTStingy Investing
"Last week, our American cousins celebrated Thanksgiving. A great many turkeys were sliced up for the occasion and each gobbler consumed their favourite bit. Similarly, stock pickers slice up the market and invest in companies they expect to provide the most succulent returns." [$]
More Stingy Investing: Top 200 total returns
Top 200 Canadian Stocks for 2017

The quality brand Mittelstand
11/27/16 3:04 PM ESTBuffett
"If you had asked me back then which of the two companies would go the distance, I don't doubt for a second I would have answered the Washington Post. And as late as 1988, when The Powers that Be became the first grownup book I ever read, I still thought of it as a colossus. Yet as events transpired, the Post has come quite a way down in the world, while humble See's is still, in Buffett's words, a 'dream business.'"
More Buffett: Buffett talks to UofM students
Learning from See's Candies

Scalability challenges
11/27/16 2:41 PM ESTHallett
"In Canada, robo-advisors must register as Portfolio Managers, which cannot opt-out of their legal fiduciary duty. In my column for the September 2016 issue of Investment Executive, I explain why this will limit the scalability of Canadian robo-advisors' businesses. If they grow as planned, they will need tens of thousands of clients to succeed financially. Technology infrastructure can be built to easily handle this volume. But obligations of registered Portfolio Managers will also require a significant hiring of people who can speak with clients about their investments - and that limits scalability by adding to costs."
More Hallett: High-payout fund trickery
Why robo-advisers are here to stay

Buffett talks to UofM students
11/27/16 2:22 PM ESTBuffett
"Today, with $1 million, he and Charlie would probably invest in four stocks."
More Buffett: Learning from See's Candies
The 17 year bet

Learning from See's Candies
11/27/16 2:18 PM ESTBuffett
"Berkshire's purchase of a boxed candy business founded by the See family in California fundamentally changed the investing world because it changed the way Buffett and Munger thought about investing. While you may never have the chance to own a business like See's Candies, by better understanding the nature of a dream business you can more easily find a business to invest in that shares some of its positive attributes."
More Buffett: The 17 year bet
Warren Buffett is an artful influencer

The 17 year bet
11/27/16 12:58 PM ESTBuffett
"But the record shows that the period's gross returns are anemic enough to confirm Buffett's general accuracy. From mid-November, 1999, to last Friday's trading day, the annualized total return to investors from the Dow Industrials was 5.9%."
More Buffett: Warren Buffett is an artful influencer
Buffett vs. Vanguard

How to manage an overvalued stock
11/27/16 9:14 AM ESTManagement
"It is an unusual situation, but the best strategy for a company with an overvalued stock is to try to grow their way out of it, usually through mergers and acquisitions. The twist I offer you at the end of my piece is this: thus, watch highly acquisitive firms. Not all of them are overvalued or fraudulent, but some will be. Avoid the shares of those firms."
More Management: ILTB: Brent Beshore interview
Mortgage guidelines

Venezuela, a failing state
11/27/16 1:00 AM ESTWorld
"Once the richest country in South America, it now has the world's highest inflation rate and is plagued by hunger and violent crime. How did this happen?"
More World: How Venezuela imploded
Howard Marks on Brexit

Does decision-making matter?
11/27/16 12:03 AM ESTBehaviour
"We don't decide about life; we're captured by life. In the major spheres, decision-making, when it happens at all, is downstream from curiosity and engagement. If we really want to understand and shape behavior, maybe we should look less at decision-making and more at curiosity. Why are you interested in the things you are interested in? Why are some people zealously seized, manically attentive and compulsively engaged?"
More Behaviour: Hindsight bias
The art of doing nothing

The Stingy News Weekly: November 20, 2016
11/20/16 7:34 PM ESTSNW
This week we have the Top 200, the Top 500, momentum, value, and more.
More SNW: The Stingy News Weekly: November 13, 2016
The Stingy News Weekly: November 6, 2016

Why moats are essential
11/20/16 5:37 PM ESTValue Investing
"The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors."
More Value Investing: Is value investing broken?
Bill Miller interview

Momentum with indexes
11/20/16 3:49 PM ESTMomentum Investing
"Investors can take advantage of momentum with funds that apply the strategy to individual stocks, or apply it directly using ETFs offering exposure to equity sectors, single countries, or individual asset classes."
More Momentum Investing: Dead or just painful
Largest momentum strategy

Top 200 total returns
11/20/16 3:19 PM ESTStingy Investing
"Starting on the Canadian side of the ledger, the Top 200 All-Stars gained an average of 16.3% per year over the last five years. By way of comparison, the S&P/TSX Composite gained 7.7% annually over the same period."
More Stingy Investing: Top 200 Canadian Stocks for 2017
Top 500 U.S. Stocks for 2017

Is value investing broken?
11/20/16 3:17 PM ESTValue Investing
"Here are the times Ben Graham invested in: the 1910s through the 1950s. He invested during Two World Wars, the start of the Cold War, the atomic bombings of Nagasaki and Hiroshima by the U.S. and then the testing of nuclear weapons by other countries, The Great Depression, a big explosion (reportedly a terrorist bombing) on Wall Street, and the longest shut down of trading in Wall Street history that I can remember at least (right as World War One started). People talk about political risk today. Political risk in Ben Graham's time meant Marxists and Fascists. Investors saw hyperinflation in Germany after the war and then they saw deflation after the 1929 crash. These were not simple times. If you go back and read the newspapers from the time - you can see how not simple they were."
More Value Investing: Bill Miller interview
Investors must be contrarians to outperform

Top 200 Canadian Stocks for 2017
11/17/16 7:03 PM ESTStingy Investing
"We created the MoneySense All-Star Stocks guide 12 years ago to help point you to some of the best Canadian stocks on offer. This year we have once again crammed it full the information investors love, including All-Star teams from both Canada and the U.S. We weigh up the merits of each of the largest stocks in both countries and our All-Star teams contain those with the best growth and value characteristics."
More Stingy Investing: Top 500 U.S. Stocks for 2017
The value of momentum

Top 500 U.S. Stocks for 2017
11/17/16 7:02 PM ESTStingy Investing
"The 12th annual MoneySense U.S. All-Star Stocks guides investors to the best U.S. equities on offer. It compiles a buffet of facts and figures on the 500 largest stocks in the U.S. and boils everything down into easy-to-use letter grades. As with their Canadian counterparts, the stocks with the most growth potential and value appeal are promoted to the All-Star team."
More Stingy Investing: The value of momentum
MoneySense goes all digital

The Stingy News Weekly: November 13, 2016
11/13/16 8:27 PM ESTSNW
This week we have the value of momentum, hindsight, low prices, and more.
More SNW: The Stingy News Weekly: November 6, 2016
The Stingy News Weekly: October 29, 2016

The value of momentum
11/13/16 8:08 PM ESTStingy Investing
"A great chasm exists between value investors and momentum investors. The former like to hide behind huge corporate walls and deep moats while the latter take direction from the mob and go along for the ride. As a result, they inhabit very different corners of the market." [$]
More Stingy Investing: MoneySense goes all digital
2 Graham Stocks for 2017

Low priced stocks no bargain
11/13/16 5:01 PM ESTMarkets
"Low-priced stocks become most overpriced relative to high-priced stocks during high-sentiment periods, meaning the bulk of the strategy returns occur following times of high investor sentiment and, additionally, as sentiment decreases, high-priced stocks attain high returns relative to low-priced stocks."
More Markets: The next financial crisis
Backtesting with unrealistic data

ILTB: Brent Beshore interview
11/13/16 4:35 PM ESTManagement
"Brent has a very specific mission with this company, to cultivate a disaster resistant, compound interest machine. At just 33 years of age he has already built a portfolio of private companies that has produced impressive results. He's done all this out of the limelight and with no outside investors. Brent discusses his rewarding but difficult journey and what he has learned, including sourcing and evaluating businesses, how he and his team have improved profitability at his portfolio companies after acquisition and so much more."
More Management: Mortgage guidelines
A culture problem at Wells

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