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 06/19   The Stingy News Weekly: June 19, 2018 
 06/19   Theranos lessons 
 06/19   Warren and Bill visit a candy store 
 06/19   Does your alpha cover its taxes? 
 06/19   Sector vs country momentum 
 06/19   52 week high and the Q-factor 
 06/12   The Stingy News Weekly: June 12, 2018 

Most Recent Stingy News

The Stingy News Weekly: June 19, 2018
06/19/18 9:50 PM ESTSNW
This week we have new grades, the Bill and Warren show, alpha vs taxes, 52-week highs, and more.
More SNW: The Stingy News Weekly: June 12, 2018
The Stingy News Weekly: June 4, 2018

Theranos lessons
06/19/18 8:33 PM ESTBooks
"There are jerks, egomaniacs, and hucksters everywhere. Many of them are good at their craft. Plan accordingly."
More Books: Meb's Amazon accusation
A Christmas Carol

Warren and Bill visit a candy store
06/19/18 8:26 PM ESTBuffett
"So when we got together in Omaha during this year's Berkshire Hathaway shareholder meeting, we decided to check out a real candy store."
More Buffett: Berkshire Hathaway 2018 AGM
The Warren Buffett Archive

Does your alpha cover its taxes?
06/19/18 8:15 PM ESTIndex Investing
"Management fees, the investment industry's most visible cost, often get more attention than the less visible and typically larger costs associated with trading and taxes."

Sector vs country momentum
06/19/18 7:29 PM ESTMomentum Investing
"This short research note shows that long-short Momentum portfolios of sectors or countries in European stock markets generated positive excess returns over the last two decades."
More Momentum Investing: 52 week high and the Q-factor
Explanations for momentum

52 week high and the Q-factor
06/19/18 7:20 PM ESTMomentum Investing
"Firms with high momentum (close to 52-week high) and low asset growth perform the best."
More Momentum Investing: Explanations for momentum
Common misconceptions about momentum

The Stingy News Weekly: June 12, 2018
06/12/18 10:53 PM ESTSNW
This week we have risk, seasons, luck, work, and more
More SNW: The Stingy News Weekly: June 4, 2018
The Stingy News Weekly: May 28, 2018

A season for sectors
06/12/18 9:21 PM ESTMarkets
"we find that seasonality has been economically significant and surprisingly robust to specification methods over the past 75 years."
More Markets: Attention and low volatility
Meb talks to James Montier

Focus on risk
06/12/18 9:07 PM ESTBehaviour
"Experience has shown again and again that, for example, higher returns have emanated from lower-volatility stocks, and higher quality bonds have tended to outperform those of lower credit quality. In both instances, - whether risk is defined by volatility (yes, volatility can be a risk), drawdowns, or total loss, - the more conservative option has generally performed better."
More Behaviour: It can happen to anyone
Lazy work

It can happen to anyone
06/12/18 9:01 PM ESTBehaviour
"History is riddled with investor after investor who couldn't quit while they were ahead and eventually ended in ruin."
More Behaviour: Lazy work
We are all created equal

Lazy work
06/12/18 8:58 PM ESTBehaviour
"Rockefeller's job wasn't to drill wells, load trains, or move barrels. It was to make good decisions. And making decisions requires, more than anything, quiet time alone in your own head to think a problem through. Rockefeller's product - his deliverable - wasn't what he did with this hands, or even his words. It was what he figured out inside his head. So that's where he spent most of his time and energy."
More Behaviour: We are all created equal
The psychology of money

We are all created equal
06/12/18 8:55 PM ESTBehaviour
"I didn't understand him or like him. But all it took to see his humanity - to be able to treat him - was to supply that tiny bit of openness and curiosity."
More Behaviour: The psychology of money
Scientists succumb to corruption

The missing table
06/04/18 11:00 PM ESTStingy Investing
"My Globe & Mail piece went out today with a missing table. The online article has been updated and the table itself is shown below."
More Stingy Investing: Low P/E in the TSX 60
A megastar mega gain

The Stingy News Weekly: June 4, 2018
06/04/18 9:56 PM ESTSNW
This week we have a great set of links. Be sure to check out Patrick O'Shaughnessy & Co.'s new research venture, Morgan Housel on psychology, Lou Simpson, factor timing, and more
More SNW: The Stingy News Weekly: May 28, 2018
The Stingy News Weekly: May 23, 2018

The psychology of money
06/04/18 8:57 PM ESTBehaviour
"In what other field does someone with no education, no relevant experience, no resources, and no connections vastly outperform someone with the best education, the most relevant experiences, the best resources and the best connections? There will never be a story of a Grace Groner performing heart surgery better than a Harvard-trained cardiologist. Or building a faster chip than Apple's engineers. Unthinkable. But these stories happen in investing"
More Behaviour: Scientists succumb to corruption
Revisiting the Marshmallow Test

Lou Simpson wisdom
06/04/18 8:54 PM ESTValue Investing
"One thing a lot of investors do is they cut their flowers and water their weeds. They sell their winners and keep their losers, hoping the losers will come back even. Generally, it's more effective to cut your weeds and water your flowers."
More Value Investing: Factors from scratch
Replicating in Europe

Market timing with multiples
06/04/18 8:47 PM ESTMomentum
"This short research note highlights that valuation multiples can be used for market timing, but result in an emotionally challenging strategy. Momentum or volatility-based strategies are attractive alternatives."
More Momentum: Momentum and reversals can coexist
Mean reversion via momentum

Low P/E in the TSX 60
06/04/18 8:45 PM ESTStingy Investing
"The low-P/E portfolio would have gained an average of 18.4-per-cent annually over the 16 years through to the end of 2017. It beat the index by a whopping 10.7 percentage points per year on average."
More Stingy Investing: A megastar mega gain
Coal contest

Scientists succumb to corruption
06/04/18 8:40 PM ESTBehaviour
"It starts with a dash of temptation. Stir in some rationalization and deception. The final and key ingredient is: stupid systems with perverse incentives."
More Behaviour: Revisiting the Marshmallow Test
Money really isn't everything

Revisiting the Marshmallow Test
06/04/18 8:39 PM ESTBehaviour
"Associations between delay time and measures of behavioral outcomes at age 15 were much smaller and rarely statistically significant."
More Behaviour: Money really isn't everything
O'Shaughnessy shares his secrets

Factors from scratch
06/04/18 8:36 PM ESTValue Investing
"The excess returns associated with Value and Momentum result from convergent and divergent processes, respectively. Value stocks are systematically underpriced and gradually converge on their fair value over time. Momentum stocks start out fairly valued or slightly overvalued, and go on to become more overvalued in the short-term, before reverting back. Both styles represent a market mistake that can be captured as alpha."
More Value Investing: Replicating in Europe
Graham & Doddsville: Spring 2018

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2011: Down 4.2%
2010: Up 19.7%
2009: Up 41.0%
2008: Down 32.9%
2007: Up 16.2%
2006: Up 37.6%
2005: Up 57.6%


Asset Mixer
Periodic Table

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The missing table
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A megastar mega gain
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All FAANGed up
Most newspapers are going to perish
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A simple timing strategy
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Asset Mixer Update
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Top 200 Canadian Stocks
Top 500 U.S. Stocks
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Value in the soda aisle
A succulent value strategy
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Strategy Lab ends
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A Hot Potato update
Ben Graham MBA contest for 2017
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The market timing myth
Fairfax Valu-palooza
The permanent portfolio
Bad behaviour or bad math?
Simple asset allocation
The Climbing CATS
Valeant's rise and fall
Your personalized rate of return
A hard pill for savers to swallow
The enemy of investment returns
The brain-bending world
Doing better than you think
More wishful thinking than rule
Value by sector
Speculating on 2017
Asset Mixer Update
Periodic Table Update
Pick winning stocks for 2017
A word from a portly gentleman
Low P/E stocks unlock value
Long-term losers
A Hot Potato feast
Books for the holiday season
Slice and dice
More ......

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