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New Stingy Headlines

 02/28   Berkshire's 2014 LetterBuffett 
 02/21   The Stingy News Weekly: February 21, 2015SNW 
 02/20   Testing the Dogs of the TSXStingy Investing 
 02/20   Is it time to dump market-cap weighting?Indexing 
 02/20   The Financial Freedom IndexRetirement 
 02/20   Achievable retirement planningRetirement 
 02/14   The Stingy News Weekly: February 14, 2015SNW 


Most Recent Stingy News

Berkshire's 2014 Letter
02/28/15 8:03 PM ESTBuffett
"Undeterred by my first mistake of committing much of BPL's resources to a dying business, I quickly compounded the error. Indeed, my second blunder was far more serious than the first, eventually becoming the most costly in my career."
More Buffett: Buffett's stock pickers
Warren Buffet on investment strategy

The Stingy News Weekly: February 21, 2015
02/21/15 2:46 PM ESTSNW
I'm pleased to present our free letter for the week ended February 21, 2015. This week we have dogs, retirement, freedom, and more.
More SNW: The Stingy News Weekly: February 14, 2015
The Stingy News Weekly: February 7, 2015

Testing the Dogs of the TSX
02/20/15 9:17 PM ESTStingy Investing
"While the basic Dogs strategy is simple, results can vary depending on how you calculate yield"
More Stingy Investing: Rummaging through the stock bargain bin
Low-cost investing wins over the long-term

Is it time to dump market-cap weighting?
02/20/15 9:16 PM ESTIndexing
"We are not trying to say market-capitalization indexing is a bad thing, it is better than many of the alternatives out there. The problem we often see, however, is that investors do not realize how big of an allocation Canadian markets have toward a few industries."
More Indexing: Misfit stocks
Vanguard makes its move

The Financial Freedom Index
02/20/15 9:13 PM ESTRetirement
"My adjustments suggest that a median Canadian family in 2015 has about $74,000 in annual after-tax income. I figure to generate that same income in a portfolio split evenly between Canadian stocks and Canadian five-year government bonds, you would need just under $4.5-million." [For those who want to party like Bertie Wooster.]
More Retirement: Achievable retirement planning
When to retire

Achievable retirement planning
02/20/15 9:12 PM ESTRetirement
"Despite widespread warnings to the contrary, veteran financial planner and investment advisor Jonathan Pond believes no matter what your age or circumstances you can take steps to get your financial house in order and achieve a comfortable retirement." [video]
More Retirement: When to retire
Can't stay retired

The Stingy News Weekly: February 14, 2015
02/14/15 10:47 PM ESTSNW
I'm pleased to present our free letter for the week ended February 14, 2015. This week we have book value, caffeine, free money, and more.
More SNW: The Stingy News Weekly: February 7, 2015
The Stingy News Weekly: January 31, 2015

Why the high street is overdosing on caffeine
02/14/15 7:13 PM ESTEconomics
"He found that even a market full of independents will seem a little too crowded. This is because firms will keep showing up and looking for customers until there is not enough demand to cover their costs. The last entrepreneur to enter is the one that just breaks even, scraping together enough customers to pay for the cost of setting up the business. She is indifferent to whether she is in business or doing something else entirely. However, every other entrepreneur in the crowded market is wishing that she had stayed away."
More Economics: Surge
An astonishing record of complete failure

Nestle is getting paid to borrow money
02/14/15 6:49 PM ESTBonds
"Once upon a time, you actually had to pay lenders to borrow money. It was an archaic ritual called 'interest'"
More Bonds: High yield market is out of control
Howard Marks on Bonds

Piotroski Score Backtest Part 2
02/14/15 6:37 PM ESTValue Investing
"As you can see in the bar chart above, average excess returns are negative for F-Scores below 3. The average excess returns then climb up from just over zero for F-Score 3 and then climb steadily to about 5% for F-Score 8. Then the average excess returns jump to 9% for F-Score 9. There appears to be something a bit special for getting a perfect score. However, we have to be careful not to draw too many conclusions about F-Score 9, since the average portfolio size for Piotroski Score 9 is only 34 positions."
More Value Investing: Concentrated P/B does badly
Eveillard: Legendary Value Investor

Ebitda abuse
02/14/15 6:35 PM ESTAccounting
"As investors engage in an increasingly desperate global competition for higher-yielding securities, debt issuers appear to be taking advantage of the extraordinary demand by manipulating one of Wall Street's favorite metrics of profitability."
More Accounting: Apple not as cheap as it looks?
Stiffen audit rules

Concentrated P/B does badly
02/14/15 6:30 PM ESTValue Investing
"Book to price is a bad value factor. It is a decent stock selection factor overall, but relative to the other ways of measuring value (earnings to price, cash flow to price, EBITDA/EV, etc) it is sub par."
More Value Investing: Eveillard: Legendary Value Investor
Piotroski F-Score backtest

Martin Whitman interview
02/14/15 6:28 PM ESTWhitman
"In this exclusive interview taped at the Museum of American Finance, Whitman takes on Congressional and Wall Street ignorance about debt, credit worthiness, and earnings." [video]
More Whitman: Third Avenue's Q4 2011 letter
Whitman's Q3 2011 letter

Rummaging through the stock bargain bin
02/14/15 6:26 PM ESTStingy Investing
"Value investors like to buy discounted stocks and they spend their days rooting through the market's half-off bin. But they have to be wary because, much like dollar-store specials, the bargains can be illusory."
More Stingy Investing: Low-cost investing wins over the long-term
How Taxes Can Impact Your Investments

The Stingy News Weekly: February 7, 2015
02/07/15 9:34 PM ESTSNW
I'm pleased to present our free letter for the week ended February 7, 2015. This week we have new tricks, low-cost investing, misfits, and more.
More SNW: The Stingy News Weekly: January 31, 2015
The Stingy News Weekly: January 25, 2015

Eveillard: Legendary Value Investor
02/07/15 8:27 PM ESTValue Investing
"An exclusive interview with legendary value investor Jean-Marie Eveillard" [video]
More Value Investing: Piotroski F-Score backtest
Buy the most despised company

Piotroski F-Score backtest
02/07/15 11:59 AM ESTValue Investing
"This backtest for Piotroski F-Score reveals that the first quintile underperforms the S&P 500 Equal Weight Index benchmark. These companies typically weak balance sheets and weak earnings performance so it is not surprising that stock returns for these companies would underperform. The second through fifth quintiles have higher than average annual excess returns than each of the previous quintiles. I like that there was a consistent linear trend upwards from the 1st to 5th quintiles. The Piotroski F-Score does appear to be a powerful fundamental predictor of 1-year stock performance."
More Value Investing: Buy the most despised company
Pat Dorsey Lecture

Misfit stocks
02/07/15 11:51 AM ESTIndexing
"These types of stocks have at least two advantages. First, well, they're neglected and underappreciated, which means investors have low expectations for them. Second, they often have depressed prices, which makes for a potentially favorable starting point."
More Indexing: Vanguard makes its move
The growing case against ETFs

Low-cost investing wins over the long-term
02/07/15 11:39 AM ESTStingy Investing
"The lesson here is that active investors should be mindful of the costs they face. I'm not saying they should give up on stock picking and buy indexes instead. (Mind you, that would be a good option for many investors.) I am saying that it's important for all investors to try to reduce investment fees and costs where possible."
More Stingy Investing: How Taxes Can Impact Your Investments
The Impact of Fund Fees on Long Term Returns

How Taxes Can Impact Your Investments
02/07/15 11:38 AM ESTStingy Investing
"Taxes can dramatically reduce your long-term returns. Learn what a 23% capital gains tax, levied annually, can do to stock market investors." [video]
More Stingy Investing: The Impact of Fund Fees on Long Term Returns
Asset Mixer Update

The Impact of Fund Fees on Long Term Returns
02/06/15 10:00 PM ESTStingy Investing
"A quick look at how much you give up by picking a high fee fund and holding it over the very long term." [video]
More Stingy Investing: Asset Mixer Update
Periodic Table Update

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