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 06/03   When to retire 
 06/03   Growth vs Glamour 
 06/03   Private equity fundamentals 
 06/03   The sin premium 
 06/03   Rent deceleration 
 05/28   The Stingy News Weekly: May 28, 2023 
 05/28   Investment junk food 
 05/28   Trend following in equities 

Most Recent Stingy News

When to retire
06/03/23 9:42 PM ESTRetirement
"I found it's a good idea to make a list of financial benefits you want to take advantage of before you retire. You should also consider any expenses that could influence your decision. What follows are nine financial situations that might determine your retirement date."
More Retirement: Automatic enrollment
No going back

Growth vs Glamour
06/03/23 8:45 PM ESTGrowth Investing
"The bottom line is that the academic definition of 'growth investing' isn't really a proper growth investment style. It is an investment style that invests in overvalued stocks. And the performance difference shown above also means that growth investing does not deserve the ridicule that is often targeted at it by academics and value investors who say that growth investors simply buy a load of glamour stocks at high valuations and then hope they will become even more expensive than they already are."
More Growth Investing: Interest rates and growth stocks
Demise of the growthsters

Private equity fundamentals
06/03/23 8:41 PM ESTMarkets
"From a quantitative perspective, the fundamentals of sponsor-backed companies look frightening. Yet private equity remains the darling asset class of sophisticated investors, with many endowments and family offices nearing a 40% allocation The financial fundamentals look far less attractive than one might expect, given such high level of enthusiasm."
More Markets: The sin premium
Trend following in equities

The sin premium
06/03/23 8:33 PM ESTMarkets
"Their findings are consistent with economic theory - investors require higher expected returns to hold more sinful stocks."
More Markets: Trend following in equities
The time to buy stocks

Rent deceleration
06/03/23 8:01 PM ESTReal Estate
"My suspicion is year-over-year rent increases will slow further over the coming months with slow household formation, and as more supply comes on the market."
More Real Estate: Extend and pretend
The ugly truth behind the ugly

The Stingy News Weekly: May 28, 2023
05/28/23 6:11 PM ESTSNW
This week we have timing, trends, extending, junk, and more.
More SNW: The Stingy News Weekly: May 21, 2023
The Stingy News Weekly: May 14, 2023

Investment junk food
05/28/23 5:47 PM ESTBehaviour
"Easy and instant access to information is often framed as a major advantage to present day investors compared to their predecessors, but if anything we suffer from a profound information disadvantage. The benefit of improved knowledge is easily overwhelmed by the behavioural challenge of dealing with an incessant torrent of noise. Much of what investors consume is little more than investment junk food, tempting us into decisions that feel good in the moment but come with a material long-term cost."
More Behaviour: Outperformance, please
Physical finance

Trend following in equities
05/28/23 4:18 PM ESTMarkets
"Japan can be used as a case study as it is ahead of the rest of the world in terms of a declining population. Economic growth has been anemic and its stock market features a long bear market between 1989 and 2010. The results from this analysis do not highlight that long-short trend following was effective when applied to the Nikkei 225, although long-only trend following generated attractive risk-adjusted returns."
More Markets: The time to buy stocks

The time to buy stocks
05/28/23 4:01 PM ESTMarkets
"Sixty-one percent of U.S. adults say they have money invested in the stock market, the highest percentage Gallup has measured since 2008. Stock ownership fell during the Great Recession and stayed depressed for more than a decade, including lows of 52% in 2013 and 2016."
More Markets: Timing
The investing mystery of our age

Extend and pretend
05/28/23 3:45 PM ESTReal Estate
"Most of those are mortgages with amortizations 35 years or longer, as reported by the banks. The share of the Canadian mortgage portfolio with amortizations 35 years or longer was 25% at CIBC, RBC, and TD, respectively."
More Real Estate: The ugly truth behind the ugly
Your house is a terrible investment

05/28/23 3:42 PM ESTMarkets
"Difficult as it might be sometimes, investors' best bet is to choose an asset allocation - and then to stick with it."
More Markets: The investing mystery of our age
Zero-day options

The Stingy News Weekly: May 21, 2023
05/21/23 9:05 PM ESTSNW
This week we have momentum, volatility, value, options, commodities, and more.
More SNW: The Stingy News Weekly: May 14, 2023
The Stingy News Weekly: May 7, 2023

The investing mystery of our age
05/21/23 8:50 PM ESTMarkets
"The paradox of our decade is that the capex needs of a multipolar, environmentally conscious, world are enormous. But, nobody wants to invest in capex for commodities! This is untenable."
More Markets: Zero-day options

Zero-day options
05/21/23 8:37 PM ESTMarkets
"Wall Street has accepted that derivatives trading will never be the same after the frenzy for fast-twitch stock options took hold. What it next has to absorb: The equity market itself is threatening to go the same way."
More Markets: Diversification
Best times to trade ETFs

The ugly truth behind the ugly
05/21/23 8:22 PM ESTReal Estate
"Now it's David's turn to refuse to walk away: He's using proceeds from the sale to continue his elder abuse lawsuit against Patriot Holdings. A trial date is set for June."
More Real Estate: Your house is a terrible investment
Starter homes gone

Concentrating for factors
05/21/23 7:14 PM ESTValue Investing
"How many stocks should you own in a concentrated factor portfolio if the goal is maximizing expected returns or Sharpe ratio?"
More Value Investing: Swedish Fish
Booms and busts in value

Reducing momentum crashes
05/21/23 7:08 PM ESTMomentum Investing
"Momentum crashes are a blight on the performance of momentum strategies. Although there has been a fair amount of research on the topic, few practical solutions have emerged to mitigate the impact on portfolios. In this study, the authors document the outperformance of momentum stocks, made somewhat 'immune' to momentum crashes , by including stocks far away from their peak position relative to stocks very near their peaks. Turns out the outperformance is very large. It also accounts for the majority of negative momentum performance."
More Momentum Investing: Thematic vs momentum investing
Mind the momentum gap

Outperformance, please
05/21/23 6:59 PM ESTBehaviour
"What's the difference between fund 1 and fund 2 that makes fund 2 so much more attractive? I can tell you it isn't the return because the two funds are designed to have exactly the same return. The key difference between fund 1 and fund 2 is that fund 1 is a frequent underperformer that sometimes has a large outperformance, while fund 2 is a frequent outperformer but sometimes suffers large underperformance."
More Behaviour: Physical finance
Financial freedom

The Stingy News Weekly: May 14, 2023
05/14/23 9:27 PM ESTSNW
This week we have monkeys, retirement, risk, and more.
More SNW: The Stingy News Weekly: May 7, 2023
The Stingy News Weekly: April 30, 2023

Find the bottleneck first
05/14/23 8:48 PM ESTManagement
"To understand monkeys and pedestals, imagine that you're trying to teach a monkey to juggle flaming torches while it stands on a pedestal in the town square. Two tasks are competing for your money, time, and attention: training the monkey and building the pedestal. One is a possibly intractable obstacle. And the other is building the pedestal."
More Management: The value of projects
No customer service

Save more to retire earlier
05/14/23 6:59 PM ESTThrift
"The good news is that we can quantify how much earlier you could retire if you increased your savings rate by 1%. The bad news is that this answer also depends your current savings rate."
More Thrift: Rich vs wealthy
Saved by compounding

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2023: New Picks (for subs)
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The Top 200 beat the index by an average of 4.7 percentage points a year.

2023: New Picks (for subs)
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2020: Down 15.4% (for subs)
2019: Up 5.9% (for subs)
2018: Down 14.5
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2016: Up 2.8%
2015: Up 2.1%
2014: Up 2.3%
2013: Up 55.0%
2012: Up 13.4%
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%

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