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 04/22   The Stingy News Weekly: April 22, 2018 
 04/22   Chasing returns 
 04/22   Meb's Amazon accusation 
 04/22   Joel Greenblatt talks to Barry Ritholtz 
 04/22   Be a little underemployed 
 04/22   Martin J. Whitman dies at 93 
 04/16   The Stingy News Weekly: April 16, 2018 

Most Recent Stingy News

The Stingy News Weekly: April 22, 2018
04/22/18 10:29 PM ESTSNW
This week we have Whitman, Greenblatt, Amazon, and more.
More SNW: The Stingy News Weekly: April 16, 2018
The Stingy News Weekly: April 10, 2018

Chasing returns
04/22/18 9:43 PM ESTFunds
"The authors illustrated how the probability that a talented manager's performance will exceed the best in a pool of untalented managers can be surprisingly small, even over long periods. It helps explain why performance-chasing has produced such poor results for individual and institutional investors alike."
More Funds: The dead man fund
Institutional investors, just like us

Meb's Amazon accusation
04/22/18 9:04 PM ESTBooks
"You've probably heard much in the media recently about Facebook, fake news, and weaponizing content to influence opinions and elections. You may have seen Mark Zuckerberg dragged in front of Congress to testify about Facebook's mistakes. Well, what you haven't heard much of in the media (yet) is how Amazon is an equally bad actor. Whereas Facebook is plagued by fake news, Amazon is littered with fake products. And these fake products encourage fraud and play a role in global money laundering."
More Books: A Christmas Carol
Messiness is good for the soul

Joel Greenblatt talks to Barry Ritholtz
04/22/18 9:02 PM ESTValue Investing
"Bloomberg View columnist Barry Ritholtz interviews Joel Greenblatt, co-founder of Formula Investing LLC and managing principal, co-chief investment officer and portfolio manager at Gotham Short Strategies and Gotham Asset Management LLC." [audio]
More Value Investing: Martin J. Whitman dies at 93
High conviction buybacks

Be a little underemployed
04/22/18 9:00 PM ESTBehaviour
"Since the constraints of physically exhausting jobs are visible, we took decisive action when things weren.t working, like the Adamson Act. But the limits of mentally exhausting jobs are nuanced and less visible, so we get trapped in a spot where most of us work a schedule that doesn.t maximize our productivity, yet we do nothing about it."
More Behaviour: Things I'm pretty sure about
Peter Kaufman talks about thinking

Martin J. Whitman dies at 93
04/22/18 8:57 PM ESTValue Investing
"Martin J. Whitman, who made .safe and cheap. a value-investing mantra during more than two decades managing the Third Avenue Value Fund, has died. He was 93."
More Value Investing: High conviction buybacks
Simple value strategies win

The Stingy News Weekly: April 16, 2018
04/16/18 10:35 PM ESTSNW
This week we have Peter Kaufman, value, ideas, and more.
More SNW: The Stingy News Weekly: April 10, 2018
The Stingy News Weekly: April 2, 2018

Things I'm pretty sure about
04/16/18 10:22 PM ESTBehaviour
"Some of the richest people are the worst money managers I've seen. When money loses the power of scarcity you stop caring about leaks that are meaningful when you're poorer. And when your life gets complicated you're more likely to outsource decisions to middlemen who may not have your best interest at heart. It's an overlooked irony. 'Enough money to care but not enough to not care' is the sweet spot for management."
More Behaviour: Peter Kaufman talks about thinking
How to talk to people about money

Peter Kaufman talks about thinking
04/16/18 8:54 PM ESTBehaviour
"I tried to learn what Munger calls, 'the big ideas' from all the different disciplines. Right up front I want to tell you my trick was, because if you try to do it the way he did it you don't have enough time in your life to do it. It's impossible. Because the fields are too big and the books are too thick."
More Behaviour: How to talk to people about money
Why projects are late

Value stocks during a soft patch
04/16/18 8:24 PM ESTStingy Investing
"Buying into a strategy like value investing, or a fund like that offered by Mr. Chou, is easy to do after a strong run. It's much harder after a weak period. But buying during a soft patch may lead to generous returns." [$]
More Stingy Investing: The devil in the low-P/E details
All FAANGed up

The Stingy News Weekly: April 10, 2018
04/10/18 6:56 PM ESTSNW
This week we have momentum, marketing, deep value, and more.
More SNW: The Stingy News Weekly: April 2, 2018
The Stingy News Weekly: March 27, 2018

Where have the public companies gone?
04/10/18 5:45 PM ESTMarkets
"The people who supervise the U.S. stock market are grappling with what they see as a troubling trend: One of the great innovations of Western capitalism - the public company - appears to be losing ground."
More Markets: Smart marketing
A back test checklist

Art leveraging science
04/10/18 4:29 PM ESTMedia
"Communicating and allocating capital are miles apart. Completely different topics. But look around, and the two are constantly paired."
More Media: The FT paywall
Investment writing of 2017

Explanations for momentum
04/10/18 4:17 PM ESTMomentum Investing
"Our findings show that at least a substantial part of U.S. and international momentum profits represents a risk premium for the exposure of the strategy to systematic crash risk"
More Momentum Investing: Common misconceptions about momentum
Momentum in Imperial Russia

Common misconceptions about momentum
04/10/18 4:02 PM ESTMomentum Investing
"With so much information available, it is not be surprising that many analysts have missed seeing some of the research. Based on the way momentum is generally used, it is clear to me that there are some serious misconceptions about it. Here is my discussion of some of the more serious ones."
More Momentum Investing: Momentum in Imperial Russia
A momentum signal

Smart marketing
04/10/18 3:39 PM ESTMarkets
"More recently, long-only factor futures have been launched for European and US stock markets. Such derivatives can be used efficiently to create long-short factor exposure by combining them with a short position in the index future. In the US, investors can even purchase long-short factor ETFs, even though these have relatively low assets under management."
More Markets: A back test checklist
What's cheap?

Chou's annual letter
04/10/18 3:34 PM ESTChou
"Similar to the current index mania, these 50 well-established growth stocks were considered buys at any price, sending them to levels that were unjustified on the basis of intrinsic value. The delusion was short - lived as they collapsed shortly after in the 1970s. As one Forbes columnist described it, 'the Nifty Fifty were taken out and shot one by one.'"
More Chou: Chou's letter
Chou's Annual Letter

The Stingy News Weekly: April 2, 2018
04/02/18 10:48 PM ESTSNW
This week we have Fairfax Lollapalooza 2018, Buffett, CPP, and more.
More SNW: The Stingy News Weekly: March 27, 2018
The Stingy News Weekly: March 19, 2018

Deferring CPP
04/02/18 10:35 PM ESTRetirement
"I believe deferring CPP is so unpopular because it forces people to withdraw more money from their savings early on to make up for the shortfall in income. The balance in their RRIF drops a lot faster as a result. I recognize that this phenomenon is hard for us to accept since so much of our self-worth and our sense of financial security are tied to the amount of wealth that we have accumulated. Even though it goes against the grain, you just need to have faith that this deferral strategy will pay off in the long run."
More Retirement: Unraveling retirement strategies
Second childhood

A back test checklist
04/02/18 10:24 PM ESTMarkets
"The checklist's objective is to help users determine how much confidence to place in a back test or a set of statistical results. No back test is perfect. Every back test suffers from limitations and the possibility of errors and biases affecting results. While these problems can't be avoided, they can be minimised and managed. Our task as users of back tests is to find a back test whose limitations we can live with. In other words, the back test's limitations, degree of bias or chance of error are not so bad that they completely invalidate the results."
More Markets: What's cheap?
The lottery hackers

Warren Buffett speech
04/02/18 10:04 PM ESTBuffett
"One day, Warren Buffet came to campus to speak to the College of Business. I didn't think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for." [video]
More Buffett: The billionaire whisperer
Warren Buffett: Advice for entrepreneurs

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