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 01/15   The Stingy News Weekly: January 15, 2017SNW 
 01/15   Cash cows of the DowValue Investing 
 01/15   The global 4 per centRetirement 
 01/15   Risky risk ratingsFunds 
 01/15   Be wary of junk bondsBonds 
 01/15   Big Mac indexWorld 
 01/15   Absolute vs. relative valueValue Investing 
 01/15   Friedman's theory laid to restEconomics 


Most Recent Stingy News

The Stingy News Weekly: January 15, 2017
01/15/17 9:31 PM ESTSNW
This week we have cash cows, the 4%, Big Macs, risky ratings, and more.
More SNW: The Stingy News Weekly: January 7, 2017
The Stingy News Weekly: January 2, 2017

Cash cows of the Dow
01/15/17 5:05 PM ESTValue Investing
"The Cash Cows, despite having the lowest dividend yield, have by far the largest buyback yield resulting in a total shareholder yield that is nearly double that of the Dogs and about a third higher than the Dow."
More Value Investing: Absolute vs. relative value
CAPE works

The global 4 per cent
01/15/17 4:49 PM ESTRetirement
"With a 50/50 asset allocation, the 4% rule did not survive in any country, though it came very close in the U.S. (3.94%) and Canada (3.96%). Even allowing for a 10% failure rate, 4% made the cut only in Canada, the U.S., New Zealand, and Denmark."
More Retirement: The pension warning bell
Retirement - golf

Risky risk ratings
01/15/17 4:44 PM ESTFunds
"Over the past two years, I tracked risk rating changes for nearly 100 unique mutual funds and ETFs. 77% of those funds saw risk ratings reduced despite the fact that we're nearly 8 years into one of the longest bull markets in history for stocks and bonds."
More Funds: The three coolest studies of 2016
Joel Greenblatt interview

Be wary of junk bonds
01/15/17 4:42 PM ESTBonds
"Junk bonds have defaulted historically at an average rate of 4.2% a year, according to data from Standard & Poor's. That is more than the current spread, meaning the extra yield investors hope to capture by owning junk could easily evaporate. Investors tend to forget this, especially during periods of low defaults. Defaults don't always wipe out investors - typically they will recover 40% (of the par value of the bond) from a default. Still, when one accounts for both defaults and recoveries, the loss rate on junk bonds has averaged about 2.5% a year."
More Bonds: What 2 years of negative rates tell us
Do the hard thing

Big Mac index
01/15/17 4:40 PM ESTWorld
"In Big Mac terms, the Mexican peso is undervalued by a whacking 55.9% against the greenback. This week it also plumbed a record low as Mr Trump reiterated some of his campaign threats against Mexico. The peso has lost a tenth of its value against the dollar since November. Of big countries, only Russia offers a cheaper Big Mac, in dollar terms, even though the rouble has strengthened over the past year."
More World: The anonymous billionaire
The ace of spades

Absolute vs. relative value
01/15/17 4:37 PM ESTValue Investing
"In keeping with Montier's absolute value philosophy, we investigated several dynamic allocation strategies based on reducing or eliminating exposure to markets as they get more or less expensive, using the real earnings yield as our yardstick. In every case we tested the absolute value based approach delivered a higher Sharpe ratio, and a much higher ratio of returns to our approximation of Montier's measure of risk - maximum drawdowns."
More Value Investing: CAPE works
Why moats are essential

Friedman's theory laid to rest
01/15/17 4:03 PM ESTEconomics
"Milton Friedman was wrong about the permanent income hypothesis. But unlike with the first two examples, where scientists quickly realized the mistake, economists haven't yet come to grips with the reality."
More Economics: Investing in a restaurant
The new voodoo

The Stingy News Weekly: January 7, 2017
01/07/17 12:14 AM ESTSNW
This week we have a contest, speculations, the asset mixer, moats, and more.
More SNW: The Stingy News Weekly: January 2, 2017
The Stingy News Weekly: December 26, 2016

Speculating on 2017
01/06/17 8:31 PM ESTStingy Investing
"As we head into the new year, it.s only natural to speculate about what it has in store for us. 2017 is shaping up to be an interesting one on many fronts, but my task today is to focus on the markets from the value investing point of view." [$]
More Stingy Investing: Asset Mixer Update
Periodic Table Update

Designing better decisions
01/06/17 8:29 PM ESTBehaviour
"In this conversation, we explore everything from science fiction, automation, investor behavior and how Betterment tries to solve problems that goes beyond the automated asset allocation that is their bread and butter."
More Behaviour: Time management is ruining lives
Does decision-making matter?

Looking for the next Amazon
01/06/17 8:26 PM ESTStocks
"This massive outperformance has led to an explosion in hindsight bias, with investors fooling themselves into believing Amazon's ascent was somehow obvious or inevitable. But the truth is this 38,000% return was handed to nobody, it was earned through enormous dedication. Actually, lunacy might be a better way to describe it, being that you had to be some sort of sociopath - void of any human emotions, to earn these monstrous gains."
More Stocks: A severed horse's head
Canadian banks to face headwinds

Moats and podcasts
01/06/17 2:09 PM ESTMedia
"Podcasts face the public good problem. Fortunately 'talking into a microphone' is similar to 'talking to a theater' and 'talking words onto a page,' two excludable services."
More Media: How technology disrupted the truth
Newsonomics

Asset Mixer Update
01/06/17 1:51 PM ESTStingy Investing
We've updated our Asset Mixer to include nominal data for 2016.
More Stingy Investing: Periodic Table Update
Pick winning stocks for 2017

Periodic Table Update
01/06/17 1:51 PM ESTStingy Investing
We've updated our periodic table of annual returns for Canadians to include nominal data for 2016.
More Stingy Investing: Pick winning stocks for 2017
A word from a portly gentleman

Pick winning stocks for 2017
01/05/17 3:56 PM ESTStingy Investing
"We started 2016 with a friendly stock picking contest, which means that it's high time to look at the results - and to issue a new challenge for 2017."
More Stingy Investing: A word from a portly gentleman
Low P/E stocks unlock value

The Stingy News Weekly: January 2, 2017
01/02/17 1:39 PM ESTSNW
Happy New Year! This week we have Zweig, Sinegal, Barry, short selling, and more.
More SNW: The Stingy News Weekly: December 26, 2016
The Stingy News Weekly: December 18, 2016

Dave Barry's 2016
01/02/17 1:19 PM ESTFun
"Yes, we've seen some weird years. But we've never seen one as weird as 2016. This was the Al Yankovic of years. If years were movies, 2016 would be 'Plan 9 From Outer Space.' If years were relatives, 2016 would be the uncle who shows up at your Thanksgiving dinner wearing his underpants on the outside."
More Fun: David Mitchell on tax avoidance
Daylight saving time

Lessons from a short seller
01/02/17 1:12 PM ESTMarkets
"Wilson managed a hedge fund - Wilson & Associates - that he launched in the late 1960s. During his career, his fund generated annualized returns of about 30%. His net worth peaked at $800 million, most of which he donated to charity."
More Markets: Be wary of surrendering liquidity
Better bubble theory

Learn from James Sinegal
01/01/17 8:02 PM ESTManagement
"It has a frantic desire to serve customers a little better every year. When other companies find ways to save money, they turn it into profit. Sinegal passes it on to customers. It's almost a religious duty. He's sacrificing short-term profits for long-term success."
More Management: Learn from Ben Horowitz
Lazy work, good work

The pension warning bell
01/01/17 5:21 PM ESTRetirement
"By the time Calpers gets that assumed rate of return down to 7 percent, as its CFO recommends, the fund may very well be thinking about lowering expectations even further."
More Retirement: Retirement - golf
Semi-retirement is more fun

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2017: New Picks
2016: Up 1.6
2015: Up 2.2%
2014: Up 5.1%
2013: Up 19.0%
2012: Up 26.6%
2011: Up 4.1%
2010: Up 2.3%
2009: Up 2.2%
2008: Down 6.5%
2007: Up 34.4%
2006: Down 3.8%
2005: Up 46.6%
2004: Up 32.2%
2003: Up 56.8%
2002: Up 28.2%
2001: Up 20.2%

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+15.8%/yr (CAGR)


2015: New Picks
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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2016: New Picks
2015: Down 1.4%
2014: Up 6.9%
2013: Up 37.8%
2012: Up 10.9%
2011: Down 16.1%
2010: Up 69.4%
2009: Up 64.5%
2008: Down 40.1%
2007: Down 5.5%
2006: Up 28.9%
2005: Up 29.2%
2004: Up 29.8%
2003: Up 33.8%
2002: Down 1.9%

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