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MoneySense Top 200
 2013: This Year's Picks
 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%

Defensive Graham Stocks
 2014: This Year's Picks
 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%

Stingy Stocks
2014: This Year's Picks
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%

Albert Einstein
"Not everything that can be counted counts, and not everything that counts can be counted."
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Books By Friends
  Findependence Day by Jonathan Chevreau

The Uncommon Investor III by Benj Gallander

Norm's Recent Reading
  There's Always Something to Do by Christopher Risso-Gill

The Rational Optimist by Matt Ridley

Quantitative Strategies by Richard Tortoriello

Ubiquity by Mark Buchanan

A Splendid Exchange by William J. Bernstein

Good Books
  Security Analysis by Benjamin Graham

The Intelligent Investor by Benjamin Graham

Buffett by Roger Lowenstein

Contrarian Investment Strategies by David Dreman

Value Investing by Martin J. Whitman

What Works on Wall Street by James P. O'Shaughnessy

There's Always Something to Do by Christopher Risso-Gill

The Art of Short Selling by Kathryn Staley

Beyond Greed and Fear by Hersh Shefrin

Common Stocks and Uncommon Profits by Philip A. Fisher

Relative Dividend Yield by Anthony E. Spare

Financial Shenanigans by Howard M. Schilit

Against the Gods by Peter L. Bernstein

Damn Right! by Janet Lowe

A Random Walk Down Wall Street by Burton G. Malkiel

The Davis Dynasty by John Rothchild

Behavioural Investing by James Montier

Value Investing by James Montier

Critical Mass
by Philip Ball

The Black Swan by Nassim Nicholas Taleb

Expert Political Judgment by Philip E. Tetlock

A Splendid Exchange by William J. Bernstein




New Stingy Headlines

 04/19   Munger on corporate governanceMunger 
 04/19   The stock market lotteryMarkets 
 04/19   Financial advice for the not so richBrokers 
 04/19   Index funds trade too muchStingy Investing 
 04/12   When the messenger is worth shootingThrift 
 04/12   Global solar dominance in sightWorld 
 04/12   Will life ever get better for journalists?Media 


Most Recent Stingy News

Munger on corporate governance
04/19/14 11:07 PM EST PermlinkMunger
"Good character is very efficient. If you can trust people, your system can be way simpler. There's enormous efficiency in good character and dis-efficiency in bad character."
More Munger: Charlie's secret
Munger triples publisher's value

The stock market lottery
04/19/14 11:04 PM EST PermlinkMarkets
"Since 1963, the most expensive 10% of the market has underperformed by 8.5% annually. If, since 1963, you bought every lotto stock in the market every year, 60% of those buys would have lost money in the next 12 months (and they'd have been down an average of -41%). Even though the remaining 40% made money, the entire group of lottery stocks has grown at a tiny 1.5% annual rate since 1963 - that's worse than inflation, and significantly worse than the S&P 500 which grew at roughly 10% per year over the same period. The historical record is clear: it doesn't pay to play the stock market lottery."
More Markets: Getting around the CAPE
Is a smooth ride priced like a Cadillac?

Financial advice for the not so rich
04/19/14 11:02 PM EST PermlinkBrokers
"For a couple of years now, a number of entrepreneurs have been racing to solve the same problem: the financial services industry's persistent inability to provide personalized advice and appropriate investments at a reasonable price to customers who are not rich."
More Brokers: Norbert's gambit
The best brokers

Index funds trade too much
04/19/14 9:54 PM EST PermlinkStingy Investing
"The problem is, most index funds are too active. Sure, specialty index funds must trade stocks frequently in an effort to track small segments of the market. But some of the biggest and most beloved indexes trade too often."
More Stingy Investing: Newspaper stock, really?
A big day for value investors

When the messenger is worth shooting
04/12/14 6:01 PM EST PermlinkThrift
"In addition to being ineffective and boring, the lessons of financial literacy curriculums often end up sounding patronizing and obvious. Check your credit report. Rebalance investments. Budget. The fact that most people don't bother to do these things is taken as a sign of their financial illiteracy."
More Thrift: Our number-one tax shelter
Frugal life leaves rich legacy

Global solar dominance in sight
04/12/14 5:51 PM EST PermlinkWorld
"Photovoltaic energy is already so cheap that it competes with oil, diesel and liquefied natural gas in much of Asia without subsidies."
More World: China's steelmakers into shadow banking
Slice of life

Will life ever get better for journalists?
04/12/14 5:45 PM EST PermlinkMedia
"The Internet is to blame for all this, of course. Online has decimated the advertising revenue that media outlets have traditionally relied on, while a plethora of other sources and options from Twitter to Reddit have in some ways obviated the need for journalists. And let's not even get started on robot reporters."
More Media: April ROB
A Capital Idea

Financial advisor fees
04/12/14 5:44 PM EST PermlinkZweig
"The Wall Street Journal's two top personal finance journalists, Jonathan Clements and Jason Zweig, both now at The Wall Street Journal tackle the three greatest financial challenges facing Americans. [video]"
More Zweig: Retiring on your own terms
Consuelo interviews Jason Zweig

Buffett's tax plan
04/12/14 5:43 PM EST PermlinkTaxes
"Allowing companies to split into separate parts, tax-free, is a long-accepted practice. But now it seems that practice has been twisted into a very effective tax-dodge."
More Taxes: Boost after-tax returns
Moguls shelter wealth forever

China's steelmakers into shadow banking
04/12/14 5:41 PM EST PermlinkWorld
"What's happening in China's steel industry illustrates not only how painful the economy's inevitable slowdown will be, but also how the country's complicated tangle of debts are straining the connective tissue of supply chains, endangering the whole system."
More World: Slice of life
Bill Gates interview

Fund risk rating reform
04/05/14 1:59 PM EST PermlinkHallett
"More importantly, the rating doesn.t adequately inform investors about the risks that lie ahead during the next credit market freeze or when the PIMCO managers show their humanity and get some of their bets wrong. PIMCO is following the rules. But assessing this as a low risk fund simply shows the inadequacy of the status quo that so many fund companies have argued to maintain."
More Hallett: Making sense of experts' picks
Smart beta needs to come out of the closet

Boost after-tax returns
04/05/14 1:56 PM EST PermlinkTaxes
"If you happen to be an investor, you're no doubt looking for ways to increase your returns. Look no further than your own tax return. If you can achieve tax savings related to your investments, this will increase your after-tax returns. So, consider the following ideas when filing your tax return this year."
More Taxes: Moguls shelter wealth forever
Accidental tax break

Evasive shareholder meetings
04/05/14 1:54 PM EST PermlinkAcademia
"We study the location and timing of annual shareholder meetings. When companies move their annual meetings a great distance from headquarters, they tend to announce disappointing earnings results and experience pronounced stock market underperformance in the months after the meeting. Companies appear to schedule meetings in remote locations when the managers have private, adverse information about future performance and wish to discourage scrutiny by shareholders, activists, and the media. However, shareholders do not appear to decode this signal, since the disclosure of meeting locations leads to little immediate stock price reaction. We find that voter participation drops when meetings are held at unusual hours, even though most voting is done electronically during a period of weeks before the meeting convenes."
More Academia: Stock picking skills of SEC employees
The shorting premium

Chou's 2013 letter
03/30/14 12:15 PM EST PermlinkValue Investing
"We believe that the market is currently fairly valued and we sincerely doubt the overall returns from equities in general over the next five to 10 years will be compelling. On the contrary, we believe the returns may be far more modest than those hoped for by investors. Not only are the P/E ratios and price-to-book values still high and dividend yields low relative to historic valuations, but the number of companies that are underpriced is at an all-time low. In light of this scenario, and with its obvious lack of bargains, we would not hesitate to sell our investments and be 100% or 50% cash -- or whatever the number may be."
More Value Investing: David Winters interview
Investment principles and habits

David Winters interview
03/30/14 12:13 PM EST PermlinkValue Investing
"Wintergreen Fund's David Winters, a value investor who describes himself as the opposite of an index hugger, has more than 60% of his portfolio invested in companies based overseas and has recently taken a stand against Coca Cola management and Warren Buffett"
More Value Investing: Investment principles and habits
Mohnish Pabrai's Boston College talk

Newspaper stock, really?
03/28/14 9:30 PM EST PermlinkStingy Investing
"Flint knapping was an important skill many years ago and then technological change made it obsolete. But, in a strange twist of fate, it has been making a bit of a comeback thanks to the Internet. It's now easy to learn how to knock out an arrow tip the old-fashioned way. While the Internet is a great boon to hobbies such as flint knapping, it's knocking the stuffing out of some businesses. Newspapers are a case in point."
More Stingy Investing: A big day for value investors
Is Berkshire Hathaway too big?

A big day for value investors
03/28/14 9:28 PM EST PermlinkStingy Investing
"Value investors are set to descend upon Toronto for the Fairfax Financial annual meeting. They're making the trip from all over the world to hear Prem Watsa, the firm's CEO, talk about strategy and investing in early April."
More Stingy Investing: Is Berkshire Hathaway too big?
Glidepath to oblivion

Buffett the market timer?
03/23/14 12:36 PM EST PermlinkBuffett
"So yes, Buffett did retire in 1969 due to the lack of investment opportunity so in that sense it does sort of smell like market timing; he got out at the top. But does his retirement really mean that he lost faith in stocks as good long term investments at the then prices? His expectations suggest not."
More Buffett: Berkshire Hathaway report for 2013
How to hold stocks: Buffett

What would you do?
03/22/14 11:22 PM EST PermlinkWatsa
"Every investor has held his hand out in the dark and blindly touched the fine line between being very early and very wrong"
More Watsa: Prem's letter
Prem Watsa opens up about BlackBerry

Equity markets are overvalued
03/22/14 11:21 PM EST PermlinkMontier
"James Montier, member of the asset allocation team at Boston-based GMO, has a hard time finding attractively valued assets these days. His advice to investors: Cash - and lots of patience."
More Montier: A CAPE Crusader
Hyperinflations, hysteria, and false memories

Stock promoters make inroads
03/22/14 11:09 PM EST PermlinkCrime
"Several finance websites have published articles by guest contributors who were allegedly paid to promote the stocks they were writing about, raising ethical concerns."
More Crime: Optimism and credibility of stock spam
Concrete Equities fraud

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