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MoneySense Top 200
 2014: This Year's Picks
 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%

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%

Martin Whitman
"In the financial world it tends to be misleading to state, "There is no free lunch." Rather the more meaningful comment is, "Somebody has to pay for lunch.""
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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

 12/20   Behavioral portfolio managementBehaviour 
 12/20   Give to charity and get backTaxes 
 12/20   Low oil prices could chill CWBStingy Investing 
 12/14   The Stingy News Weekly: December 14, 2014SNW 
 12/13   Patient investingValue Investing 
 12/12   In praise of small miraclesBehaviour 
 12/12   Time to snap up oil stocks?Stingy Investing 


Most Recent Stingy News

Behavioral portfolio management
12/20/14 8:57 PM ESTBehaviour
"Do you know the names of the stocks you own? That may seem like a funny question, but simply knowing the names of your holdings puts you at risk of making behaviorally driven decisions, such as acting on emotionally fueled news stories, according to C. Thomas Howard"
More Behaviour: In praise of small miracles
Pets allowed

Give to charity and get back
12/20/14 7:09 PM ESTTaxes
"The First-Time Donor's Super Credit (FDSC) makes it possible to donate a lot of money to charity - with a much lower overall cost."
More Taxes: TFSA loophole for the rich
Buffett's tax plan

Low oil prices could chill CWB
12/20/14 7:06 PM ESTStingy Investing
"As winter descends on Canada, the good people of Alberta face bitter prospects. Matters are so frosty that provincial politicians are climbing into bed with one another in an effort to warm up before the party stops."
More Stingy Investing: Time to snap up oil stocks?
Injecting enthusiasm into millennial investing

The Stingy News Weekly: December 14, 2014
12/14/14 7:30 PM ESTSNW
I'm pleased to present our free letter for the week ended December 14, 2014. This week we have oil, graveyards, miracles, and more.
More SNW: The Stingy News Weekly: December 6, 2014
The Stingy News Weekly: November 30, 2014

Patient investing
12/13/14 6:07 PM ESTValue Investing
"First Eagle Global Fund's Matthew McLennan. First Eagle is known for its value-oriented, margin of safety approach and making preservation of capital its first investment goal. ... McLennan explains why he is currently finding markets around the world expensive, and why 'patience' is his best investment idea." [video]
More Value Investing: Digging manager graveyards
The dangers of reacting to short-term volatility

In praise of small miracles
12/12/14 9:44 PM ESTBehaviour
"Most of us don't save enough. When governments try to encourage saving, they usually enact big policies to increase the incentives. But, in Kenya, people were given a lockable metal box - a simple place to put their money. After one year, the people with metal boxes increased savings by so much that they had 66 percent more money available to pay for health emergencies. It would have taken a giant tax reform to produce a shift in behavior that large."
More Behaviour: Pets allowed
Incentives matter

Time to snap up oil stocks?
12/12/14 9:32 PM ESTStingy Investing
"Brave buyers might try to take advantage of the lower prices. For my part, I'm in no rush to dive headlong into commodity stocks, but their prices are starting to look pretty good."
More Stingy Investing: Injecting enthusiasm into millennial investing
Stocks not for the squeamish

Digging manager graveyards
12/12/14 9:22 PM ESTValue Investing
"Taking on tracking error is a great way to get fired as an asset manager. As an individual, it is a great way to break your confidence and sell your hated value stocks."
More Value Investing: The dangers of reacting to short-term volatility
Value Investing by Bruce

The Stingy News Weekly: December 6, 2014
12/06/14 7:53 PM ESTSNW
I'm pleased to present our free letter for the week ended December 6, 2014. This week we have millennials, retirement, bad ideas, and more.
More SNW: The Stingy News Weekly: November 30, 2014
The Stingy News Weekly: November 23, 2014

Can't stay retired
12/06/14 7:47 PM ESYRetirement
"The AARP research found that 55 percent of retirees are employed voluntarily, including the 25 percent who reported working because they wanted to be physically or mentally active."
More Retirement: The best of Retire Rich
We're unduly discouraged about retirement

Retail financial advice
12/06/14 6:25 PM ESTBrokers
"Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients into similar portfolios independent of their clients' risk preferences and stage in the life cycle. An advisor's own portfolio is a good predictor of the client's portfolio even after controlling for the client's characteristics. This one-size-fits-all advice does not come cheap. The average client pays more than 2.7% each year in fees and thus gives up all of the equity premium gained through increased risk-taking."
More Brokers: Financial advice for the not so rich
Norbert's gambit

The world's dumbest idea
12/06/14 6:22 PM ESTMontier
"When it comes to bad ideas, finance certainly offers up an embarrassment of riches - CAPM, Efficient Market Hypothesis, Beta, VaR, portfolio insurance, tail risk hedging, smart beta, leverage, structured finance products, benchmarks, hedge funds, risk premia, and risk parity to name but a few. Whilst I have expressed my ire at these concepts and poured scorn upon many of these ideas over the years, they aren't the topic of this paper. Rather in this essay I want to explore the problems that surround the concept of shareholder value and its maximization."
More Montier: Shareholder value maximization
Equity markets are overvalued

The dangers of reacting to short-term volatility
12/06/14 6:08 PM ESTValue Investing
"It is true that the volatility of terminal wealth across all holding periods is found to be higher for stocks than bonds in every market examined and, thus, stocks are riskier when risk is measured by volatility. But interestingly, the higher volatility of terminal wealth from stocks is mostly on the upside. So, stocks have both higher upside and more limited downside than bonds."
More Value Investing: Value Investing by Bruce
Price-to-book value ratios

Lessons from Black Friday
12/06/14 5:41 PM ESTZweig
"The ultimate lesson: When assets are priced for perfection in an imperfect world, investors who don't slash their expectations are apt to be disappointed at best and devastated at worst."
More Zweig: Backtesting backfire
Financial advisor fees

Injecting enthusiasm into millennial investing
12/06/14 5:35 PM ESTStingy Investing
"Getting a good education opens up many doors. But even after years of schooling, too many people know little about the financial markets and investing, which is a real shame. Money manager Patrick O'Shaughnessy hopes to bridge the gap with a new book called Millennial Money: How Young Investors Can Build a Fortune. In it, he encourages young adults to invest in the stock market to take full advantage of the magic of compounding."
More Stingy Investing: Stocks not for the squeamish
High-flying Fairfax

The Stingy News Weekly: November 30, 2014
11/30/14 5:10 PM ESTSNW
I'm pleased to present our free letter for the week ended November 30, 2014. This week we have stocks and the sausage factory, Dr. Bruce's value, extraordinary delusions, and more.
More SNW: The Stingy News Weekly: November 23, 2014
The Stingy News Weekly: November 16, 2014

Believing what you read
11/29/14 8:32 PM ESTBooks
"Mackay's book is still enormously entertaining - and worth reading - 170 years after it was published. But Mackay is often quoted as though he were an objective authority on the history of notorious bubbles like the 17th century Dutch tulip mania and the South Sea stock bubble of 1720 in England. Readers should bear in mind that Mackay was a storyteller, and that modern researchers have been unable to confirm some of his best-known anecdotes - and have disproved others altogether."
More Books: 101 Years on Wall Street
Taleb mishandles fragility

Prepare for the bear
11/29/14 8:24 PM ESTHallett
"All year I've been wanting to write an article urging advisors and individual investors to prepare for the next bear market. When stock markets hit a pothole in late summer and early fall, it struck me as an opportune time to refresh this idea. While markets have since quickly moved past the decline, I was struck at the amount of attention given to what I thought were normal stock market fluctuations."
More Hallett: Investors should take a pass
Fund risk rating reform

Value Investing by Bruce
11/29/14 8:22 PM ESTValue Investing
"Bruce Greenwald's presentation from the Welcome Event for the 12th International Post Keynesian Conference." [video]
More Value Investing: Price-to-book value ratios
Joel Greenblatt on WealthTrack

Value and glamour returns
11/29/14 8:21 PM ESTMarkets
"Did you know that the best performing glamour stocks outperform the best performing value stocks? Sounds exciting, right? Well it may be, but expensive stocks still stink. In this piece I visualize the performance of value and glamour stocks in a new way to make the point once more that value trumps everything."
More Markets: The value convergence
Avoid high beta stocks

Stocks not for the squeamish
11/29/14 8:14 PM ESTStingy Investing
"The point being that index investors (and mutual fund investors) only see the overall return, less fund fees and other frictions. They get to eat their returns while being blissfully unaware of what goes into them. Those who invest in stocks directly have to be prepared to see how the return sausage gets made. Good investors can resist becoming overly alarmed when stocks jump around wildly. The best focus on the overall results instead."
More Stingy Investing: High-flying Fairfax
The Top 200

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Just visiting
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Recap: rich at any age
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Newspaper stock, really?
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