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 04/21   The Stingy News Weekly: April 21, 2019 
 04/21   Direct indexing 
 04/21   Concentration is cool 
 04/21   A bin of bargains 
 04/21   The will to survive 
 04/21   Recessions vs. bear markets 
 04/21   Ten behavioural advantages 


Most Recent Stingy News

The Stingy News Weekly: April 21, 2019
04/21/19 :9:38 PM ESTSNW
This week we have bear market, concentration, survival, and more.
More SNW: The Stingy News Weekly: April 16, 2019
The Stingy News Weekly: April 13, 2019

Direct indexing
04/21/19 8:45 PM ESTIndexing
"ETFs disrupted mutual funds by offering something a little bit better. Now ETFs face disruption because direct indexing offers several new features that make them much better."
More Indexing: Multi-factor ETFs
ETF tax dodge

Concentration is cool
04/21/19 8:42 PM ESTValue Investing
"Sharpe ratios tend to be maximized in a value portfolio around 25 positions."
More Value Investing: Fairfax Lollapalooza 2019
Forward vs trailing price to earnings

A bin of bargains
04/21/19 8:38 PM ESTStingy Investing
"The Canadian stock market is up 20 per cent from its Christmas Eve low. Despite the gain, it appears to be reasonably valued. Looking at the exchange sector by sector reveals a bin of bargains." [$]
More Stingy Investing: Fees and taxes can ruin your retirement
The good, the bad, and the ugly of value investing

The will to survive
04/21/19 8:37 PM ESTMarkets
"In the world of investing, you don't have to be bold. You don't need to find alpha. You just need to survive."
More Markets: Recessions vs. bear markets
Stock picks from space

Recessions vs. bear markets
04/21/19 8:34 PM ESTMarkets
"So stress is not necessarily proportional to how good or bad things are in. Much of it has to do with the changes to our current situation. Going from great to just OK could cause a much worse reaction in the markets than going from awful to not-so-great."
More Markets: Stock picks from space
The size premium should persist

Ten behavioural advantages
04/21/19 8:33 PM ESTBehaviour
"Amateur investors have a number of behavioural advantages"
More Behaviour: You have to live it
Never be happy

The Stingy News Weekly: April 16, 2019
04/16/19 :11:12 PM ESTSNW
This week we have factor, happy, space, cats, and more.
More SNW: The Stingy News Weekly: April 13, 2019
The Stingy News Weekly: April 3, 2019

You have to live it
04/16/19 10:56 PM ESTBehaviour
"Another takeaway is remembering that people whose views and decisions look crazy to you may be less crazy than you think, because they're being made by people whose views on risk and reward were shaped in a different world than you've experienced."
More Behaviour: Never be happy
We overestimate and underestimate our abilities

Notes from the FFH AGM
04/16/19 9:09 PM ESTWatsa
"Fairfax's meeting day is a miniature version of Berkshire's, with better food."
More Watsa: Prem Watsa tells his Horatio Alger story
What would you do?

Never be happy
04/16/19 8:41 PM ESTBehaviour
"There is a silver lining here though. One of our defining characteristics as humans is that we're rarely, if ever, satisfied or content. Maybe it's a good thing people haven't decided to rest on their laurels just because things have gotten better over time. There's still room for improvement."
More Behaviour: We overestimate and underestimate our abilities
Pure downside

Factor exposure of Berkshire Hathaway
04/16/19 8:20 PM ESTBuffett
"BRK.A had positive exposure to the Value, Size, Low Volatility, and Quality factors as well as negative exposure to Growth and Dividend Yield"
More Buffett: Buffett interview
Buffett's 2018 letter

Stock picks from space
04/16/19 8:17 PM ESTMarkets
"Panos N. Patatoukas, one of the study's co-authors, told me he thinks the use of satellite imagery creates opportunities for sophisticated investors at the expense of small individual investors."
More Markets: The size premium should persist
On being wrong

The Stingy News Weekly: April 13, 2019
04/13/19 :8:47 PM ESTSNW
This week we are recovering from the Fairfax Lollapalooza in the research graveyard.
More SNW: The Stingy News Weekly: April 3, 2019
The Stingy News Weekly: March 25, 2019

OSAM Q1 letter
04/13/19 8:23 PM ESTFunds
"One of the best ways to evaluate a manager is to ask them about their research graveyard. Of the research projects we've pursued over the decades, a significant majority end up like the ownership data project - dead. The quantitative research process is default frustrating."
More Funds: How hedge funds get rich
Mawer on sale

Tax-loss harvesting alpha
04/13/19 8:21 PM ESTTaxes
"We find that a tax-loss harvesting strategy yields a geometric average of 51 basis points per year from 1926 to 2018. However, this tax alpha is highly variable: over four successive 23-year periods, the tax alpha ranged from 26 to 88 basis points per annum"
More Taxes: A leader in tax compliance
Tax reform

We overestimate and underestimate our abilities
04/13/19 7:45 PM ESTBehaviour
"Do you think you are an above-average driver, as most people do? How do you compare with others as a parent? Are you better than most at dancing? Where do you rank in your capability to save humanity? Many of you will answer these questions incorrectly. For some of these skills, you will think you are better than you actually are. For others, you will think you are worse."
More Behaviour: Pure downside
Too risky

Multi-factor ETFs
04/12/19 8:32 PM ESTIndexing
"There is a lot to consider in relation to the composition and performance of multi-factor ETFs in the US stock market. Perhaps the most interesting insight is that these products feature factors such as growth that are not supported by academic research and lack exposure to established ones like quality and momentum."
More Indexing: ETF tax dodge
The equilibrium consequences of indexing

Dividends fade
04/12/19 8:24 PM ESTDividends
"In the past, dividends were the only reason investors placed their money in equities. Now, dividends play a much smaller role, for better or worse, in the overall stock market."
More Dividends: Dividend yield vs dividend growth
Avoid dividends

The Stingy News Weekly: April 3, 2019
04/03/19 :7:55 PM ESTSNW
This week we are preparing for Fairfax Lollapalooza and more.
More SNW: The Stingy News Weekly: March 25, 2019
The Stingy News Weekly: March 18, 2019

Fairfax Lollapalooza 2019
04/03/19 7:52 PM ESTValue Investing
Check out the schedule of events for next week's Fairfax Lollapalooza.
More Value Investing: Forward vs trailing price to earnings
Guy Gottfried talks at Ivey

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