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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%

Warren Buffett
"Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results."
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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

 09/19   The Stingy News Weekly: September 19, 2014SNW 
 09/19   The wrath of Warren BuffettBuffett 
 09/19   The large-stock value premiumValue Investing 
 09/19   Strategic news releasesAcademia 
 09/19   Cursed dividend stocksStingy Investing 
 09/19   Dreaming of a cheap tropical retirement?Retirement 
 09/14   The Stingy News Weekly: September 14, 2014SNW 


Most Recent Stingy News

The Stingy News Weekly: September 19, 2014
09/19/14 10:15 PM ESTSNW
I'm pleased to present our free letter for the week ended September 19, 2014. This week we have cursed dividend stocks, Warren's wrath, sneaky CEOs, and more.
More SNW: The Stingy News Weekly: September 14, 2014
The Stingy News Weekly: September 6, 2014

The wrath of Warren Buffett
09/19/14 10:05 PM ESTBuffett
"But this was one time where Buffett's laissez-faire management style would fail him. Some years later, a Benjamin Moore CEO began pursuing a strategy that chipped away at Buffett's pledge. By 2012 the CEO was nearing a deal-an agreement to sell through Lowe's-that would have shattered the promise. Buffett got wind of the plan, intervened, and scotched the arrangement. But the damage was done: Dealers revolted and today, two years later, the company is still recovering from the tumult, still searching for ways to expand its sales, and still working to regain the trust of its 4,200 dealers."
More Buffett: 2014 Berkshire Hathaway meeting
Why I broke up with Warren Buffett

The large-stock value premium
09/19/14 10:03 PM ESTValue Investing
"Recently, we have seen a rise in the level of discussion about whether there is a significant value premium in large-cap stocks. The value premium is the tendency of stocks with low prices relative to measures of their value to outperform stocks with high relative prices. Since large-cap stocks make up about 90 percent of the total global market capitalization, this is an important issue."
More Value Investing: A few cheap stocks
Barry Ritholtz interviews James O'Shaugnessy

Strategic news releases
09/19/14 10:01 PM ESTAcademia
"We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting months, and away from prior and subsequent months. They release 5% more discretionary news in vesting months than prior months, but there is no difference for non-discretionary news. These news releases lead to favourable media coverage, suggesting they are positive in tone. They also generate a temporary run-up in stock prices and market liquidity, potentially resulting from increased investor attention or reduced information asymmetry. The CEO takes advantage of these effects by cashing out shortly after the news releases."
More Academia: Are cash flows better return predictors?
Do longer-term calculations enhance performance?

Cursed dividend stocks
09/19/14 9:59 PM ESTStingy Investing
"My last post was devoted to dividend stocks with pep, which highlighted dividend payers that have outperformed over the last year. Such stocks are said to have positive momentum. But momentum works both ways. On the plus side, studies have shown that top performers usually go on to do well. On the other hand, stocks that have trailed the market often continue to slide."
More Stingy Investing: There's no shame in migrating to index funds
Retirement 100: Fall 2013

Dreaming of a cheap tropical retirement?
09/19/14 9:57 PM ESTRetirement
"Moving to a low-cost, tropical paradise, where $30,000 a year can put a couple into the upper middle class, is fast becoming the dream du jour for fifty-somethings who find themselves short on retirement funds."
More Retirement: The new game of retirement chicken
Canadians can afford retirement

The Stingy News Weekly: September 14, 2014
09/14/14 10:41 AM ESTSNW
I'm pleased to present our free letter for the week ended September 14, 2014. This week we have Charlie Munger, cheap stocks, and holding for the long term.
More SNW: The Stingy News Weekly: September 6, 2014
The Stingy News Weekly: August 29, 2014

The durable low volatility effect
09/13/14 5:20 PM ESTMarkets
"One of the basic tenets of finance is that investors are compensated for taking risk. For equity markets, that means that high volatility stocks are expected to outperform low volatility stocks. But that hasn't happened. Low-risk stocks have historically outperformed high-risk stocks."
More Markets: Long-term returns boosted by illiquidity
Technical market indicators

A few cheap stocks
09/13/14 4:39 PM ESTValue Investing
"The reason that value works is that it is a proxy for expectations. Cheap valuations = lower expectations for the future--but these bleak forecasts often turn out to be too grim. This alternative way of looking at value can help investors identify stocks that are both cheap today, but also have had falling expectations over time. To paraphrase Templeton, the key isn't to find stocks for whom the outlook is good, but to find stocks for whom the outlook it is miserable."
More Value Investing: Barry Ritholtz interviews James O'Shaugnessy
Tobias Carlisle at Deep Value Summit 2013

A fireside chat with Charlie Munger
09/13/14 4:01 PM ESTMunger
"You have to strike the right balance between competency or knowledge on the one hand and gumption on the other. Too much competency and no gumption is no good. And if you don't know your circle of competence, then too much gumption will get you killed. But the more you know the limits to your knowledge, the more valuable gumption is."
More Munger: Charles Munger: Secrets of Buffett's Success
Charlie Munger: CEO pay is insane

A good case of amnesia
09/13/14 9:38 AM ESTBehaviour
"I am fascinated by an anecdote related recently by James O'Shaughnessy of O'Shaughnessy Asset Management. An employee who recently joined his firm told him that Fidelity had studied which customer investing accounts performed the best: They were the ones held by people who had forgotten they even had Fidelity accounts, and so did no buying or selling from them."
More Behaviour: Hard money is not a mistake
Why the M-B test is meaningless

Charles Munger: Secrets of Buffett's Success
09/13/14 9:35 AM ESTMunger
"Why did nearly 250 investors converge on Los Angeles this past week to listen to a 90-year-old man address the annual meeting of a tiny legal-publishing and software company? To hear Charles T. Munger - better known as Warren Buffett's right-hand man - expound on one of his least-known holdings and just about everything else."
More Munger: Charlie Munger: CEO pay is insane
Munger on corporate governance

There's no shame in migrating to index funds
09/13/14 9:30 AM ESTStingy Investing
"There is no shame in admitting that you're not the next Warren Buffett. The vast majority of investors aren't. Those who figure it out are likely to improve their returns dramatically by following simple low-cost mechanical methods such as investing in low-fee index funds."
More Stingy Investing: Retirement 100: Fall 2013
Dividend stocks with pep

Retirement 100: Fall 2013
09/08/14 8:06 PM ESTStingy Investing
It's getting close to that time of year again. Here's last year's article to whet your appetite.
More Stingy Investing: Dividend stocks with pep
Net-net stocks

The Stingy News Weekly: September 6, 2014
09/06/14 6:22 PM ESTSNW
I'm pleased to present our free letter for the week ended September 6, 2014. This week we start with dividend stocks with pep and move on to hard money and the economics of restaurants.
More SNW: The Stingy News Weekly: August 29, 2014
The Stingy News Weekly: August 24, 2014

Financial savvy is not something schools can teach
09/06/14 5:53 PM ESTEducation
"The right conclusion is not that there is nothing to be done. Far from it. We can and should divert the money that is about to be put into personal finance education into better mathematics education."
More Education: Teaching college students about finance
Rethinking the importance of financial literacy

Why don't restaurants charge for reservations?
09/06/14 4:40 PM ESTPricing
"If economists owned popular restaurants like State Bird, they would take one look at the long lines and raise prices. After all, the overwhelming demand is pretty clear. Or at the very least, given how reservations disappear like Coachella tickets, they would start charging for them. In fact, since restaurants do not do this, a number of startups in San Francisco and New York City have started to sell reservations to users, often by reserving tables and scalping them."
More Pricing: The voodoo of lobster economics
People really like free stuff

Dividend stocks with pep
09/06/14 4:20 PM ESTStingy Investing
"Dividend investors tend to be a conservative bunch. But sometimes it's worth looking for stocks with pep. That's why this week I scoured the TSX for Canadian dividend stocks with momentum."
More Stingy Investing: Net-net stocks
Dividend growth

Hard money is not a mistake
09/06/14 4:16 PM ESTBehaviour
"Aggregate wealth is held by risk averse individuals who don't individually experience aggregate outcomes. Prospective outcomes have to be extremely good and nearly certain to offset the insecurity soft money policy induces among individuals at the top of the distribution, people who have much more to lose than they are likely to gain. It's not because they're bad people. Diminishing marginal utility, habit formation and reference group comparison, the zero-sum quality of insurance against systematic risk, and the tendency of regression towards the mean, all make soft money a bad bet for the wealthy even when it is a good bet for the broader public and the macroeconomy."
More Behaviour: Why the M-B test is meaningless
Moral behavior in animals

Barry Ritholtz interviews James O'Shaugnessy
08/30/14 2:27 PM ESTValue Investing
"Barry Ritholtz interviews James O'Shaughnessy, the chief executive officer of O'Shaughnessy Asset Management. They discuss the strategies that work on Wall Street." [Audio]
More Value Investing: Tobias Carlisle at Deep Value Summit 2013
Tobias Carlisle interview

The Stingy News Weekly: August 29, 2014
08/29/14 9:08 PM ESTSNW
I'm pleased to present our free letter for the week ended August 29, 2014. This week we start with an interview and a presentation by value investor, and author, Tobias Carlisle.
More SNW: The Stingy News Weekly: August 24, 2014
The Stingy News Weekly: August 16, 2014

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