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 07/04   The Stingy News Weekly: July 4, 2020 
 07/04   Value in recessions and recoveries 
 07/04   On the risks of concentration 
 07/04   Beyond the zero bound 
 07/04   Partha Mohanram on his glamour G-Score 
 07/04   Momentum plus long-term reversal 
 06/27   The Stingy News Weekly: June 27, 2020 
 06/26   The twilight of bonds 


Most Recent Stingy News

The Stingy News Weekly: July 4, 2020
07/04/20 3:01 PM ESTSNW
This week we have concentrated G-score momentum reversals and recoveries.
More SNW: The Stingy News Weekly: June 27, 2020
The Stingy News Weekly: June 20, 2020

Value in recessions and recoveries
07/04/20 2:58 PM ESTValue Investing
"Value, quality, and small-cap strategies all tend to perform well during recoveries regardless of the catalyst for the bear market and recession."
More Value Investing: Beyond the zero bound
Room to run

On the risks of concentration
07/04/20 2:23 PM ESTStingy Investing
"Investors inspired by Mr. Munger's success should think thrice before buying just a few stocks. Such portfolios tend to either do very well or very poorly, but the odds favour the poor side of the ledger. While performing poorly is unfortunate for billionaires, it can be devastating for those of us of more modest means." [$]
More Stingy Investing: Standing on the shoulders of giants
The bull market is back

Beyond the zero bound
07/04/20 2:19 PM ESTValue Investing
"Perhaps the most significant conclusion to draw from Japan's experience during ZIRP therefore is not about the special impact of a low-rate environment. As we see it, interest rates were relevant in predicting bond returns and the poor performance of bank stocks, but other asset classes were better predicted by relying on entry valuations and yields."
More Value Investing: Room to run
5 factor investing tips

Partha Mohanram on his glamour G-Score
07/04/20 2:18 PM ESTGrowth Investing
"Partha Mohanram is the John H. Watson Chair in Value Investing and Area Coordinator of Accounting at Rotman. He has published extensively in the areas of financial statement analysis, valuation of growth firms, implied cost of capital and executive compensation." [video]
More Growth Investing: Meatless future or vegan delusions?
Haste makes waste

Momentum plus long-term reversal
07/04/20 2:16 PM ESTMomentum Investing
"Combining the alpha momentum and reversal strategies into the blended signal produces a superior return predictive signal, outperforming the individual momentum and reversal strategies."
More Momentum Investing: Improving momentum strategies
The Factor Archives: Momentum

The Stingy News Weekly: June 27, 2020
06/27/20 6:20 PM ESTSNW
This week we have Grandpa running from broken bonds and more.
More SNW: The Stingy News Weekly: June 20, 2020
The Stingy News Weekly: June 12, 2020

The twilight of bonds
06/26/20 10:37 PM ESTBonds
"But with low, nil, or negative yields, how much can bonds still contribute to a portfolio? Has the QE Kryptonite permanently disabled their superhero powers?"
More Bonds: The Bond Offer You Can Refuse
Federal Reserve cuts rates on Sunday

A top-heavy stock market
06/26/20 9:47 PM ESTMarkets
"To this point, charting the performance of stocks following the year they joined the list of the ten largest firms shows decidedly less stratospheric results. On average, these stocks outperformed the market by an annualised 0.7% in the subsequent three-year period. Over five- and ten-year periods, these stocks underperformed the market on average."
More Markets: Broken asset classes
Costs kill the overnight anomaly

Grandpa stocks
06/26/20 9:46 PM ESTValue Stocks
"With a 30% FCF yield, grandpa doesn't have to live another lifetime to add a great deal of value to a portfolio."

Fred Vettese interview
06/26/20 9:45 PM ESTRetirement
"Today, we get into a masterclass on retirement planning with a true expert in the field whose perspectives are distinctly evidence-based, Fred Vettese." [video]
More Retirement: Michael Kitces on the 4 per cent rule
Never retire

Room to run
06/26/20 8:48 PM ESTValue Investing
"The market today is a tale of two cities. Growth stocks are trading at very rich valuations as their prices have shrugged off any economic effects of coronavirus, whereas value stocks are trading at deeply discounted valuations that reflect significant fear about the pandemic's economic impact."
More Value Investing: 5 factor investing tips
Two centuries of value and momentum

Broken asset classes
06/26/20 8:44 PM ESTMarkets
"In the five years after an asset class was declared broken, each roared back in a strong, and for many, swift rebound. All except one snapped back within one year, generating returns that ranged from 14% for US stocks to 68% for commodities. The sole dawdler, REITs, rebounded in 18 months, ultimately delivering a cumulative 86% return at the five-year mark - the weakest performance of the group."
More Markets: Costs kill the overnight anomaly
Behind private equity

Hedge fund performance fees
06/26/20 8:42 PM ESTFunds
"Overall, investors collected 36 cents for every dollar earned on their invested capital (over a risk-free hurdle rate and before adjusting for any risk). In the cross-section of funds, there is a substantial disconnect between lifetime performance and incentive fees earned. These poor outcomes stem from the asymmetry of the performance contract, investors' return-chasing behavior, and underwater fund closures."
More Funds: Dear fellow investors
Mind the Gap 2019

The Stingy News Weekly: June 20, 2020
06/20/20 9:13 PM ESTSNW
This week we have micro, timing, donuts, and more.
More SNW: The Stingy News Weekly: June 12, 2020
The Stingy News Weekly: June 6, 2020

Hertz donut
06/20/20 8:15 PM ESTStocks
"The stock of Hertz will, with high likelihood, go out at zero. Start with this: the firm has filed for bankruptcy. Stockholders mostly get nothing in bankruptcy. Sometimes they might get a little new stock or some warrants to help them save face, because they are delaying the reorganization, but this is usually a trivial amount of money, and implies a big loss to the stockholders."
More Stocks: Micro machine
The horse story

Costs kill the overnight anomaly
06/20/20 8:01 PM ESTMarkets
"dissecting the data behind this supposed market timing strategy reveals that not only are any excess returns diminished by transaction costs, but the performance relative to buy-and-hold gross of costs has waned over the years."
More Markets: Behind private equity
Diversification drag

Micro machine
06/20/20 7:56 PM ESTStocks
"Maj Soueidan on nano cap investing with Tobias Carlisle" [video]
More Stocks: The horse story
The Costco cult

Standing on the shoulders of giants
06/19/20 10:32 AM ESTStingy Investing
"He then launched his firm, Tidefall Capital Management, on Jan. 21, not long before the economy ran into the COVID crisis. The subsequent market decline came as bad news to most investors, but Tidefall's hedge fund climbed by a whopping 28.5 per cent from inception through to the end of May." [$]
More Stingy Investing: The bull market is back
Grim times for dividend investors

The Stingy News Weekly: June 12, 2020
06/12/20 9:59 PM ESTSNW
This week we have value, old age, Munger, and more.
More SNW: The Stingy News Weekly: June 6, 2020
The Stingy News Weekly: May 31, 2020

Superforecasters
06/12/20 6:29 PM ESTBehaviour
"Talented amateurs who pay attention to both the science and the news seem to be better at putting accurate probabilities on key outcomes in this phase of the crisis"
More Behaviour: Old age and the decline in financial literacy
Repetition economics

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