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 05/18   S&P 500 unhinged from realityMarkets 
 05/18   The Top 200 Canadian Stocks for 2015Stingy Investing 
 05/17   The Stingy News Weekly: May 17, 2015SNW 
 05/15   David Mitchell on tax avoidanceFun 
 05/15   What's wrong with financeEconomics 
 05/15   The O'Doul's of value investingValue Investing 
 05/15   Big asset growth = big troubleStingy Investing 


Most Recent Stingy News

S&P 500 unhinged from reality
05/18/15 1:24 PM ESTMarkets
"The concept is embodied in a measure known as the Q ratio developed by James Tobin, a Nobel Prize-winning economist at Yale University who died in 2002. According to Tobin's Q, equities in the U.S. are valued about 10 percent above the cost of replacing their underlying assets -- higher than any time other than the Internet bubble and the 1929 peak."
More Markets: Adopting factor investing
The rich are getting richer

The Top 200 Canadian Stocks for 2015
05/18/15 12:15 AM ESTStingy Investing
"Our annual All-Star stock picks, which combine the best growth and value characteristics, have climbed by an average of 17.3% a year since we started 10 years ago. That assumes an equal dollar amount was put into each All-Star stock in first year and rolled into the new All-Stars each year thereafter. By way of comparison, the S&P/TSX Composite (as represented by the XIC ETF) advanced by just 5.3% annually over the same period. The All-Stars beat the market by an average of 12.0 percentage points per year over the last decade."
More Stingy Investing: Big asset growth = big trouble
Is your asset allocation a bit askew? Relax

The Stingy News Weekly: May 17, 2015
05/17/15 6:27 PM ESTSNW
I'm pleased to present our free letter for the week ended May 17, 2015. This week we have asset growth, rebalancing, tax avoidance, value investing, and more.
More SNW: The Stingy News Weekly: May 9, 2015
The Stingy News Weekly: May 3, 2015

David Mitchell on tax avoidance
05/15/15 11:19 PM ESTFun
"Comedian David Mitchell on talks about tax avoidance."
More Fun: Daylight saving time
A mock economics talk

What's wrong with finance
05/15/15 11:16 PM ESTEconomics
"Both financiers and economists still get the blame for the 2007-2009 financial crisis: the first group for causing it and the second for not predicting it. As it turns out, the two issues are connected. The economists failed to understand the importance of finance and financiers put too much faith in the models produced by economists."
More Economics: A liberal heretic contradicts Piketty
Why the high street is overdosing on caffeine

The O'Doul's of value investing
05/15/15 11:14 PM ESTValue Investing
"I don't really get why anyone would prefer fundamental index to more concentrated, pure-play bets on value or shareholder yield. Let's see why."
More Value Investing: Combining value and momentum 2
Methods to improve the Piotroski F-Score

Big asset growth = big trouble
05/15/15 11:11 PM ESTStingy Investing
"The stock market has a way of crushing the hopes and dreams of investors who buy growth stocks. Problem is, they usually pay far too much for stocks that have grown a great deal only to see them slow down. While much has been said about earnings growth, academics recently turned their attention to asset growth and the news isn.t good. They figure firms with large asset growth tend to underperform the market."
More Stingy Investing: Is your asset allocation a bit askew? Relax
Retirement 100: Fall 2014

Is your asset allocation a bit askew? Relax
05/11/15 9:50 PM ESTStingy Investing
"If your asset allocation is a little askew, relax. Minor variations probably won't make a big difference to your overall results. Instead, slowly tune up your portfolio in a cost-effective manner."
More Stingy Investing: Retirement 100: Fall 2014
Highlights from Fairfax Lollapalooza 2015

The Stingy News Weekly: May 9, 2015
05/09/15 6:50 PM ESTSNW
I'm pleased to present our free letter for the week ended May 9, 2015. This week we have new retirement math, value and momentum, getting richer, and more.
More SNW: The Stingy News Weekly: May 3, 2015
The Stingy News Weekly: April 26, 2015

Combining value and momentum 2
05/09/15 5:00 PM ESTValue Investing
"We find that sorting stocks on value and then momentum has been a historically successful strategy. However, sorting stocks on value and then quality, which is inline with a fundamental value philosophy, works just as well, if not better. We hypothesize that the .momentum. effect identified within the cheap stocks bucket, is really a proxy for strong fundamentals and positive operational momentum among the cheapest, highest quality value stocks. Our preference.based on empirical and philosophical grounds.is to go with a more .pure. value philosophy that focuses on buying the cheapest, highest quality value stocks, as opposed to a muddled value approach that buys the cheapest, highest momentum value stocks."
More Value Investing: Methods to improve the Piotroski F-Score
Frank Martin speaks in Toronto

New math for retirees
05/09/15 4:14 PM ESTRetirement
"The big question now - difficult even for an aerospace engineer to answer - is whether a new worst case is beginning to play out, given the painfully low interest rate environment, which yields little for safer bond investments, where retirees often hold a big portion of their money."
More Retirement: The paradox of success
The Financial Freedom Index

A kinder philosophy of success
05/09/15 4:10 PM ESTBehaviour
"Alain de Botton examines our ideas of success and failure -- and questions the assumptions underlying these two judgments. Is success always earned? Is failure? He makes an eloquent, witty case to move beyond snobbery to find true pleasure in our work."
More Behaviour: Another Gladwell mindworm dies
The money taboo

Greece saunters across the autobahn
05/07/15 10:46 AM ESTWorld
"If you want to predict what people will do in most financial situations, then figure out what is in their narrow self-interest to do, and assume they will sooner or later figure it out, too. But that doesn't work when people's behavior isn't confined to the narrow channel of self-interest. That's why it's so hard to predict which way the Greek people will jump. And why it must feel so tempting, when they jump right in front of your BMW, to simply run them over."
More World: On the Gredge
Austerity is not Greece's Problem

Methods to improve the Piotroski F-Score
05/04/15 3:46 PM ESTValue Investing
"We have identified ways to improve the baseline Piotroski F-Score and enhance value investing strategies. The final product is the FS-Score, which incorporates net-share repurchases and free-cash-flow metrics and arranges the metrics to align closer with traditional value-investing principles."
More Value Investing: Frank Martin speaks in Toronto
Russell Napier speaks in Toronto

Adopting factor investing
05/04/15 3:44 PM ESTMarkets
"Over the years, academics have compiled an extensive body of research demonstrating the existence and characteristics of various factor premiums. But do their findings hold up in the real world, when factor strategies are implemented by mutual funds? This is a vital question for investors because, unfortunately, there's often a long way to go from theoretical returns (which don't include implementation costs) to realizable returns (which do)."
More Markets: The rich are getting richer
Tiny margins for tiny companies

The rich are getting richer
05/04/15 3:32 PM ESTMarkets
"Profit margins have been steadily rising for huge companies, but margins have been stagnant or falling for smaller companies. Clearly, the large are getting richer. But viewed a slightly different way we see an even more exaggerated trend: the rich are getting richer."
More Markets: Tiny margins for tiny companies
Seeing the future from the past

To hedge, or not to hedge
05/04/15 3:31 PM ESTHallett
"ETFs provide many options for hedging, but you need to ask whether or not this is necessary for your clients"
More Hallett: Lifting the hood on low-volatility ETFs
Prepare for the bear

Retirement 100: Fall 2014
05/04/15 3:17 PM ESTStingy Investing
"We're happy to report that our efforts have paid off handsomely so far. If you had rolled your portfolio into our new batch of A-graded stocks every year since our launch in 2007, you would have enjoyed a total gain of 142%. You'd be up a total of 91% if you had followed stocks with either A or B grades. That's pretty good, considering that the market suffered from a huge crash during that period. By way of comparison, the S&P/TSX Composite Index ETF (XIC), which tracks the broad Canadian stock market, logged a total return of just 38% over the same period. We also beat the dividend-oriented iShares Canadian Select Dividend ETF (XDV), which climbed by 58%."
More Stingy Investing: Highlights from Fairfax Lollapalooza 2015
The next generation of value investors

Tiny margins for tiny companies
05/04/15 3:20 PM ESTMarkets
"The U.S. market's profit margin remains very high, but smaller stocks are suffering. While margins for the largest companies have remained well above their long-term averages, margins for the 40% of stocks in the market with smaller market caps have current margins well below their long-term average. This divergence highlights a broader key point: small caps provide unique opportunities and dangers, but are often lost in a market dominated by large caps."
More Markets: Seeing the future from the past
The stock-bond disconnect

The Stingy News Weekly: May 3, 2015
05/03/15 10:30 PM ESTSNW
I'm pleased to present our free letter for the week ended May 3, 2015. This week we have Buffett, Watsa, value, and more.
More SNW: The Stingy News Weekly: April 26, 2015
The Stingy News Weekly: April 19, 2015

Financial ignorance is widespread
05/03/15 2:41 PM ESTEducation
"Lusardi and Mitchell found that providing financial knowledge to people with low levels of formal education boosts their economic situation by an amount equivalent to 82 percent of their initial wealth, while the equivalent value for college graduates is a substantial 56 percent."
More Education: Financial savvy is not something schools can teach
Teaching college students about finance

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2015: New Picks
2014: Up 6.9%
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2012: Up 13.4%
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2009: Up 41.0%
2008: Down 32.9%
2007: Up 16.2%
2006: Up 37.6%
2005: Up 57.6%

Defensive Graham Stocks

2015: New Picks
2014: Up 5.1%
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2012: Up 26.6%
2011: Up 4.1%
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