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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%

Will Rogers
"Don't gamble. Take all your savings and buy a good stock, and hold it till it goes up, then sell it. If it don't go up, don't buy it."
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About S.I.
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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

 08/30   Barry Ritholtz interviews James O'ShaugnessyValue Investing 
 08/29   The Stingy News Weekly: August 29, 2014SNW 
 08/29   The Peculiar Passivity of Active ManagementFunds 
 08/29   Tobias Carlisle at Deep Value Summit 2013Value Investing 
 08/29   Tobias Carlisle interviewValue Investing 
 08/29   The criminalisation of businessGovernment 
 08/24   The Stingy News Weekly: August 24, 2014SNW 


Most Recent Stingy News

Barry Ritholtz interviews James O'Shaugnessy
08/30/14 2:227 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

The Peculiar Passivity of Active Management
08/29/14 8:57 PM ESTFunds
"If active stock-pickers are going to prove their worth, they'd better start getting a lot more active - not by trading more, but by looking different from the indexes they are trying to beat."
More Funds: The lure of hedge funds
Why investors lag funds

Tobias Carlisle at Deep Value Summit 2013
08/29/14 8:54 PM ESTValue Investing
"Tobias Carlisle talks about KLIC and why he bought it." [Video]
More Value Investing: Tobias Carlisle interview
108-year-old investor

Tobias Carlisle interview
08/29/14 8:49 PM ESTValue Investing
"Tobias Carlisle talks about his book Deep Value." [Audio]
More Value Investing: 108-year-old investor
The moneyball of quality investing

The criminalisation of business
08/29/14 8:48 PM ESTGovernment
"Companies must be punished when they do wrong, but the legal system has become an extortion racket."
More Government: Addicted to zero
Why was Canada exempt from the financial crisis?

The Stingy News Weekly: August 24, 2014
08/24/14 7:00 PM ESTSNW
I'm pleased to present our free letter for the week ended August 24, 2014. This week we have articles on net-net stocks, dividend growth, 108 years of value, quality plus value, and more.
More SNW: The Stingy News Weekly: August 16, 2014
The Stingy News Weekly: August 10, 2014

108-year-old investor
08/24/14 2:56 PM ESTValue Investing
"Three days a week, Irving Kahn takes a taxi from his flat in Manhattan for the short ride to the offices of his investment firm, Kahn Brothers. Nothing surprising about that, you might think. But Mr Kahn is 108 years old."
More Value Investing: The moneyball of quality investing
Valuing community banks

The moneyball of quality investing
08/24/14 1:54 PM ESTValue Investing
"Factor investing has rightfully gained adherents among investors seeking superior risk-adjusted returns. Our research reveals that quality is not a factor that reliably commands a premium in its own right. Nonetheless, value investing conditioned upon certain indicators of company quality is a promising strategy."
More Value Investing: Valuing community banks
Value combo

The great Chinese exodus
08/24/14 1:24 PM ESTWorld
"Today, China's borders are wide open. Almost anybody who wants a passport can get one. And Chinese nationals are leaving in vast waves: Last year, more than 100 million outbound travelers crossed the frontiers. Most are tourists who come home. But rapidly growing numbers are college students and the wealthy, and many of them stay away for good."
More World: Russian history is on our side
The slaves of Eritrea

Ways investors can avoid being duped
08/24/14 1:22 PM ESTCrime
"In the investment world, there is no way to avoid the occasional fraud. It is simply a numbers game. The more companies you evaluate, the more likely you are to encounter one. Moreover, it is usually difficult to detect which companies are fraudulent, as companies can have duplicitous management teams and aggressive financials without necessarily breaking the law."
More Crime: The FBI pump-and-dump scam
Cynk and short selling

Net-net stocks
08/24/14 12:59 PM ESTStingy Investing
"Near the depths of the Great Depression, Mr. Graham wrote a series of articles that highlighted businesses that could be snapped up for less than their liquidation value. The outlook was so bleak for these firms that the market believed they were better off dead than alive. Anyone who was brave enough to buy a basket of them, and hold on, did very well indeed."
More Stingy Investing: Dividend growth
The Top 200 for 2014

Dividend growth
08/24/14 12:56 PM ESTStingy Investing
"Dividend investors are particularly fond of companies that grow their dividends. If you talk to old hands, you'll probably hear about stocks they bought years ago that now pay giant dividends. But you can't blame them. After all, there's something special about owing a stock that pays more in dividends than it cost in the first place."
More Stingy Investing: The Top 200 for 2014
Top 500 U.S. Stocks for 2014

The Stingy News Weekly: August 16, 2014
08/16/14 6:00 PM ESTSNW
I'm pleased to present our free letter for the week ended August 16, 2014
More SNW: The Stingy News Weekly: August 10, 2014
The Stingy News Weekly: July 25, 2014

The remarkable truth about 52-week highs
08/16/14 4:32 PM ESTMomentum Investing
"if one of your stocks hits a new 52-week high, you probably shouldn't be nervous. In fact, perhaps you should be excited."
More Momentum Investing: Fact, fiction and momentum investing
Absolute momentum

The internet's original sin
08/16/14 4:26 PM ESTMedia
"Once we've assumed that advertising is the default model to support the Internet, the next step is obvious: We need more data so we can make our targeted ads appear to be more effective. Ceglowski explains, 'We're addicted to 'big data' not because it's effective now, but because we need it to tell better stories.' So we build businesses that promise investors that advertising will be more invasive, ubiquitous, and targeted and that we will collect more data about our users and their behavior."
More Media: Print is down, and now out
Will life ever get better for journalists?

Print is down, and now out
08/16/14 4:24 PM ESTMedia
"A year ago last week, it seemed as if print newspapers might be on the verge of a comeback, or at least on the brink of, well, survival."
More Media: Will life ever get better for journalists?
April ROB

Are cash flows better return predictors?
08/16/14 4:22 PM ESTAcademia
"Novy-Marx (2013) shows that profitability, measured by gross profits-to-assets, predicts the cross-section of average returns just as well as book-to-market ratios do. We find that, in our 1994-2013 sample of S&P 1500 stocks, cash flow measures are even better predictors of stock returns than various income statement-based measures. We present a procedure for transforming indirect cash flow method statements into disaggregated and more direct estimates of cash flows from operations and other sources. We then derive 'direct method' cash flow measures and form portfolio deciles based on these measures. Stocks in the highest cash flow decile outperform those in the lowest cash flow decile by over 10% annually after controlling for well-known risk factors. Our results are robust to the investment horizon, and controlling for sector differences. We also show that, in addition to operating cash flow information, cash taxes and capital expenditures provide incremental predictive power."
More Academia: Do longer-term calculations enhance performance?
Deflating profitability

The mystery of lofty stock market elevations
08/16/14 4:09 PM ESTShiller
"I wrote with some concern about the high ratio in this space a little over a year ago, when it stood at around 23, far above its 20th-century average of 15.21. (CAPE stands for cyclically adjusted price-earnings.) Now it is above 25, a level that has been surpassed since 1881 in only three previous periods: the years clustered around 1929, 1999 and 2007. Major market drops followed those peaks."
More Shiller: Bob Shiller didn't kill the housing market
An interview with Robert Shiller

The Top 200 for 2014
08/13/14 1:50 PM ESTStingy Investing
"We're thrilled to report our efforts have paid off handsomely since last time. Our All-Star stocks, which combine the best growth and value characteristics, gained an average of 55.0% since last year. By way of comparison the Canadian market, as represented by the S&P/TSX Composite ETF (XIC), gained 7.2% over the same period."
More Stingy Investing: Top 500 U.S. Stocks for 2014
Timing the market is tempting

Top 500 U.S. Stocks for 2014
08/13/14 1:49 PM ESTStingy Investing
"Last year's All-Star stocks turned out to be great buys, gaining an average 38.7%. In comparison, the U.S. stock market, represented by the S&P 500 (SPY), climbed only 23.3% since last time. The U.S. All-Stars beat the market by 15.4 percentage points, not including dividends."
More Stingy Investing: Timing the market is tempting
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RNW each weekend
September
  07: Stingy Stocks Letter
  14: Graham Defensive Letter
  21: Canadian Simple Way Letter
  28: U.S. Simple Way Letter
October
  19: Q3 Rothery Report
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Don't play the prediction game
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