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 09/25   The Stingy News Weekly: September 25, 2016SNW 
 09/25   The bubble in JapanMarkets 
 09/25   Learning to live with low returnsStingy Investing 
 09/25   12 lessons from Howard MarksValue Investing 
 09/25   Market chartsMarkets 
 09/24   The power of incentivesStingy Investing 
 09/24   Scalability for robo-advisorsBrokers 


Most Recent Stingy News

The Stingy News Weekly: September 25, 2016
09/25/16 7:45 PM ESTSNW
This week we have the power of incentives, Marks, Mauboussin, and more.
More SNW: The Stingy News Weekly: September 18, 2016
The Stingy News Weekly: September 11, 2016

The bubble in Japan
09/25/16 3:26 PM ESTMarkets
"Japan offers what I would consider the largest bubble in history, but people have a habit of forgetting about these things and assuming they can't happen again."
More Markets: Market charts
Overfitting

Learning to live with low returns
09/25/16 3:13 PM ESTStingy Investing
"The bond market has been on a multidecade bender. But the party is close to an end and the hangover could last for years." [$]
More Stingy Investing: The power of incentives
Boost returns with low P/E stocks

12 lessons from Howard Marks
09/25/16 3:10 PM ESTValue Investing
"To convey my points in this post I decided to take an investing style that many would consider to be very different from value investing and show that they are in fact based on the same principles applied in different ways to different types of assets. That other investing system I will discuss here is venture capital."
More Value Investing: The discipline of value investing
Has P/B become a bad measure of value?

Market charts
09/25/16 2:23 PM ESTMarkets
"Once again, we've asked some of the sharpest strategists, economists, and reporters for one chart that's at the top of their minds right now."
More Markets: Overfitting
Uses of cash

The power of incentives
09/24/16 11:10 PM ESTStingy Investing
"Wells Fargo (WFC) is mired in a scandal of its own making that revolves around the perverse power of incentives. The U.S. bank's problems reminded me of a famous lecture that Charlie Munger gave in 1995 on the psychology of human misjudgement."
More Stingy Investing: Boost returns with low P/E stocks
The pleasures of the bargain bin

Scalability for robo-advisors
09/24/16 11:08 PM ESTBrokers
"If this robo is able to attract greater AUM per client - $50,000, for example - we're still talking about at least 40,000 clients. I wonder if the scalability assumptions of robo firms - and the regulatory tolerance for automation - will be challenged."
More Brokers: Almost 80% of day traders lose money
Advisors worth their fees?

Almost nothing in the bank
09/24/16 11:06 PM ESTThrift
"Close to half of those who earn from $100,000 to $149,999 a year have less than $1,000 in their savings accounts. Some 18 percent of them have socked away absolutely nothing."
More Thrift: Save more money
7-day mental quarantine

A share of Berkshire Hathaway
09/24/16 11:04 PM ESTBooks
"Imagine opening your mail and finding a share of Class A Berkshire Hathaway stock."
More Books: ILTB: Michael Mauboussin
ILTB: Jeff Gramm

ILTB: Michael Mauboussin
09/24/16 10:58 PM ESTBooks
"In this episode, Michael Mauboussin and I discuss everything about asset management: the state of the industry, the active investment process, and Michael's simple but genius 'input/output' method for daily life. This is a full seminar on asset management."
More Books: ILTB: Jeff Gramm
Why you should not write a book

The Stingy News Weekly: September 18, 2016
09/18/16 9:33 PM ESTSNW
This week we have a horse's head, building, restaurants, infrastructure, and more.
More SNW: The Stingy News Weekly: September 11, 2016
The Stingy News Weekly: September 4, 2016

Putting it all on red
09/18/16 3:24 PM ESTRetirement
"Imagine two kinds of investment funds, both of which have the same aim: to provide pensions for their employees. You might think that they would invest in a similar way. But when it comes to American pension funds, you would be wrong. It turns out that public funds have a rather different, and more aggressive, approach to risk from private ones (and indeed from their counterparts in other countries)."
More Retirement: Plenty of stocks
Saving, investing and parting thoughts

The discipline of value investing
09/17/16 9:41 PM ESTValue Investing
"The key to implementing the strategy successfully is separating your investment process from short-term results: to have discipline."
More Value Investing: Has P/B become a bad measure of value?
MiB: Wes Gray

A severed horse's head
09/17/16 9:14 PM ESTStocks
"Tonight, I am talking about a different sort of scam that sucked in a different class of people. This scam was a corporation where the management took a firm into bankruptcy that could easily pay its debts, at least in the short-run. The management likely conspired with the bondholders against its shareholders, seemingly in an effort to gain a greater reward from the bondholders who would own the firm post-bankruptcy than they could from operating the firm outside of bankruptcy."
More Stocks: Canadian banks to face headwinds
A select group

Mortgage guidelines
09/17/16 9:12 PM ESTManagement
"Canadian banks allow foreign clients with no credit history, including students, to qualify for uninsured mortgages without proving the sources of their income - a practice that exempts non-Canadians who have money in the bank from the scrutiny domestic borrowers face when buying a home or an investment property."
More Management: A culture problem at Wells
Culture eats strategy

If you build it
09/17/16 9:09 PM ESTGovernment
"While infrastructure investment is often needed when cities or regions are already expanding, too often it goes to declining areas that don't require it and winds up having little long-term economic benefit. As for fighting recessions, which require rapid response, it's dauntingly hard in today's regulatory environment to get infrastructure projects under way quickly and wisely."
More Government: The $6 trillion public pension hole
Why Americans don't trust government

Investing in a restaurant
09/17/16 9:04 PM ESTEconomics
"Yet I've come to conclude that the restaurants New York needs are doomed, financially, to fail. That's because amateur capital backed by magical thinking and a desire for fun distorts the economics for everyone."
More Economics: The new voodoo
Higher minimum wages

Time or Money
09/17/16 9:00 PM ESTBehaviour
"We found that the people who chose time were on average statistically happier and more satisfied with life than the people who chose money."
More Behaviour: Nudges take a battering
Danny Kahneman interview

ILTB: Jeff Gramm
09/17/16 8:43 PM ESTBooks
"My guest today is Jeff Gramm. Jeff is the founder and portfolio manager at Bandera Partners, an Adjunct Professor at Columbia Business School, and the author of Dear Chairman: Boardroom Battles and the Rise of Shareholder Activism. Jeff and I discuss the history and current state of shareholder activism, and explore how Jeff invests himself, taking large stakes and often board seats in undervalued companies."
More Books: Why you should not write a book
Quench your own thirst

Overfitting
09/17/16 8:34 PM ESTMarkets
"What we did was to demonstrate that given virtually ANY desired performance profile, one can devise a stock fund portfolio, constructed from S&P500 stocks, that achieves that profile, based on backtests. Do you want a steady 8% per annum growth, month after month, year after year? You can have it - or 10% or 12% or 15% (all based on backtests, over say a 15-year period). We even constructed portfolios that exhibit a stair-step or sinusoidal growth, just to demonstrate that any profile can be used."
More Markets: Uses of cash
Underperformance: not a bug, a feature

The Stingy News Weekly: September 11, 2016
09/11/16 1:42 PM ESTSNW
This week we have nudged out, the pain trade, corruption, and more.
More SNW: The Stingy News Weekly: September 4, 2016
The Stingy News Weekly: August 28, 2016

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Government

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