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 05/01   The Stingy News Weekly: May 1, 2016SNW 
 05/01   Ready to Invest for Success?Stingy Investing 
 05/01   Key moments from BRK meetingBuffett 
 05/01   Popular at a priceIndexing 
 04/30   Pound foolishBooks 
 04/30   Bond challengeBonds 
 04/30   Too much feedbackBehaviour 


Most Recent Stingy News

The Stingy News Weekly: May 1, 2016
05/01/16 8:52 PM ESTSNW
This week we have Buffett, indexing, feedback, a discount, and more.
More SNW: The Stingy News Weekly: April 24, 2016
The Stingy News Weekly: April 17, 2016

Ready to Invest for Success?
05/01/16 1:29 PM ESTStingy Investing
"Join leading market experts, including top strategists from Wall Street and Bay Street, for a must-attend event that'll deliver practical investment advice." [Use the code SPECIAL to get a $20 discount!]
More Stingy Investing: Are you ready for the Hot Potato?
Hot Potato Q&A

Key moments from BRK meeting
05/01/16 1:23 PM ESTBuffett
"When Buffett and Munger speak, the world listens. Their comments on the economy, the markets, politics, and Berkshire Hathaway are as closely parsed as Federal Reserve statements. But Fed Chair Janet Yellen didn't secure a place in this year's commentary by either Buffett or Munger. Instead, the Oracle of Omaha and his right-hand man focused on business and why shareholders should continue to bet on Berkshire."
More Buffett: The lost art of reading
Buffett on the media

Popular at a price
05/01/16 1:18 PM ESTIndexing
"BlackRock hasn't just ignored the fee war. It has raised EEM's fee - a practically unheard move for an ETF. EEM used to charge 0.67 percent. Now it charges 0.69 percent - a rare case when a popular ETF charges more than (gasp) the average active mutual fund."
More Indexing: Minimum volatility investors beware
The curse of the Dow

Pound foolish
04/30/16 10:59 PM ESTBooks
"The real story with most of these individuals is that they didn't earn their money by living below their means, saving and investing prudently, but rather by selling products and services that we're told will save and/or empower us. They're more salesman than missionary, telling us what we want to hear and not what we need to hear."
More Books: JK Rowling's rejection letter
Hollywood bets on The Big Short

Bond challenge
04/30/16 10:50 PM ESTBonds
"The challenges of investing in a negative interest rate world. Guggenheim Partners Scott Minerd discusses strategy for his firm and its top-rated bond funds." [video]
More Bonds: The wrong kind of savings
Bond returns imperilled

Too much feedback
04/30/16 10:48 PM ESTBehaviour
"Checking your portfolio or the market on a daily basis is like getting on the scale every 20 minutes and expecting progress. Even in quarterly and annual returns there is going to be a lot of noise"
More Behaviour: Cumulative advantage
Don't give stocks 100% of yourself

The Stingy News Weekly: April 24, 2016
04/24/16 8:20 PM ESTSNW
This week we have hot potatoes, the long term, value, and more.
More SNW: The Stingy News Weekly: April 17, 2016
The Stingy News Weekly: April 10, 2016

Minimum volatility investors beware
04/24/16 8:08 PM ESTIndexing
"If the long-term benefits of Low Vol investing are actually associated with some sort of Value premium, then current Low Vol investors should beware. Valuation for Low Vol stocks is expensive. A once good idea has run its course. All of the research I have done or reviewed suggests that high current valuation leads to low future return. Valuations on Low Vol have risen substantially in just the last few years. Based on the PE ratio, USMV is 80% more expensive than it was when it launched. In a best case scenario, Low Vol seems destined for mediocre future returns. In a worst case, the correlations and volatilities underlying the ETF's holdings could change quickly, providing an unexpected return profile for investors whose expectations have been managed for downside protection."
More Indexing: The curse of the Dow
How indexing changes indexes

Seth Glickenhaus dies at 102
04/24/16 7:56 PM ESTValue Investing
"Seth Glickenhaus, a bond trader turned money manager whose studies of law and medicine failed to lure him away from Wall Street, his professional home for more than eight decades, has died. He was 102."
More Value Investing: 5 top value stocks
Chou Funds letter

FCF/EV backtest
04/24/16 7:47 PM ESTMarkets
"Average excess returns seem to increase in almost a linear fashion from the 1st quintile to the 5th quintile, which gives me more confidence that the FCF/EV ratio does have a direct relationship with 1-year stock returns."
More Markets: You can't beat all the chimps
Multi-factor badness

How politicians poisoned statistics
04/24/16 7:41 PM ESTGovernment
"Perhaps the lies aren't the real enemy here. Lies can be refuted; liars can be exposed. But bullshit? Bullshit is a stickier problem. Bullshit corrodes the very idea that the truth is out there, waiting to be discovered by a careful mind. It undermines the notion that the truth matters. As Harry Frankfurt himself wrote, the bullshitter 'does not reject the authority of the truth, as the liar does, and oppose himself to it. He pays no attention to it at all. By virtue of this, bullshit is a greater enemy of the truth than lies are.'"
More Government: A debt of choice
Trump's business disaster

The wrong kind of savings
04/24/16 7:38 PM ESTBonds
"Negative interest rates are surely a sign that something is wrong with an economy. Normally, people have to be rewarded if they are to be induced to postpone consumption. Penalising them for doing so seems perverse."
More Bonds: Bond returns imperilled
Bizarro world of negative interest

Are you ready for the Hot Potato?
04/24/16 7:33 PM ESTStingy Investing
"The Global Hot Potato portfolio, rebalanced monthly, gained an average of 16.7% per year from the start of 1981 to the end of 2015. It beat the classic Couch Potato by a whopping 6.7 percentage points annually."
More Stingy Investing: Hot Potato Q&A
Publicis put to the value test

Hot Potato Q&A
04/24/16 7:32 PM ESTStingy Investing
"I highlighted an active approach to index investing in 'Are you ready for the Hot Potato?', which appeared in the April 2016 edition of MoneySense. The article generated a lot of discussion and I'm going to address a few questions about it from readers today."
More Stingy Investing: Publicis put to the value test
A flock of value investors

Publicis put to the value test
04/24/16 7:30 PM ESTStingy Investing
"Publicis Groupe was put under the microscope during the final round of the Ben Graham Centre's International Stock Picking Competition. Three teams of students dissected the advertising company and weighed its suitability as a value investment." [$]
More Stingy Investing: A flock of value investors
Don't sweat the details

The Stingy News Weekly: April 17, 2016
04/17/16 5:32 PM ESTSNW
This week we have bargains, value, chimps, and more.
More SNW: The Stingy News Weekly: April 10, 2016
The Stingy News Weekly: April 3, 2016

5 top value stocks
04/17/16 2:33 PM ESTValue Investing
"Who doesn't love to follow Warren Buffett and his value investing approach to stock picking? I know I do and I was lucky enough to attend The Ben Graham Centre at the Ivey Business School's 2016 Value Investing Conference this week - the must-attend event for true, diehard value stock pickers. Lots of great companies and their stocks were discussed and expert panelists gave their tips on finding value stocks. So if you love to do you own analysis before making picks for your own investment portfolio, here are a few stocks that the who.s who of value investing are talking about"
More Value Investing: Chou Funds letter
Alpha or assets

Tyranny of the noncompete clause
04/17/16 1:58 PM ESTLaw
"Subjects in simulated noncompete conditions showed significantly less motivation and got worse results on effort-based tasks. Why? We believe that limits on future employment not only dim workers' external prospects but also decrease their perceived ownership of their jobs, sapping their desire to exert themselves and develop their skills. The resulting drop in performance may be more damaging to companies than the actual loss of the employees would be."
More Law: Now with more democracy
Corruption Law

Unbelievable bargains
04/17/16 10:36 AM ESTPricing
"A perceived deeper discount creates a higher conversion event - in other words, more buyers"
More Pricing: Why one size doesn't fit all
The high cost of movie treats

Why one size doesn't fit all
04/17/16 9:57 AM ESTPricing
"Many successful businesses, from supermarkets to Starbucks, offer a vast range without scaring away their customers. A first-time visitor to Starbucks might be confused, but regulars work it out. And clever design can prevent choice seeming overwhelming."
More Pricing: The high cost of movie treats
Why don't restaurants charge for reservations?

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Ready to Invest for Success?
Are you ready for the Hot Potato?
Hot Potato Q&A
Publicis put to the value test
A flock of value investors
More ...

World

Trump, trade and the China shock
Bizarro world of negative interest
Jealousy List 2015
Economic world history
Chou Semi-Annual 2015
More ...

Buffett

The lost art of reading
Buffett on the media
Valuable losses
Berkshire Hathaway 2015 letter
The prejudices of Mr. Market
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Value Investing

Minimum volatility investors beware
Seth Glickenhaus dies at 102
FCF/EV backtest
5 top value stocks
Chou Funds letter
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Government

How politicians poisoned statistics
The wrong kind of savings
Trump, trade and the China shock
A debt of choice
Trump's business disaster
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Funds

Chou Funds letter
Alpha or assets
Curse of the benchmarks
When trading detracts from alpha
RBC fund became a tax headache
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Taxes

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Are you ready for the Hot Potato?
Hot Potato Q&A
Publicis put to the value test
A flock of value investors
Don't sweat the details
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Dividend cut hangover
Best balanced funds
A value catch
A history of small cap performance
Stock cannibals
Embrace your inner ostrich
Sky-high bond prices
Asset Mixer Portfolios
Asset Mixer Update
Periodic Table Update
The simplest way to select stocks
Bears are bullish for buyers
Simple dividends
2016 bank stock-picking contest
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These sliders might get a grip
Tax-loss harvesting
The season for tax-loss selling
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Take advantage of the market
Retirement 100 questions answered
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Investing books to be thankful for
Style swapping
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