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 03/22   The Stingy News Weekly: March 22, 2015SNW 
 03/20   How fees, taxes, and inflation impact returnsStingy Investing 
 03/20   Consistently beating the market is overratedStingy Investing 
 03/20   Advisors behaving badlyFunds 
 03/20   No, that's not the IRS calling. Just hang up.Crime 
 03/20   The stock-bond disconnectMarkets 
 03/20   Eating betterBehaviour 


Most Recent Stingy News

The Stingy News Weekly: March 22, 2015
03/22/15 12:58 PM ESTSNW
I'm pleased to present our free letter for the week ended March 22, 2015. This week we have consistency, problems, advisors and more.
More SNW: The Stingy News Weekly: March 15, 2015
The Stingy News Weekly: March 7, 2015

How fees, taxes, and inflation impact returns
03/20/15 11:52 PM ESTStingy Investing
"It is vitally important for investors to reduce, where possible and legal, investment-related fees and taxes. Those who don't might wind up taking all the risk and getting very little in the way of real returns." [video]
More Stingy Investing: Consistently beating the market is overrated
Problems with the Dow

Consistently beating the market is overrated
03/20/15 11:51 PM ESTStingy Investing
"If some index fund proponents are to be believed, the only good active strategy is one that consistently outperforms the market. Or, at least, on some days it seems that way."
More Stingy Investing: Problems with the Dow
3 Stingy Stocks for 2015

Advisors behaving badly
03/20/15 11:49 PM ESTFunds
"Investors should similarly watch out for advisors changing firms or recommending moving portfolios to segregated funds or other DSC mutual funds that may trigger a new set of commissions. (New DSC purchases will also have you pay a fee to exit the funds within the next 6-7 years.)"
More Funds: Cliff Asness interview
No new bets in 80 years

No, that's not the IRS calling. Just hang up.
03/20/15 11:47 PM ESTCrime
"Phone calls by fraud artists posing as Internal Revenue Service employees and demanding money have surged in recent months"
More Crime: Ways investors can avoid being duped
The FBI pump-and-dump scam

The stock-bond disconnect
03/20/15 11:46 PM ESTMarkets
"How should one understand the disconnect between the new highs reached by global equity indices and the new depths plumbed by real interest rates worldwide? Several competing explanations attempt to reconcile these trends, and getting it right is essential for calibrating monetary and fiscal policy appropriately."
More Markets: Get your income here
10-year expectations for asset class returns

Eating better
03/20/15 11:44 PM ESTBehaviour
"There are all sorts of ways that companies can help people eat better and make more money"
More Behaviour: Why Are Resolutions So Hard To Follow?
Behavioral portfolio management

Problems with the Dow
03/20/15 11:39 PM ESTStingy Investing
"My main beef isn't with Apple but with the Dow itself. While I don't want to see the average fade away entirely, it should be retired and replaced with a more diversified index such as the S&P 500 for most purposes."
More Stingy Investing: 3 Stingy Stocks for 2015
3 Graham Stocks for 2015

3 Stingy Stocks for 2015
03/19/15 10:57 AM ESTStingy Investing
"It's worked well so far because the Stingy Stocks have gained 15.2% per year on average since 2001. By way of comparison, the S&P500 (as represented by the SPYETF) advanced only 6.5% a year over the same period. The Stingy Stocks bested the index by an average of 8.7 percentage points a year."
More Stingy Investing: 3 Graham Stocks for 2015
A good strategy should last a lifetime

3 Graham Stocks for 2015
03/19/15 10:55 AM ESTStingy Investing
"If you had purchased equal dollar amounts of the Graham stocks and replaced them with the new batch each year, your portfolio would be up a whopping 877% (18% annualized) over the full period."
More Stingy Investing: A good strategy should last a lifetime
Hunting for value in the stock market

The Stingy News Weekly: March 15, 2015
03/15/15 7:57 PM ESTSNW
I'm pleased to present our free letter for the week ended March 15, 2015. This week we have letters, watches, time, and more.
More SNW: The Stingy News Weekly: March 7, 2015
The Stingy News Weekly: March 1, 2015

Third Avenue Funds letter
03/14/15 4:22 PM ESTValue Investing
"In analyzing junior securities of companies with perpetual lives, especially the common stocks of corporations, markets tend to be quite inefficient in measuring long-term underlying value."
More Value Investing: Fairfax 2014 letter
Sequoia Fund 2014 report

Fairfax 2014 letter
03/14/15 4:06 PM ESTValue Investing
"The CAPE (Cyclically Adjusted Price Earnings) Ratio for the S&P500 is currently at 28 times. It has been higher only twice before; both times ended badly. The first time was in 1929 and the second time during the dot.com boom of 1999 to 2002. The rising U.S. dollar (with over 40% of the average S&P500 companies' earnings coming from abroad) and the current record after-tax profit margins, combined with deflation, could result in significant declines in the earnings of the S&P500 companies - just as the index hits record highs. We say 'caveat emptor', and continue to be very cautious about our equity positions. I have reminded you many times in past Annual Reports of the warning from the distant past from our mentor Ben Graham: 'Only 1 in 100 survived the 1929 - 1932 debacle if one was not bearish in 1925'."
More Value Investing: Sequoia Fund 2014 report
Tobias Carlisle interview

Sequoia Fund 2014 report
03/14/15 3:56 PM ESTValue Investing
"One reason we think the trend could have legs is that markets continue to grow more efficient. Our colleague Greg Alexander likes to say 'the Index is a lot better than it used to be.' U.S. corporate managements are generally competent and focused on creating shareholder value. There are not a lot of mutts left in the kennel, so to speak, so winning the dog show is harder."
More Value Investing: Tobias Carlisle interview
Piotroski Score Backtest Part 2

A pioneer of the investment industry
03/14/15 3:48 PM ESTKahn
"His passion for investing shown through in everything he did. We owe him a great deal of gratitude because he helped to demonstrate that investing should be moved from the back office to the executive suite."
More Kahn: How to play the market
Irving B. Kahn interview

TFSA criticisms miss key points
03/14/15 3:45 PM ESTTaxes
"The TFSA isn't just a popular savings instrument among Canadians, especially for many middle-income Canadians facing retirement. It is also an economic tool, generating economic growth, jobs - and ultimately government revenues. Anyone examining the 'costs' of TFSAs must also look at the benefits."
More Taxes: Leave the TFSA alone
Claiming a loss

Watch prices and the industrial revolution
03/14/15 3:44 PM ESTAcademia
"Although largely absent from modern accounts of the Industrial Revolution, watches were the first mass produced consumer durable, and were Adam Smith's pre-eminent example of technological progress. In fact, Smith makes the notable claim that watch prices may have fallen by up to 95 per cent over the preceding century; a claim that this paper attempts to evaluate. We look at changes in the reported value of over 3,200 stolen watches from records of criminal trials in the Old Bailey court in London from 1685 to 1810. Before allowing for quality improvements we find that the real price of watches in nearly all categories falls steadily by 1.3 per cent per year, equivalent to a fall of 75 per cent over a century, a rate considerably above the growth rate of average labour productivity in British industry in the early nineteenth century."
More Academia: Days to cover and stock returns
Institutional investors and stock return anomalies

Daylight saving time
03/14/15 3:42 PM ESTFun
"Daylight saving time doesn't actually benefit anyone. Strangely, it's still a thing!" [video]
More Fun: A mock economics talk
Is Bernanke a bad credit risk?

The Stingy News Weekly: March 7, 2015
03/07/15 7:42 PM ESTSNW
I'm pleased to present our free letter for the week ended March 7, 2015. This week we have austerity, TFSAs, deep value and more.
More SNW: The Stingy News Weekly: March 1, 2015
The Stingy News Weekly: February 21, 2015

Days to cover and stock returns
03/07/15 7:32 PM ESTAcademia
"The short ratio -- shares shorted to shares outstanding -- is an oft-used measure of arbitrageurs' opinion about a stock's over-valuation. We show that days-to-cover (DTC), which divides a stock's short ratio by its average daily share turnover, is actually the theoretically correct measure because trading costs vary across stocks. Since trading costs are inversely related to share turnover, DTC is then approximately the marginal cost of the shorts. At the arbitrageurs' optimum it equals the marginal benefit of the shorts, which is their opinion about over-valuation. Consistent with our model, DTC is a stronger predictor of poor stock returns than short ratio. It is distinct from the stock lending fee effect but has comparable forecasting power. An equal-weighted long-short strategy based on DTC generates a significant return of 1.2% per month."
More Academia: Institutional investors and stock return anomalies
Strategic news releases

Austerity is not Greece's Problem
03/07/15 7:28 PM ESTWorld
"Unsustainable growth paths often end in a sudden stop of capital inflows, forcing countries to bring their spending back in line with production. In Greece, however, official lenders' unprecedented munificence made the adjustment more gradual than in, say, Latvia or Ireland."
More World: What now for Greece?
Venezuela should be rich

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2015: New Picks
2014: Up 6.9%
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%

MoneySense Top 200

2014: Up 2.3%
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

2015: New Picks
2014: Up 5.1%
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%

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Stingy Investing Academia Buffett Stocks Value Investing Shiller Behaviour

Stingy Investing

How fees, taxes, and inflation impact returns
Consistently beating the market is overrated
Problems with the Dow
3 Stingy Stocks for 2015
3 Graham Stocks for 2015
More ...

Academia

Watch prices and the industrial revolution
Days to cover and stock returns
Piotroski F-Score backtest
Institutional investors and stock return anomalies
Retail financial advice
More ...

Buffett

Learn from Buffett
Berkshire's 2014 Letter
Low-cost investing wins over the long-term
Joe Rosenfield's remarkable story
Buffett's stock pickers
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Stocks

Playing big-bank poker
How much does it really cost to mine gold?
Ways investors can avoid being duped
Y So Cheap?
A Different Look at Neglect
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Value Investing

3 Stingy Stocks for 2015
3 Graham Stocks for 2015
Third Avenue Funds letter
Fairfax 2014 letter
Sequoia Fund 2014 report
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Shiller

The mystery of lofty stock market elevations
Booming until it hurts?
U.S. stocks will be very disappointing
A CAPE Crusader
Why home prices change
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Behaviour

The education of a value investor
Why Are Resolutions So Hard To Follow?
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In praise of small miracles
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Problems with the Dow
3 Stingy Stocks for 2015
3 Graham Stocks for 2015
A good strategy should last a lifetime
Hunting for value in the stock market
Learn from Buffett
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Rummaging through the stock bargain bin
Low-cost investing wins over the long-term
How Taxes Can Impact Your Investments
The Impact of Fund Fees on Long Term Returns
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Playing big-bank poker
Super savers, spend your money
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Oil plunge puts dividends at risk
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Retirement 100: Fall 2013
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