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 10/15   The Stingy News Weekly: October 15, 2018 
 10/15   Monstrous returns 
 10/15   Lessons from Annie Duke 
 10/15   20 rules for writers 
 10/15   Rich ghost towns 
 10/15   Beliefs don't predict 
 10/15   The odds of value 

Most Recent Stingy News

The Stingy News Weekly: October 15, 2018
10/15/18 8:58 PM ESTSNW
This week we have gambiling, writers, predict, monstrous, value, and more.
More SNW: The Stingy News Weekly: October 9, 2018
The Stingy News Weekly: September 30, 2018

Monstrous returns
10/15/18 8:55 PM ESTStingy Investing
"Shell out! Shell out! Halloween is fast approaching and income investors want their dividends. They have bowls of candy to fill for the little witches and goblins who are soon to arrive at their doors." [$]
More Stingy Investing: High-yield small-caps
Low-P/E in the DJIA

Lessons from Annie Duke
10/15/18 8:52 PM ESTBooks
"[A baseball executive] was in Las Vegas sitting next to a guy who has got a 17. So the dealer is asking for hits and everybody knows the standard in blackjack is that you sit on a 17. The guy asked for a hit. The dealer flips over 4, makes the man's hand, right, and the dealer sort of smiles and says, 'Nice hit, sir?' Well, you're thinking nice hit if you're the casino, because if that guy does that a hundred times, obviously the casino is going to take it the bulk of the time. But in that one particular instance: bad process, good outcome. If the process is the key thing that you focus on, and if you do it properly, over time the outcomes will ultimately take care of themselves. In the short run, however, randomness just takes over, and even a good process may lead to bad outcomes. And if that's the case: You pick yourself up. You dust yourself off. You make sure you have capital to trade the next day, and you go back at it."
More Books: 20 rules for writers
Capitalism without capital

20 rules for writers
10/15/18 8:37 PM ESTBooks
"Stephen King's top 20 rules for writers"
More Books: Capitalism without capital
Watch less, read more

Rich ghost towns
10/15/18 8:04 PM ESTReal Estate
"These days, walking through parts of Manhattan feels like occupying two worlds at the same time. In a theoretical universe, you are standing in the nation's capital of business, commerce, and culture. In the physical universe, the stores are closed, the lights are off, and the windows are plastered with for-lease signs."
More Real Estate: Geoarbitrage
The rate of return on everything

Beliefs don't predict
10/15/18 7:49 PM ESTBehaviour
"The more we learn about how people really think, the more we must rethink economic theory."
More Behaviour: The next level of commitment
Why facts don't change our minds

The odds of value
10/15/18 6:56 PM ESTValue Investing
"Allocating tactically based on the market skewness might be considered unusual given the abstract nature of skewness. However, the skewness of the stock market can perhaps be understood as a measurement for the risk sentiment of investors. If risk aversion prevails, then investors are less likely to be interested in cheap, but problematic stocks and Value investors will not get compensated for holding undesirable stocks."
More Value Investing: Micro and small cap factor investing
3 shades of value

The Stingy News Weekly: October 9, 2018
10/09/18 8:51 PM ESTSNW
This week we have 100, micro, Cliff, predictors, and more.
More SNW: The Stingy News Weekly: September 30, 2018
The Stingy News Weekly: September 24, 2018

The best market predictor is useless
10/09/18 8:36 PM ESTMarkets
"While you might think this is far-fetched, the basic forces of supply and demand are also one of the best predictors of future stock market returns."
More Markets: The death of the 200 day
A trend equity primer

Micro and small cap factor investing
10/09/18 8:32 PM ESTValue Investing
"The quality factor is most effective in micro caps, successfully screening out the deteriorating businesses."
More Value Investing: 3 shades of value
Go small value

Cliff Asness hasn't smashed his screen this year - yet
10/09/18 7:55 PM ESTAsness
"There is part of investing that must be done with great skill. There is part of investing that was automatable. Part of what Warren Buffett does is to always own cheaper, more profitable, lower-risk stocks. I think it's been a pretty good deal for Warren Buffett's investors. But with most active managers, you paid through the nose for it. Nowadays, you pay tiny amounts for it. There are ETFs out there charging nine basis points on factors for U.S. large-cap stocks."
More Asness: Lessons from Cliff Asness
Lies and data mining

Slightly more than 100 fantastic articles
10/09/18 7:54 PM ESTMedia
"A list of nonfiction journalism from 2017 that will stand the test of time."
More Media: Scott Galloway bites
The best investing blogs

High-yield small-caps
10/09/18 6:44 PM ESTStingy Investing
"the middle portfolio of medium-yielding (quintile) stocks grew at a compound annual rate of 14.1 per cent and outperformed the S&P/TSX Composite Index by an average of 6.6 percentage points per year." (Avoid the top and bottom yield quintiles.) [$]
More Stingy Investing: Low-P/E in the DJIA
Picking dividend growers

The Stingy News Weekly: September 30, 2018
09/30/18 9:10 PM ESTSNW
This week we have value, commitment, 200 days, and more.
More SNW: The Stingy News Weekly: September 24, 2018
The Stingy News Weekly: September 17, 2018

The next level of commitment
09/30/18 6:48 PM ESTBehaviour
"Should we tell each other how much we make?"
More Behaviour: Why facts don't change our minds
Striking a chord

3 shades of value
09/29/18 8:02 PM ESTValue Investing
"Rebalancing into ultra-cheap shares at the market's lowest point helped these funds outperform VTI in 2009 as the recovery got underway. DFA U.S. Large Cap Value, Invesco FTSE RAFI US 1000 ETF (PRF), and Invesco S&P 500 Pure Value ETF (RPV) had excess returns of more than 2 percentage points over VTI from March 2009 through June 2018. RPV had the best returns of the bunch, outpacing VTI by 6.3 percentage points annually."
More Value Investing: Go small value
Bruce J. Flatt talk

The death of the 200 day
09/29/18 7:54 PM ESTMarkets
"The major market averages' recent all-time highs have done more than confirm that the bull market is still alive: They have raised yet more questions about the market-timing value of the 200-day moving average."
More Markets: A trend equity primer
Quants at the track

The Stingy News Weekly: September 24, 2018
09/24/18 9:18 PM ESTSNW
This week we have a mission, small value, emerging markets, and more.
More SNW: The Stingy News Weekly: September 17, 2018
The Stingy News Weekly: September 10, 2018

The curious case for emerging markets
09/24/18 9:10 PM ESTWorld
"Since the inception of the MSCI Emerging Markets Index in 1988 through August of this year, EM returned 10.84% annualized while the S&P 500 returned 10.80%. Despite the eerily similar gains, a blend of the two, rebalanced annually, would have yielded better results."
More World: P/E 10 works better in some markets
What's killing rural Canada

Active vs. index investing
09/24/18 8:59 PM ESTHallett
"The vast majority of investors can benefit from qualified professional advice that integrates wealth planning with investment management. This includes a robust discovery process, goals-based planning and a portfolio designed around these important inputs. The value of this combination is so significant over time that it can render the active vs passive debate almost meaningless."
More Hallett: ETF labelling
Scalability challenges

Weird Al: Mission Statement
09/24/18 8:16 PM ESTFun
"Some 'Mandatory Fun'" [video]
More Fun: Strategy, patience, and prognostication
Bank counselling

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2018: New Picks (for subs)
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2016: Up 8.4%
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2016: Up 1.6%
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2018: New Picks
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2015: Up 2.1%
2014: Up 2.3%
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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%

More Stingy Investing

High-yield small-caps
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Picking dividend growers
Beating the TSX
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The missing table
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Asset Mixer Update
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Inspired by valour
Top Stock Preview
Top 200 Canadian Stocks
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Top 1000
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A Hot Potato update
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A dividend growth downer
The market timing myth
Fairfax Valu-palooza
The permanent portfolio
Bad behaviour or bad math?
Simple asset allocation
The Climbing CATS
Valeant's rise and fall
Your personalized rate of return
A hard pill for savers to swallow
The enemy of investment returns
The brain-bending world
Doing better than you think
More wishful thinking than rule
Value by sector
Speculating on 2017
Asset Mixer Update
Periodic Table Update
More ......

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