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New Stingy Headlines

 05/21   The Stingy News Weekly: May 21, 2017SNW 
 05/21   Michael Mauboussin interviewMarkets 
 05/21   A monster ETF tradeIndexing 
 05/21   Vultures are circlingMedia 
 05/21   A terrible strategyMomentum Investing 
 05/21   Chasing dividend growthStingy Investing 
 05/21   A Hot Potato updateStingy Investing 


Most Recent Stingy News

The Stingy News Weekly: May 21, 2017
05/21/17 8:31 PM ESTSNW
This week we have Mauboussin, dividend growth, the hot potato, and more.
More SNW: The Stingy News Weekly: May 14, 2017
The Stingy News Weekly: May 7, 2017

Michael Mauboussin interview
05/21/17 5:38 PM ESTMarkets
"He and his team have been prolific in the last six months, publishing several long research reports on the most interesting aspects of the investing landscape. In this conversation, we talk about business moats, industry analysis, and how to combine man and machine when building an investment strategy and portfolio." [audio]
More Markets: The big short and beyond
Winner takes all

A monster ETF trade
05/21/17 5:37 PM ESTIndexing
"Until 11:49 a.m. EST, exactly one share had traded hands. Then, boom, 15 million shares. It's not often you see a tape like this"
More Indexing: An ETF gets too big
ETFs are the new bond kings

Vultures are circling
05/21/17 5:23 PM ESTMedia
"A decade ago, most media companies were still slapping ideas against the wall, trying to see what would stick. A decade ago, it wasn't so clear that Google and Facebook were going to rule the internet ad business, leaving everyone else to beg for scraps. That's why the New York Times Co., Conde Nast Inc., Hearst Corp. and News Corp., among others, have all figured out that they can't rely on advertising alone, but need to be able to extract circulation revenue from their internet viewers."
More Media: Moats and podcasts
How technology disrupted the truth

A terrible strategy
05/21/17 5:08 PM ESTMomentum Investing
"But historically waiting for the market to fall has been an abysmal strategy, far worse than buying and holding in both absolute and risk-adjusted terms."
More Momentum Investing: Idiosyncratic Momentum
Q and A with Wes Gray

Chasing dividend growth
05/21/17 4:55 PM ESTStingy Investing
"Income-oriented investors love stocks that have a habit of growing their dividends. I confess to being one of them because I've done extraordinarily well by buying such stocks when the market gets a little panicky." [$]
More Stingy Investing: A Hot Potato update
Ben Graham MBA contest for 2017

A Hot Potato update
05/21/17 4:53 PM ESTStingy Investing
"Who says Couch Potato portfolios are boring? Norm Rothery's spicy twist on the popular strategy has been effective, but it's not for everyone"
More Stingy Investing: Ben Graham MBA contest for 2017
A dividend growth downer

The Stingy News Weekly: May 14, 2017
05/14/17 11:59 PM ESTSNW
This week we have Canadian real estate, Home Capital, Munger, Doddsville, and more.
More SNW: The Stingy News Weekly: May 7, 2017
The Stingy News Weekly: April 30, 2017

Mayday at Home Capital
05/14/17 6:53 PM ESTStocks
"In the early hours of Monday, May 1, exhausted representatives for Home Capital and a group of lenders hung up the phone in frustration. A deal to give the company an emergency $2-billion loan appeared to be falling apart. Directors at the mortgage firm felt that without the money, they wouldn't be able to open for business a few hours later." [$]
More Stocks: Einhorn rediscovers preferred stock
Looking for the next Amazon

Too much housing
05/14/17 6:51 PM ESTReal Estate
"Don't let the mushrooming condos downtown fool you. There is no housing shortage in Toronto, says new planning research out of Ryerson University."
More Real Estate: Fortress fails to silence critic
Corruption in Canada

Trading costs and factor investing
05/14/17 6:50 PM ESTAcademia
"It seems that everywhere you look there is a promotion related to factor investing and/or smart beta. The incentives to develop strategies with strong backtests are strong, both in academia and in industry. This natural conflict of interest should raise concern for investors who are trying to ascertain the validity of a particular study or investment approach. One must always consider the possibility of data-snooping, overfitting, and transaction costs - do they make the strong results null and void?"
More Academia: What they don't teach you
The active share debate

Graham and Doddsville Spring 2017
05/14/17 6:41 PM ESTValue Investing
"In this issue, we were fortunate to speak with three investors who provide a range of perspectives and investment approaches. All three apply variations of value investing and fundamental research to find overlooked opportunities. These investments could be stable businesses in turbulent geographies, misunderstood businesses engrossed in controversy, or compounders that are hiding in plain sight."
More Value Investing: Student stock-picking tips
Alt-facts about formulaic value investing

Charlie Munger interview
05/14/17 6:01 PM ESTMunger
"If you don't learn, you're going to be stuck in yesteryear and clobbered by fate." [video]
More Munger: Charlie Munger speaks
Charlie Munger interview

The Stingy News Weekly: May 7, 2017
05/07/17 10:02 PM ESTSNW
This week we have the BRK AGM, betting with Buffett, costly ETFs, pension failures, and more.
More SNW: The Stingy News Weekly: April 30, 2017
The Stingy News Weekly: April 23, 2017

The bet with Buffett
05/07/17 9:51 PM ESTBuffett
"Ted and I discuss the origins of the bet, the nuances beneath the headlines, and whether he'd make the bet again for the next ten years. Along the way, we cover many hot topics like hedge funds, alternatives, fees, and indexing." [audio]
More Buffett: Berkshire Hathaway AGM
Warren talks Todd and Ted

Index fund contrarian
05/07/17 9:49 PM ESTFunds
"Global value investor David Winters takes on index funds, saying they are more expensive, less diversified and higher risk than commonly believed." [video]
More Funds: O'Shaughnessy and O'Shaughnessy
DFA Funds and fees

Hope triumphing over experience
05/07/17 9:41 PM ESTRetirement
"The return forecasts of US public pension plans offer another example of hope triumphing over experience. The average pension plan expects to generate 7.6 percent per year, even though the average plan only realized a 5.7 percent return per year from 2001-2015. The low levels of returns over this period reduced the funding status for many plans from 99 percent in 2001 to 74 percent in 2015. However, the plans with the largest shortfalls still tend to have the highest expected future returns and the lowest willingness to reduce those expectations."
More Retirement: Work longer to retire earlier
Get serious about retirement ages

ETF labelling
05/07/17 9:33 PM ESTHallett
"Accurate labelling has long been a problem in retail investing. This issue is about to bubble up for ETFs"
More Hallett: Scalability challenges
High-payout fund trickery

Our world outsmarts us
05/07/17 9:30 PM ESTBehaviour
"Given the likely childhood educational advantages and familial and peer encouragement common to most Harvard medical students, house staff and faculty, their shaky performance on this test of predictive probabilities challenges traditional explanations for the dreadful mathematics and science performance endemic in the US. If those at the top of the educational heap can't do better (75 per cent fell for the so-called base rate neglect fallacy), what can be reasonably expected from the rest of us?"
More Behaviour: You need a Shultz hour
Online shopping suckers

Idiosyncratic Momentum
05/07/17 9:07 PM ESTMomentum Investing
"They found that despite similar performances over the first year, these momentum portfolios perform dramatically differently beyond year one - relative-return momentum reverses strongly (producing returns of -0.40 percent per month in months 13 through 60), while abnormal-return momentum continues for years (producing returns of 0.20 percent per month in months 13 through 60)."
More Momentum Investing: Q and A with Wes Gray
Factor zoo

Ben Graham MBA contest for 2017
05/07/17 9:04 PM ESTStingy Investing
"In a narrow victory, the team from Saint Mary's - and my personal favourite - got the top prize of $10,000. A big congratulation goes to Bill MacGregor, Morris MacLeod and Dev Jyoty Nath who earned the first-place award. Unfortunately for the bulls, they rated Sabre as a strong 'no-buy.'" [$]
More Stingy Investing: A dividend growth downer
The market timing myth

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2017: New Picks
2016: Up 1.6
2015: Up 2.2%
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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2015: New Picks
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%

Stingy Stocks
+13.9%/yr (CAGR)


2016: New Picks
2015: Down 1.4%
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%

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