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 03/17   The Stingy News Weekly: March 17, 2024 
 03/17   Seven reasons to work 
 03/17   Momentum works everywhere 
 03/17   Sclerotic small caps 
 03/17   Breaking bad momentum trends 
 03/17   Noisy factors 
 03/17   Different this time? 
 03/10   The Stingy News Weekly: March 10, 2024 


Most Recent Stingy News

The Stingy News Weekly: March 17, 2024
03/17/24 8:44 PM ESTSNW
This week we have momentum, small caps, working, and more.
More SNW: The Stingy News Weekly: March 10, 2024
The Stingy News Weekly: March 3, 2024

Seven reasons to work
03/17/24 7:00 PM ESTRetirement
"Before you dive into the world of endless vacations and gardening, consider that keeping a toe - and perhaps your whole foot - in the workforce might be the secret ingredient to a fulfilling retirement."
More Retirement: A Protestant retirement ethic?
Faulty assumptions

Momentum works everywhere
03/17/24 6:28 PM ESTMomentum Investing
"Across a diverse set of global equities and multiple market capitalizations, we conducted an analysis of 32 distinct long-only factors, including momentum, value, growth, quality, and the market. Notably, momentum demonstrated exceptional performance, surpassing the respective market return in 100% of the samples." [pdf]
More Momentum Investing: Breaking bad momentum trends
A momentum crash course

Sclerotic small caps
03/17/24 6:23 PM ESTMarkets
"We think the changing composition of industries and quality among the small-cap universe is more to blame for weaker recent returns to small caps rather than a structural change in the upward mobility for small-cap equities."
More Markets: Global Investment Returns Yearbook 2024
Cost of capital and capital allocation

Breaking bad momentum trends
03/17/24 6:22 PM ESTMomentum Investing
"Crashes occurred particularly in reversals from bear markets when the momentum portfolio displayed a negative market beta and momentum volatility was high. Fortunately, the empirical evidence has found that crashes were at least partially predictable and that the predictability and thus the performance of momentum strategies can be improved by employing systematic strategies."
More Momentum Investing: A momentum crash course
Moving average distance and momentum

Noisy factors
03/17/24 6:19 PM ESTValue Investing
"A Nobel laureate's theory supports betting on cheaper stocks and sets a benchmark for money managers. But the numbers keep changing. How much does it matter?"
More Value Investing: Japan's orphans
Valuing Japan's reform

Different this time?
03/17/24 6:08 PM ESTEconomy
"Hence, I join Cam Harvey (who brought to prominence the yield curve as recession predictor) who says it's too early to drop the recession call."
More Economy: Good economic news
Americans are getting richer

The Stingy News Weekly: March 10, 2024
03/10/24 4:06 PM ESTSNW
This week we have the yearbook, momentum, millionaires, and more.
More SNW: The Stingy News Weekly: March 3, 2024
The Stingy News Weekly: February 25, 2024

Global Investment Returns Yearbook 2024
03/09/24 3:26 PM ESTMarkets
"Today, the US market dominates its closest rival and accounts for a staggering 60.5% of total world equity market value. Japan (6.2%) is in second place, the UK (3.7%) in third position, while Mainland China is ranked fourth (2.8%). France, Canada, Switzerland, Australia, Germany and India each represent 2-3% of the global market, followed by Taiwan with 1.7% and South Korea with a 1.4% weighting."
More Markets: Cost of capital and capital allocation
Stocks (and bonds) for the long run

Cost of capital and capital allocation
03/09/24 3:21 PM ESTMarkets
"There is an old saying that 'in theory there is no difference between theory and practice, while in practice there is.' One area where this appears to be true is the actions of public companies in the U.S. during the recent period of 'easy money,' when financial capital was cheap and abundant."
More Markets: Stocks (and bonds) for the long run
The low-volatility factor

Stocks (and bonds) for the long run
03/09/24 3:12 PM ESTMarkets
"Outside the post-World-War years from 1941 to 1981 stocks in the US did not outperform bonds by any meaningful margin. Let me repeat that: Apart from the four decades to the 1980s, stocks did not systematically outperform bonds. Sometimes stocks outperformed bonds, sometimes bonds outperformed stocks"
More Markets: The low-volatility factor
The blue and yellow can

A momentum crash course
03/09/24 2:22 PM ESTMomentum Investing
"Interestingly, the high-yield spread is not a particularly useful predictor of the forward returns of the 'winner' portfolio. Rather, it significantly predicts momentum crashes by identifying when the 'loser' portfolios will experience positive reversals."
More Momentum Investing: Moving average distance and momentum
Momentum review

Can the typical person become a millionaire?
03/09/24 2:15 PM ESTThrift
"So, can the typical person become a millionaire? Not if they take typical actions."
More Thrift: Thoughts on spending money
Overrated things in personal finance

Graphing Dividends 2024
03/06/24 6:45 PM ESTStingy Investing
"I've written many articles highlighting the big returns generated by Canadian dividend stocks. They usually include only one or two graphs due to space limitations. But I've given the extra graphs a home here for the enjoyment of dividend aficionados." [pdf]
More Stingy Investing: The Globe's Dividend All-Stars
The Globe's Dividend All-Stars

The Stingy News Weekly: March 3, 2024
03/03/24 2:14 PM ESTSNW
This week we have dividends, retirement, losses, and more.
More SNW: The Stingy News Weekly: February 25, 2024
The Stingy News Weekly: February 17, 2024

The case for and against dividend ETFs
03/03/24 1:42 PM ESTDividends
"Unlike stock prices, which move based on the whims of market participants, dividends are set by company management and have been far more stable than prices historically. My favorite example of this comes from The Great Depression where monthly prices declined by nearly 90% (from peak to trough) but dividends weren't even cut in half."
More Dividends: Volatility, dividend yield and stock returns
Dividend impact on stock returns

Don't cut your losses?
03/03/24 1:09 PM ESTMomentum
"'Cut your losses' is not a good strategy, as it underperformed the benchmark buy-and-hold portfolio. As Baur and Dimpfl noted, 'Losing stocks rarely continue to fall, which is not surprising in a world where stock markets rise and economies grow on average. In other words, if a rising tide lifts all boats, a cut-your-losses strategy cannot work.'"
More Momentum: Short-term momentum
A gut punch

Comfort has a cost
03/03/24 12:26 PM ESTBonds
"In the financial markets, you'll typically pay a high price for certainty. That price is paid in lower investment returns, and sometimes also in greater financial hassles. Yet I see investors paying that price again and again."
More Bonds: Yield is not return
Ask what your credit quality pays

Rule, Britannia
03/03/24 12:12 PM ESTWorld
"We think a long-term bet on upward mean reversion for Europe should also include a cap-weighted allocation to the UK because discounts are greater in Britain. UK stocks represent around 24% of aggregate tickers in the combined investment opportunity sets of the UK and Europe."
More World: The right level of inflation
Adding China?

The Globe's Dividend All-Stars
03/03/24 11:30 AM ESTStingy Investing
"We're pleased to present the Globe's Dividend All-Stars, which highlights the best dividend-paying stocks on the Toronto Stock Exchange (TSX). It includes a wealth of information on the 200 largest companies in the land for bargain seekers and income investors alike. Each stock is measured up for its overall investment appeal and the top 20 five-star stocks make it into the Dividend All-Stars portfolio."
More Stingy Investing: The Globe's Dividend All-Stars
The Globe's Top 20 Dividend All-Stars

A Protestant retirement ethic?
03/03/24 11:19 AM ESTRetirement
"Moshe Milevsky and Marcos Velazquez have identified one area where there is an advantage to being a Protestant, or at least living in a heavily Protestant society. They document a statistically significant relationship between the share of Protestants living in a country and the quality of the pension system in that country."
More Retirement: Faulty assumptions
Fire meets ice

The Rothery Report

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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%

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