Most Recent Stingy News
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| The Stingy News Weekly: June 19, 2018 |
| 06/19/18 9:50 PM EST | SNW |
| This week we have new grades, the Bill and Warren show, alpha vs taxes, 52-week highs, and more. |
| More SNW: The Stingy News Weekly: June 12, 2018 |
| The Stingy News Weekly: June 4, 2018 |
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| Theranos lessons |
| 06/19/18 8:33 PM EST | Books |
| "There are jerks, egomaniacs, and hucksters everywhere. Many of them are good at their craft. Plan accordingly." |
| More Books: Meb's Amazon accusation |
| A Christmas Carol |
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| Warren and Bill visit a candy store |
| 06/19/18 8:26 PM EST | Buffett |
| "So when we got together in Omaha during this year's Berkshire Hathaway shareholder meeting, we decided to check out a real candy store." |
| More Buffett: Berkshire Hathaway 2018 AGM |
| The Warren Buffett Archive |
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| Does your alpha cover its taxes? |
| 06/19/18 8:15 PM EST | Index Investing |
| "Management fees, the investment industry's most visible cost, often get more attention than the less visible and typically larger costs associated with trading and taxes." |
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| Sector vs country momentum |
| 06/19/18 7:29 PM EST | Momentum Investing |
| "This short research note shows that long-short Momentum portfolios of sectors or countries in European stock markets generated positive excess returns over the last two decades." |
| More Momentum Investing: 52 week high and the Q-factor |
| Explanations for momentum |
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| 52 week high and the Q-factor |
| 06/19/18 7:20 PM EST | Momentum Investing |
| "Firms with high momentum (close to 52-week high) and low asset growth perform the best." |
| More Momentum Investing: Explanations for momentum |
| Common misconceptions about momentum |
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| The Stingy News Weekly: June 12, 2018 |
| 06/12/18 10:53 PM EST | SNW |
| This week we have risk, seasons, luck, work, and more |
| More SNW: The Stingy News Weekly: June 4, 2018 |
| The Stingy News Weekly: May 28, 2018 |
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| A season for sectors |
| 06/12/18 9:21 PM EST | Markets |
| "we find that seasonality has been economically significant and surprisingly robust to specification methods over the past 75 years." |
| More Markets: Attention and low volatility |
| Meb talks to James Montier |
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| Focus on risk |
| 06/12/18 9:07 PM EST | Behaviour |
| "Experience has shown again and again that, for example, higher returns have emanated from lower-volatility stocks, and higher quality bonds have tended to outperform those of lower credit quality. In both instances, - whether risk is defined by volatility (yes, volatility can be a risk), drawdowns, or total loss, - the more conservative option has generally performed better." |
| More Behaviour: It can happen to anyone |
| Lazy work |
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| It can happen to anyone |
| 06/12/18 9:01 PM EST | Behaviour |
| "History is riddled with investor after investor who couldn't quit while they were ahead and eventually ended in ruin." |
| More Behaviour: Lazy work |
| We are all created equal |
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| Lazy work |
| 06/12/18 8:58 PM EST | Behaviour |
| "Rockefeller's job wasn't to drill wells, load trains, or move barrels. It was to make good decisions. And making decisions requires, more than anything, quiet time alone in your own head to think a problem through. Rockefeller's product - his deliverable - wasn't what he did with this hands, or even his words. It was what he figured out inside his head. So that's where he spent most of his time and energy." |
| More Behaviour: We are all created equal |
| The psychology of money |
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| We are all created equal |
| 06/12/18 8:55 PM EST | Behaviour |
| "I didn't understand him or like him. But all it took to see his humanity - to be able to treat him - was to supply that tiny bit of openness and curiosity." |
| More Behaviour: The psychology of money |
| Scientists succumb to corruption |
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| The missing table |
| 06/04/18 11:00 PM EST | Stingy Investing |
| "My Globe & Mail piece went out today with a missing table. The online article has been updated and the table itself is shown below." |
| More Stingy Investing: Low P/E in the TSX 60 |
| A megastar mega gain |
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| The Stingy News Weekly: June 4, 2018 |
| 06/04/18 9:56 PM EST | SNW |
| This week we have a great set of links. Be sure to check out Patrick O'Shaughnessy & Co.'s new research venture, Morgan Housel on psychology, Lou Simpson, factor timing, and more |
| More SNW: The Stingy News Weekly: May 28, 2018 |
| The Stingy News Weekly: May 23, 2018 |
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| The psychology of money |
| 06/04/18 8:57 PM EST | Behaviour |
| "In what other field does someone with no education, no relevant experience, no resources, and no connections vastly outperform someone with the best education, the most relevant experiences, the best resources and the best connections? There will never be a story of a Grace Groner performing heart surgery better than a Harvard-trained cardiologist. Or building a faster chip than Apple's engineers. Unthinkable. But these stories happen in investing" |
| More Behaviour: Scientists succumb to corruption |
| Revisiting the Marshmallow Test |
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| Lou Simpson wisdom |
| 06/04/18 8:54 PM EST | Value Investing |
| "One thing a lot of investors do is they cut their flowers and water their weeds. They sell their winners and keep their losers, hoping the losers will come back even. Generally, it's more effective to cut your weeds and water your flowers." |
| More Value Investing: Factors from scratch |
| Replicating in Europe |
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| Market timing with multiples |
| 06/04/18 8:47 PM EST | Momentum |
| "This short research note highlights that valuation multiples can be used for market timing, but result in an emotionally challenging strategy. Momentum or volatility-based strategies are attractive alternatives." |
| More Momentum: Momentum and reversals can coexist |
| Mean reversion via momentum |
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| Low P/E in the TSX 60 |
| 06/04/18 8:45 PM EST | Stingy Investing |
| "The low-P/E portfolio would have gained an average of 18.4-per-cent annually over the 16 years through to the end of 2017. It beat the index by a whopping 10.7 percentage points per year on average." |
| More Stingy Investing: A megastar mega gain |
| Coal contest |
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| Scientists succumb to corruption |
| 06/04/18 8:40 PM EST | Behaviour |
| "It starts with a dash of temptation. Stir in some rationalization and deception. The final and key ingredient is: stupid systems with perverse incentives." |
| More Behaviour: Revisiting the Marshmallow Test |
| Money really isn't everything |
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| Revisiting the Marshmallow Test |
| 06/04/18 8:39 PM EST | Behaviour |
| "Associations between delay time and measures of behavioral outcomes at age 15 were much smaller and rarely statistically significant." |
| More Behaviour: Money really isn't everything |
| O'Shaughnessy shares his secrets |
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| Factors from scratch |
| 06/04/18 8:36 PM EST | Value Investing |
| "The excess returns associated with Value and Momentum result from convergent and divergent processes, respectively. Value stocks are systematically underpriced and gradually converge on their fair value over time. Momentum stocks start out fairly valued or slightly overvalued, and go on to become more overvalued in the short-term, before reverting back. Both styles represent a market mistake that can be captured as alpha." |
| More Value Investing: Replicating in Europe |
| Graham & Doddsville: Spring 2018 |
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