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 10/18   The Stingy News Weekly: October 18, 2019 
 10/18   Michael Mauboussin interview 
 10/18   Dividend Monsters 
 10/18   Robert Cialdini interview 
 10/18   O'Shaughnessy's Q3 2019 
 10/18   Owner managers 
 10/11   The Stingy News Weekly: October 11, 2019 
 10/11   BAC blocks Buffett's call 

Most Recent Stingy News

The Stingy News Weekly: October 18, 2019
10/18/19 :8:46 PM ESTSNW
This week we have Mauboussin, Cialdini, O'Shaughnessy, value investing, and more.
More SNW: The Stingy News Weekly: October 11, 2019
The Stingy News Weekly: October 4, 2019

Michael Mauboussin interview
10/18/19 8:44 PM ESTMarkets
"Michael Mauboussin talks about luck and skill with Tobias Carlisle" [video]
More Markets: It's a code red
Lawrence Hamtil talks about sectors

Dividend Monsters
10/18/19 6:50 PM ESTStingy Investing
"The Dividend Monster portfolio looks through the high-yield portfolio and invests an equal amount of money in the 10 stocks with the highest returns over the prior year. It gained an average of 17.7 per cent annually over the 20 years through to the end of September, according to Bloomberg's back-testing facility. That's a monstrously good result." [$]
More Stingy Investing: The Acquirers Fund
The hot potato portfolio

Robert Cialdini interview
10/18/19 6:47 PM ESTBehaviour
"Dr. Robert Cialdini has long been recognized as a leading voice in the fields of persuasion, compliance, and negotiation. Daniel Pink is the author of six provocative books - including his latest, When: The Scientific Secrets of Perfect Timing. What happens when you bring them together? Join what will surely be a lively conversation on influence, behavior, and the quirks of the human mind." [video]
More Behaviour: Risk-profile questionnaires don't work
Be Bach, not Darwin

O'Shaughnessy's Q3 2019
10/18/19 6:45 PM ESTValue Investing
"The rapid stretching of growth multiples in large cap, and the breadth of highly-levered, money-losing companies in small cap stand out as dominant themes in this market."
More Value Investing: Owner managers
Graham's Net-Nets

Owner managers
10/18/19 6:15 PM ESTValue Investing
"Joe Boskovich talks to Tobias Carlisle about finding great owner/operators." [video]
More Value Investing: Graham's Net-Nets
Beyond the 500

The Stingy News Weekly: October 11, 2019
10/11/19 :8:05 PM ESTSNW
This week we have Buffett, Graham, value indexing, momentum investing, and more.
More SNW: The Stingy News Weekly: October 4, 2019
The Stingy News Weekly: September 25, 2019

BAC blocks Buffett's call
10/11/19 7:59 PM ESTBuffett
"In an interview with Bloomberg Television, Bank of America Chief Executive Officer Brian Moynihan recalled how Buffett initially tried to reach his company with a proposal eight years ago. The legendary investor called a public phone line and was rebuffed."
More Buffett: Buffett is buying banks
Berkshire Hathaway AGM

The asymptote of joy and woe
10/11/19 7:53 PM ESTThrift
"Once enslaved to onerous debts, it becomes very difficult to get out of the slimy pit."
More Thrift: Invest your way onto the Rich List
The biggest returns

It's a code red
10/11/19 7:40 PM ESTMarkets
"Campbell Harvey is a Professor at Duke University and a partner at Research Affiliates. He sat down with Michael Batnick and Josh Brown of Ritholtz Wealth Management to discuss the meaning of the yield curve indicator, which he discovered in 1986 while working on a dissertation." [video]
More Markets: Lawrence Hamtil talks about sectors

Enhance momentum strategies
10/11/19 7:33 PM ESTMomentum Investing
"A strategy that buys small value winners and sells large growth losers (MAX strategy) generates significantly larger momentum profits than a standard momentum strategy, is robust to common return controls and does not suffer from return reversals for holding periods up to 3 years."
More Momentum Investing: Improving momentum
Momentum in Imperial Russia

Graham's Net-Nets
10/11/19 7:29 PM ESTValue Investing
"The implication of calculating the arithmetic mean return vs the geometric mean return is stark. The arithmetic mean would, on the balance of probability, have materially overstated returns."
More Value Investing: Beyond the 500
Jim Mitchell on microcaps

Lawrence Hamtil talks about sectors
10/11/19 7:27 PM ESTMarkets
"Through his blog and his Twitter account, Lawrence frequently discusses the under-the-radar influence of uncompensated sector bets on the performance of value, small and micro, and international strategies." [video]
More Markets: Bubblicious
How high can markets fly

Beyond the 500
10/11/19 7:25 PM ESTValue Investing
"The cost of adding a standard liquidity filter to systematic value portfolio takes about 4-5% off your returns"
More Value Investing: Jim Mitchell on microcaps
Why value investing works

The Stingy News Weekly: October 4, 2019
10/04/19 :9:15 PM ESTSNW
This week we have fees, commissions, bubbles, value indexing, and more.
More SNW: The Stingy News Weekly: September 25, 2019
The Stingy News Weekly: September 17, 2019

Forces shaping the world
10/04/19 8:32 PM ESTHistory
"When people talk about what nation will own the next century they point to leadership in AI and Machine Learning, where China looks so competitive. But it's staggeringly hard to grow an economy when you lose a fifth of your working-age population in a single generation. China could invent something as big as the next internet, but when mixed with its demographics have an economy that muddles along. Europe, Japan, and South Korea are the same or worse."
More History: Tulip mania: the classic story is mostly wrong
Mastery or ignorance

The great fee war
10/04/19 7:51 PM ESTFees
"Fund fees get lower by the year. We now have access to more strategies, fund types, and geographies at a low cost than any investor class in history. Technology in the space has improved by leaps and bounds. And the frictions of creating and managing a portfolio continue to fall. These are all wins for the investment consumer at the expense of the investment producer"
More Fees: All-in fee of top investment advisors

10/04/19 7:35 PM ESTMarkets
"Most of us value investors don't believe in market timing at all. It is so amusing to watch the market go down 200 pts (or more) on a tweet only to reverse itself within a day or two by another tweet. Why anyone would trade based on this stuff is beyond me. I am a believer that headlines almost never mark turning points in the market. If the market is making a new high and then plunges on some negative headline, you can bet that that high will not be a high of any significance. I have seen various attempts over the years to analyze peaks and troughs in the market and matching it with news headlines; there usually is no headline that marked the top or bottom of a market."
More Markets: How high can markets fly
Low vol is not the new value

Dan talks to Morningstar
10/04/19 7:29 PM ESTHallett
"you would think that maybe high net worth investors, say, $500,000 or more for portfolio size, would allow them to get access to better advice. And yet, I've seen a lot of instances, again, anecdotal, where they're getting, I would say, poor advice" [video]
More Hallett: Portfolio rebalancing
DSCs should be banned

The Acquirers Fund
10/04/19 7:27 PM ESTStingy Investing
"The value strategy used by the Acquirers Fund is heavily informed by the methods highlighted in Mr. Carlisle's books. More specifically, he likes to look for bargain stocks by comparing a firm's enterprise value - in simple terms, the market value of its equity plus net debt - with its operating income after depreciation. The ratio is a close cousin of the enterprise-value to earnings-before-interest-and-taxes ratio. You can think of both as fancier versions of the more familiar price-to-earnings ratio." [$]
More Stingy Investing: The hot potato portfolio
Personalized Returns

The Stingy News Weekly: September 25, 2019
09/25/19 :5:28 PM ESTSNW
This week we have the hot potato, retirement, microcaps, and more.
More SNW: The Stingy News Weekly: September 17, 2019
The Stingy News Weekly: September 11, 2019

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2018: New Picks (for subs)
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2015: Up 2.2%
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2011: Up 4.1%
2010: Up 2.3%
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2015: Up 2.1%
2014: Up 2.3%
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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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