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 12/11   The Stingy News Weekly: December 11, 2019 
 12/11   How retailers hide the costs of delivery 
 12/11   Forget the shorts 
 12/11   The Factor Archives: Momentum 
 12/11   Cryptocurrency: A Tool for Speculation 
 12/11   The flip side of tax-loss selling 
 12/11   Dividend investing under the microscope 
 12/11   Graphing Dividends 


Most Recent Stingy News

The Stingy News Weekly: December 11, 2019
12/11/19 :7:06 PM ESTSNW
This week we have dividends, bitcoin, momentum, and more.
More SNW: The Stingy News Weekly: December 3, 2019
The Stingy News Weekly: November 27, 2019

How retailers hide the costs of delivery
12/11/19 6:52 PM ESTMarkets
"The main reason small businesses can't keep up with the behemoths is economies of scale. Thanks to their huge infrastructure, mega-retailers simply pay less per package for shipping. Scale also helps when it comes to an ever more popular companion to free shipping: free returns. They're another salve for the pain of paying, but processing returns requires manpower and eats into profits. Big clothing retailers can recoup some of the costs by off-loading returns and stale inventory to discount stores such as Marshalls, but small businesses don't have that option."
More Markets: Forget the shorts
8 centuries of global real interest rates

Forget the shorts
12/11/19 6:33 PM ESTMarkets
"The results show that a hedged long position will have a better Sharpe ratio than the classic long/short factor portfolio. The short portfolios are positive, and in some cases, better than the long portfolios; however, the short combination of factors are inferior."
More Markets: 8 centuries of global real interest rates
Source of market returns

The Factor Archives: Momentum
12/11/19 6:11 PM ESTMomentum Investing
"The chart clearly demonstrates that stocks with high momentum outperform the universe, offering an excess return of 4.3% annually. On a risk - adjusted basis, these stocks also outperform, with a Sharpe Ratio 1.5x higher than the All Stocks Universe (0.58 vs. 0.35). Finally, they are also consistent, outperforming in 91% of the 648 rolling.three-year periods."
More Momentum Investing: Enhance momentum strategies
Improving momentum

Cryptocurrency: A Tool for Speculation
12/11/19 5:55 PM ESTHallett
"Bitcoin and other crypto or digital currencies are likely to have a future. And blockchain technology seems destined to change some industries - e.g., the way we handle legal documents. But investment assets require fundamental characteristics upon which to base some value assessment and, in turn, return expectations. In the absence of such characteristics, buying Bitcoin and other cryptocurrencies either for attractive returns or portfolio diversification is speculating - not investing."
More Hallett: Dan talks to Morningstar
Portfolio rebalancing

The flip side of tax-loss selling
12/11/19 5:47 PM ESTStingy Investing
"While it makes sense to sell losers before the end of the year, the rush to do so tends to put further pressure on the shares of firms that have already declined a great deal. Selling for tax rather than fundamental reasons piques the interest of bargain hunters who often view the last few weeks of the year as the stock market.s equivalent of a Boxing Day sale." [$]
More Stingy Investing: Dividend investing under the microscope
Graphing Dividends

Dividend investing under the microscope
12/11/19 5:46 PM ESTStingy Investing
"Today I'm going to put Canadian dividend stocks under the microscope to see how they measured up in past bullish and bearish periods." [$]
More Stingy Investing: Graphing Dividends
The Champagne portfolio

Graphing Dividends
12/11/19 5:40 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 Champagne portfolio
How to invest a cash windfall

The Stingy News Weekly: December 3, 2019
12/03/19 :5:22 PM ESTSNW
This week we have the Top 200, unit economics, luck, hidden value, and more.
More SNW: The Stingy News Weekly: November 27, 2019
The Stingy News Weekly: November 22, 2019

8 centuries of global real interest rates
12/03/19 5:03 PM ESTMarkets
"Against their long-term context, currently depressed sovereign real rates are in fact converging 'back to historical trend.'"
More Markets: Source of market returns
The investment factor

Source of market returns
12/03/19 4:46 PM ESTMarkets
"When you look at the data, however, this decade's performance is being almost exclusively driven by the fundamentals, much to the chagrin of perma-bears who blame everything that's happened on the Fed."
More Markets: The investment factor
Value is cheap

Unit economics
12/03/19 4:38 PM ESTValue Investing
"Bluegrass Capital talks modern value with Tobias Carlisle" [video]
More Value Investing: Floyd Odlum
Long-only factors

Floyd Odlum
12/03/19 4:36 PM ESTValue Investing
"He then pooled together another $39,000 to form his first partnership. That original $39,000 grew to $150M in controlled assets. All that during a span of just twelve years."
More Value Investing: Long-only factors
Value after hours

Paid for luck
12/03/19 4:00 PM ESTManagement
"This paper shows that the standard form of option compensation, with non-indexed at-the-money options, is very far from optimal, though, as its pay-for-luck component is in the ballpark of 90%, and its motivational power is rather low."
More Management: Junkyard billionaire
4-day workweek

The Stingy News Weekly: November 27, 2019
11/27/19 :7:29 PM ESTSNW
This week we have the Top 200, cash, bus tickets, and more.
More SNW: The Stingy News Weekly: November 22, 2019
The Stingy News Weekly: November 16, 2019

Count the cash
11/26/19 7:19 PM ESTRetirement
"Once we have a handle on our cash situation, we're free to invest the rest of our portfolio as we wish - including potentially stashing much or all of our money in stocks."
More Retirement: What number
Get busy living, or get busy dying

Long-only factors
11/26/19 6:47 PM ESTValue Investing
"In contrast to recent research from Novy-Marx and Fama and French, the long leg of the low-risk and value premiums are NOT explained by the profitability and investment factors. The low-risk and value premiums are actually unique. In contrast, the short-leg of the low-risk and value premiums (i.e, the high risk and expensive stocks) can be explained by the profitability and investment factors."
More Value Investing: Value after hours
Dr. George's paper

The bus ticket theory of genius
11/26/19 6:44 PM ESTScience
"If I had to put the recipe for genius into one sentence, that might be it: to have a disinterested obsession with something that matters."
More Science: Age vs success
Scant evidence of power laws in real-world networks

Value after hours
11/26/19 6:15 PM ESTValue Investing
Memories of Nortel in the TSE 35 edition. [video]
More Value Investing: Dr. George's paper
Time for a venial value-timing sin

The Stingy News Weekly: November 22, 2019
11/22/19 :7:02 PM ESTSNW
This week we have value investing, dividends, junk, asset growth, and more.
More SNW: The Stingy News Weekly: November 16, 2019
The Stingy News Weekly: November 8, 2019

The investment factor
11/22/19 6:15 PM ESTMarkets
"In the case of small caps, in the U.S., while there was similar performance for the bottom three quartiles (annualized compound returns of 14.3 percent to 16.5 percent), the annualized compound return for the top quartile is substantially lower (7.2 percent). And the difference in average monthly returns between the bottom and top quartiles is 50 basis points and is reliably different from zero. The results for developed ex-U.S. and emerging markets are similar. In all three regions, there is a reliably positive investment premium that is driven primarily by the significant underperformance of small-cap firms with high asset growth."
More Markets: Value is cheap
The Sirens' call

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