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 09/24   MBAs vs billionaires 
 09/24   Alpha and the road less traveled 
 09/18   The Stingy News Weekly: September 18, 2022 
 09/18   Beginning badly 
 09/18   Estimating future returns 
 09/18   Momentum after valuation peaks 
 09/18   James Grant on inflation 
 09/18   The MBA indicator 

Most Recent Stingy News

MBAs vs billionaires
09/24/22 6:22 PM ESTBehaviour
"Let's assume, just for the sake of argument, that MBAs want to get rich. Let's also assume that, in figuring out how to get rich, they should probably look at how the richest people in the country - the billionaires - made their fortunes. If we're right in that second assumption, then MBAs are not making optimal career decisions."
More Behaviour: The impact of uncertainty on behaviour
Choosing happiness

Alpha and the road less traveled
09/24/22 6:20 PM ESTMarkets
"With pessimism this pervasive, it wouldn't take many positive surprises to overturn the obvious - and make global diversification lucrative again"
More Markets: Estimating future returns
An edge for retail investors

The Stingy News Weekly: September 18, 2022
09/18/22 7:33 PM ESTSNW
This week we have Grant, momentum, retirement, the future, and more.
More SNW: The Stingy News Weekly: September 11, 2022
The Stingy News Weekly: September 4, 2022

Beginning badly
09/18/22 4:56 PM ESTRetirement
"You might view sequence-of-return risk as the opposite of dollar-cost averaging. Instead of buying more shares when stock prices are down, you're selling additional shares at lower prices to generate the same amount of income. This year, unfortunately, provides a good example of how market forces can affect retirees' savings - and their plans."
More Retirement: Changed by the trip
Retirement riddles

Estimating future returns
09/18/22 2:46 PM ESTMarkets
"With the ten-year T-note yielding 3.41%, the S&P 500 at 3946 indicates likely nominal returns of 3.00%/year over the next ten years."
More Markets: An edge for retail investors
Buyback myths

Momentum after valuation peaks
09/18/22 2:45 PM ESTMomentum Investing
"Momentum investing also performed well following episodes when value stocks were cheap. Of course, momentum portfolios did not perform nearly as well as value portfolios, but they did still beat the generic market."
More Momentum Investing: Avoiding momentum crashes
Momentum by day or night

James Grant on inflation
09/18/22 2:39 PM ESTGrant
"Grant will discuss the Fed's about-face on inflation, the battle it faces to bring it under control, the implications for financial markets, and two investment ideas for this new investment era." [video]
More Grant: James Grant interview
James Grant on WealthTrack

The MBA indicator
09/18/22 1:58 PM ESTAcademia
"Technology and private equity have taken share from investment banking, a highly popular field in the 2000s that has lost its luster since the financial crisis."
More Academia: An economist on epidemiologists
Professor Tetlock interview

The Stingy News Weekly: September 11, 2022
09/11/22 9:12 PM ESTSNW
This week we have value, liquidity, real estate, books, and more.
More SNW: The Stingy News Weekly: September 4, 2022
The Stingy News Weekly: August 28, 2022

An edge for retail investors
09/11/22 9:09 PM ESTMarkets
"In all four sizes (large-cap/mid-cap/small-cap/micro-cap) the low liquidity stocks outperformed significantly. But, as you will notice, the difference in returns diminished with increasing size. Yes, you will find more illiquid stocks among microcaps simply because of the characteristics of the sector, but nevertheless, even among large-cap stocks, you can put the odds on your side."
More Markets: Buyback myths
Why fundamentals matter

Active fund selection is difficult
09/11/22 8:31 PM ESTFunds
"For active investors, reducing fees paid is the easiest lever to pull to improve the odds of success."
More Funds: Does turnover still matter?
Concealing volatility

The Fed screwed up the housing market
09/11/22 8:28 PM ESTReal Estate
"if you are someone that's considering buying your first place you've been screwed in two different ways. Not only is it now more costly than ever to buy a home because of higher housing prices and mortgage rates, but rents are screaming higher as well"
More Real Estate: Housing shortage
Home sweet whatever

Personal-finance books are wrong
09/11/22 8:17 PM ESTBooks
"Economists tend to offer more rational advice, because they are dealing with numbers; best sellers tend to offer more practical advice, because they are grappling with human behavior - with all of its mess and irrationality."
More Books: Value Investing: From Theory to Practice
5 books Bill loved

Buyback myths
09/11/22 8:09 PM ESTMarkets
"Dividends and buybacks are already taxed twice: when the company makes money and again when the investor receives payment. Taxing buybacks three times is obviously insane"
More Markets: Why fundamentals matter
Lessons from history

The Stingy News Weekly: September 4, 2022
09/04/22 7:42 PM ESTSNW
This week we have growth, value, interest rates, diversification, and more.
More SNW: The Stingy News Weekly: August 28, 2022
The Stingy News Weekly: August 20, 2022

Abandoning diversification
09/04/22 6:58 PM ESTValue Investing
"Perhaps at the time when many investors are abandoning diversification in favor of putting all their money in the S&P 500, it's time to reconsider - and make the bet - that valuation gaps that have driven wide relative return differences might be strongly mean reverting."
More Value Investing: The size factor
Emerging market cycles

The impact of uncertainty on behaviour
09/04/22 6:50 PM ESTBehaviour
"Unfortunately, for those investors who sell and get out of the market 'just until things become clear again' (investors begin to treat equity investing again as risk instead of uncertainty), there is never an 'all clear' signal that will let them know it is safe to buy again."
More Behaviour: Choosing happiness
Getting to happy

Interest rates and growth stocks
09/04/22 6:42 PM ESTGrowth Investing
"the growth bubble that we experienced (and arguably are still experiencing) was not truly 'driven' by interest rates falling. They mattered a little bit, mathematically, but Mr. Market's belief in the false-narrative that they were the only thing that mattered perhaps was a main and important driver of growth's outperformance, and value's underperformance."
More Growth Investing: Demise of the growthsters
Growth multiple contraction

Choosing happiness
09/04/22 6:35 PM ESTBehaviour
"It strikes me that hedonic happiness usually comes with a higher price tag, while eudaimonic happiness involves a greater investment of time. If we go to a lavish restaurant, we'll get hedonic happiness - and a big bill at the end. But if we decide to learn the piano, we may enjoy long-lasting eudaimonic happiness, but the cost will be a hefty commitment of time."
More Behaviour: Getting to happy
The pitfalls of analysis paralysis

The Stingy News Weekly: August 28, 2022
08/28/22 2:23 PM ESTSNW
This week we have history, fundamentals, size, inflation, democracy, and more.
More SNW: The Stingy News Weekly: August 20, 2022
The Stingy News Weekly: August 14, 2022

Why fundamentals matter
08/27/22 8:10 PM ESTMarkets
"if you woke up on a Casper mattress, worked out with a Peloton, Ubered to a WeWork, ordered on DoorDash for lunch, took a Lyft home, and ordered dinner through Postmates only to realize your partner had already started on a Blue Apron meal, your household had, in one day, interacted with eight unprofitable companies that collectively lost about $15 billion in one year."
More Markets: Lessons from history
Bucked the trend that was your friend

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