Most Recent Stingy News
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| The Stingy News Weekly: April 21, 2019 |
| 04/21/19 :9:38 PM EST | SNW |
| This week we have bear market, concentration, survival, and more. |
| More SNW: The Stingy News Weekly: April 16, 2019 |
| The Stingy News Weekly: April 13, 2019 |
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| Direct indexing |
| 04/21/19 8:45 PM EST | Indexing |
| "ETFs disrupted mutual funds by offering something a little bit better. Now ETFs face disruption because direct indexing offers several new features that make them much better." |
| More Indexing: Multi-factor ETFs |
| ETF tax dodge |
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| Concentration is cool |
| 04/21/19 8:42 PM EST | Value Investing |
| "Sharpe ratios tend to be maximized in a value portfolio around 25 positions." |
| More Value Investing: Fairfax Lollapalooza 2019 |
| Forward vs trailing price to earnings |
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| A bin of bargains |
| 04/21/19 8:38 PM EST | Stingy Investing |
| "The Canadian stock market is up 20 per cent from its Christmas Eve low. Despite the gain, it appears to be reasonably valued. Looking at the exchange sector by sector reveals a bin of bargains." [$] |
| More Stingy Investing: Fees and taxes can ruin your retirement |
| The good, the bad, and the ugly of value investing |
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| The will to survive |
| 04/21/19 8:37 PM EST | Markets |
| "In the world of investing, you don't have to be bold. You don't need to find alpha. You just need to survive." |
| More Markets: Recessions vs. bear markets |
| Stock picks from space |
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| Recessions vs. bear markets |
| 04/21/19 8:34 PM EST | Markets |
| "So stress is not necessarily proportional to how good or bad things are in. Much of it has to do with the changes to our current situation. Going from great to just OK could cause a much worse reaction in the markets than going from awful to not-so-great." |
| More Markets: Stock picks from space |
| The size premium should persist |
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| Ten behavioural advantages |
| 04/21/19 8:33 PM EST | Behaviour |
| "Amateur investors have a number of behavioural advantages" |
| More Behaviour: You have to live it |
| Never be happy |
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| The Stingy News Weekly: April 16, 2019 |
| 04/16/19 :11:12 PM EST | SNW |
| This week we have factor, happy, space, cats, and more. |
| More SNW: The Stingy News Weekly: April 13, 2019 |
| The Stingy News Weekly: April 3, 2019 |
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| You have to live it |
| 04/16/19 10:56 PM EST | Behaviour |
| "Another takeaway is remembering that people whose views and decisions look crazy to you may be less crazy than you think, because they're being made by people whose views on risk and reward were shaped in a different world than you've experienced." |
| More Behaviour: Never be happy |
| We overestimate and underestimate our abilities |
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| Notes from the FFH AGM |
| 04/16/19 9:09 PM EST | Watsa |
| "Fairfax's meeting day is a miniature version of Berkshire's, with better food." |
| More Watsa: Prem Watsa tells his Horatio Alger story |
| What would you do? |
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| Never be happy |
| 04/16/19 8:41 PM EST | Behaviour |
| "There is a silver lining here though. One of our defining characteristics as humans is that we're rarely, if ever, satisfied or content. Maybe it's a good thing people haven't decided to rest on their laurels just because things have gotten better over time. There's still room for improvement." |
| More Behaviour: We overestimate and underestimate our abilities |
| Pure downside |
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| Factor exposure of Berkshire Hathaway |
| 04/16/19 8:20 PM EST | Buffett |
| "BRK.A had positive exposure to the Value, Size, Low Volatility, and Quality factors as well as negative exposure to Growth and Dividend Yield" |
| More Buffett: Buffett interview |
| Buffett's 2018 letter |
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| Stock picks from space |
| 04/16/19 8:17 PM EST | Markets |
| "Panos N. Patatoukas, one of the study's co-authors, told me he thinks the use of satellite imagery creates opportunities for sophisticated investors at the expense of small individual investors." |
| More Markets: The size premium should persist |
| On being wrong |
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| The Stingy News Weekly: April 13, 2019 |
| 04/13/19 :8:47 PM EST | SNW |
| This week we are recovering from the Fairfax Lollapalooza in the research graveyard. |
| More SNW: The Stingy News Weekly: April 3, 2019 |
| The Stingy News Weekly: March 25, 2019 |
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| OSAM Q1 letter |
| 04/13/19 8:23 PM EST | Funds |
| "One of the best ways to evaluate a manager is to ask them about their research graveyard. Of the research projects we've pursued over the decades, a significant majority end up like the ownership data project - dead. The quantitative research process is default frustrating." |
| More Funds: How hedge funds get rich |
| Mawer on sale |
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| Tax-loss harvesting alpha |
| 04/13/19 8:21 PM EST | Taxes |
| "We find that a tax-loss harvesting strategy yields a geometric average of 51 basis points per year from 1926 to 2018. However, this tax alpha is highly variable: over four successive 23-year periods, the tax alpha ranged from 26 to 88 basis points per annum" |
| More Taxes: A leader in tax compliance |
| Tax reform |
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| We overestimate and underestimate our abilities |
| 04/13/19 7:45 PM EST | Behaviour |
| "Do you think you are an above-average driver, as most people do? How do you compare with others as a parent? Are you better than most at dancing? Where do you rank in your capability to save humanity? Many of you will answer these questions incorrectly. For some of these skills, you will think you are better than you actually are. For others, you will think you are worse." |
| More Behaviour: Pure downside |
| Too risky |
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| Multi-factor ETFs |
| 04/12/19 8:32 PM EST | Indexing |
| "There is a lot to consider in relation to the composition and performance of multi-factor ETFs in the US stock market. Perhaps the most interesting insight is that these products feature factors such as growth that are not supported by academic research and lack exposure to established ones like quality and momentum." |
| More Indexing: ETF tax dodge |
| The equilibrium consequences of indexing |
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| Dividends fade |
| 04/12/19 8:24 PM EST | Dividends |
| "In the past, dividends were the only reason investors placed their money in equities. Now, dividends play a much smaller role, for better or worse, in the overall stock market." |
| More Dividends: Dividend yield vs dividend growth |
| Avoid dividends |
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| The Stingy News Weekly: April 3, 2019 |
| 04/03/19 :7:55 PM EST | SNW |
| This week we are preparing for Fairfax Lollapalooza and more. |
| More SNW: The Stingy News Weekly: March 25, 2019 |
| The Stingy News Weekly: March 18, 2019 |
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| Fairfax Lollapalooza 2019 |
| 04/03/19 7:52 PM EST | Value Investing |
| Check out the schedule of events for next week's Fairfax Lollapalooza. |
| More Value Investing: Forward vs trailing price to earnings |
| Guy Gottfried talks at Ivey |
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