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 03/19   The Stingy News Weekly: March 19, 2017SNW 
 03/19   The Climbing CATSStingy Investing 
 03/19   Valeant's rise and fallStingy Investing 
 03/19   Why is my life so hardBehaviour 
 03/19   Best mutual fund disclosureZweig 
 03/19   Get serious about retirement agesRetirement 
 03/19   Capital gains tax is already unjustTaxes 
 03/19   Factor timing is hardValue Investing 


Most Recent Stingy News

The Stingy News Weekly: March 19, 2017
03/19/17 9:42 PM ESTSNW
This week we have climbing cats, life's headwinds and tailwinds, factor timing, taxes, and more.
More SNW: The Stingy News Weekly: March 12, 2017
The Stingy News Weekly: March 5, 2017

The Climbing CATS
03/19/17 8:58 PM ESTStingy Investing
"The Climbing CATS strategy is based on a momentum plus value combination. It starts with reasonably-sized Canadian firms and then focuses in on value stocks. Call them Cheap And Thrifty Stocks, or CATS, if you will. But it also looks for firms with strong relative momentum that have Climbed higher in recent times. Thus, the Climbing CATS strategy is born."
More Stingy Investing: Valeant's rise and fall
Your personalized rate of return

Valeant's rise and fall
03/19/17 8:57 PM ESTStingy Investing
"Bill Ackman recently dumped his fund's stake in Valeant Pharmaceuticals International Inc., which ended a distressing period for his investors. While it might be tempting to use the opportunity to wallow in an ocean of schadenfreude, it's more useful to step back and to try to learn from his misfortune." [$]
More Stingy Investing: Your personalized rate of return
A hard pill for savers to swallow

Why is my life so hard
03/19/17 8:43 PM ESTBehaviour
"Most of us feel we face more headwinds and obstacles than everyone else - which breeds resentment. We also undervalue the tailwinds that help us - which leaves us ungrateful and unhappy. How can we avoid this trap?" [audio]
More Behaviour: Why facts don't change our minds
How being wrong can help

Best mutual fund disclosure
03/19/17 8:39 PM ESTZweig
"While the long-term bias in stock prices is upward, stocks enter a bear market with amazing regularity, about every 3 - 4 years. It goes with the territory. Expect it. Live with it. If you can't do that, go bury your money in a jar or put it in the bank and don't bother us about why your investment goes south sometimes or why water runs downhill."
More Zweig: A portrait of Jason Zweig
Jason Zweig interview

Get serious about retirement ages
03/19/17 8:37 PM ESTRetirement
"The Liberal government has declined to listen to the advice of its own economic advisory council on retirement age. Perhaps the Liberals might be more willing to listen to one of its ideological soul mates, someone who shares its views on the use of deficits to boost economic growth. Someone like Christine Lagarde, the managing director of the IMF."
More Retirement: Rich or free
The retirement spending smile

Capital gains tax is already unjust
03/19/17 8:35 PM ESTTaxes
"the current Liberal government's rumoured plan to increase the capital gains tax can be expected to hammer another nail in the coffin for Canadian investments, particularly at a time when our economic outlook is already relatively weak."
More Taxes: Tax court justice seen at KPMG-linked party
Dividend tax changes

Factor timing is hard
03/19/17 8:33 PM ESTValue Investing
"Adding value from market timing is very hard even though the aggregate market price (e.g., the CAPE) matters and varies a lot over time. In our latest paper, we again show that factor timing is likely even harder than market timing."
More Value Investing: Chuck Akre talks at Google
Klarman's letter

The Stingy News Weekly: March 12, 2017
03/12/17 9:17 PM ESTSNW
This week we have Akre on compounding, taxes, fees, bubbles, and more.
More SNW: The Stingy News Weekly: March 5, 2017
The Stingy News Weekly: February 26, 2017

Chuck Akre talks at Google
03/12/17 6:52 PM ESTValue Investing
"Chuck talks about compounders at Google."
More Value Investing: Klarman's letter
Factor investing art and science

Selling pressure at TD
03/12/17 6:51 PM ESTManagement
"A CBC report earlier this week about TD employees pressured to meet high sales revenue goals has touched off a firestorm of reaction from TD employees across the country - some of whom admit they have broken the law at their customers' expense in a desperate bid to meet sales targets and keep their jobs."
More Management: Learn from James Sinegal
Learn from Ben Horowitz

Let your winners run
03/12/17 6:49 PM ESTMarkets
"Modern capitalism is built on the idea that as companies get big, they become fat and happy, opening themselves up to lean and hungry competitors who can underprice and overtake them. That cycle of creative destruction may be changing in ways that help explain the seemingly unstoppable rise of the stock market."
More Markets: The most broadly overvalued moment
Asset markets as banks

The most broadly overvalued moment
03/12/17 6:47 PM ESTMarkets
"Recall that the 2000 market peak was dominated by breathtaking overvaluation among a subset of very large capitalization stocks, while the broader market was less extreme, particularly among smaller capitalization issues. That didn't prevent the S&P 500 Index from losing half of its value, or the Nasdaq 100 Index from losing 83% of its value, but it did create the basis for a long period of relative outperformance by small cap stocks. By contrast, we presently observe, by far, the most extreme median valuations in history."
More Markets: Asset markets as banks
Buffett on valuation

Tax court justice seen at KPMG-linked party
03/12/17 6:45 PM ESTTaxes
"The Canadian Judicial Council began the review following the documentaries that showed two judges attending evening social events during a KPMG-sponsored tax conference in Madrid last fall. A third judge, the chief justice of the Tax Court of Canada, was revealed making a speech in which he promoted drinking alcohol with the tax industry."
More Taxes: Dividend tax changes
A taxing trend

DFA Funds and fees
03/12/17 6:44 PM ESTFunds
"DFA adviser fees in some cases all but erase their advantages"
More Funds: Risky risk ratings
The three coolest studies of 2016

Dividend tax changes
03/12/17 6:42 PM ESTTaxes
"So when the budget comes down later this month, keep a close eye on tax brackets and on how capital gains and dividends may be taxed going forward. There has also been speculation about raising the capital gains inclusion rate from the current 50% to as high as 66.7% or even 75%."
More Taxes: A taxing trend
Trump's tax break

The Stingy News Weekly: March 5, 2017
03/05/17 10:32 PM ESTSNW
This week we have personalized returns, economic predictions, valuations, and more.
More SNW: The Stingy News Weekly: February 26, 2017
The Stingy News Weekly: February 19, 2017

Your personalized rate of return
03/05/17 8:50 PM ESTStingy Investing
"Personalized rates of return are starting to appear on brokerage statements across Canada. But the new addition might cause more than a little confusion because it depends both on the returns generated by the portfolio and the flow of money into, and out of, it."
More Stingy Investing: A hard pill for savers to swallow
The enemy of investment returns

Asset markets as banks
03/05/17 8:47 PM ESTMarkets
"It's important to remember that as long as cash is yielding zero or something very low, there's no arbitrage to force asset prices lower, no dynamic to force them to conform to some historically observed level or average. They can go as high as they want to, and stay as high as they want to, provided investors are able to develop and retain the confidence to buy at those levels. Note that the same point doesn't hold as readily in the other direction, when considering how low prices can go. That's because financial assets have intrinsic value. Below that value, they're worth owning purely for their cash flow streams, regardless of the prices at which they can be sold. The market can take those prices all the way to down to zero, they'll still be worth owning as incoming cash flow streams."
More Markets: Buffett on valuation
Credit Suisse Yearbook 2017

What do economists know?
03/05/17 8:44 PM ESTEconomics
"I am arguing that the math and science of economic predictions and assessments are nothing like the math and science of space travel. Economics provides the illusion of science, the veneer of mathematical certainty."
More Economics: Friedman's theory laid to rest
Investing in a restaurant

Buffett on valuation
03/05/17 8:42 PM ESTMarkets
"The stock market has been overvalued in the eyes of many since the 1990's and hasn't reverted back to 'normal' levels in a long time. I think the error is that many look at raw P/E's and don't account for interest rates."
More Markets: Credit Suisse Yearbook 2017
Virality is a myth

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