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 08/16   The Stingy News Weekly: August 16, 2017SNW 
 08/16   InvertBehaviour 
 08/16   The time travelling managerStingy Investing 
 08/16   Business vs investingMarkets 
 08/16   ETF ratiosIndexing 
 08/07   The Stingy News Weekly: August 7, 2017SNW 
 08/07   3G's wienerBuffett 

Most Recent Stingy News

The Stingy News Weekly: August 16, 2017
08/16/17 8:38 PM ESTSNW
This week we have an inverting, time travelling money manager, and more.
More SNW: The Stingy News Weekly: August 7, 2017
The Stingy News Weekly: July 30, 2017

08/16/17 8:08 PM ESTBehaviour
"Charlie borrowed this highly useful idea from the great 19th Century German mathematician Carl Jacobi, who created this helpful approach for improving your decision-making process. Invert, always invert"
More Behaviour: Tie me down and make me rich
Not as smart as you think

The time travelling manager
08/16/17 8:05 PM ESTStingy Investing
"Sticking to an investment strategy through adversity can be hard for investors, even if they know what's going to happen"
More Stingy Investing: Stocks with room to grow
Small value stocks

Business vs investing
08/16/17 8:03 PM ESTMarkets
"My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple..." [audio]
More Markets: Perfect storm
The math behind futility

ETF ratios
08/16/17 8:02 PM ESTIndexing
"Depending on how you calculate the average, subtracting the large losses of a few companies from the combined profits of the others can leave a much smaller total of net earnings to go around. That can make the index look more expensive than it effectively is."
More Indexing: The math behind futility
A monster ETF trade

The Stingy News Weekly: August 7, 2017
08/07/17 10:00 PM ESTSNW
This week we have a 93% tax rate, retirement misery, wieners, and more.
More SNW: The Stingy News Weekly: July 30, 2017
The Stingy News Weekly: July 23, 2017

3G's wiener
08/07/17 9:35 PM ESTBuffett
"Why the hatchet men of 3G spent $10 Million on a better Oscar Mayer wiener"
More Buffett: Buffett PBS interview 1
Buffett PBS interview 2

The August of our discontent
08/07/17 9:02 PM ESTValue Investing
"This month is the ten-year anniversary of the "quant crisis" or "quant quake" - that one week period in August 2007 when quantitative equity strategies like factor investing and statistical arbitrage suffered very large losses and then, in the next few weeks, made an almost full recovery. Given the current popularity of factor investing it seems a good time to review what happened that summer and discuss its relevance for today."
More Value Investing: Robert Robotti Interview
Compound your face off

Retirement makes you miserable
08/07/17 8:59 PM ESTRetirement
"Some people find that after trying retirement, it just doesn't agree with them. Here are three such stories of 'un-retirees' - people who crave returning to work after retiring or went back to work part-time, and not only for the money."
More Retirement: 3 retirement planning tips
How to motivate yourself

A 93% tax rate
08/07/17 8:57 PM ESTTaxes
"Small business owners across the land are still reeling from last month's announcement by Finance Minister Bill Morneau targeting private corporations and fundamentally changing the way businesses and incorporated professionals are taxed."
More Taxes: Capital gains tax is already unjust
Tax court justice seen at KPMG-linked party

Addiction to real estate
08/07/17 8:56 PM ESTReal Estate
"Canada's addiction to real estate goes far beyond our obsession with talking about it. Our economy actually relies more on the fees associated with buying and selling houses than it does on agriculture, fishing, forestry and hunting combined."
More Real Estate: Low delinquency rates
The new normal

The Stingy News Weekly: July 30, 2017
07/30/17 10:07 PM ESTSNW
This week we have interviews with Robert Robotti & Wes Gray, small dogs, storms, and more.
More SNW: The Stingy News Weekly: July 23, 2017
The Stingy News Weekly: July 16, 2017

Robert Robotti Interview
07/30/17 9:25 PM ESTValue Investing
"Robert Robotti on the role of active management in the modern world" [audio]
More Value Investing: Compound your face off
Valuation showdown

Tie me down and make me rich
07/30/17 9:22 PM ESTBehaviour
"Back in the 1980s, Twentieth Century Gifttrust, a fund specializing in small growth stocks with high potential returns and equally high risks, required investors to sign a legally binding contract that locked them into ownership for a minimum period - often 10 years and more. Investors loved the fund during the bull market of the 1980s and 1990s, often boasting about how satisfying it was to own a fund that would protect them from their own worst instincts to bail out every time there was a temporary downdraft in the Dow. Then came the bear market that began in 2000, in which Gifttrust generated huge losses. The same investors who had liked being bound to the fund suddenly hated it."
More Behaviour: Not as smart as you think
Schmucks like us

Stocks with room to grow
07/30/17 9:16 PM ESTStingy Investing
"The Safer Canadian Dogs provide a nice pack of large high-yield stocks for conservative investors. But some people are more adventurous and want to buy smaller stocks that have room to grow. That's why I went to the pound this week to look for some pups."
More Stingy Investing: Small value stocks
Deep value

Compound your face off
07/30/17 9:15 PM ESTValue Investing
"Lots of you will already be familiar with Wes Gray, and those of you who are not are in for a treat. Wes is the founder of Alpha Architect, a firm which manages quantitative equity strategies for clients using factors like value and momentum. He also advocates for a more concentrated, pure approach to factor investing, which listeners know is music to my ears." [audio]
More Value Investing: Valuation showdown
Thomas Russo interview

Perfect storm
07/30/17 9:12 PM ESTMarkets
"We've seen this act before. If you didn't own the nifty 50 stocks in the early 1970s, you underperformed and, thus, money continued to go into them. If you were a growth stock manager in 1998-1999 and you were not buying 'net' stocks, you underperformed and were fired. More and more money went into fewer and fewer stocks. Today you have a similar case with the FANG stocks. More and more money is being deployed into a narrower and narrower area. In each case, this trend did not ended well."
More Markets: The math behind futility
Jerry Neumann interview

Press tactics
07/30/17 9:10 PM ESTMedia
"As a reporter and editor covering Wall Street for 18 years, I studied the industry's aggressive approach toward the press: Financiers, and the multibillion-dollar companies they work for, are friendly and charming as long as you see things their way, and they do everything they can to win reporters over. But when reporters don't buy their line, the Wall Street answer is to get intransigent journalists removed from stories."
More Media: The internet is broken
Vultures are circling

The math behind futility
07/30/17 9:08 PM ESTMarkets
"The underlying statistical issue is underappreciated. Even if there weren't fees and expenses, the odds are you'll underperform."
More Markets: Jerry Neumann interview
Ed Thorp interview

The Stingy News Weekly: July 23, 2017
07/23/17 11:36 PM ESTSNW
This week we have delinquent, rhinos, retirement, and more.
More SNW: The Stingy News Weekly: July 16, 2017
The Stingy News Weekly: July 9, 2017

Valuation showdown
07/23/17 8:41 PM ESTValue Investing
"It appears more fruitful to look at companies in the context of their total enterprise values, as opposed to their market capitalizations. Again, this resonates. To understand whether a company's shares are mispriced from the perspective of a whole owner, it is crucial to understand first what it would take to own the company outright."
More Value Investing: Thomas Russo interview
Canadian Net Net

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2017: New Picks
2016: Up 1.6
2015: Up 2.2%
2014: Up 5.1%
2013: Up 19.0%
2012: Up 26.6%
2011: Up 4.1%
2010: Up 2.3%
2009: Up 2.2%
2008: Down 6.5%
2007: Up 34.4%
2006: Down 3.8%
2005: Up 46.6%
2004: Up 32.2%
2003: Up 56.8%
2002: Up 28.2%
2001: Up 20.2%

MoneySense Top 200
+15.8%/yr (CAGR)

2015: New Picks
2014: Up 2.3%
2013: Up 55.0%
2012: Up 13.4%
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%

Stingy Stocks
+13.9%/yr (CAGR)

2016: New Picks
2015: Down 1.4%
2014: Up 6.9%
2013: Up 37.8%
2012: Up 10.9%
2011: Down 16.1%
2010: Up 69.4%
2009: Up 64.5%
2008: Down 40.1%
2007: Down 5.5%
2006: Up 28.9%
2005: Up 29.2%
2004: Up 29.8%
2003: Up 33.8%
2002: Down 1.9%


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