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 03/01   Hunting for value in the stock marketStingy Investing 
 03/01   Cliff Asness interviewFunds 
 03/01   No new bets in 80 yearsFunds 
 02/20   Is it time to dump market-cap weighting?Indexing 
 02/07   Misfit stocksIndexing 
 02/07   Low-cost investing wins over the long-termStingy Investing 

Frugal News

Hunting for value in the stock market
03/01/15   6:50 PM ESTStingy Investing
I was very pleased to give a talk to the friendly folk at a Canadian MoneySaver conference this weekend. Here's a copy of the slides that were used. (I'd also like to thank everyone who gave me feedback on them!)
More Stingy Investing: Learn from Buffett
Testing the Dogs of the TSX

Cliff Asness interview
03/01/15   6:47 PM ESTFunds
"In a far-ranging 90 minute conversation, we discuss everything from value to momentum to the small cap effect. We also discuss the Efficient Market Hypothesis, how and why markets can be irrational, and what it was like to be part of the Quant Flash Crash of 2007. If you are interested in what quants actually do, be sure to check out the podcast portion when its posted."
More Funds: No new bets in 80 years
Doubling down

No new bets in 80 years
03/01/15   6:45 PM ESTFunds
"Equity investors pursuing a buy-and-hold strategy might want to check out a fund that hasn't made an original stock market bet in 80 years. The Voya Corporate Leaders Trust Fund, now run by a unit of Voya Financial Inc bought equal amounts of stock in 30 major U.S. corporations in 1935 and hasn't picked a new stock since."
More Funds: Doubling down
Index-linked notes: buyer beware

Is it time to dump market-cap weighting?
02/20/15   9:16 PM ESTIndexing
"We are not trying to say market-capitalization indexing is a bad thing, it is better than many of the alternatives out there. The problem we often see, however, is that investors do not realize how big of an allocation Canadian markets have toward a few industries."
More Indexing: Misfit stocks
Vanguard makes its move

Misfit stocks
02/07/15   11:51 AM ESTIndexing
"These types of stocks have at least two advantages. First, well, they're neglected and underappreciated, which means investors have low expectations for them. Second, they often have depressed prices, which makes for a potentially favorable starting point."
More Indexing: Vanguard makes its move
The growing case against ETFs

Low-cost investing wins over the long-term
02/07/15   11:39 AM ESTStingy Investing
"The lesson here is that active investors should be mindful of the costs they face. I'm not saying they should give up on stock picking and buy indexes instead. (Mind you, that would be a good option for many investors.) I am saying that it's important for all investors to try to reduce investment fees and costs where possible."
More Stingy Investing: How Taxes Can Impact Your Investments
The Impact of Fund Fees on Long Term Returns

How Taxes Can Impact Your Investments
02/07/15   11:38 AM ESTStingy Investing
"Taxes can dramatically reduce your long-term returns. Learn what a 23% capital gains tax, levied annually, can do to stock market investors." [video]
More Stingy Investing: The Impact of Fund Fees on Long Term Returns
Asset Mixer Update

The Impact of Fund Fees on Long Term Returns
02/06/15   10:00 PM ESTStingy Investing
"A quick look at how much you give up by picking a high fee fund and holding it over the very long term." [video]
More Stingy Investing: Asset Mixer Update
Periodic Table Update

Claiming a loss
01/18/15   7:13 PM ESTTaxes
"It makes sense, then, to segregate any day trading activity (sometimes considered on income account) into a separate account from your buy-and-hold securities."
More Taxes: Give to charity and get back
TFSA loophole for the rich

Super savers, spend your money
01/12/15   10:32 AM ESTStingy Investing
"It's belt tightening time for those facing mountains of unpaid holiday bills. But MoneySense readers often suffer from the opposite problem. That is, they save too much. They're part of a merry band of frugal folk who have bulging banks accounts. Some of them even have more money than they're likely to spend in several lifetimes. The super savers should resolve to ramp up their spending."
More Stingy Investing: Asset Mixer Update
Periodic Table Update

Red tape is strangling good samaritans
01/03/15   11:24 PM ESTGovernment
"Regulations and rules are making it harder to do the right thing."
More Government: John Oliver: The Lottery
O Beholden Canada

Check out low-fee balanced funds
01/03/15   11:21 PM ESTStingy Investing
"If you're just getting into the markets then it's best to test the water by putting a small amount of money into a balanced fund. If the ride proves to be too wild then it's an easy matter to lean more heavily on bonds and GICs. Alternately, those who don't mind the ups and downs might tilt their portfolios a little more heavily to stocks. Either way, it's a valuable lesson to learn before putting a large amount of money at risk."
More Stingy Investing: Low oil prices could chill CWB
Time to snap up oil stocks?

Harsh debt dynamics
12/21/14   4:41 PM ESTWorld
"Whether the next governmet is a revamped coalition led by the current prime minister's New Democracy, or one led by Syriza, it will face the same, harsh debt dynamics."
More World: Canada finds oil route around Obama
The great Chinese exodus

Give to charity and get back
12/20/14   7:09 PM ESTTaxes
"The First-Time Donor's Super Credit (FDSC) makes it possible to donate a lot of money to charity - with a much lower overall cost."
More Taxes: TFSA loophole for the rich
Buffett's tax plan

Retail financial advice
12/06/14   6:25 PM ESTBrokers
"Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients into similar portfolios independent of their clients' risk preferences and stage in the life cycle. An advisor's own portfolio is a good predictor of the client's portfolio even after controlling for the client's characteristics. This one-size-fits-all advice does not come cheap. The average client pays more than 2.7% each year in fees and thus gives up all of the equity premium gained through increased risk-taking."
More Brokers: Financial advice for the not so rich
Norbert's gambit

Doubling down
11/23/14   6:32 PM ESTFunds
"With a sample from 1/1990 to 12/2013, the paper finds that a portfolio formed of the positions that fund managers add to after recent stock-level underperformance generates significant annualized risk-adjusted outperformance of between 5% to 15% (Table below shows the monthly performances). Double down portfolios perform best with around a 6 to 9 month holding period."
More Funds: Index-linked notes: buyer beware
Curiosity killed the copycat

TFSA loophole for the rich
11/23/14   6:29 PM ESTTaxes
"Loophole allows the rich to qualify for the GIS and reveals Canada's broken system"
More Taxes: Buffett's tax plan
Boost after-tax returns

John Oliver: The Lottery
11/15/14   8:48 PM ESTGovernment
"State lotteries claim to be good for education and the general wellbeing of citizens. But are they? (Spoiler alert: No.)" [video]
More Government: O Beholden Canada
The Secret Goldman Sachs tapes

Index-linked notes: buyer beware
11/08/14   5:52 PM ESTFunds
"I'm reminded of the knowledge gap every time I open the newspaper, or walk by a bank branch, and see an ad for an index-linked GIC. Despite intense industry criticism, these products remain in vogue and are heavily promoted by the banks."
More Funds: Curiosity killed the copycat
The Peculiar Passivity of Active Management

Watch for traps on high interest savings
11/08/14   5:49 PM ESTThrift
"Banks lure you with high rates on savings. But the fine-print conditions and transfer fees can offset the benefits of such deals."
More Thrift: Budget-friendly entertainment ideas
Prudence penalised

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