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 01/16   John Bogle dies at 89Indexing 
 01/08   Bad economicsTaxes 
 01/01   Cost of livingThrift 
 01/01   After-tax alphaTaxes 
 12/10   Humans love a narrativeValue Investing 
 12/03   Bogle sounds a warning on index fundsIndexing 

Frugal News

John Bogle dies at 89
01/16/19   6:04 PM ESTIndexing
"John C. Bogle, 89, who revolutionized the way Americans save for the future, championed the interests of the small investor, and railed against corporate greed and the excesses of Wall Street, died of cancer Wednesday at his home in Bryn Mawr, his family confirmed."
More Indexing: Bogle sounds a warning on index funds
Bundled investment sales

Bad economics
01/08/19   8:34 PM ESTTaxes
"A top marginal income tax rate of 70 percent is bad economics and even worse politics."
More Taxes: After-tax alpha
A warning to home buyers

Cost of living
01/01/19   3:38 PM ESTThrift
"Living in less costly areas can enable you to spend less and to invest more of your income. You will pay less for your home and correspondingly less for your property taxes. Your neighbors will be less likely to drive expensive motor vehicles. You will find it easier to keep up, even ahead, of the Joneses and still accumulate wealth."
More Thrift: We're stuffed
Fanning the flames

After-tax alpha
01/01/19   3:03 PM ESTTaxes
"The costs of our active strategies are high enough without paying Uncle Sam. Capital gains taxes, when combined with transactions costs and fees, make indexing profoundly advantaged, I am sorry to say."
More Taxes: A warning to home buyers
Appalling problem for small businesses

Humans love a narrative
12/10/18   8:19 PM ESTValue Investing
"What that means is that if you can eliminate companies with really bad balance sheets or really poor quality businesses, or that are trading at crazy expensive multiples, then you can gain a lot versus the broad market as opposed to simply buying the absolute best balance sheets or the companies with the highest returns on capital."
More Value Investing: Alpha within factors
Size matters

Bogle sounds a warning on index funds
12/03/18   8:41 PM ESTIndexing
"If historical trends continue, a handful of giant institutional investors will one day hold voting control of virtually every large U.S. corporation. Public policy cannot ignore this growing dominance, and consider its impact on the financial markets, corporate governance, and regulation. These will be major issues in the coming era."
More Indexing: Bundled investment sales
Charley Ellis interview

We're stuffed
12/03/18   8:14 PM ESTThrift
"Don't think you have too much stuff? Try moving out of your home of many years and cleaning out your closets - which we just did. My wife found five boxes of shoes she didn't recall she had and which she had never worn. Even I found two boxes of unworn shoes - but I'm innocent, because my wife bought them for me."
More Thrift: Fanning the flames
No core

The salesman wasn't pleased
12/03/18   7:57 PM ESTBrokers
"While the steak dinner pitch might not be a con game, it is a bit of a psychological dance. You attend, you eat free food and by the time the cheesecake arrives, you may feel you owe a salesperson a one-on-one meeting. Then you're on the hook. If these meals didn't catch lots of people, salespeople wouldn't keep paying for them."
More Brokers: Scalability for robo-advisors
Almost 80% of day traders lose money

Rental market nightmare
11/26/18   4:25 PM ESTReal Estate
"The result has been skyrocketing prices. Condo rents soared 7.6 percent to an average C$2,385 in the third quarter over the same period a year ago and were up 17 percent for newly available purpose-built units, according to data from Urbanation. Meanwhile, the apartment vacancy rate sits at about 0.5 percent."
More Real Estate: Rich ghost towns

Fanning the flames
11/19/18   8:53 PM ESTThrift
"What could possibly be wrong with saving like crazy, so you can retire early? That's the notion behind the Financial Independence/Retire Early, or FIRE, movement. Yet lately, I've read a lot of carping about FIRE"
More Thrift: No core
Spending matters more saving

Mawer on sale
11/12/18   5:36 PM ESTFunds
"Closely held Mawer Investment Management Ltd. has hired Bank of Nova Scotia to explore options such as a sale, following a wave of transactions involving Canadian money managers."
More Funds: Lessons from Peter Lynch
Fake returns

A fifth of China's homes are empty
11/12/18   5:34 PM ESTWorld
"Soon-to-be-published research will show roughly 22 percent of China's urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That adds up to more than 50 million empty homes, he said."
More World: Won in translation
The curious case for emerging markets

Bundled investment sales
11/05/18   6:16 PM ESTIndexing
"If most financial services are sold rather than bought, regardless of their intricacy, then why are variable-annuity presentations accompanied by filet mignon, while index-fund discussions are not?"
More Indexing: Charley Ellis interview
ETFs with Eric Balchunas

Manulife bailout
11/01/18   7:35 PM ESTGovernment
James comments on regulatory assistance provided to MFC.
More Government: Rent control needs retirement
Ontario making it easier to underfund pensions

No core
10/22/18   8:29 PM ESTThrift
"I was asked how to teach children to handle money responsibly. 'Tell stories,' I said."
More Thrift: Spending matters more saving
How much is enough?

Rich ghost towns
10/15/18   8:04 PM ESTReal Estate
"These days, walking through parts of Manhattan feels like occupying two worlds at the same time. In a theoretical universe, you are standing in the nation's capital of business, commerce, and culture. In the physical universe, the stores are closed, the lights are off, and the windows are plastered with for-lease signs."
More Real Estate: Geoarbitrage
The rate of return on everything

3 shades of value
09/29/18   8:02 PM ESTValue Investing
"Rebalancing into ultra-cheap shares at the market's lowest point helped these funds outperform VTI in 2009 as the recovery got underway. DFA U.S. Large Cap Value, Invesco FTSE RAFI US 1000 ETF (PRF), and Invesco S&P 500 Pure Value ETF (RPV) had excess returns of more than 2 percentage points over VTI from March 2009 through June 2018. RPV had the best returns of the bunch, outpacing VTI by 6.3 percentage points annually."
More Value Investing: Go small value
Bruce J. Flatt talk

Active vs. index investing
09/24/18   8:59 PM ESTHallett
"The vast majority of investors can benefit from qualified professional advice that integrates wealth planning with investment management. This includes a robust discovery process, goals-based planning and a portfolio designed around these important inputs. The value of this combination is so significant over time that it can render the active vs passive debate almost meaningless."
More Hallett: ETF labelling
Scalability challenges

Lessons from Peter Lynch
09/17/18   8:12 PM ESTFunds
"Multiple analyses have been performed with the purpose of deconstructing and explaining Lynch's success, and the conclusion seems to be that higher beta, momentum, and size were among the primary sources of Magellan's amazing performance."
More Funds: Fake returns
Chasing mutual fund performance

A warning to home buyers
09/10/18   7:00 PM ESTTaxes
"So, the onus is now on the buyer of real estate to not only collect taxes on behalf of the CRA when a non-resident is selling a property, but to also make a judgment on when to investigate further the tax residency of the seller - as though a layperson is qualified to know when and how to make that inquiry."
More Taxes: Appalling problem for small businesses
Passive income changes create big concerns

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