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Frugal Headlines powered by stingyinvestor.com

 06/28   In defense of active investingIndexing 
 06/27   Wishful thinkingGovernment 
 06/06   False assumptions by Ontario pension plannersRetirement 
 06/06   Woe betide the value investorValue Investing 
 06/06   Timing poorlyBehaviour 
 06/06   Frugal millionairesThrift 

Frugal News

In defense of active investing
06/28/15   8:45 PM ESTIndexing
"To the extent investment experts continue to do the important work of advising clients on investment policies to achieve their true objectives and values and sustain their commitments through various markets, our profession will be appropriately admired and well rewarded."
More Indexing: Is it time to dump market-cap weighting?
Misfit stocks

Wishful thinking
06/27/15   11:20 PM ESTGovernment
"There is little sign that states will face reality soon. A recent rule change by the Governmental Accounting Standards Board was intended to bring the deficit calculations of public plans closer to those of the private sector. In practice, however, the CRR found that only seven of 150 plans had reduced their discount rate by more than half a percentage point."
More Government: How Chicago used financial engineering
Red tape is strangling good samaritans

False assumptions by Ontario pension planners
06/06/15   11:24 AM ESTRetirement
"I believe that Canadians are reasonably well prepared for retirement. Most save more than the 5 percent household saving rate. Most can retire comfortably on less than the traditional 70 percent replacement target. The greatest challenges come early in their adult lives when the burdens of acquiring a home and supporting young children strain the family budget. After that, things get easier."
More Retirement: New math for retirees
The paradox of success

Woe betide the value investor
06/06/15   11:17 AM ESTValue Investing
"Alas, the fund manager's profession is abysmally depressing. You are regularly reminded by academic research that, on average, you destroy value, net of fees; a monkey randomly selecting stocks, or a cap-weighted index, outperforms you. (Sort of makes you question the value of your MBA degree and CFA designation.) Nor are the select few who have delivered long-term outperformance spared. New evidence suggests that your clients' decisions undo your work, so that, in the end, your contribution to their financial well-being is still quite negative. Your time-weighted returns may be superior, but the dollar-weighted, net-of-fee returns the clients actually receive are nonetheless adverse."
More Value Investing: History of price-to-sales
Tobias Carlisle talks at Harvard

Timing poorly
06/06/15   11:15 AM ESTBehaviour
"Value investing is viewed as a historically successful investment strategy. The literature generally agrees on the robustness of the strategy but disagrees on the explanations for the success. While the empirical research focuses exclusively on the time-series returns - or the buy-and-hold return - of a value portfolio, the investor experience is, of course, driven by the internal rate of return (IRR) - or the dollar-weighted average return. Although the buy-and-hold average portfolio return may be the proper way to document the anomaly, the dollar-weighted average return can shed light on some interesting questions which cannot be addressed by analyzing the buy-and-hold returns. In particular, examining the dollar-weighted returns allows us to ask whether investors have actually generated superior IRR consistent with the reported buy-and-hold outperformance of value strategies."
More Behaviour: A kinder philosophy of success
Another Gladwell mindworm dies

Frugal millionaires
06/06/15   11:09 AM ESTThrift
"While the popular perception of millionaires is that they are more ostentatious than frugal, recent research shows that single-digit millionaires, at least, are generally far more mindful about how they save, spend and invest their money."
More Thrift: Watch for traps on high interest savings
Budget-friendly entertainment ideas

Crisis in Illinois
05/27/15   10:21 AM ESTBonds
"Illinois has one of the worst-funded pension systems in the nation. Chicago also has a pension crisis, leading Moody's Investors Service to downgrade its credit rating to junk status on May 12, potentially threatening the city's ability to borrow. And the state faces an expected budget deficit of $6 billion, which it needs to address quickly. With just days before a legislative deadline, the new Republican governor, who ran on cutting costs and holding down taxes, is at odds with Democrats who hold a veto-proof supermajority in the legislature."
More Bonds: Nestle is getting paid to borrow money
High yield market is out of control

Q&A: Mawer vs Vanguard
05/27/15   10:17 AM ESTStingy Investing
"Should investors opt for low-fee active funds that have outperformed in the past. It's a good question. Here are a few of my thoughts." [video]
More Stingy Investing: Index roulette revisited
The Top 200 Canadian Stocks for 2015

Index roulette revisited
05/23/15   5:29 PM ESTStingy Investing
"Momentum is one of the biggest and most omnipresent forces in financial markets. Its fingerprints can be found in stock returns, across geographies and between asset classes." [$]
More Stingy Investing: The Top 200 Canadian Stocks for 2015
Big asset growth = big trouble

David Mitchell on tax avoidance
05/15/15   11:19 PM ESTFun
"Comedian David Mitchell on talks about tax avoidance."
More Fun: Daylight saving time
A mock economics talk

To hedge, or not to hedge
05/04/15   3:31 PM ESTHallett
"ETFs provide many options for hedging, but you need to ask whether or not this is necessary for your clients"
More Hallett: Lifting the hood on low-volatility ETFs
Prepare for the bear

Lifting the hood on low-volatility ETFs
05/02/15   4:38 PM ESTHallett
"These ETFs are designed to smooth the ride for risk-adverse clients, but take the time to understand the strategy"
More Hallett: Prepare for the bear
Investors should take a pass

What's scary about mortgages in Canada
04/21/15   3:49 PM ESTReal Estate
"if real estate disappoints and/or interest rates swell, just when it comes time to renew your mortgage in three to five years, well, I guess these 1.8 million Canadian families will learn what it's like to run their house like a hedge fund."
More Real Estate: Sell Oakville, buy Windsor
Why Canada isn't immune

Benjamin Graham and index funds
04/11/15   8:32 PM ESTGraham
"Benjamin Graham also believed in index funds, as his own statements show."
More Graham: Net Nets in London
12 things I've learned from Graham

How I was almost suckered into a pyramid scheme
04/04/15   7:22 PM ESTCrime
"This got me thinking. What makes people like this so effective? How is it that smart people routinely lose their life savings to hucksters? How can we identify their strategies in advance so that we don't fall into these traps? While I don't have all the answers, the presenter at this event used many classic emotional-manipulation techniques discussed by Robert Cialdini in his book, Influence"
More Crime: No, that's not the IRS calling. Just hang up.
Ways investors can avoid being duped

How Chicago used financial engineering
04/04/15   7:13 PM ESTGovernment
"Unsurprisingly, some of Chicago's bonds are already trading at junk levels. That said, the rating agencies and most other market participants still appear to be light years away from understanding the true scope of Chicago's financial problems. The city has a very - well, let's just call it unconventional - approach to borrowing money and probably should not be considered investment grade."
More Government: Red tape is strangling good samaritans
John Oliver: The Lottery

A liberal heretic contradicts Piketty
03/28/15   7:10 PM ESTEconomics
"Despite Rose's pedigree and his meticulous, thoughtful studies pointing out that the supposed stasis in living standards for the poor and middle class doesn't hold up, a contrary narrative has taken root in the media and few dare to contradict it."
More Economics: Why the high street is overdosing on caffeine
Surge

How fees, taxes, and inflation impact returns
03/20/15   11:52 PM ESTStingy Investing
"It is vitally important for investors to reduce, where possible and legal, investment-related fees and taxes. Those who don't might wind up taking all the risk and getting very little in the way of real returns." [video]
More Stingy Investing: Consistently beating the market is overrated
Problems with the Dow

Consistently beating the market is overrated
03/20/15   11:51 PM ESTStingy Investing
"If some index fund proponents are to be believed, the only good active strategy is one that consistently outperforms the market. Or, at least, on some days it seems that way."
More Stingy Investing: Problems with the Dow
3 Stingy Stocks for 2015

Advisors behaving badly
03/20/15   11:49 PM ESTFunds
"Investors should similarly watch out for advisors changing firms or recommending moving portfolios to segregated funds or other DSC mutual funds that may trigger a new set of commissions. (New DSC purchases will also have you pay a fee to exit the funds within the next 6-7 years.)"
More Funds: Cliff Asness interview
No new bets in 80 years

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