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Frugal Headlines powered by

 09/06   Index Investors in the pandemicIndexing 
 08/30   The wildest insurance fraud schemeCrime 
 08/30   Distorting the prices of small-cap stocksMarkets 
 08/14   The cost of free tradesBrokers 
 08/14   Weaponized indifferenceIndexing 
 07/18   Workers cannot afford rentReal Estate 
 06/26   Hedge fund performance feesFunds 

Frugal News

Index Investors in the pandemic
09/06/20   6:59 PM ESTIndexing
"Less than one half of one percent of Vanguard Investors moved to cash - thats less than 0.50%. This is at a time when the unemployment rate spiked up towards 30% and nearly 40 million people lost their jobs."
More Indexing: Weaponized indifference
Vanguard investors holding steady

The wildest insurance fraud scheme
08/30/20   7:18 PM ESTCrime
"Over a decade, Theodore Robert Wright III destroyed cars, yachts, and planes. That was only the half of it."
More Crime: Fire and fraud
Why did Enloe State Bank fail?

Distorting the prices of small-cap stocks
08/30/20   6:40 PM ESTMarkets
"Our analysis here offers reason to expand our explanation for pricey stocks beyond exuberant expectations for growth: it seems that outsized passive ownership is contributing to a more general price inflation in low-float stocks."
More Markets: Long-term reversal in equity returns
Stocks didn't outperform bonds for 50 years

The cost of free trades
08/14/20   5:49 PM ESTBrokers
"Robinhood, and the rest of the online brokerage industry, rely on what's known as payment for order flow as their profit engine in lieu of commissions."
More Brokers: The soft side of planning
The salesman wasn't pleased

Weaponized indifference
08/14/20   5:12 PM ESTIndexing
"On essentially no volume, the live, trading price of DGAZF has shot from a net asset value - what the thing is actually worth - of around $125 to $25,000! Cats and dogs living together! 40 days and nights of rain!? The twitter hyperbole has been intense, so lets explain what's actually happening, and how it's possible."
More Indexing: Vanguard investors holding steady
Bond ETFs are being dislocated

Workers cannot afford rent
07/18/20   3:11 PM ESTReal Estate
"Full-time minimum wage workers cannot afford a two-bedroom rental anywhere in the U.S. and cannot afford a one-bedroom rental in 95% of U.S. counties, according to the National Low Income Housing Coalition's annual 'Out of Reach' report."
More Real Estate: Property ladders
Real estate vs stocks

Hedge fund performance fees
06/26/20   8:42 PM ESTFunds
"Overall, investors collected 36 cents for every dollar earned on their invested capital (over a risk-free hurdle rate and before adjusting for any risk). In the cross-section of funds, there is a substantial disconnect between lifetime performance and incentive fees earned. These poor outcomes stem from the asymmetry of the performance contract, investors' return-chasing behavior, and underwater fund closures."
More Funds: Dear fellow investors
Mind the Gap 2019

Liquid net worth
05/23/20   1:50 PM ESTThrift
"Yes, I have heard that '61% of Americans couldn't cover a $1,000 emergency expense directly from savings,' but it is still difficult to know that so many households are struggling to make ends meet."
More Thrift: A personal finance lie
The asymptote of joy and woe

The death algorithm
05/09/20   3:11 PM ESTGovernment
"If there was ever a subject that required a difficult public conversation, the response to Covid-19 is it. How many people are we willing to let die in order to keep businesses working? And which people will we let die? By creating a secret model to inform such decisions, the Trump administration is taking these questions out of the public and scientific spheres, replacing data-driven ethical debate with a pseudo-mathematical political tool. This is bad news for science, and potentially terrible news for Arizona residents."
More Government: Until growth goes away
Canadian Government's predatory mortgage scheme

Until growth goes away
04/17/20   10:24 PM ESTGovernment
"We can't automatically assume we'll be able to grow out of Covid-19 debt like we did after World War II. A lot of things globally and demographically happened after the war that gave a tailwind to growth. Some of those forces are now headwinds."
More Government: Canadian Government's predatory mortgage scheme
Paul Volcker talks to Ray Dalio

Dear fellow investors
04/17/20   9:31 PM ESTFunds
"Let us start by saying that in our entire careers, we have rarely seen an opportunity to add as much long-term value for our investors as we do right now. This isn't to say that we believe that things will start getting better tomorrow, as we have no idea how this situation is going to play out over the next few weeks or months. But we do believe that the long term is what really matters in investing, and our confidence level is much higher for the longer term."
More Funds: Mind the Gap 2019
2018 Morningstar fee study

Look to Balanced Bob
04/11/20   8:45 PM ESTStingy Investing
"Bob's experience should provide investors some solace in these hard times. A simple low-fee balanced portfolio survived despite being launched at the top of the 2000 bubble and suffering from three bear markets. While the current downturn is likely in its early stages, it would have to be truly epic in its size and duration to extinguish Bob's portfolio over the next decade." [$]
More Stingy Investing: Buying a bear market
Momentum down

Vanguard investors holding steady
04/04/20   6:47 PM ESTIndexing
"The typical trader is buying equities on the dips, but older, wealthier traders are moving modestly to fixed income. On balance, we believe these levels of trading indicate that the vast majority of investors are maintaining a long-term perspective despite the market turmoil."
More Indexing: Bond ETFs are being dislocated
2020 Couch Potato Model Portfolios

Bond ETFs are being dislocated
03/27/20   11:01 PM ESTIndexing
"The chart below shows us the dislocation between the AGG and its benchmark. Clearly, things became dislocated on March 10th, 11th, 12th, etc."
More Indexing: 2020 Couch Potato Model Portfolios
Kung Fu fighting

Letter from Ernest Buffett
03/22/20   6:26 PM ESTBuffett
"For a good many years your grandfather kept a certain amount of money where he could put his hands on it in very short notice. For a number of years I have made it a point to keep a reserve, should some occasion come up where I would need money quickly, without disturbing the money that I have in my business. There have been a couple occasions when I found it very convenient to go to this fund. Thus, I feel that everyone should have a reserve."
More Buffett: 2 hours of Buffett
Berkshire Hathaway letter

Distorting the market
02/21/20   8:25 PM ESTMarkets
"On this week's episode, we speak to Mike Green of hedge fund Logica Capital, who argues that the trend is causing major market distortions that will eventually unwind with ugly consequences." [video]
More Markets: Equity returns don't compensate for risks
Levered long

A personal finance lie
02/07/20   7:39 PM ESTThrift
"the biggest lie in personal finance is that you can be rich if you just cut your spending."
More Thrift: The asymptote of joy and woe
Invest your way onto the Rich List

2020 Couch Potato Model Portfolios
01/24/20   6:05 PM ESTIndexing
"ETFs still aren't right for everyone, but the launch of 'one-fund portfolios' (also called asset allocation ETFs), combined with the low- and no-commission trades at several brokerages, have made them more appropriate even for small portfolios. For the vast majority of DIY investors, I believe these one-ticket solutions are the best way to build a diversified portfolio that balances low cost with ease of maintenance."
More Indexing: Kung Fu fighting
Horizons swap ETFs

O'Shaughnessy Q4 2019 letter
01/17/20   8:03 PM ESTValue Investing
"our updated in-house 10-year point estimate for the U.S. market's nominal total return fell during the year, and now sits at ~1.5% annualized, which would mean a ~16% total return over the next decade."
More Value Investing: Value's underperformance
Value after hours

Moving in a canoe
11/16/19   5:30 PM ESTTaxes
"A teacher who relocated for work by loading his belongings into a canoe and paddling up the Rideau Canal to Ottawa has convinced Canada's tax agency to allow him to claim his moving expenses."
More Taxes: Tax-loss harvesting alpha
A leader in tax compliance

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