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 09/11   The front testMarkets 
 09/02   Chou's letterChou 
 08/20   Protection moneyIndexing 
 08/20   Insane Canadian housing numbersReal Estate 
 08/16   The time travelling managerStingy Investing 
 08/16   Business vs investingMarkets 

Frugal News

The front test
09/11/17   8:01 PM ESTMarkets
"The biggest problem for investors is never finding a good backtest. That's the easy part. The hard part is passing the front test by understanding your parameters, filters, and guidelines enough to be able to implement it in the real world and stick with it when it's out of favor."
More Markets: ILTB with Meb Faber
Team Ritholtz

Chou's letter
09/02/17   10:14 PM ESTChou
"we believe pharmaceutical stocks as a group are selling at attractive valuations, in comparison to the free cash flow and earnings they generate. The recent price drops may present one or more attractive long-term investment opportunities"
More Chou: Chou's Annual Letter
Francis Chou profile

Protection money
08/20/17   8:10 PM ESTIndexing
"Vanguard Group is my favorite fund company - and the place where I now keep all my investment dollars. There's no mystery why: Among mutual fund companies, Vanguard has long been not only the biggest champion of index funds, but also the firm with the lowest annual fund expenses. Except that's no longer the case."
More Indexing: ETF ratios
The math behind futility

Insane Canadian housing numbers
08/20/17   7:55 PM ESTReal Estate
"While leverage can help boost performance on the way up, it becomes very dangerous on the way down. Leverage can turn even the best investments into poor ones when things go wrong, as losses are amplified. Equity can get wiped out pretty quickly on an overleveraged asset."
More Real Estate: Addiction to real estate
Low delinquency rates

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

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

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

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

Low delinquency rates
07/23/17   8:20 PM ESTReal Estate
"The problem arises when house prices stop rising and creating new equity against which stretched homeowners can borrow. People who are tight for cash rob Peter to pay Paul. And shifting debt from one lender to another has just been far too easy to do lately. Even a slowdown in house price appreciation, let alone a correction, would bring an end to that."
More Real Estate: The new normal
Too much housing

Debt hangover
07/16/17   4:57 PM ESTDebt
"In his recent book The Rise and Fall of Nations, Ruchir Sharma, Morgan Stanley's chief global strategist, concludes that the single most reliable indicator of periods of economic weakness was 'the kiss of debt rule, which shows that a major economic slowdown has always materialized when a nation's debt has grown more than 40 percentage points faster than GDP over a five-year period.' If he's right, we've got a big problem: Canada's ratio of debt to GDP rose from 294.9 per cent in 2011 to 354.5 in 2016 - an increase of 59.6 percentage points in the last five years."
More Debt: Debt buyers
We still have a buck in the till

The tail of the bond bull
06/26/17   3:20 PM ESTStingy Investing
"As well as bond have performed since the 1980s, investors shouldn't expect much from them going forward."
More Stingy Investing: Not dead yet
The Safer Dogs of the TSX

Middle on brink of ruin
06/26/17   2:40 PM ESTEconomy
"Why we'd rather binge on cheap credit than live within our means"
More Economy: Marc Andreessen interview
Too much versus too little dynamism

Institutional investors, just like us
06/18/17   8:28 PM ESTFunds
"But what if you picked the top allocation per decade for the next decade, how would that do? ... It would reduce your return by 1.5% per year"
More Funds: Index fund contrarian
O'Shaughnessy and O'Shaughnessy

The new normal
06/04/17   7:00 PM ESTReal Estate
"These days, the average home price is between seven and eight times income. To return to the ratio of the 1980s, the average household income has to jump to $160,000, or home prices have to fall back to $460,000."
More Real Estate: Too much housing
Fortress fails to silence critic

The math behind futility
05/28/17   9:19 PM ESTIndexing
"The distribution of returns in the stock market is bizarrely lopsided. Often, equity benchmarks are so reliant on gigantic gains in just a handful of stocks that missing them - as most managers do - consigns the majority to futility."
More Indexing: A monster ETF trade
An ETF gets too big

Michael Mauboussin interview
05/21/17   5:38 PM ESTMarkets
"He and his team have been prolific in the last six months, publishing several long research reports on the most interesting aspects of the investing landscape. In this conversation, we talk about business moats, industry analysis, and how to combine man and machine when building an investment strategy and portfolio." [audio]
More Markets: The big short and beyond
Winner takes all

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