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Frugal Headlines powered by

 07/18   Workers cannot afford rentReal Estate 
 06/26   Hedge fund performance feesFunds 
 05/23   Liquid net worthThrift 
 05/09   The death algorithmGovernment 
 04/17   Until growth goes awayGovernment 
 04/17   Dear fellow investorsFunds 
 04/11   Look to Balanced BobStingy Investing 

Frugal News

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

Compounding machines
11/08/19   8:59 PM ESTValue Investing
"Join us for a rare interview is Chuck Akre and John Neff of Akre Capital Management" [video]
More Value Investing: Jack Forehand on applied value
Costs and returns from factor portfolios

Property ladders
11/03/19   5:26 PM ESTReal Estate
"A few years back, I could do a little experiment with audiences in the UK and the US. I would ask them to raise their hands if they thought stocks are riskier than real estate. Most hands went up. Then, I asked them to raise their hands if they thought stock returns were higher than real estate returns. Less than half raised their hands. In effect, people were telling me that stocks were riskier than real estate and provided less return. I cannot do that exercise anymore today, because after a 10-year bull market in stocks, perceptions have shifted - until the next bear market, when they will change once more."
More Real Estate: Real estate vs stocks
Rental market nightmare

The asymptote of joy and woe
10/11/19   7:53 PM ESTThrift
"Once enslaved to onerous debts, it becomes very difficult to get out of the slimy pit."
More Thrift: Invest your way onto the Rich List
The biggest returns

The great fee war
10/04/19   7:51 PM ESTFees
"Fund fees get lower by the year. We now have access to more strategies, fund types, and geographies at a low cost than any investor class in history. Technology in the space has improved by leaps and bounds. And the frictions of creating and managing a portfolio continue to fall. These are all wins for the investment consumer at the expense of the investment producer"
More Fees: All-in fee of top investment advisors

Dan talks to Morningstar
10/04/19   7:29 PM ESTHallett
"you would think that maybe high net worth investors, say, $500,000 or more for portfolio size, would allow them to get access to better advice. And yet, I've seen a lot of instances, again, anecdotal, where they're getting, I would say, poor advice" [video]
More Hallett: Portfolio rebalancing
DSCs should be banned

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