Frugal Funds
Home Bios Articles Contact Stingy Investor
Carl's Articles
 Small-Fee Small Caps
 Bargain Bonds
 Dependable Dividends
 Thrifty Trusts
 Disciplined Value
 Frugal Fixed Income
 Striking the Right Balance
 America For Less Than 2%
 Mawer Canadian Equity
 Mawer U.S. Equity
 Median Mutual MERs

Newsletter Archive
 Focus on ETFs
 LW Canadian Equity
 Saxon High Income
 Saxon Small Cap
 BG Income
 Trimark Canadian
 MB Fixed Income
 BG Cdn Intrinsic
 MB American Equity
 Mawer N.C. Closure
 Mawer Cdn Equity
 Mawer Balanced RSP
 Sceptre Eq Growth
 Saxon World Growth
 BG Small Cap
 Mawer U.S. Equity
 PH&N Cdn Growth
 Leith Wheeler US Eq
 iShares S&P500
 BG Canadian Equity
 North Growth US Eq
 HSBC Mortgage
 MB Cdn Eq Growth
 Batterymarch U.S. Eq
 Saxon Stock
 BG Balanced
 Mawer New Canada
 Perigee T-Plus
 PH&N Dividend Income
 PH&N Bond
 Leith Wheeler Cdn Eq
 Perigee Diversifund
 PH&N Canadian Equity
 Mawer U.S. Equity


Frugal Headlines powered by

 02/12   A taxing trendTaxes 
 01/28   The momentum indexIndexing 
 01/28   Charley Ellis interviewIndexing 
 01/22   Fortress fails to silence criticReal Estate 
 01/15   Risky risk ratingsFunds 
 01/02   Lessons from a short sellerMarkets 

Frugal News

A taxing trend
02/12/17   4:41 PM ESTTaxes
"The odds of a federal budget that targets investors with higher taxes on capital gains or even dividends are rising."
More Taxes: Trump's tax break
Apple took tax game too far

The momentum index
01/28/17   3:21 PM ESTIndexing
"Momentum investors cut their losers and let their winners run. In a roundabout way, that's exactly what the stock market has done over time."
More Indexing: Charley Ellis interview
WealthTrack: Arnott interview

Charley Ellis interview
01/28/17   3:07 PM ESTIndexing
"Ellis explains that the best approach for most individual investors is a simple asset allocation composed primarily of low cost index funds."
More Indexing: WealthTrack: Arnott interview
Vanguard's Gerry O'Reilly and Jim Rowley

Fortress fails to silence critic
01/22/17   6:20 PM ESTReal Estate
"In 2011 the Ontario Securities Commission accused the pair, along with a third man, of engaging 'in conduct contrary to the public interest' by selling clients of their debt-management business shares of companies caught up in a B.C. stock scam. Petrozza and Rathore agreed to pay close to $3 million and were slapped with a 15-year ban on trading securities."
More Real Estate: Corruption in Canada
Lethargic Canadian economy

Risky risk ratings
01/15/17   4:44 PM ESTFunds
"Over the past two years, I tracked risk rating changes for nearly 100 unique mutual funds and ETFs. 77% of those funds saw risk ratings reduced despite the fact that we're nearly 8 years into one of the longest bull markets in history for stocks and bonds."
More Funds: The three coolest studies of 2016
Joel Greenblatt interview

Lessons from a short seller
01/02/17   1:12 PM ESTMarkets
"Wilson managed a hedge fund - Wilson & Associates - that he launched in the late 1960s. During his career, his fund generated annualized returns of about 30%. His net worth peaked at $800 million, most of which he donated to charity."
More Markets: Be wary of surrendering liquidity
Better bubble theory

WealthTrack: Arnott interview
12/11/16   4:38 PM ESTIndexing
"When 'smart beta' investing can be dumb. Financial innovator and thought leader, Research Affiliates. Robert Arnott warns about pitfalls with the popular strategy he helped create." [video]
More Indexing: Vanguard's Gerry O'Reilly and Jim Rowley
Turning over accepted wisdom

The three coolest studies of 2016
12/11/16   4:06 PM ESTFunds
"It appears that ETFs dropped portfolio returns by 1.1% annually even when they accounted for only a small portion of an investor.s portfolio."
More Funds: Joel Greenblatt interview
Sued over retirement plan fees

How much is enough?
12/04/16   7:01 PM ESTThrift
"Step back a bit, however, and you will see that every money question eventually boils down to a single line of inquiry: How much is enough?"
More Thrift: Frugality isn't what it used to be
Almost nothing in the bank

Scalability challenges
11/27/16   2:41 PM ESTHallett
"In Canada, robo-advisors must register as Portfolio Managers, which cannot opt-out of their legal fiduciary duty. In my column for the September 2016 issue of Investment Executive, I explain why this will limit the scalability of Canadian robo-advisors' businesses. If they grow as planned, they will need tens of thousands of clients to succeed financially. Technology infrastructure can be built to easily handle this volume. But obligations of registered Portfolio Managers will also require a significant hiring of people who can speak with clients about their investments - and that limits scalability by adding to costs."
More Hallett: High-payout fund trickery
Why robo-advisers are here to stay

Joel Greenblatt interview
11/06/16   7:16 PM ESTFunds
"How do you prevent investors from buying and selling at the wrong time? Financial innovator and successful value investor, Gotham Funds' Joel Greenblatt explains his new hybrid approach combining indexing and his active long/short strategies." [video]
More Funds: Sued over retirement plan fees
Curse of the benchmarks

How Venezuela imploded
10/29/16   10:23 PM ESTWorld
"Things are pretty bad right now in Venezuela. Grocery stores don't have enough food. Hospitals don't have basic supplies, like gauze. Child mortality is spiking. Businesses are shuttering. It's one of the epic economic collapses of our time. And it was totally avoidable."
More World: Howard Marks on Brexit
Trump, trade and the China shock

Of milk cows and moats
10/29/16   10:01 PM ESTGovernment
"When considering businesses that rely on a given locality, ask how the health of the locality affects the business. It's worth considering. For those who invest in municipal bonds, it is a critical factor. Particularly as the Baby Boomers age, weak municipalities will come under pressure. Stick with strong municipalities, and services that would be impossible to do without."
More Government: If you build it
The $6 trillion public pension hole

Vanguard's Gerry O'Reilly and Jim Rowley
10/23/16   7:22 PM ESTIndexing
"This episode is a rare and fascinating look into the world's largest asset manager. My first guest is Gerry O'Reilly, who is the portfolio manager for the largest mutual fund in the world, and oversees more than $800 billion for Vanguard. My second guest is Jim Rowley, a Senior Investments Analyst with deep knowledge of indexing and ETF's. The two provide incredible insight into some of the particulars that make Vanguard and its funds tick."
More Indexing: Turning over accepted wisdom
Sharpening the arithmetic

Frugality isn't what it used to be
10/22/16   8:29 PM ESTThrift
"It used to be that a fancy car or a country-club membership sufficed. But as these became available to more and more people, the acquisition of physical things has mostly taken a backseat to the acquisition of exotic experiences. Now, Westacott writes, because 'not working is in itself no longer a badge of honor,' what the economist Thorstein Veblen in 1899 called 'conspicuous leisure' is being displaced by conspicuous recreation. To describe the behavior of those who tire of this arms race, perhaps there needs to be yet a new term: conspicuous frugality."
More Thrift: Almost nothing in the bank
Save more money

Turning over accepted wisdom
10/16/16   1:47 PM ESTIndexing
"How many of us often just cite 'the average can't beat the average' and move on assuming we've smashed whoever we were debating? I know I have done it many times. Sharpe's insight is, in my opinion, likely still mostly true, perhaps entirely true. But Lasse has, at the very least, created some doubt for me in something I was pretty sure about."
More Indexing: Sharpening the arithmetic
The illusion of choice

Sharpening the arithmetic
10/16/16   1:45 PM ESTIndexing
"I challenge Sharpe's (1991) famous equality that 'the return on the average actively managed dollar will equal the return on the average passively managed dollar.' This equality does not hold in general. It is based on the implicit assumption that the market portfolio never changes, which does not hold in the real world because new shares are issued and others are repurchased. Hence, even 'passive' investors must trade regularly in order to maintain their market-weighted portfolios. Since passive investors may trade at less favorable prices than active managers, Sharpe's equality is broken. The changes of the market portfolio are large enough that active managers can add noticeable returns. Hence, active managers can be worth positive fees, which allow them to provide an important, beneficial, role in the economy - helping to allocate resources efficiently. Passive investing also plays a useful role, especially since the average active mutual fund manager has charged larger fees than their value added."
More Indexing: The illusion of choice
A more balanced S&P 500

The illusion of choice
10/16/16   1:02 PM ESTIndexing
"The challenge with dividends as an investment factor, as opposed to Value, Momentum, or Quality, is that only so many companies pay dividends. As buybacks have become more popular in the U.S., the share of stocks paying high dividend yields has declined. The chart below breaks down dividend payers listed on the S&P 500 by their level of yield. While the share of companies paying small yields of less than 1% has decreased, the share of companies paying greater than 4% has also declined. Historically, about 12% of S&P 500 stocks offer a yield of 4% or greater. As of the third quarter, the tally is half that at 6%."
More Indexing: A more balanced S&P 500
Testing smart beta

A more balanced S&P 500
10/09/16   4:55 PM ESTIndexing
"According to Willis, rebalancing the portfolio of 500 stocks each quarter to its original weight level, as the INDEX does, ensures that investors are adding stocks that have fallen in price and selling stocks whose prices appreciated. Thus, the mechanism of the equal-weight index embeds the 'buy low, sell high' strategy."
More Indexing: Testing smart beta
Index revolution

Trump's tax break
10/09/16   4:16 PM ESTTaxes
"The prevailing wisdom that has emerged in the past week among accounting experts is that Trump was able to use more than $900 million in paper losses to reduce his taxable income via a loophole in the code that allowed losses of private businesses registered as S-Corporations to flow to their owners, even when they didn't put an of their own cash into the companies, which is where the name double dip comes from."
More Taxes: Apple took tax game too far
RBC fund became a tax headache

Archive: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Submit a Story