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Frugal Headlines powered by

 11/22   Day traders lose moneyMarkets 
 11/14   Homes in a bubbleReal Estate 
 11/14   A work-from-home taxTaxes 
 11/08   ETF pairs for tax-loss sellingIndexing 
 11/01   Look under the hoodIndexing 
 10/24   Hidden world of failureWorld 
 10/18   EnoughRetirement 

Frugal News

Day traders lose money
11/22/20   7:46 PM ESTMarkets
"Large increases in Robinhood users are often accompanied by large price spikes and are followed by reliably negative returns."
More Markets: Great company, wrong price
The dead versus the living

Homes in a bubble
11/14/20   7:24 PM ESTReal Estate
"The bad news is all previous history came at higher mortgage rates. The average 30-year fixed mortgage rate fell below 3% for the first time in August 2020, and rates are close to the lowest possible levels given the credit risk and costs of writing mortgages. It's one thing to be a peak valuation, it's another to be at peak valuation with no discernable upside."
More Real Estate: Workers cannot afford rent
Property ladders

A work-from-home tax
11/14/20   6:16 PM ESTTaxes
"One economist thinks there are negative externalities and even net costs to the individual in working from home; the other thinks it is an inarguable optimum"
More Taxes: Moving in a canoe
Tax-loss harvesting alpha

ETF pairs for tax-loss selling
11/08/20   1:19 PM ESTIndexing
"A quick recap: effective tax-loss harvesting with ETFs involves selling a fund to realize a capital loss and immediately replacing it with a similar fund that would not be considered 'identical property.' According to the Canada Revenue Agency, two index ETFs are identical property if they track the same benchmark."
More Indexing: Look under the hood
Index Investors in the pandemic

Look under the hood
11/01/20   5:26 PM ESTIndexing
"Because of S&P's discretionary power, some stocks aren't included in any of those three indexes. One such stock: Tesla, which has been left out in the cold. The index committee won't let it into the large-cap index. But because of its size, it isn't eligible for the mid-cap or small-cap index, either."
More Indexing: Index Investors in the pandemic
Weaponized indifference

Hidden world of failure
10/24/20   4:27 PM ESTWorld
"This hidden world of failure helps to create a deeply flawed understanding of the universe. By not seeing failure, we misunderstand the elements of success."
More World: Overnight tragedies
Canned tuna got canned

10/18/20   2:56 PM ESTRetirement
"While I continue to invest for a retirement that grows ever closer, I am no longer focused on trying to increase my net worth. There is nothing more I want."
More Retirement: The 5% Rule?
The F-150 retirement crisis

Hyperinflation and me
10/11/20   6:33 PM ESTMarkets
"October 1993 brought the now-infamous 500 billion dinar note. I remember my father reporting this note with 11 zeros was worth 'roughly one cabbage' at the time of issue. The data seem to back this up. By 31 December 1993, one US dollar was worth 1,775,998,646,615 Yugoslavian dinars. At that rate, the dinar was no longer useful as a medium of exchange."
More Markets: The stock-market disconnect
Expected 10-year returns

Stealthy government debt liquidation
10/03/20   12:27 PM ESTBonds
"Debt is not necessarily a bad thing: it might help governments smooth consumption, finance projects that require lumpy initial cash outflows, or help supplement demand gaps during recessions/depressions, etc. However, overwhelming debt is an issue because you can run into financial distress and bankruptcy predicaments. Governments eventually realize they are going bankrupt and devise schemes and methods to liquidate the government debt."
More Bonds: Government bonds are duds
Moar Income

Playing dirty
09/26/20   4:28 PM ESTCrime
"You would imagine that one of the best players you've ever seen in your life would have no issues saying, Let's play then. I can't really figure out an answer to why he won't do that."
More Crime: The wildest insurance fraud scheme
Fire and fraud

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

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