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 05/20   The Stingy News Weekly: May 20, 2019 
 05/20   Dividends plus low vol 
 05/20   Interest rates and returns 
 05/20   Improving momentum 
 05/20   How fake news gets into our minds 
 05/20   What happens when your brain explodes 
 05/20   The biggest returns 
 05/15   The Stingy News Weekly: May 15, 2019 

Most Recent Stingy News

The Stingy News Weekly: May 20, 2019
05/20/19 :7:19 PM ESTSNW
This week we have brain bending, dividends, volatility, value, interest rates, momentum, and more.
More SNW: The Stingy News Weekly: May 15, 2019
The Stingy News Weekly: May 8, 2019

Dividends plus low vol
05/20/19 7:16 PM ESTStingy Investing
"the Stable Dividend portfolio, goes a step further. It starts with the dividend payers from the 300 stock portfolio and buys an equal amount of the 20 stocks with the lowest volatility (over the prior 260 days) each year. It fared even better with an average annual return of 13.7 per cent over the 25 year period." [$]
More Stingy Investing: Two returning megastar stocks
Top 1000 stock picks

Interest rates and returns
05/20/19 7:07 PM ESTValue Investing
"Across multiple interest rate cycles in the United States between April 1965 and December 2017, there has been no meaningful relationship between changes in interest rates and returns on the broad equity market, small value stocks, or leveraged small value stocks."
More Value Investing: Valuation horse race
Concentration is cool

Improving momentum
05/20/19 7:04 PM ESTMomentum Investing
"The Momentum factor has two issues: a recent lack of performance and an image problem. We highlight that the performance of Momentum can be improved by combining it with other factors or implementing a volatility filter. However, despite highly attractive long-term returns, investors have allocated magnitudes more capital to Value than to Momentum strategies. Partially this is explained by the simplicity of Momentum, which seems unappealing to many sophisticated investors. Naturally better performance would also lead to higher allocations, so these two issues are somewhat circular."
More Momentum Investing: Momentum in Imperial Russia
Whither fragility

How fake news gets into our minds
05/20/19 6:57 PM ESTBehaviour
:"We might like to think of our memory as an archivist that carefully preserves events, but sometimes it's more like a storyteller."
More Behaviour: Honesty instead of cheer
Financial superpowers

What happens when your brain explodes
05/20/19 6:47 PM ESTHealth
"One unpleasant side effect of having brain surgery is that everyone around you, visitors included, is frightened that your brain could explode again at any second. Fair enough, but as a result, no one ever listens to you."
More Health: Atul Gawande interview
New ways of treating depression

The biggest returns
05/20/19 6:44 PM ESTThrift
"Personal savings and frugality - finance's conservation and efficiency - are parts of the money equation that are largely in your control and have a 100% chance at being as effective in the future as they are today."
More Thrift: Investing for the disaster to come
Personal finance is a bit too personal

The Stingy News Weekly: May 15, 2019
05/15/19 :8:23 PM ESTSNW
This week we have superpowers, Charlie, honesty, and more.
More SNW: The Stingy News Weekly: May 8, 2019
The Stingy News Weekly: May 1, 2019

Honesty instead of cheer
05/15/19 8:20 PM ESTBehaviour
"Practising the Greek virtues of wisdom and courage is one thing. But being cheerful the American way borders on psychosis"
More Behaviour: Financial superpowers
The big risk

Investing for the disaster to come
05/15/19 7:34 PM ESTThrift
"The way I see it, by spending less on fancy caffeine now I either reach my goals more quickly, or I am better insulated against my personal apocalypse, if and when it happens."
More Thrift: Personal finance is a bit too personal
Million dollar coffee

Financial superpowers
05/15/19 7:26 PM ESTBehaviour
"Having, and sticking to, a true long term perspective is the closest you can come to possessing an investing superpower."
More Behaviour: The big risk
The peculiar blindness of experts

Charlie Munger interview
05/15/19 6:51 PM ESTMunger
"But of course, when people use the word "common sense," what they mean is uncommon sense. Because the standard human condition is ignorance and stupidity. And when they say, old Joe has common sense, what they mean is he has uncommon sense."
More Munger: Charlie Munger's AGM
Lollapalooza effect

10 times sales
05/15/19 6:49 PM ESTMarkets
"First, over the past 10 years, buying stocks trading above a relatively high level of sales (10x) was actually a decent strategy as it would have beat the market (before transaction costs and taxes). However, over a longer time period, this was a bad bet."
More Markets: The will to survive
Recessions vs. bear markets

The big risk
05/15/19 6:44 PM ESTBehaviour
"The real risk is not that you'll see your portfolio decline, that's a promise, the real risk is that you'll seek too much comfort in your early years and leave yourself uncomfortable in your later years."
More Behaviour: The peculiar blindness of experts
Ten behavioural advantages

The Stingy News Weekly: May 8, 2019
05/08/19 :7:39 PM ESTSNW
This week we have 9 hours worth of the Warren and Charlie show.
More SNW: The Stingy News Weekly: May 1, 2019
The Stingy News Weekly: April 21, 2019

The peculiar blindness of experts
05/08/19 7:12 PM ESTBehaviour
"The best forecasters, by contrast, view their own ideas as hypotheses in need of testing. If they make a bet and lose, they embrace the logic of a loss just as they would the reinforcement of a win. This is called, in a word, learning."
More Behaviour: Ten behavioural advantages
You have to live it

Berkshire Hathaway AGM
05/08/19 6:50 PM ESTBuffett
"Video of the 2019 Berkshire Hathaway Annual Shareholders Meeting" [video]
More Buffett: Warren Buffett, Charlie Munger and Bill Gates
Factor exposure of Berkshire Hathaway

Warren Buffett, Charlie Munger and Bill Gates
05/08/19 6:48 PM ESTBuffett
"Warren Buffett, Charlie Munger and Bill Gates sit down with Becky Quick to discuss a variety of topics including the markets, the state of the economy, the China trade talks and the state of health care around the world." [video]
More Buffett: Factor exposure of Berkshire Hathaway
Buffett interview

The Stingy News Weekly: May 1, 2019
05/01/19 :8:30 PM ESTSNW
This week we have the Top 1000, a valuation horse race, too personal finance, and more.
More SNW: The Stingy News Weekly: April 21, 2019
The Stingy News Weekly: April 16, 2019

2018 Morningstar fee study
05/01/19 8:22 PM ESTFunds
"Morningstar's annual fee study of U.S. open-end mutual funds and exchange-traded funds found that the asset-weighted average expense ratio was 0.48% in 2018, a 6% decline from 2017."
More Funds: OSAM Q1 letter
How hedge funds get rich

Role of shorting, firm size, and time
05/01/19 8:20 PM ESTAcademia
"We examine the role of shorting, firm size, and time on the profitability of size, value, and momentum strategies. We find that long positions comprise almost all of size, 60% of value, and half of momentum profits. Shorting becomes less important for momentum and more important for value as firm size decreases. The value premium decreases with firm size and is weak among the largest stocks. Momentum profits, however, exhibit no reliable relation with size. These effects are robust over 86 years of U.S. equity data and almost 40 years of data across four international equity markets and five asset classes. Variation over time and across markets of these effects is consistent with random chance. We find little evidence that size, value, and momentum returns are significantly affected by changes in trading costs or institutional and hedge fund ownership over time."
More Academia: Anomalies abroad
Trading costs and factor investing

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2018: New Picks (for subs)
2017: Up 58.3%
2016: Up 8.4%
2015: Down 1.4%
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2018: New Picks
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2012: Up 13.4%
2011: Down 4.2%
2010: Up 19.7%
2009: Up 41.0%
2008: Down 32.9%
2007: Up 16.2%
2006: Up 37.6%
2005: Up 57.6%

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