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The Stingy News Weekly: 10/29/2023 Stingy Links Retail performs poorly "The evidence demonstrates that the attention-induced behavior of individual investors leads to anomalies (mispricings). That is why retail investors are referred to as 'noise traders,' while sophisticated institutional investors are referred to as 'informed traders.' Sadly, individual investor trading driven by attention leads to poor returns." [Markets] Sea change "Dimensional Fund Advisors offers another lens through which to compare stocks and bonds. Between 1926 and 2022, a dollar invested in the S&P 500 would have grown to $11,527. That same dollar would have turned into just $22 if invested in short-term bonds and $131 in long-term bonds. The comparison isn't even close. The upshot: While bonds might be relatively more attractive today than they were in the past, the data suggest that bonds will remain relatively less attractive compared to stocks." [Markets] Americans are getting richer "Americans saved a lot of money since 2019, and the value of their houses and retirement accounts went up in spite of rate hikes. That's great news, and it suggests that much of the pessimism Americans are feeling about their finances is really more about the general unrest in American society and the scary stuff on the news." [Economy] The dark side of tipping "In a world of card payments, the days of dropping coins into a tip jar are gone. On-screen digital options can sometimes increase gratuities, but at what cost?" [Thrift] Demographics are not the problem "Many people (including me a few years ago) assumed that as Japan got older the Japanese would continue to stop working at the same age. But that doesn't seem to have been the case, and thus the number of available bodies in Japan has risen much more than expected. That reflects both better health and less strenuous jobs." [World] Shorting socialism "Our research into the market experience of recent Latin American regimes seems to support the broader research on democratic norms, private property rights, and resulting market returns for countries that kept their distance from collective ownership whether via vote or vanguard. We continue to believe that investors trying to discern where to invest their capital over the decades should significantly discount markets that seem prone to policies advancing objectives that are mutually incompatible with those of capitalism." [World] S&P/TSX60 Value Screens
DOW 30 Value Screens
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