| The Stingy News Weekly: January 22, 2023 |
| 01/22/23 | | SNW |
This week we have dividends, low fees, periodic mixing, and more.
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| Rich income |
| 01/22/23 | | Thrift |
"if you're interested in understanding how your income compares to others in the U.S. (and whether that makes you rich), then you've come to the right place. So, how much income do you need to be rich? Let's find out."
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| The easy way to returns |
| 01/17/23 | | Stingy Investing |
"Slashing fees is an easy, and practical, way to boost long-term returns and it explains the popularity of low-fee funds and very low-fee index funds in particular."
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| The smaller stable dividend portfolio |
| 01/17/23 | | Stingy Investing |
"I used a combined injection of low-volatility and dividends on large stocks to form the Stable Dividend portfolio. This time around I'm using a similar approach to inoculate smaller stocks to form the, imaginatively named, Smaller Stable Dividend portfolio."
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| Price-to-fantasy ratio |
| 01/17/23 | | Markets |
"If reported earnings next year merely match the likely final 2022 level of $181, then the current price-to-forward earnings (P/F) ratio is 21. In 2023, if earnings tumble just 20% from 2022 levels, then the correct current P/F ratio is 26, hardly a bargain."
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| Asset Mixer Update |
| 01/17/23 | | Stingy Investing |
We've updated our Asset Mixer to include real data for 2022.
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| Periodic Table Update |
| 01/17/23 | | Stingy Investing |
We've updated our periodic table of annual returns for Canadians to include real data for 2022.
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| The Stingy News Weekly: January 15, 2023 |
| 01/15/23 | | SNW |
This week we have Cliff, interviews, bacon, and more.
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| Cliff Asness interview |
| 01/15/23 | | Asness |
"Cliff joins the show to discuss FTX, AMC, why hedge funds aren't hedging, the role of index funds and a whole lot more."
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| A place to start |
| 01/15/23 | | Retirement |
"The 4% rule may be making a comeback. But it's just a starting point - and you shouldn't necessarily follow it precisely."
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| Job interview nightmare |
| 01/15/23 | | Management |
"Companies are seemingly coming up with new, higher, and harder hoops to jump through at every turn. That translates to endless rounds of interviews, various arbitrary tests, and complex exercises and presentations that entail hours of work and prep. There can be good reasons for firms to do this - they really want to make sure they get the right person, and they're trying to reduce biases - but it's hard not to feel like it can just be too much."
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| Uncorrelated assets |
| 01/15/23 | | :Asness |
"Recently, Dimensional Fund Advisors wrote critically on 'liquid alts.' They make some good points, but they also draw some odd conclusions that if applied more generally would not be to their (or our) liking. Besides discussing their piece, below I take this opportunity to review the general rationale behind holding uncorrelated assets (in particular, equity 'factors' held in a long-short manner)."
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| Spending money |
| 01/15/23 | | Thrift |
"How people invest their money tends to be hidden from view. But how they spend is far more visible, so what it shows about who you are can be even more insightful."
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| Crispy bacon |
| 01/15/23 | | Funds |
"Being wedded to a benchmark by relative return fears, career risk, and investment mandates, in our opinion, practically guarantees a highly correlated and ordinary outcome. If the objective is to achieve higher returns with less risk, we do not believe looking like everyone else, or serving soggy bacon, is the answer. Bacon, in our opinion, should be served crispy."
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| The Stingy News Weekly: January 8, 2023 |
| 01/08/23 | | SNW |
This week we have the asset mixer, periodic table for Canadians, recessions, bonds, and more.
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| Harvey vs the spread |
| 01/08/23 | | Markets |
"The spread, which Harvey's work is based on, has been consistently inverted since mid November and hovered Wednesday at around minus 82 basis points. Despite the curve being inverted for the ninth time since 1968, Harvey said it's probably not a harbinger for a recession."
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| Trading a 2s10s inversion |
| 01/08/23 | | Bonds |
"We have discussed why the yield curve inversion is important to investors while showing that such an event, despite not offering an immediate boon for bond investors, does support both intermediate and long-term forward return outperformance. Further, we have also demonstrated that bond price returns following the peak of a yield curve inversion tend to produce above average forward-looking returns across all time horizons."
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| Volatility laundering |
| 01/08/23 | | Funds |
"Given the massive popularity of private investing today, it may very well be true that, as a great man once almost said, 'Never have so many paid so much to so few for the privilege of being told so little.'"
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| The bubble has not popped |
| 01/08/23 | | Value Investing |
"Value spread at 94th percentile"
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| A disaster for Tesla |
| 01/08/23 | | Markets |
"On this metric, Tesla still has a similar enterprise value to many of these automakers combined even after falling so sharply in 2022, despite being utterly unjustified by current fundamentals."
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| Asset Mixer Update |
| 01/03/23 | | Stingy Investing |
We've updated our Asset Mixer to include nominal data for 2022.
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| Periodic Table Update |
| 01/03/23 | | Stingy Investing |
We've updated our periodic table of annual returns for Canadians to include nominal data for 2022.
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| The Stingy News Weekly: January 1, 2023 |
| 01/01/23 | | SNW |
Happy New Year!
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| Dividends and buybacks |
| 01/01/23 | | Dividends |
"the combined yield from both is close to 5%"
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