The Stingy News Weekly (01/05/2014)
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Don't play the prediction game
"With a spectacular 2013 in the record books, stock market forecasters have been busily looking forward to what 2014 might bring. You should avoid listening to them."
Casting a wide net for deep value
"In 1651, Thomas Hobbes described the life of mankind as "nasty, brutish and short." He could also have been describing the list of Canadian stocks that typically pass the Ben Graham net-net working capital screen."
Buffett smashed the EMH
"Warren Buffett's hero was Ben Graham and with good reason - the lessons of Graham and his writing partner Dodd made Buffett an extraordinarily good investor and a billionaire many times over. Although, to a believer in the Efficient Market Hypothesis, Buffett's not supposed to even exist - a fact which both Buffett and Charlie Munger derive quite a bit of humor from."
Dilbert's investing gift
"Don't dismiss it because Dilbert is just a world-famous comic hero. I'm here to authenticate it, to tell you this one-pager is no joke - it really is one of the best books on investing and personal finance you'll ever read. Moreover, it's actually less than one page, just 129 words, 9 simple points. Rarely has any financial writer ever been so darn succinct."
Avoid these missteps to be a better investor
"With a new year quickly approaching, investors would do themselves a favour by resolving to avoid some of the portfolio weaknesses I've noticed of late. Doing so is bound to make for smarter investors."
Words of wisdom to value investors
"One thing that has always pleasantly surprised me on my travels is how generous so many value investors are with their time and advice, no matter how demanding their positions and other commitments are. I've come to believe that this willingness to share with one another, the attitude of 'there are no secrets,' and the modesty of talking about one's successes as well as failures, is what distinguishes our shared global value investing community."
Moguls shelter wealth forever
"In the past four years, the amount of money administered by South Dakota trust companies like these has tripled to $121 billion, almost all of it from out of state. The families needn't actually move to South Dakota, or deposit their money at a local bank, or even touch down in the private jet. Little more than renting an address in Sioux Falls is required to take advantage of South Dakota's tax-friendly trust laws."
Accidental tax break
"Federal law requires billionaires such as Adelson who want to leave fortunes to their children to pay estate or gift taxes of 40 percent on those assets. Adelson has blunted that bite by exploiting a loophole that Congress unintentionally created and that the Internal Revenue Service unsuccessfully challenged."
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