The Stingy News Weekly (03/27/2018)
Stingy News Flash
If you're in Toronto from April 23 to April 26, you might want to enjoy a bit of Fairfax Lollapalooza 2018. There are a variety of events to chose from and an overview can be found at ...
I want to highlight three of the events.
The Fairfax Annual General Meeting is the big show. Aside from a dose of value investing, attendees are usually well fed and showered with free swag. But it's shareholder's only affair. See ...
The Premier - Fairfax Financial Shareholder's Dinner is a charitable event. Speakers include Keith Smith, who I've highlighted in the Globe & Mail in the past, and the winners of the YYX Toronto Value conference who will present their investing ideas. Plus some high powered guests from Fairfax will talk to the crowd. The proceeds go to Crohn's and Colitis Canada. More details can be found at ...
Industry types, and the well-to-do, should consider The Ben Graham Centre's Value Investing Conference. Dr. George puts on a good show and Mason Hawkins is the keynote speaker this year. (Be quick, prices are lower on or before March 28.) See ...
If you drop by, say hi!
New from StingyInvestor
The devil in the low-P/E details
"Value investors love to pick stocks with low price-to-earnings ratios and a wealth of studies back them up. But recent research indicates there might be a devil hiding in the details." [$]
"Stocks with high conviction buyback programs are as cheap as they've been since the tech bubble, and trending cheaper." [Markets]
Momentum in Imperial Russia
"Some of the leading theories of momentum have different empirical predictions that depend on market composition and structure. The institutional theory predicts lower momentum profits in markets with less agency. Behavioral theories predict lower momentum profits in markets with more sophisticated investors. One risk-based theory predicts occasional momentum crashes. In this paper, we use a dataset from a major 19th century equity market to test these predictions. We find no evidence to support the institutional theory due to the lack of delegated management. We exploit a regulatory change in the middle of our sample period to test behavior theories. We find evidence consistent with overreaction theories of momentum. We find no evidence to support a rare disaster theory." [Momentum Investing]
The billionaire whisperer
"For Bezos, Dimon, and Buffett, it was another splashy headline in careers that have pushed boundaries. Behind the scenes, though, Combs largely spearheaded the effort, according to a person familiar with the matter. For months, Combs shuttled among the CEOs to get them to commit to doing something about a problem they.d discussed informally for years, the person says." [Buffett]
The lottery hackers
"After stopping in one morning at a convenience store he knew well, he picked up a brochure for a brand-new state lottery game. Studying the flyer later at his kitchen table, Jerry saw that it listed the odds of winning certain amounts of money by picking certain combinations of numbers. That's when it hit him. Right there, in the numbers on the page, he noticed a flaw - a strange and surprising pattern, like the cereal-box code, written into the fundamental machinery of the game. A loophole that would eventually make Jerry and Marge millionaires, spark an investigation by a Boston Globe Spotlight reporter, unleash a statewide political scandal and expose more than a few hypocrisies at the heart of America's favorite form of legalized gambling." [Markets]
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