The Stingy News Weekly (04/10/2018)
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. See ...
If you drop by, say hi!
Where have the public companies gone?
"The people who supervise the U.S. stock market are grappling with what they see as a troubling trend: One of the great innovations of Western capitalism - the public company - appears to be losing ground." [Markets]
Art leveraging science
"Communicating and allocating capital are miles apart. Completely different topics. But look around, and the two are constantly paired." [Media]
Explanations for momentum
"Our findings show that at least a substantial part of U.S. and international momentum profits represents a risk premium for the exposure of the strategy to systematic crash risk" [Momentum Investing]
Common misconceptions about momentum
"With so much information available, it is not be surprising that many analysts have missed seeing some of the research. Based on the way momentum is generally used, it is clear to me that there are some serious misconceptions about it. Here is my discussion of some of the more serious ones." [Momentum Investing]
"More recently, long-only factor futures have been launched for European and US stock markets. Such derivatives can be used efficiently to create long-short factor exposure by combining them with a short position in the index future. In the US, investors can even purchase long-short factor ETFs, even though these have relatively low assets under management." [Markets]
Chou's annual letter
"Similar to the current index mania, these 50 well-established growth stocks were considered buys at any price, sending them to levels that were unjustified on the basis of intrinsic value. The delusion was short - lived as they collapsed shortly after in the 1970s. As one Forbes columnist described it, 'the Nifty Fifty were taken out and shot one by one.'" [Chou]
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