The Stingy News Weekly (05/11/2014)
Stingy News Flash
I will stop emailing out the Stingy News Weekly in the next week or two. Unfortunately, new anti-spam legislation, that is due to come into effect, makes sending emails to non-paying subscribers too risky.
In happier news, the Stingy News Weekly will be posted online instead. This week's letter can be found at ...
I'll promote new editions of the weekly on the main page at Stingy Investor and on my twitter feed.
New from StingyInvestor
Don't pay for liquidity you don't need
"The lesson seems clear: Small investors can benefit by avoiding highly liquid stocks. It might not make them the next Warren Buffett, but it should help their returns over the long term."
The slaves of Eritrea
"If conscripts really did help build Bisha, then every Canadian citizen profited a little from slavery in a far-off land."
Fact, fiction and momentum investing
"It's been over 20 years since the academic discovery of momentum investing, yet much confusion and debate remains regarding its efficacy and its use as a practical investment tool. In some cases 'confusion and debate' is us attempting to be polite, as it is near impossible for informed practitioners and academics to still believe some of the myths uttered about momentum - but that impossibility is often belied by real world statements. In this article, we aim to clear up much of the confusion by documenting what we know about momentum and disproving many of the often-repeated myths. We highlight ten myths about momentum and refute them, using results from widely circulated academic papers and analysis from the simplest and best publicly available data."
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