The Stingy News Weekly (08/10/2013)
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I'll be taking a little summer sabbatical over the next few weeks. The weekly will return after labour day.
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A dangerous season for stocks
"But the idea that stocks might also have a natural rhythm is a little more controversial. It's obvious that the market isn't perfectly correlated with the seasons, but research points to a weak relationship between the two that some investors might want to try exploiting."
Confessions of an institutional investor
"I've spent my entire career managing institutional portfolios for pensions, endowments and foundations. A few have used a simple, conventional approach while the majority have used the more complex, alternative model that is so popular these days. My current job is with a large fund that uses a complex approach with a focus on downside volatility and the use of hedge funds and private investments. This experience has cemented my opinion that the simple approach is just plain better."
The case for banning tips
"For over eight years, I was the owner and operator of San Diego's farm-to-table restaurant The Linkery, until we closed it this summer to move to San Francisco. At first, we ran the Linkery like every other restaurant in America, letting tips provide compensation and motivation for our team. In our second year, however, we tired of the tip system, and we eliminated tipping from our restaurant. We instead applied a straight 18% service charge to all dining-in checks, and refused to accept any further payment. We became the first and, for years, the only table-service restaurant in America where you couldn't pay more money than the amount we charged you. You can guess what happened. Our service improved, our revenue went up, and both our business and our employees made more money."
Time as money
"But their data, primarily drawn from the Consumer Expenditure Survey from 1980 to 2003, provide an alternative explanation for why expenditure falls as people enter old age. To start with, they reveal that spending on non-essential items does not drop. In fact, it increases. But three categories do see declines: food, transportation and .personal care. (which includes clothing)."
Cohen hauls fortune in unmarked trucks
"There's a reason why Richard B. Cohen escapes attention. The chairman of C&S Wholesale Grocers Inc. works out of a nondescript office park once slated to house a county jail in Keene, New Hampshire, a leafy mountain hamlet 90 miles northwest of Boston. The truckers who deliver goods from the company's 54 distribution centers drive unmarked tractor-trailers. Cohen's last interview was published a decade ago. Even the Keene Chamber of Commerce overlooked C&S as one of the town's largest employers."
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