The Stingy News Weekly (09/23/2012)
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"When I explain the theory of value investing to people, they always love the idea. Everyone is excited by the notion of snapping up a dollar's worth of assets for 60 cents. Then they see an actual value portfolio. And they recoil in horror."
Why I'm a value investor
"Value investing is all about finding stocks (and other securities) that are both cheap and relatively safe. The two are intimately related because buying at a low price is inherently safer than buying at a high price, everything else being equal."
New Value Investing Strategy Lab
"Follow my value investing scribblings at the new Globe Investor Strategy Lab."
The iPhone's sexy, but 'I save' is far smarter
"But iPhones are also symbolic of a change in society's attitude toward money. We now get our gratification through spending money rather than by saving it. The savings rate in Canada has been falling for decades, more or less in line with the decline in interest rates. Today, savings accounts offer less than 1 per cent in many cases and barely 2 per cent at best. As a result, a lot of us have come to believe that saving is useless, even foolish. And so, we've moved on to spending."
Hayek on the standing committee
"In the past year, the spirits of Keynes and Hayek have done battle for the minds of China's policymakers. This month Andrew Batson of GK Dragonomics, a research consultancy in Beijing, argued that Hayek seems to be winning. China's leadership is now keen to avoid the 'Hayekian risk' of wasted investment, he wrote, even if that increases the 'Keynesian risk' of inadequate demand and weak growth."
Krugman's Baltic problem
"All the southern European countries have overregulated labor markets that have caused persistently high unemployment. In Spain, it is easier to get a divorce than to sack a worker -- which explains in part why companies are very reluctant to hire new ones."
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