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 02/19   The Stingy News Weekly: February 19, 2017SNW 
 02/19   A hard pill for savers to swallowStingy Investing 
 02/19   How Warren taught us optimismBuffett 
 02/19   Charlie Munger speaksMunger 
 02/19   The enemy of investment returnsStingy Investing 
 02/19   How being wrong can helpBehaviour 
 02/12   The Stingy News Weekly: February 12, 2017SNW 


Most Recent Stingy News

The Stingy News Weekly: February 19, 2017
02/19/17 9:03 PM ESTSNW
This week we have taxes, mistakes, Munger, Buffett, Gates, and more.
More SNW: The Stingy News Weekly: February 12, 2017
The Stingy News Weekly: February 5, 2017

A hard pill for savers to swallow
02/19/17 4:56 PM ESTStingy Investing
"There are no sure things in this world except death and taxes but, with a little luck, medical advances will allow death to take a long sabbatical. News on the tax front isn't as encouraging because rumours are rife that the upcoming federal budget will punch savers right in their portfolios." [$]
More Stingy Investing: The enemy of investment returns
The brain-bending world

How Warren taught us optimism
02/19/17 4:55 PM ESTBuffett
"Warren Buffett is one of the best loved people in the world -- and it's easy to see why. He's jovial and friendly. He's funny and wise. He makes people feel good about themselves. But he has one quality that fuels all the others: Warren is the most upbeat, optimistic person we know."
More Buffett: Gates and Buffet town hall
Invest like Buffett

Charlie Munger speaks
02/19/17 4:53 PM ESTMunger
"Charlie Munger speaks at the Daily Journal annual meeting" [video]
More Munger: Charlie Munger interview
Munger vs. auditors

The enemy of investment returns
02/19/17 4:52 PM ESTStingy Investing
"The Federal budget rumour mill is ramping up and word has it that savers will be asked to pay more. Some pundits think that the tax rate on capital gains will be kicked into overdrive this year. Problem is, taxes already cut deeply into investment returns."
More Stingy Investing: The brain-bending world
Doing better than you think

How being wrong can help
02/19/17 4:48 PM ESTBehaviour
"The irony is that disconfirmatory feedback is the most useful kind of feedback imaginable. If I'm making serious mistakes while cruising along in a complacent bubble of self-satisfaction, I badly need someone to explain exactly what I'm doing wrong. But what I need and what I might enjoy are, of course, quite different."
More Behaviour: Betting against correlation
Burst your filter bubble

The Stingy News Weekly: February 12, 2017
02/12/17 9:11 PM ESTSNW
This week we have taxes, dividends, myths, and more.
More SNW: The Stingy News Weekly: February 5, 2017
The Stingy News Weekly: January 29, 2017

Gross margin for fun and profit
02/12/17 6:22 PM ESTAccounting
"Businesses come in all varieties and the gross margins generated by various businesses are no exception. Software businesses and pharmaceutical firms have high gross margins. Costco and Exxon have low gross margins."
More Accounting: Chipping away at financial reporting quality
Are buybacks an oasis or a mirage?

Virality is a myth
02/12/17 6:04 PM ESTMarkets
"Raymond Loewy [is] the father of industrial design. He designed the modern locomotive, the modern car, the livery, Air Force One and the interior habitat of the first NASA space ship. He basically designed the middle of the 20th century in America, and he had a rule for why people like what they like, MAYA: Most Advanced, Yet Acceptable."
More Markets: Do stocks outperform Treasury bills?
Lessons from a short seller

Dividend policy
02/12/17 5:23 PM ESTDividends
"The shift is remarkable. In 1988, almost 70% of all cash returned to stockholders took the form of dividends and by 2016, close to 60% of all cash returned took the form of buybacks."
More Dividends: Is dividend investing dangerous?
Dividend stock downside

A taxing trend
02/12/17 4:41 PM ESTTaxes
"The odds of a federal budget that targets investors with higher taxes on capital gains or even dividends are rising."
More Taxes: Trump's tax break
Apple took tax game too far

Klarman's letter
02/12/17 4:38 PM ESTValue Investing
"President Trump may be able to temporarily hold off the sweep of automation and globalization by cajoling companies to keep jobs at home, but bolstering inefficient and uncompetitive enterprises is likely to only temporarily stave off market forces"
More Value Investing: Factor investing art and science
Charles de Vaulx interview

Betting against correlation
02/12/17 4:31 PM ESTBehaviour
"These findings are a strong indication that leverage aversion is indeed an important part of the low-risk effect though by no means does it rule out other contributing explanations."
More Behaviour: Burst your filter bubble
Designing better decisions

The Stingy News Weekly: February 5, 2017
02/05/17 8:03 PM ESTSNW
This week we have brain-bending and the impact of smiling dynamic dividends on a messy retirement.
More SNW: The Stingy News Weekly: January 29, 2017
The Stingy News Weekly: January 22, 2017

The brain-bending world
02/05/17 7:32 PM ESTStingy Investing
"A new performance measurement is beginning to appear on brokerage statements in Canada. It's called a money-weighted return and it has the potential to cause a great deal of confusion." [$]
More Stingy Investing: Doing better than you think
More wishful thinking than rule

Messiness is good for the soul
02/05/17 5:34 PM ESTBooks
"he says, disorder can actually be good for our brains because when conditions around us aren't perfect, we are forced to use creativity to solve problems, and perhaps come up with solutions that are better than we could have imagined otherwise."
More Books: Read 100 books a year
A share of Berkshire Hathaway

Doing better than you think
02/05/17 5:33 PM ESTStingy Investing
"Last week the venerable Dow Jones Industrial Average climbed above 20,000 for the first time. The event came as a relief to newscasters who could comment on the record rather than making up a reason for why the stock market moved a little higher that day."
More Stingy Investing: More wishful thinking than rule
Value by sector

Factor investing art and science
02/05/17 5:31 PM ESTValue Investing
"My conclusion is that we are still a long way away from understanding the so-called 'science' of investing. We're probably better off understanding the insanity of investors and the incentives of delegated asset managers if we want to understand the science of investing, but this is controversial among many financial economists."
More Value Investing: Charles de Vaulx interview
And that's OK

The retirement spending smile
02/05/17 5:29 PM ESTRetirement
"The following exhibit provides Blanchett's spending smile for a retiree that begins retirement with expenditures of $100,000. On average, this household can expect to experience declining real expenditures through age eighty-four, when real spending reaches a trough of $74,146. This reflects a nearly 26% drop in real expenditures. After this point, average real expenditures increase, though they do not necessarily exceed their initial retirement levels until retirees reach their mid-nineties."
More Retirement: The global 4 per cent
The pension warning bell

Do stocks outperform Treasury bills?
02/05/17 5:28 PM ESTMarkets
"Most common stocks do not outperform Treasury Bills. Fifty eight percent of common stocks have holding period returns less than those on one-month Treasuries over their full lifetimes on CRSP. When stated in terms of lifetime dollar wealth creation, the entire gain in the U.S. stock market since 1926 is attributable to the best-performing four percent of listed stocks. These results highlight the important role of positive skewness in the cross-sectional distribution of stock returns. The skewness in long-horizon returns reflects both that monthly returns are positively skewed and the fact that compounding returns over multiple periods itself induces positive skewness. The results also help to explain why active strategies, which tend to be poorly diversified, most often underperform."
More Markets: Lessons from a short seller
Be wary of surrendering liquidity

Too much versus too little dynamism
02/05/17 5:25 PM ESTEconomy
"Of course, the too much versus too little dynamism diagnoses aren't mutually exclusive; there are probably elements of truth in both. Maybe the economy really isn't working for many Americans because globalization, automation and changing labor practices have thrown them to the wolves. But maybe there are also deep-seated structural shifts preventing communities and individuals from tapping the great opportunities the modern economy offers."
More Economy: Productivity slowdown
How does your salary stack up?

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