Most Recent Stingy News
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| The Stingy News Weekly: April 21, 2024 |
| 04/21/24 6:14 PM EST | SNW |
| This week we have Ray, sectors, the long term and more. |
| More SNW: The Stingy News Weekly: April 14, 2024 |
| The Stingy News Weekly: April 7, 2024 |
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| The quotations of chairman Ray |
| 04/21/24 6:07 PM EST | Management |
| "Modern postindustrial capitalism can endow vast amounts of wealth upon individuals. When the financial media, desperate for advertising revenue, deifies successful businessmen this frequently divorces them from reality, an effect amplified by lack of feedback from employees and associates petrified by their boss’s power over them." |
| More Management: Return-to-office mandates |
| Find the bottleneck first |
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| Invest for the decades |
| 04/21/24 5:15 PM EST | Markets |
| "Even in one of the worst equity markets in history, someone who bought over time would've done okay if they had just stuck with it." |
| More Markets: Sector neutrality in factor investing |
| It's not the economy |
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| The myth of the mobile millionaire |
| 04/21/24 4:47 PM EST | Taxes |
| "The notion that rich taxpayers will flee if the state comes for their money is mostly fiction." |
| More Taxes: Gains from corporate tax cuts |
| Spiderwebs |
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| Sector neutrality in factor investing |
| 04/21/24 4:22 PM EST | Markets |
| "We show both analytically and empirically that the average longâ€" short investor is more likely to benefit from hedging out sector bets, whereas the long-only investorshould, on average, avoid sector neutralization." |
| More Markets: It's not the economy |
| The empirical problem with competitive strategy |
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| Performance of the hedge funds |
| 04/21/24 4:16 PM EST | Funds |
| "confirmed prior research findings that hedge funds with results available on data vendors have been, in aggregate, poor investments, producing negative alphas and thus subtracting hundreds of billions of value from investor portfolios." |
| More Funds: Diseconomies of scale |
| Performance chasing |
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| The Stingy News Weekly: April 14, 2024 |
| 04/14/24 8:06 PM EST | SNW |
| This week we have luck, work, withdrawals, and more. |
| More SNW: The Stingy News Weekly: April 7, 2024 |
| The Stingy News Weekly: March 31, 2024 |
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| Lucky vs. repeatable |
| 04/14/24 8:53 PM EST | Behaviour |
| "In business and investing, you want to learn the big lessons about why things behave the way they do without assuming the past is a direct guide to the future, because it's not - most of the details are not repeatable." |
| More Behaviour: Keep your investment plan on track |
| Happiness research |
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| What global withdrawal rates teach us |
| 04/14/24 8:04 PM EST | Retirement |
| "One thing that I think withdrawal rate sceptics have right is their suspicion that over-relying on the performance of one country isn’t necessarily the best approach for risk management. The top global withdrawal rate portfolios all have heavy allocations to foreign markets either through stocks, bonds, or global real assets. Small bias to the home stock market can be productive, as well as a healthy dose of domestic bills. But if you want to protect yourself from the home economy tanking, global diversification is the way to go." |
| More Retirement: Back to work |
| A quiet life |
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| Back to work |
| 04/14/24 8:02 PM EST | Retirement |
| "Call it the great unretirement. Hit by rising living costs and unexpected feelings of boredom, one out of eight retirees plan to return to work this year, according to a recent survey." |
| More Retirement: A quiet life |
| Seven reasons to work |
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| It's not the economy |
| 04/14/24 8:01 PM EST | Markets |
| "One of the most widely cited surveys papers, summing up all the economic literature on the ability of financial market movements to predict economic growth, said that while economists have often noted some sort of link between stocks and growth, 'upon closer inspection, however, this link is murky.'" |
| More Markets: The empirical problem with competitive strategy |
| Don't bank on the equity risk premium |
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| Where it goes |
| 04/14/24 7:59 PM EST | Thrift |
| "A lifetime of frugality has made such spending and giving a whole lot sweeter. It really does feel wonderfully luxurious. And whenever the cash outflow makes me a little uncomfortable, I reassure myself that such expenditures are indeed discretionary and, if necessary, we could eliminate them and our annual spending would plunge." |
| More Thrift: Can the typical person become a millionaire? |
| Thoughts on spending money |
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| The Stingy News Weekly: April 7, 2024 |
| 04/07/24 2:07 PM EST | SNW |
| This week we have value, Cliff, market history, ETFs, and more. |
| More SNW: The Stingy News Weekly: March 31, 2024 |
| The Stingy News Weekly: March 24, 2024 |
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| The empirical problem with competitive strategy |
| 04/06/24 8:36 PM EST | Markets |
| "There is no empirical evidence that a company's market share predicts its profitability. But that hasn't stopped academics, business school curricula, and management consulting firms from promulgating the idea for decades." |
| More Markets: Don't bank on the equity risk premium |
| Shining moment |
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| Cliff Asness interview |
| 04/06/24 8:32 PM EST | Asness |
| "We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and ..." [video] |
| More Asness: Cognitive dissonance |
| Why not 100% equities |
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| Cognitive dissonance |
| 04/06/24 8:30 PM EST | Asness |
| "Here are a few things I would've thought were hard for investors to believe simultaneously. I would've been wrong" |
| More Asness: Why not 100% equities |
| Cliff Asness interview |
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| Don't bank on the equity risk premium |
| 04/06/24 7:10 PM EST | Markets |
| "If stocks will assuredly outperform bonds over intervals of, say, 20 years or more, where is the risk? And if stocks aren't risky over long intervals, why should their returns exceed the returns on bonds that are not risky?" |
| More Markets: Shining moment |
| The B-Team |
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| Buying tiny ETFs |
| 04/03/24 4:05 PM EST | Indexing |
| "We went with a NAV trade in this case, deploying $60 million into a $6 million ETF very efficiently in a single trade." |
| More Indexing: Fear of heights |
| Trend to passive investing |
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| The Stingy News Weekly: March 31, 2024 |
| 03/31/24 10:34 AM EST | SNW |
| This week we have value, trading, momentum, real estate, and more. |
| More SNW: The Stingy News Weekly: March 24, 2024 |
| The Stingy News Weekly: March 17, 2024 |
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| Shining moment |
| 03/31/24 8:38 AM EST | Markets |
| "Where will gold go from here? It's hard to know. Gold doesn't pay any income. As Warren Buffett likes to say, it 'just sits there.' In fact, gold costs money to hold, because it requires storage space and security." |
| More Markets: The B-Team |
| Economic momentum |
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| The B-Team |
| 03/30/24 7:38 PM EST | Markets |
| "we do not believe the current market and profit cycles are perpetual. Like past cycles, we expect many of the trends inflating profits and asset prices will revert and be proven unsustainable. In basketball terms, this game (cycle) isn't over. We plan to keep shooting, finish the game, and are prepared for the final shot. Instead of giving up, we believe valuations matter more today than ever." |
| More Markets: Economic momentum |
| 90% is much better than nothing |
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