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 07/07   The Stingy News Weekly: July 7, 2019 
 07/07   Eric Cinnamond interview 
 07/07   Bill Gurley interview 
 07/07   Quant Cassandra 
 07/07   Why did Enloe State Bank fail? 
 07/07   The Costco cult 
 07/07   The earnings mirage 
 07/07   Professor Tetlock interview 
 07/07   Talk about nuclear 


Most Recent Stingy News

The Stingy News Weekly: July 7, 2019
07/07/19 :9:33 PM ESTSNW
This week we have nuclear, Tetlock, value investing, and much more.
More SNW: The Stingy News Weekly: June 26, 2019
The Stingy News Weekly: June 21, 2019

Eric Cinnamond interview
07/07/19 6:11 PM ESTValue Investing
"Eric Cinnamond, CFA is a partner at Palm Valley Capital Management and a portfolio manager at the Palm Valley Capital Fund (PVCMX). Eric focuses on absolute return small cap value" [video]
More Value Investing: On the value factor
Tobias Carlisle talks to Dan Rasmussen

Bill Gurley interview
07/07/19 6:10 PM ESTMarkets
"My guest this week is Bill Gurley, a general partner at Benchmark Capital and one my favorite investment thinkers. As you'll hear, despite enormous success through his career, Bill is clearly still in love with business and investing. Where many might discuss past glories, I've been incredibly impressed with how both Bill and his partners emphasize the current portfolio and market landscape." [audio]
More Markets: The earnings mirage
Tattersall on Canadian buybacks

Quant Cassandra
07/07/19 6:07 PM ESTAsness
"But the real magic skill of his is that despite some fairly horrific and none-too-short relative and absolute return periods, he's stuck with his style, and his risk level, like grim death."
More Asness: Cliff Asness interviwew
Cliff Asness vs. Warren Buffett

Why did Enloe State Bank fail?
07/07/19 5:35 PM ESTCrime
"The failure of Enloe State Bank is fascinating, and after a little digging I'm convinced there's a lot more here than meets the eye. First off in the FDIC's press release they note that the bank had assets of $36m and deposits of $31m. So then why did Legend Bank (the acquiring bank) only take $5.2m in assets and why did this little bank incur a $27m hit to the FDIC's insurance fund? Secondly if you Googled the bank news articles from two weeks ago appeared saying that the ATF was investigating a suspicious fire at the bank. Someone was seen burning papers inside. Suddenly this is starting to sound like a movie plot and merited further investigation."
More Crime: Longest fraud sentence in Canada
The reporter who took down a unicorn

The Costco cult
07/07/19 5:33 PM ESTStocks
"Since the day Costco went public in December of 1985, investors have complained that the company has been 'too generous' with its customers and employees. They've called for higher markups on goods, steeper prices, and reduced benefits for workers. But Costco has always insisted that their policies aren't just altruistic - they're good for business"
More Stocks: Most Amazon brands are duds
Getting high on their own supply

The earnings mirage
07/07/19 5:31 PM ESTMarkets
"The conceptual problems with book value as an accounting tool are well-known. But one problem that often gets missed is the problem of inflation. Book values are not adjusted for inflation over time, and therefore they tend to understate the true value of corporate net assets. We recently developed a new technique for calculating book value, called 'integrated equity' that corrects this distortion. Our original research piece, "The Earnings Mirage" carefully explains this technique and uses it to generate data for sectors, countries, periods of history, and even factors."
More Markets: Tattersall on Canadian buybacks
O'Shaughnessy talks to Livermore

Professor Tetlock interview
07/07/19 5:26 PM ESTAcademia
"He has spent 40 years as a meticulous social scientist, collecting millions of predictions from tens of thousands of people, in order to figure out how good humans really are at foreseeing the future, and what habits of thought allow us to do better." [audio]
More Academia: Role of shorting, firm size, and time
Anomalies abroad

Talk about nuclear
07/07/19 5:25 PM ESTWorld
"Serious people are finally talking about decarbonizing national economies by mid-century, but such talk must be accompanied by credible plans - and no plan can be considered credible if it does not deal explicitly with nuclear power."
More World: Cheap vs expensive countries
China, leverage, and values

The Stingy News Weekly: June 26, 2019
06/26/19 :8:27 PM ESTSNW
This week we have value investing, dividend investing, buybacks, metal illness, and more.
More SNW: The Stingy News Weekly: June 21, 2019
The Stingy News Weekly: June 15, 2019

The Frugal Dividend portfolio
06/26/19 8:17 PM ESTStingy Investing
"Mixing a gin and tonic yields a satisfying summer drink. Combining investment ingredients can provide sunny returns. In that spirit, I'd like to introduce the Frugal Dividend portfolio. It adds a value investing twist to the Stable Dividend portfolio. The idea is to seek out low-volatility dividend stocks that trade at reasonable prices because the combination has worked well over the past 25 years." [$]
More Stingy Investing: Dividends plus low vol
Two returning megastar stocks

Tattersall on Canadian buybacks
06/26/19 8:24 PM ESTMarkets
"A similar situation has developed in the United States in spite of huge buybacks in that market. The S&P Buyback Index has outpaced the broad S&P 500 Index by more than five percentage points a year over the past 10 years, but all of this occurred during the first five years. For the year to date and the latest one and five years, it has marginally trailed the 500 index."
More Markets: O'Shaughnessy talks to Livermore
Beat online bookmakers

On the value factor
06/26/19 8:04 PM ESTValue Investing
"Given that the performance of the Value factor is similar across stock markets and asset classes, indicates one common driver that is likely related to market structure. Our research suggests that it is mainly risk sentiment that is driving the performance of the Value factor, although that framework requires further validation."
More Value Investing: Tobias Carlisle talks to Dan Rasmussen
Curious Chuck Akre

Tobias Carlisle talks to Dan Rasmussen
06/26/19 7:43 PM ESTValue Investing
"Verdad's Founder and Portfolio Manager Dan Rasmussen talks about his replication of private equity investing in the public markets using undervalued, levered, small-cap stocks." [audio]
More Value Investing: Curious Chuck Akre
Tobias Carlisle talks to Peter Rabover

O'Shaughnessy talks to Livermore
06/26/19 7:41 PM ESTMarkets
"This week I have a very special guest years in the making. Like another favorite episode, with anonymous guest Modest Proposal, this conversation is with one of the stars of the financial twitter universe who writes anonymously and goes by the pseudonym Jesse Livermore." [audio]
More Markets: Beat online bookmakers
Volatility targeting

When the body attacks the mind
06/26/19 8:14 PM ESTHealth
"The idea that madness might have a discrete, biological cause - that it isn't just in your head - stretches back at least to the late 19th century, when Europe's asylums were full of delusional and demented patients suffering from neurosyphilis, a late-stage complication of the venereal disease."
More Health: What happens when your brain explodes
Atul Gawande interview

The Stingy News Weekly: June 21, 2019
06/21/19 :10:59 PM ESTSNW
This week we have the curious, death, of value investing, and more.
More SNW: The Stingy News Weekly: June 15, 2019
The Stingy News Weekly: June 6, 2019

Curious Chuck Akre
06/21/19 10:46 PM ESTValue Investing
"My guest today is Chuck Akre, a now widely famous investor who founded Akre Capital Management in 1989, which now manages approximately $10B dollars. We discuss his investing style and his 'three-legged stool' for evaluating companies. Please enjoy this great conversation." [audio]
More Value Investing: Tobias Carlisle talks to Peter Rabover
What works

Why the American shoe disappeared
06/21/19 10:42 PM ESTEconomics
"There's really very little commercial reason for why you would make footwear in the U.S. today." [audio]
More Economics: The economy killed millennials
Minimum wage backlash

Be Bach, not Darwin
06/21/19 10:40 PM ESTBehaviour
"A study published in the Journal of Applied Sport Psychology in 2003, which charted the life satisfaction of former Olympic athletes, found that they generally struggled with a low sense of personal control when they first stopped competing."
More Behaviour: Stay in the game
Becoming wise to your nudge

Tobias Carlisle talks to Peter Rabover
06/21/19 9:21 PM ESTValue Investing
"Peter "Russian Bear" Rabover, CFA is the Managing Director at Artko Capital based in San Carlos, California." [video]
More Value Investing: What works
Is value overcrowded?

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