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New Stingy Headlines

 11/22   John Malone interview 
 11/22   Junkyard billionaire 
 11/22   Why polio is still around 
 11/22   Dr. George's paper 
 11/22   Dividend downturns 
 11/16   The Stingy News Weekly: November 16, 2019 
 11/16   Value is cheap 
 11/16   The Sirens' call 

Most Recent Stingy News

John Malone interview
11/22/19 5:45 PM ESTMedia
"CNBC's David Faber sits down with Liberty Media Chairman John Malone to discuss the streaming wars and the media landscape." [video]
More Media: The dark forest theory
People do not value informative news

Junkyard billionaire
11/22/19 5:38 PM ESTManagement
"The business of selling damaged autos has never been better for Copart founder Willis Johnson, a gold-chain wearing Oklahoma native who's turned drivers' misfortunes into a $1.9 billion fortune"
More Management: 4-day workweek
Trouble in the land of OZK

Why polio is still around
11/22/19 5:33 PM ESTHealth
"There's an old saying among global health experts: 'The last mile is the toughest.' Sometimes they mean it literally: Reaching people in the most remote areas is the hardest part of providing health care. Sometimes they mean it more figuratively: When you're trying to eradicate a disease, the last few cases are the toughest ones to get rid of. Sometimes it's a bit of both."
More Health: A virus might cause obesity
The plague years

Dr. George's paper
11/22/19 5:01 PM ESTValue Investing
"The purpose of this paper is to examine whether earnings quality contributes to the book-to- market's predictive power in the cross section of stock returns. Earnings quality is embedded in the value-growth effect given that retained earnings is a key part of the book value of equity. Earnings quality reflects the effects of managerial discretion on reported earnings, which has been shown to be associated with both risk and behavioral biases in asset pricing. Our results affirm the existence of a value premium and show that the value premium is more pronounced within poor earnings quality stocks. Moreover, we find that poor earnings quality contributes to the value premium mainly through the pricing of growth stocks. Our results suggest that the quality of reported earnings has an incremental role in shaping expected returns of value versus growth stocks."
More Value Investing: Time for a venial value-timing sin
Ian Cassel interviews Tobias Carlisle

Dividend downturns
11/22/19 4:59 PM ESTDividends
"There is a lot to like about dividend-paying stocks. Dividends generally follow earnings, and are cold hard evidence of earnings. existence. In Canada, this infatuation with dividend-payers is compounded by our love of bank and utility stocks, and favourable tax treatment of dividends paid by Canadian companies. Many Canadians view dividend-paying stocks as an investment cure-all - e.g., replacements for low-yielding bonds, and protection from a bear market or rising interest rates. And while they can sometimes deliver, history shows that the expected protection is far from certain."
More Dividends: Consuming dividends
Cash back

The Stingy News Weekly: November 16, 2019
11/16/19 :6:04 PM ESTSNW
This week we have value investing, REITs, investing at all-time highs, and more.
More SNW: The Stingy News Weekly: November 8, 2019
The Stingy News Weekly: November 3, 2019

Value is cheap
11/16/19 5:56 PM ESTMarkets
"Value stocks as a group are as cheap as they have ever gotten. 'The only time in history that Value has gotten this cheap was in 2003 and 2008, when Value outperformed Momentum by 22ppt and 69ppt, respectively, over the subsequent 12 months.'"
More Markets: The Sirens' call
The case against REITS

The Sirens' call
11/16/19 5:46 PM ESTMarkets
"The stock market model is projecting a 3.06%/year return over the next ten years as of the close on 11/15/2019. That's near where a 10-year mid-single-A rated bond would trade. That's not offering a lot of compensation for putting your money at risk."
More Markets: The case against REITS
Growth bankruptcies

The Champagne portfolio
11/16/19 5:37 PM ESTStingy Investing
"Investors pop open the Champagne when stocks hit new highs. But after quaffing down a boatload of bubbly in recent months, the newly rich might wonder how long the good times will last and whether now is a good time to put new money to work. I created the Champagne portfolio to explore the situation. It invests in the Canadian stock market when it hits a new all-time high, but hides out in Canadian bonds the rest of the time. The result was stock-like performance with a bond-like downside profile." [$]
More Stingy Investing: How to invest a cash windfall
Dividend Monsters

The case against REITS
11/16/19 5:32 PM ESTMarkets
"Despite REITs featuring only moderately positive correlations to stocks, the diversification benefits were marginal over the last 30 years. Stated differently, real estate stocks are just not unique enough and introduce additional, unnecessary complexity for asset allocation models. Furthermore, the real estate asset class is largely a bond proxy and has benefited significantly from declining interest rates over the last 30 years. Given that bonds yields have reached zero or negative levels in many countries, this likely makes the outlook for real estate less appealing."
More Markets: Growth bankruptcies
Rise and fall of calendar anomalies

Moving in a canoe
11/16/19 5:30 PM ESTTaxes
"A teacher who relocated for work by loading his belongings into a canoe and paddling up the Rideau Canal to Ottawa has convinced Canada's tax agency to allow him to claim his moving expenses."
More Taxes: Tax-loss harvesting alpha
A leader in tax compliance

The Stingy News Weekly: November 8, 2019
11/08/19 :9:42 PM ESTSNW
This week we have dividends, compounding, value investing, IPOs, and more.
More SNW: The Stingy News Weekly: November 3, 2019
The Stingy News Weekly: October 22, 2019

Time for a venial value-timing sin
11/08/19 9:33 PM ESTValue Investing
"To evaluate this, we look at how to measure whether a factor, in this case the value factor, is itself rich or cheap versus history. We look at three approaches, from academic to more AQR-like, and the answer, regardless of the approach taken in measuring cheapness, is that value is currently quite cheap compared to history. And it has gotten that way over the last almost two years."
More Value Investing: Ian Cassel interviews Tobias Carlisle
Compounding machines

Growth bankruptcies
11/08/19 9:31 PM ESTMarkets
"Buying and holding IPO stocks, you would have lost about half of your wealth half of the time and 75% or more of your wealth in one out of three or four IPOs. And according to the data, the most toxic of these growth-bankruptcy-prone IPOs have been the seemingly most exciting technology and communications stocks, where you would have lost about 60.70% of your wealth half of the time (like SnapChat within its first two years) and 90% or more of your wealth in almost 25% of IPOs (like BlueApron within its first two years)."
More Markets: Rise and fall of calendar anomalies
Another great depression

Rise and fall of calendar anomalies
11/08/19 9:20 PM ESTMarkets
"In this paper, we conduct a comprehensive investigation of calendar anomaly evolution in the US stock market (given by the Dow Jones Industrial Average) for the 1900 to 2018 period. We employ various statistical techniques (average analysis, Student's t-test, ANOVA, the Kruskal-Wallis and Mann-Whitney tests) and the trading simulation approach to analyse the evolution of the following calendar anomalies: day of the week effect, turn of the month effect, turn of the year effect, and the holiday effect. The results revealed that 'golden age' of calendar anomalies was in the middle of the 20th century. However, since the 1980s all calendar anomalies disappeared. This is consistent with the Efficient Market Hypothesis."
More Markets: Another great depression
Michael Mauboussin interview

4-day workweek
11/08/19 9:09 PM ESTManagement
"Workers at Microsoft Japan enjoyed an enviable perk this summer: working four days a week, enjoying a three-day weekend - and getting their normal, five-day paycheck. The result, the company says, was a productivity boost of 40%."
More Management: Trouble in the land of OZK
Don't open a restaurant

Consuming dividends
11/08/19 9:05 PM ESTDividends
"This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly to anticipated income. We combine administrative bank data linking customers' categorized consumption transactions and income to detailed portfolio and trading data and survey responses on financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth, income and age distributions increase spending precisely around dividend receipt. Importantly, we find that consumption responses are driven by financially sophisticated investors who select dividend portfolios, anticipate dividend income, and plan consumption accordingly. Our results contribute to the literature on a dividend clientele and provide evidence of 'planned' excess sensitivity."
More Dividends: Cash back
Dividends can lie

Ian Cassel interviews Tobias Carlisle
11/08/19 9:01 PM ESTValue Investing
"Ian Cassel is Chief Investment Officer at Intelligent Fanatics Capital Management. He turns the tables on Tobias to discuss deep value, the acquirers multiple and Acquirers Funds, LLC." [video]
More Value Investing: Compounding machines
Jack Forehand on applied value

Compounding machines
11/08/19 8:59 PM ESTValue Investing
"Join us for a rare interview is Chuck Akre and John Neff of Akre Capital Management" [video]
More Value Investing: Jack Forehand on applied value
Costs and returns from factor portfolios

The Stingy News Weekly: November 3, 2019
11/03/19 :5:35 PM ESTSNW
This week we have incentives, real estate, windfalls, value investing, and more.
More SNW: The Stingy News Weekly: October 22, 2019
The Stingy News Weekly: October 18, 2019

Property ladders
11/03/19 5:26 PM ESTReal Estate
"A few years back, I could do a little experiment with audiences in the UK and the US. I would ask them to raise their hands if they thought stocks are riskier than real estate. Most hands went up. Then, I asked them to raise their hands if they thought stock returns were higher than real estate returns. Less than half raised their hands. In effect, people were telling me that stocks were riskier than real estate and provided less return. I cannot do that exercise anymore today, because after a 10-year bull market in stocks, perceptions have shifted - until the next bear market, when they will change once more."
More Real Estate: Real estate vs stocks
Rental market nightmare

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