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 09/17   The Stingy News Weekly: September 17, 2019 
 09/17   Why value investing works 
 09/17   Low vol is not the new value 
 09/17   Private equity destroys investors' wealth 
 09/17   Thomas Braziel on distressed activism 
 09/17   The cost of waiting 
 09/11   The Stingy News Weekly: September 11, 2019 
 09/11   The Perch Portfolio 


Most Recent Stingy News

The Stingy News Weekly: September 17, 2019
09/17/19 :7:58 PM ESTSNW
This week we value, vol, waiting, fraud, and more.
More SNW: The Stingy News Weekly: September 11, 2019
The Stingy News Weekly: September 6, 2019

Why value investing works
09/17/19 7:42 PM ESTValue Investing
"Greenblatt's simple idea is so insightful. Value investing works (over the long term) because it sometimes does not work (in the short term)."
More Value Investing: Thomas Braziel on distressed activism
Value and the yield curve

Low vol is not the new value
09/17/19 7:17 PM ESTMarkets
"Investors that sort the stock market for cheap stocks are primarily looking to generate excess returns by buying companies that might be somewhat unpleasant to hold given firm- or sector-specific issues. On the other hand, investors buying low-risk stocks are hoping for equity-like returns with a reduced downside. These are two fundamentally different investment philosophies."
More Markets: Private equity destroys investors' wealth
The cost of waiting

Private equity destroys investors' wealth
09/17/19 6:21 PM ESTMarkets
"A passive portfolio of small, low EBITDA multiple stocks with modest leverage and hold-to-maturity accounting produces an unconditional return distribution that is highly consistent with that of the pre-fee aggregate private equity index."
More Markets: The cost of waiting
Factor investing on the country level

Thomas Braziel on distressed activism
09/17/19 5:53 PM ESTValue Investing
"Thomas Braziel is the managing partner at 507 Capital, an investment firm specializing in unlisted credit opportunities. Thomas hunts for very unusual, off-the-run opportunities in bankruptcy, and presses his claims through activism, receivership and other active means." [video]
More Value Investing: Value and the yield curve
Factor investing works

The cost of waiting
09/17/19 5:51 PM ESTMarkets
"My results show that any stock/bond portfolio combination (even a 100% bond portfolio) would have, on average, outperformed a 24-month DCA into an all-stock portfolio."
More Markets: Factor investing on the country level
Recession probability

The Stingy News Weekly: September 11, 2019
09/11/19 :5:21 PM ESTSNW
This week we have a fishy video, discussion of the gap, indexing, and more.
More SNW: The Stingy News Weekly: September 6, 2019
The Stingy News Weekly: August 31, 2019

The Perch Portfolio
09/11/19 5:14 PM ESTStingy Investing Video
"Here's a link to the first in my new video series, which is currently rather rough around the edges. In this video I take a very brief look at the Perch Portfolio, which recently appeared in the Globe & Mail." [Video]
More Stingy Investing Video: The Return Gap

The Return Gap
09/11/19 5:12 PM ESTStingy Investing Video
"A brief discussion of the return gap, which is often used improperly." [Video]

Beating the index in bonds
09/10/19 8:10 PM ESTBonds
"Why do investment-grade bond managers seem to consistently beat the index, and why do high-yield managers so consistently fail? And what lessons should investors take away from this data about how to win in bonds?"
More Bonds: Bonds are expensive
LBOs go bankrupt more often

Kung Fu fighting
09/10/19 8:05 PM ESTIndexing
"So, this was all a long-winded way of saying, at least at the market level, that we do not think that the tail is yet wagging the dog. We do not believe that passive investing is a bubble, nor do we believe that it is to blame for the underperformance of small caps or value, nor even that they deserve credit for strong equity markets in the US."
More Indexing: Horizons swap ETFs
The passive bubble

Horizons swap ETFs
09/10/19 8:03 PM ESTIndexing
"Should investors be concerned about additional risks in the new corporate class structure? And what is the likelihood that the new ETFs will continue to deliver the returns of their underlying indexes with no taxable distributions?"
More Indexing: The passive bubble
Direct indexing

A virus might cause obesity
09/10/19 7:59 PM ESTHealth
"Dr Dhurandhar began studying the known human adenoviruses, and discovered that Human Adenovirus #36 can infect mice, and demonstrated directly that infected mice gain large amounts of fat as a consequence. He then demonstrated that antibodies against this virus are easily found in the blood of Americans."
More Health: The plague years
Lyme disease is baffling

Personalized Returns
09/09/19 4:42 PM ESTStingy Investing
"When it comes to money-weighted returns both the sequence of returns and the flow of money into, and out of, the portfolio matter. It's a big reason why it's important to be careful when comparing money-weighted returns to time-weighted returns. (Generally speaking, when evaluating funds, or indexes, one should compare their time-weighted returns.)"
More Stingy Investing: The gap
The perch portfolio

The Stingy News Weekly: September 6, 2019
09/06/19 :5:28 PM ESTSNW
This week we have the gap, retirement, indexing, value investing, bonds, and more.
More SNW: The Stingy News Weekly: August 31, 2019
The Stingy News Weekly: August 19, 2019

Get busy living, or get busy dying
09/06/19 5:06 PM ESTRetirement
"Waiting for 75% of life to pass by before doing stuff you enjoy is a pretty dumb strategy."
More Retirement: Inflexible spending rules
Cash reserve strategies don't work

The horse story
09/06/19 4:32 PM ESTStocks
"I admit, FFH is not exciting. It's not fake meat or pot or sending billionaires into space. But it shouldn't hurt you and has potential to deliver a very nice return. The current disappointing share performance could be, in the spirit of the horse story, a gift."
More Stocks: The Costco cult
Most Amazon brands are duds

Bonds are expensive
09/06/19 4:27 PM ESTBonds
"Furthermore, the U.S. bond yield might be record low on our combo value/carry metric, but it's still high versus some major parts of the world attempting to discover how negative a government guaranteed bond can yield before savers build private fortresses to store cash."
More Bonds: LBOs go bankrupt more often
Sovereign bonds since Waterloo

The gap
09/06/19 3:34 PM ESTStingy Investing
"The simple choice to save before retirement or to spend in retirement can make a big difference on the return gap calculations even for very disciplined investors." [$]
More Stingy Investing: The perch portfolio
Sludgy advice

Value and the yield curve
09/06/19 3:26 PM ESTValue Investing
"We observe that the returns of the Value factor were negative when the yield curve was flattening and positive when steepening in the period between 1971 and 2019. These results are intuitive as a steepening yield curve typically implies a risk-on environment where investors are more inclined to take larger risks, such as betting on cheap, but problematic companies. On the contrary, when the yield curve flattens, investors tend to expect worsening economic conditions and are more likely to allocate to stocks associated with safety."
More Value Investing: Factor investing works
Contrarian investing in commodity cyclicals

The passive bubble
09/06/19 3:21 PM ESTIndexing
"It's like worrying about a trend where everyone decides to eat better, thus hurting sales at McDonald's."
More Indexing: Direct indexing
Multi-factor ETFs

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