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 06/12   The Stingy News Weekly: June 12, 2018 
 06/12   A season for sectors 
 06/12   Focus on risk 
 06/12   It can happen to anyone 
 06/12   Lazy work 
 06/12   We are all created equal 
 06/04   The missing table 


Most Recent Stingy News

The Stingy News Weekly: June 12, 2018
06/12/18 10:53 PM ESTSNW
This week we have risk, seasons, luck, work, and more
More SNW: The Stingy News Weekly: June 4, 2018
The Stingy News Weekly: May 28, 2018

A season for sectors
06/12/18 9:21 PM ESTMarkets
"we find that seasonality has been economically significant and surprisingly robust to specification methods over the past 75 years."
More Markets: Attention and low volatility
Meb talks to James Montier

Focus on risk
06/12/18 9:07 PM ESTBehaviour
"Experience has shown again and again that, for example, higher returns have emanated from lower-volatility stocks, and higher quality bonds have tended to outperform those of lower credit quality. In both instances, - whether risk is defined by volatility (yes, volatility can be a risk), drawdowns, or total loss, - the more conservative option has generally performed better."
More Behaviour: It can happen to anyone
Lazy work

It can happen to anyone
06/12/18 9:01 PM ESTBehaviour
"History is riddled with investor after investor who couldn't quit while they were ahead and eventually ended in ruin."
More Behaviour: Lazy work
We are all created equal

Lazy work
06/12/18 8:58 PM ESTBehaviour
"Rockefeller's job wasn't to drill wells, load trains, or move barrels. It was to make good decisions. And making decisions requires, more than anything, quiet time alone in your own head to think a problem through. Rockefeller's product - his deliverable - wasn't what he did with this hands, or even his words. It was what he figured out inside his head. So that's where he spent most of his time and energy."
More Behaviour: We are all created equal
The psychology of money

We are all created equal
06/12/18 8:55 PM ESTBehaviour
"I didn't understand him or like him. But all it took to see his humanity - to be able to treat him - was to supply that tiny bit of openness and curiosity."
More Behaviour: The psychology of money
Scientists succumb to corruption

The missing table
06/04/18 11:00 PM ESTStingy Investing
"My Globe & Mail piece went out today with a missing table. The online article has been updated and the table itself is shown below."
More Stingy Investing: Low P/E in the TSX 60
A megastar mega gain

The Stingy News Weekly: June 4, 2018
06/04/18 9:56 PM ESTSNW
This week we have a great set of links. Be sure to check out Patrick O'Shaughnessy & Co.'s new research venture, Morgan Housel on psychology, Lou Simpson, factor timing, and more
More SNW: The Stingy News Weekly: May 28, 2018
The Stingy News Weekly: May 23, 2018

The psychology of money
06/04/18 8:57 PM ESTBehaviour
"In what other field does someone with no education, no relevant experience, no resources, and no connections vastly outperform someone with the best education, the most relevant experiences, the best resources and the best connections? There will never be a story of a Grace Groner performing heart surgery better than a Harvard-trained cardiologist. Or building a faster chip than Apple's engineers. Unthinkable. But these stories happen in investing"
More Behaviour: Scientists succumb to corruption
Revisiting the Marshmallow Test

Lou Simpson wisdom
06/04/18 8:54 PM ESTValue Investing
"One thing a lot of investors do is they cut their flowers and water their weeds. They sell their winners and keep their losers, hoping the losers will come back even. Generally, it's more effective to cut your weeds and water your flowers."
More Value Investing: Factors from scratch
Replicating in Europe

Market timing with multiples
06/04/18 8:47 PM ESTMomentum
"This short research note highlights that valuation multiples can be used for market timing, but result in an emotionally challenging strategy. Momentum or volatility-based strategies are attractive alternatives."
More Momentum: Momentum and reversals can coexist
Mean reversion via momentum

Low P/E in the TSX 60
06/04/18 8:45 PM ESTStingy Investing
"The low-P/E portfolio would have gained an average of 18.4-per-cent annually over the 16 years through to the end of 2017. It beat the index by a whopping 10.7 percentage points per year on average."
More Stingy Investing: A megastar mega gain
Coal contest

Scientists succumb to corruption
06/04/18 8:40 PM ESTBehaviour
"It starts with a dash of temptation. Stir in some rationalization and deception. The final and key ingredient is: stupid systems with perverse incentives."
More Behaviour: Revisiting the Marshmallow Test
Money really isn't everything

Revisiting the Marshmallow Test
06/04/18 8:39 PM ESTBehaviour
"Associations between delay time and measures of behavioral outcomes at age 15 were much smaller and rarely statistically significant."
More Behaviour: Money really isn't everything
O'Shaughnessy shares his secrets

Factors from scratch
06/04/18 8:36 PM ESTValue Investing
"The excess returns associated with Value and Momentum result from convergent and divergent processes, respectively. Value stocks are systematically underpriced and gradually converge on their fair value over time. Momentum stocks start out fairly valued or slightly overvalued, and go on to become more overvalued in the short-term, before reverting back. Both styles represent a market mistake that can be captured as alpha."
More Value Investing: Replicating in Europe
Graham & Doddsville: Spring 2018

The Stingy News Weekly: May 28, 2018
05/28/18 11:30 PM ESTSNW
This week we have unicorn, volatility, money, and more.
More SNW: The Stingy News Weekly: May 23, 2018
The Stingy News Weekly: May 14, 2018

What happened at GE?
05/28/18 10:41 PM ESTManagement
"Few corporate meltdowns have been as swift and dramatic as General Electric's over the past 18 months - but the problems started long before that."
More Management: Bezos went thermonuclear on Diapers.com
Pulling the thread with Tren Griffin

The reporter who took down a unicorn
05/28/18 9:36 PM ESTCrime
"How John Carreyrou battled corporate surveillance and intimidation to expose a multibillion-dollar Silicon Valley start-up as a fraud."
More Crime: Enron, 10 years after
Frank Abagnale interview

Money really isn't everything
05/28/18 9:14 PM ESTBehaviour
"Your mother was right: Money isn't everything. New research that examines levels of life satisfaction across more than 1,200 Canadian neighbourhoods shows that big pay cheques don't have much to say about the overall sense of happiness in a community. What matters more are factors such as affordable homes, short commuting times and - most important - a sense of community belonging. In general, rural residents are happier than their urban counterparts, despite lower incomes"
More Behaviour: O'Shaughnessy shares his secrets
Is loss aversion a myth?

Attention and low volatility
05/28/18 9:11 PM ESTMarkets
"The bottom line is that investors do not need to invest in low-volatility stocks (which are now much more highly priced) to exploit the low-volatility anomaly. The reason is that it's mostly about the very poor performance of high-volatility stocks. And the poor performance of high-volatility stocks can be avoided simply by screening out stocks with the negative characteristics of high idiosyncratic volatility, high skewness and low prices."
More Markets: Meb talks to James Montier
On yield curves

The Stingy News Weekly: May 23, 2018
05/23/18 9:51 PM ESTSNW
This week we have Montier, Griffin, replication, diapers, and more.
More SNW: The Stingy News Weekly: May 14, 2018
The Stingy News Weekly: May 8, 2018

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