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 05/15   The Stingy News Weekly: May 15, 2019 
 05/15   Honesty instead of cheer 
 05/15   Investing for the disaster to come 
 05/15   Financial superpowers 
 05/15   Charlie Munger interview 
 05/15   10 times sales 
 05/15   The big risk 
 05/08   The Stingy News Weekly: May 8, 2019 


Most Recent Stingy News

The Stingy News Weekly: May 15, 2019
05/15/19 :8:23 PM ESTSNW
This week we have superpowers, Charlie, honesty, and more.
More SNW: The Stingy News Weekly: May 8, 2019
The Stingy News Weekly: May 1, 2019

Honesty instead of cheer
05/15/19 8:20 PM ESTBehaviour
"Practising the Greek virtues of wisdom and courage is one thing. But being cheerful the American way borders on psychosis"
More Behaviour: Financial superpowers
The big risk

Investing for the disaster to come
05/15/19 7:34 PM ESTThrift
"The way I see it, by spending less on fancy caffeine now I either reach my goals more quickly, or I am better insulated against my personal apocalypse, if and when it happens."
More Thrift: Personal finance is a bit too personal
Million dollar coffee

Financial superpowers
05/15/19 7:26 PM ESTBehaviour
"Having, and sticking to, a true long term perspective is the closest you can come to possessing an investing superpower."
More Behaviour: The big risk
The peculiar blindness of experts

Charlie Munger interview
05/15/19 6:51 PM ESTMunger
"But of course, when people use the word "common sense," what they mean is uncommon sense. Because the standard human condition is ignorance and stupidity. And when they say, old Joe has common sense, what they mean is he has uncommon sense."
More Munger: Charlie Munger's AGM
Lollapalooza effect

10 times sales
05/15/19 6:49 PM ESTMarkets
"First, over the past 10 years, buying stocks trading above a relatively high level of sales (10x) was actually a decent strategy as it would have beat the market (before transaction costs and taxes). However, over a longer time period, this was a bad bet."
More Markets: The will to survive
Recessions vs. bear markets

The big risk
05/15/19 6:44 PM ESTBehaviour
"The real risk is not that you'll see your portfolio decline, that's a promise, the real risk is that you'll seek too much comfort in your early years and leave yourself uncomfortable in your later years."
More Behaviour: The peculiar blindness of experts
Ten behavioural advantages

The Stingy News Weekly: May 8, 2019
05/08/19 :7:39 PM ESTSNW
This week we have 9 hours worth of the Warren and Charlie show.
More SNW: The Stingy News Weekly: May 1, 2019
The Stingy News Weekly: April 21, 2019

The peculiar blindness of experts
05/08/19 7:12 PM ESTBehaviour
"The best forecasters, by contrast, view their own ideas as hypotheses in need of testing. If they make a bet and lose, they embrace the logic of a loss just as they would the reinforcement of a win. This is called, in a word, learning."
More Behaviour: Ten behavioural advantages
You have to live it

Berkshire Hathaway AGM
05/08/19 6:50 PM ESTBuffett
"Video of the 2019 Berkshire Hathaway Annual Shareholders Meeting" [video]
More Buffett: Warren Buffett, Charlie Munger and Bill Gates
Factor exposure of Berkshire Hathaway

Warren Buffett, Charlie Munger and Bill Gates
05/08/19 6:48 PM ESTBuffett
"Warren Buffett, Charlie Munger and Bill Gates sit down with Becky Quick to discuss a variety of topics including the markets, the state of the economy, the China trade talks and the state of health care around the world." [video]
More Buffett: Factor exposure of Berkshire Hathaway
Buffett interview

The Stingy News Weekly: May 1, 2019
05/01/19 :8:30 PM ESTSNW
This week we have the Top 1000, a valuation horse race, too personal finance, and more.
More SNW: The Stingy News Weekly: April 21, 2019
The Stingy News Weekly: April 16, 2019

2018 Morningstar fee study
05/01/19 8:22 PM ESTFunds
"Morningstar's annual fee study of U.S. open-end mutual funds and exchange-traded funds found that the asset-weighted average expense ratio was 0.48% in 2018, a 6% decline from 2017."
More Funds: OSAM Q1 letter
How hedge funds get rich

Role of shorting, firm size, and time
05/01/19 8:20 PM ESTAcademia
"We examine the role of shorting, firm size, and time on the profitability of size, value, and momentum strategies. We find that long positions comprise almost all of size, 60% of value, and half of momentum profits. Shorting becomes less important for momentum and more important for value as firm size decreases. The value premium decreases with firm size and is weak among the largest stocks. Momentum profits, however, exhibit no reliable relation with size. These effects are robust over 86 years of U.S. equity data and almost 40 years of data across four international equity markets and five asset classes. Variation over time and across markets of these effects is consistent with random chance. We find little evidence that size, value, and momentum returns are significantly affected by changes in trading costs or institutional and hedge fund ownership over time."
More Academia: Anomalies abroad
Trading costs and factor investing

Valuation horse race
05/01/19 8:17 PM ESTValue Investing
"Value isn't necessarily dead - it all depends on how you measure it, when and where it is measured. This inconsistency suggests that value is merely 'noisy,' which is well-established."
More Value Investing: Concentration is cool
Fairfax Lollapalooza 2019

Personal finance is a bit too personal
05/01/19 6:55 PM ESTThrift
"So, how do you become a millionaire by age 30? Make a ton of money and don't spend most of it. Shocking, right? The issue is that this advice just isn't an option for basically everyone."
More Thrift: Million dollar coffee
Price matters

Million dollar coffee
05/01/19 6:54 PM ESTThrift
"A 12% annual return sounds wonderful in a latte factor example but it's not realistic."
More Thrift: Price matters
One big thing

Two returning megastar stocks
04/27/19 11:00 AM ESTStingy Investing
"I invite fellow investors to dig into Report on Business magazine's Top 1000 guide to Canadian companies (distributed to Globe and Mail subscribers this past Friday and found online at tgam.ca/top1000). It contains detailed data on the largest 1,000 firms in the land and comes with a star system that ranks stocks based on their attractiveness as potential value and momentum investments. Firms with the best characteristics make it into the 20-stock team of Megastars." [$]
More Stingy Investing: Top 1000 stock picks
A bin of bargains

Top 1000 stock picks
04/27/19 10:59 AM ESTStingy Investing
"The Megastar system has what it takes to succeed over the long term because it combines two proven schools of investing: value and momentum." [$]
More Stingy Investing: A bin of bargains
Fees and taxes can ruin your retirement

The Stingy News Weekly: April 21, 2019
04/21/19 :9:38 PM ESTSNW
This week we have bear market, concentration, survival, and more.
More SNW: The Stingy News Weekly: April 16, 2019
The Stingy News Weekly: April 13, 2019

Direct indexing
04/21/19 8:45 PM ESTIndexing
"ETFs disrupted mutual funds by offering something a little bit better. Now ETFs face disruption because direct indexing offers several new features that make them much better."
More Indexing: Multi-factor ETFs
ETF tax dodge

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2018: New Picks (for subs)
2017: Up 58.3%
2016: Up 8.4%
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2016: Up 1.6%
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2018: New Picks
2017: Up 13.5%
2016: Up 2.8%
2015: Up 2.1%
2014: Up 2.3%
2013: Up 55.0%
2012: Up 13.4%
2011: Down 4.2%
2010: Up 19.7%
2009: Up 41.0%
2008: Down 32.9%
2007: Up 16.2%
2006: Up 37.6%
2005: Up 57.6%

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