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Article Archive
2001
2002
2003
2004
2005
2006
2007
2008
| Stingy Selections & Dartboard Dynamos | ||
| 12/31/01 link | Stingy Investing | |
| I've put my feet in the fire by taking up the Canadian MoneySaver stock picking challenge. Check out my picks and those submitted by the dastardly dartboard. | ||
| Jack Bogle, man on a mission | ||
| 12/31/01 link | Indexing | |
| "Here the longtime advocate of low-cost index investing describes what he expects from the market in coming years and what he believes investors should be doing, as well as what issues in the mutual fund world he's working on at the Bogle Center." | ||
| Ten things your financial planner won't tell you | ||
| 12/24/01 link | Brokers | |
| "The majority of financial planners work on commission, which doesn't make them bad people but can make for bad financial planning. When Irvine, Calif.-based CFP Scott Dauenhauer worked as an adviser at a few big-name brokerage firms during the '90s, he says he was constantly being pushed into selling the firm's proprietary " | ||
| Bubbles, Human Judgment, and Expert Opinion | ||
| 12/22/01 link | Stocks | |
| "The widespread public disagreement about whether the stock market has been undergoing a speculative bubble in the past few years reflects an underlying disagreement about how to view human judgment and intellect." [PDF] | ||
| Real return bonds for Canadian dummies | ||
| 12/18/01 link | Bonds | |
| "RRBs can be difficult to understand, particularly because of the ongoing inflation-adjustments to their interest payments and market price, but also because of the way in which they are taxed." | ||
| A capitalist Christmas | ||
| 12/15/01 link | Christmas | |
| "It's the most pro-capitalist of all holidays because its temporal joys are based on private property, voluntary exchange, and mutual benefit." | ||
| Redemption "iceberg" ahead | ||
| 12/14/01 link | Funds | |
| "There were relatively few funds in existence at the time of the 1973-75 bear market and their assets were very small compared to today's giants. Many equity funds dropped 60 or 70% or more in their NAV. Redemptions were handled by the managers without the problems we envision today. However, mutual fund investors were so disheartened by the "moderate" bear market that there were net fund redemptions for the next nine years." | ||
| What deflation? | ||
| 12/13/01 link | Grant | |
| "An iron law of government regulation holds that a would-be regulator can fix either the price or the quantity of a chosen commodity but not both at once. To enforce a very low funds rate, the Fed must supply an awful lot of funds" | ||
| Pricey bear market | ||
| 12/12/01 link | Dreman | |
| "Disappointments lie ahead for investors who buy at current lofty multiples. The market is too expensive, and earnings won't be rejuvenated anytime soon. And factor in the potential for additional terrorist attacks, which will give the market another surprise wallop." | ||
| Highlights of budget 2001 | ||
| 12/10/01 link | Taxes | |
| Please ignore the onerous tax rates. | ||
| SEC: Stick to bottom line--or else | ||
| 12/10/01 link | Accounting | |
| "the commission just issued a pointed reminder that "pro forma" earnings releases that mislead investors are subject to federal anti-fraud rules." | ||
| Blind seers | ||
| 12/06/01 link | Grant | |
| "Ignorance about tomorrow is a constant of human affairs. Submission to this truth is what's variable. In finance, submission entails a healthy fear of leverage and a decent respect for the relation of price to earnings." | ||
| Fantasy earnings | ||
| 12/05/01 link | Dreman | |
| "Generally accepted accounting principles are left in the garbage when companies hype earnings by excluding all manner of costs as one-time events--ranging from payroll expenses to layoff costs to inventory writedowns." | ||
| The stock market level in historical perspective | ||
| 12/04/01 link | Stocks | |
| "By historical standards, the U.S. stock market has soared to ex-tremely high levels in recent years. These results have created a sense among the investing public that such high valuations, and even higher ones, will be maintained in the foreseeable future. Yet if the history of high market valuations is any guide, the public may be very disappointed with the performance of the stock market in com-ing years." [PDF File] | ||
| Greed and glory on Bay St. | ||
| 12/01/01 link | Brokers | |
| "Holoday had swindled millions of dollars from clients, friends and relatives during a three-year romp. Police called it one of the biggest known frauds involving an individual broker in Canadian history." | ||
| Graham revisited | ||
| 11/29/01 link | Stingy Investing | |
| Last December I reviewed the MSN.com stock screener and found nine stocks that fit Benjamin Graham's guidelines for defensive investors. In this article I look at how these stocks have performed and provide this year's list of candidates. | ||
| Ten lectures by Benjamin Graham | ||
| 11/27/01 link | Value Investing | |
| "These lectures are from the series entitled Current Problems in Security Analysis that Mr. Graham presented at the New York Institute of Finance from September 1946 to February 1947." | ||
| One Nobel laureate's view | ||
| 11/26/01 link | Stocks | |
| "The problem is that the people with high-quality products are at risk of leaving the market because the price reflects the average product and the buyers can't distinguish." | ||
| Risk and expected return | ||
| 11/21/01 link | Stocks | |
| "There is only one way to achieve spectacularly high returns like those achieved by US investors in the latter half of the last century-you must start out with the price of assets at very distressed levels, and end up with them at very elevated levels." | ||
| The virtues of value investing | ||
| 11/16/01 link | Value Investing | |
| "A classic, according to Mark Twain, is a book that people praise and don't read. Let's be honest: For most of us, Security Analysis, the 1934 classic on value investing by Benjamin Graham and David Dodd, falls into that category." What!?!? Security Analysis is one of the best investment books that I've ever read. Ask Santa for a copy this Christmas and you won't be disappointed. | ||
| The road less travelled | ||
| 11/15/01 link | Indexing | |
| "As they begin their journey, investors are faced with an immediate fork in the road-the choice between an active and a passive management strategy. Given the substantial body of evidence it seems clear that passive investing is the strategy most likely to deliver superior results." | ||
| When is tax evasion unethical? | ||
| 11/13/01 link | Taxes | |
| "A few years ago the Roman Catholic Church issued a revised catechism that categorizes tax evasion as a sin. Part I of this article explores the arguments that could be used to support the view that tax evasion is a sin, or is unethical. Part II presents arguments to support the position that there is nothing sinful or ethically wrong with tax evasion. The article concludes that the arguments offered to support the view that tax evasion is sinful or unethical do not hold up under analysis, and suggests that it is the tax collectors who might be guilty of sin, since they participate in the taking of property without the owner's consent." | ||
| Don't sell 'em short | ||
| 11/12/01 link | Stocks | |
| "Economists used to think investors were always coldly rational. Now they know that's wrong. And research is shedding light on how strangely markets can behave. In what follows, I'll explain several fascinating studies that turn conventional ideas about short selling upside down." | ||
| The allure of dividends | ||
| 11/02/01 link | Value Investing | |
| The Fool's chat about why high dividends are a good thing and make a couple picks. | ||
| Just spend it | ||
| 10/29/01 link | Stingy Investing | |
| I was recently asked by Jonathan Chevreau to make a few suggestions on what, given the times, should be done with a $10,000 windfall. An interesting question that is difficult to answer. Nonetheless, in this article I offer a few suggestions and take a look at the vexing choice between spending today and saving for tomorrow. | ||
| Ex-Microsoft CFO steers new biz to negative revenues | ||
| 10/24/01 link | Accounting | |
| Hey, don't worry, they'll make it up on volume... | ||
| The dough | ||
| 10/24/01 link | Banks | |
| The story of one man's struggle as he attempts to cash a U.S. cheque at a Canadian bank. Great fun but you'll Flash to see it. | ||
| Value investing guide | ||
| 10/18/01 link | Value Investing | |
| The Globe has just posted its third annual value guide which contains all sorts of useful data for stingy investors. | ||
| Debt overload: 5 red flags | ||
| 10/14/01 link | Debt | |
| Remove the shackles of monthly payments to achieve a happier and more productive life. | ||
| Berkshire: strong in times of trial | ||
| 10/09/01 link | Buffett | |
| The Fools praise Buffett's conservative approach and try to transform a $2 billion loss into a good thing. | ||
| The 15 richest people in America | ||
| 10/09/01 link | Wealth | |
| High tech woes hit the rich list with good old Warren taking second spot after Mr. Bill. | ||
| Memo from Mr.Buffett | ||
| 10/05/01 link | Buffett | |
| Warren estimates that Berkshire will lose about $2.2 billion due to the events in New York and states that the U.S. is probably in what will be a serious recession. A sobering message. | ||
| Retirees caught short by stocks return to work | ||
| 10/01/01 link | Retirement | |
| The real meaning of risk hits home as some retirees are forced back to work due to the evaporation of their stock portfolios. | ||
| Hiring an advisor | ||
| 09/30/01 link | Brokers | |
| The Motley Fools have posted a useful guide to finding a financial advisor. It covers many of the basics for those who are just starting out or those who want better advice. | ||
| Income bonds face collapse | ||
| 09/30/01 link | Bonds | |
| The world of high finance hits some bond investors hard as derivative contracts devour capital. | ||
| Killing the stock market | ||
| 09/27/01 link | Government | |
| Freedom is under attack in the U.S. as government activity is stepped up after the terrorist horror in New York. | ||
| Beware the buyback bonanza | ||
| 09/25/01 link | Accounting | |
| Share buybacks are only good news if the stock trades at a deep discount to fair value. Regrettably many high flyers use buybacks for more manipulative reasons... | ||
| What to do with a $10k windfall | ||
| 09/22/01 link | Stingy Investing | |
| I make an appearance in a National Post article with a few words on how to spend some instant wealth. | ||
| Stocks fall to 3-year lows | ||
| 09/17/01 link | Indexing | |
| The NASDAQ is now 68% off its high. Gulp! | ||
| The retirement calculator from hell, part III | ||
| 09/16/01 link | Retirement | |
| As the recent tragedy has shown, overly confident retirement planning is, regrettably, a fools errand. | ||
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A Dan Hallett and Associates Inc. publication. Norm Rothery, Ph.D., CFA, is the Chief Investment Strategist at Dan Hallett and Associates Inc. (DH&A) and the founder of StingyInvestor.com. DH&A is registered as Investment Counsel in the province of Ontario. Norm, DH&A, or related-parties may have an interest in the securities mentioned. More...