The Stingy News Weekly (01/06/2013)
New @ StingyInvestor
Advice to the lazy investor: Be even lazier
"A peculiar investment trust put the buy-and-hold experiment into practice many years ago. The trust takes passivity to such an extreme that it makes many index investors look like a bunch of drunken day-traders."
Asset Mixer Update
We've updated our Asset Mixer to include nominal data for 2012.
Periodic Table Update
We've updated our periodic table of annual returns for Canadians to include nominal data for 2012.
Scary beats safe when it comes to Net Nets
"Cheap and safe are two attributes I look for when picking stocks. But seeking safety doesn't always pay. History suggests that a cheap-and-scary approach may be the better way to go - if you have the stomach for it."
The winners curse
"Our previous studies suggested that top dog status is of no advantage in the United States; indeed, it's often something of a curse. As we globalize this study, the results confirm the global relevance of "too big to succeed." In the G-8 test of developed economies, we find the same phenomenon in each and every market: a statistically significant performance shortfall for top companies, relative both to the companies' sectors and the stock market as a whole, with no countries immune to the effect."
The real fiscal problem
"Why it's not repaying the swelling national debt that necessarily by itself creates a problem for the U.S. economy; rather it's the government's increasing spending on unproductive programs in the first place, financed with increasing levels of national debt, that creates the real problem for the economy."
Low bond yields reveal stark choices on risk
"In the course of attending several client proposals and meetings over the past several weeks, a common thread has emerged. Since bonds are needed to limit total portfolio risk, they also limit potential total returns. And this is causing investors to have to choose whether risk or return is more important."
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