The Stingy News Weekly (03/27/2016)
New from StingyInvestor
Why 10% returns are a lie
"Let's just say that investors are likely to achieve inflation-adjusted returns that are a good deal less than 5% in the future. As a result, they should think about saving a little more and spending a little less than they might have expected."
How much you'll earn
"If you have a Bachelors degree, you will earn approximately $1.8 million in your lifetime. That's it. That's all you have" [Thrift]
Buffett on the media
"Twenty years ago, investor Warren Buffett accepted an Omaha Press Club Education Committee invitation to spend an hour talking about media." [Buffett]
How unique is your portfolio?
"If there is a lot of overlap between your portfolio and the market, there is only so much alpha you can earn. This is obvious. Still, when you visualize this potential it sends a powerful message. Active share - the preferred measure of how different a portfolio is from its benchmark - is not a predictor of future performance, but it is a good indicator of any strategy's potential excess return. As you'll see below, the higher your active share, the more extreme your performance can be, good and bad." [Markets]
Canadian banks to face headwinds
"Canadian bank stocks provide a generous current yield of 4 per cent or better and trade at about 11 times earnings, so they are not in danger of imminent collapse. Part of their attraction to investors has been the robust growth in dividends over the past few years. The recent trend in marginal return on equity may not erode all the way to 11 per cent, but we should look for lower dividend growth in the future." [Stocks]
A debt of choice
"But the federal debt is only part of our overall debt level. The provinces collectively have debts very nearly equal to the feds, bringing the combined federal-provincial debt closer to 60 per cent of GDP" [Government]
JK Rowling's rejection letter
"They have been some of the most painful career mistakes in history: the record-label which turned down the Beatles, the editor who told Walt Disney he lacked imagination, and the publishers who rejected J K Rowling. The misery of the latter has today been compounded after Rowling shared the painful rejection letter she received, warning her adult crime novels could never be commercially successful." [Books]
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