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 07/23   The Stingy News Weekly: July 23, 2017SNW 
 07/23   Valuation showdownValue Investing 
 07/23   Small value stocksStingy Investing 
 07/23   3 retirement planning tipsRetirement 
 07/23   Low delinquency ratesReal Estate 
 07/23   Gray Rhinos threaten ChinaWorld 
 07/16   The Stingy News Weekly: July 16, 2017SNW 


Most Recent Stingy News

The Stingy News Weekly: July 23, 2017
07/23/17 11:36 PM ESTSNW
This week we have delinquent, rhinos, retirement, and more.
More SNW: The Stingy News Weekly: July 16, 2017
The Stingy News Weekly: July 9, 2017

Valuation showdown
07/23/17 8:41 PM ESTValue Investing
"It appears more fruitful to look at companies in the context of their total enterprise values, as opposed to their market capitalizations. Again, this resonates. To understand whether a company's shares are mispriced from the perspective of a whole owner, it is crucial to understand first what it would take to own the company outright."
More Value Investing: Thomas Russo interview
Canadian Net Net

Small value stocks
07/23/17 8:32 PM ESTStingy Investing
"I recently cast my line into the pool of small company stocks in an effort to land a few generous dividend payers that trade at modest earnings multiples." [$]
More Stingy Investing: Deep value
A big dividend bonanza

3 retirement planning tips
07/23/17 8:24 PM ESTRetirement
"Based on what I know now, I have put an addendum on the retirement advice I give to people: 'And no matter how much money you think you are going to need, save another 15 percent, just in case.'"
More Retirement: How to motivate yourself
The hardest problem in finance

Low delinquency rates
07/23/17 8:20 PM ESTReal Estate
"The problem arises when house prices stop rising and creating new equity against which stretched homeowners can borrow. People who are tight for cash rob Peter to pay Paul. And shifting debt from one lender to another has just been far too easy to do lately. Even a slowdown in house price appreciation, let alone a correction, would bring an end to that."
More Real Estate: The new normal
Too much housing

Gray Rhinos threaten China
07/23/17 8:17 PM ESTWorld
"Let the West worry about so-called black swans, rare and unexpected events that can upset financial markets. China is more concerned about 'gray rhinos' - large and visible problems in the economy that are ignored until they start moving fast."
More World: Venezuela leaps towards dictatorship
Big Mac index

The Stingy News Weekly: July 16, 2017
07/16/17 7:33 PM ESTSNW
This week we highlight interviews of Thorp, Russo, Neumann, and more.
More SNW: The Stingy News Weekly: July 9, 2017
The Stingy News Weekly: July 2, 2017

Thomas Russo interview
07/16/17 5:30 PM ESTValue Investing
"In a rare interview, great value investor Tom Russo explains why the ability to say no and the capacity to suffer are key to investment success." [video]
More Value Investing: Canadian Net Net
PB blind spot

Canadian Net Net
07/16/17 5:09 PM ESTValue Investing
"With the S&P/TSX composite index close to its record high, it is difficult to argue that the overall stock market is beset with pessimism, but in my portfolio, one sector is deep under water and out of favour: oil-service stocks. Here, it is easy to find stocks trading at half of book value, which have proven that they can survive with oil at $30 (U.S.) a barrel and with a balance sheet strong enough that the bank has not called the loan. For a risk-tolerant investor, this is a fertile research universe." [$]
More Value Investing: PB blind spot
The Canadian Acquirer's Multiple

Debt hangover
07/16/17 4:57 PM ESTDebt
"In his recent book The Rise and Fall of Nations, Ruchir Sharma, Morgan Stanley's chief global strategist, concludes that the single most reliable indicator of periods of economic weakness was 'the kiss of debt rule, which shows that a major economic slowdown has always materialized when a nation's debt has grown more than 40 percentage points faster than GDP over a five-year period.' If he's right, we've got a big problem: Canada's ratio of debt to GDP rose from 294.9 per cent in 2011 to 354.5 in 2016 - an increase of 59.6 percentage points in the last five years."
More Debt: Debt buyers
We still have a buck in the till

Deep value
07/16/17 4:54 PM ESTStingy Investing
"The portfolio of 30 low-multiple stocks sported a compound annual growth rate of 19.1 per cent from the start of 1999 through to June 16, 2017. By way of comparison the S&P/TSX composite total return index climbed by just 4.7 per cent annually over the same period." [$]
More Stingy Investing: A big dividend bonanza
Top 1000 Preview

A big dividend bonanza
07/16/17 4:52 PM ESTStingy Investing
"The 10 Safer Canadian Dogs form a nice little portfolio of large high-yield stocks. But many income investors want more. That's why I cast a wider net this week in an effort to catch a big dividend bonanza."
More Stingy Investing: Top 1000 Preview
Top 1000

Jerry Neumann interview
07/16/17 4:50 PM ESTMarkets
"We start very broad, discussing where we may be in a large 70-year economic cycle. We then break down the so-called power law which seems to govern venture capital returns and business outcomes. Then we get even more specific, discussing Jerry's process for evaluating early stage companies, and the particulars of what might make a good venture capitalist." [audio]
More Markets: Ed Thorp interview
The Myth of 1926

Ed Thorp interview
07/16/17 4:48 PM ESTMarkets
"This week we sit down with Ed Thorp, the math professor who Beat the Dealer, and Beat the Market, and became the first true quant hedge fund manager. His new autobiography is A Man for All Markets." [audio]
More Markets: The Myth of 1926
Great returns, gut-wrenching drawdowns

The Stingy News Weekly: July 9, 2017
07/09/17 9:45 PM ESTSNW
This week we overconfidently extend our lives for a nickle to get everything from a 367-year-old bond with minimum failure. Or something like that.
More SNW: The Stingy News Weekly: July 2, 2017
The Stingy News Weekly: June 26, 2017

Extend life for a nickel
07/09/17 9:34 PM ESTHealth
"Barzilai's big plan isn't necessarily less quixotic than those being dreamed up at Silicon Valley biotechs. It's just quixotic in a completely different way. Rather than trying to develop a wildly expensive, highly speculative therapy that will likely only benefit the billionaire-demigod set, Barzilai wants to convince the FDA to put its seal of approval on an antiaging drug for the rest of us: A cheap, generic, demonstrably safe pharmaceutical that has already shown, in a host of preliminary studies, that it may be able to help stave off many of the worst parts of growing old. Not only that, it would also shorten the duration of those awful parts."
More Health: Health spending and life expectancy
Time to take carpe diem seriously

Not as smart as you think
07/09/17 9:32 PM ESTBehaviour
"When it comes to learning, we are overconfident about what we know."
More Behaviour: Schmucks like us
Testing DALBAR's claims

A 367-year-old water bond
07/09/17 9:02 PM ESTBonds
"A 1648 Dutch water bond housed at Yale's Beinecke Rare Book & Manuscript Library is unique among the tens of thousands of manuscripts that reside there. While most of the Beinecke's archival holdings are by their nature dead - their original purpose being fulfilled - the water bond lives on. It still pays annual interest more than 367 years after it was issued."
More Bonds: High yield becomes low yield
Be wary of junk bonds

Minimum wage backlash
07/09/17 9:01 PM ESTEconomics
"As the Maine House voted on a bill to reduce the minimum wage for tipped restaurant workers, Jason Buckwalter and a dozen fellow servers huddled in a back room listening to the vote call at the Bangor steakhouse where they work. They all hoped to hear one thing: that state legislators had voted to lower their wages. Some cried with relief, Buckwalter said, when the final vote ended at 110 to 37 - overwhelmingly in their favor."
More Economics: Minimum wage hike hurt workers
The sharing economy

Schmucks like us
07/09/17 8:59 PM ESTBehaviour
"Before you get too distracted mocking Tiger Woods and his problems, ask yourself: Would you pass the Iverson test? I don't think I would."
More Behaviour: Testing DALBAR's claims
You can change

The Stingy News Weekly: July 2, 2017
07/02/17 10:08 PM ESTSNW
This week we have the Top 1000, Buffett interviews, and more.
More SNW: The Stingy News Weekly: June 26, 2017
The Stingy News Weekly: June 18, 2017

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Defensive Graham Stocks
+15.8%/yr (CAGR)


2017: New Picks
2016: Up 1.6
2015: Up 2.2%
2014: Up 5.1%
2013: Up 19.0%
2012: Up 26.6%
2011: Up 4.1%
2010: Up 2.3%
2009: Up 2.2%
2008: Down 6.5%
2007: Up 34.4%
2006: Down 3.8%
2005: Up 46.6%
2004: Up 32.2%
2003: Up 56.8%
2002: Up 28.2%
2001: Up 20.2%

MoneySense Top 200
+15.8%/yr (CAGR)


2015: New Picks
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%

Stingy Stocks
+13.9%/yr (CAGR)


2016: New Picks
2015: Down 1.4%
2014: Up 6.9%
2013: Up 37.8%
2012: Up 10.9%
2011: Down 16.1%
2010: Up 69.4%
2009: Up 64.5%
2008: Down 40.1%
2007: Down 5.5%
2006: Up 28.9%
2005: Up 29.2%
2004: Up 29.8%
2003: Up 33.8%
2002: Down 1.9%

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