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 02/26   The Stingy News Weekly: February 26, 2017SNW 
 02/26   Q and A with Wes GrayMomentum Investing 
 02/26   Rich or freeRetirement 
 02/26   Credit Suisse Yearbook 2017Markets 
 02/26   Why facts don't change our mindsBehaviour 
 02/26   Factor zooMomentum Investing 
 02/25   Warren Buffett's letterBuffett 


Most Recent Stingy News

The Stingy News Weekly: February 26, 2017
02/26/17 8:10 PM ESTSNW
This week we have Buffett's letter, momentum, freedom, the global yearbook, and more.
More SNW: The Stingy News Weekly: February 19, 2017
The Stingy News Weekly: February 12, 2017

Q and A with Wes Gray
02/26/17 6:34 PM ESTMomentum Investing
"The article suggests that the world of investment ideas is almost like religion or politics - you're on one team or the other - but you can't be on both teams at the same time, and there's very little room for conceptual overlap across dissonant ideas. So if you are a value investor, the idea of momentum disgusts you. Similarly, if you are a momentum/technical investor, the idea of value investing is horrid."
More Momentum Investing: Factor zoo
Mistakes of momentum investors

Rich or free
02/26/17 5:49 PM ESTRetirement
"The best combination is to probably be rich and free. But even that lifestyle is not much better than that of a regular income earning person who is living a purposeful lifestyle. Appreciate what you have right now. Being rich is not an amazing panacea. Being free with the consistent ability to help other people is."
More Retirement: The retirement spending smile
The global 4 per cent

Credit Suisse Yearbook 2017
02/26/17 5:08 PM ESTMarkets
"Over the period since 1900, the average annualized real bond return across the 21 countries was just 1.0% per year, with disappointing returns in many countries. Yet, by the end of 2015, world bonds were level-pegging with world equities over the previous 34 years, giving the same annualized real return of 6.9%."
More Markets: Virality is a myth
Do stocks outperform Treasury bills?

Why facts don't change our minds
02/26/17 4:49 PM ESTBehaviour
"Coming from a group of academics in the nineteen-seventies, the contention that people can't think straight was shocking. It isn't any longer. Thousands of subsequent experiments have confirmed (and elaborated on) this finding. As everyone who's followed the research - or even occasionally picked up a copy of Psychology Today - knows, any graduate student with a clipboard can demonstrate that reasonable-seeming people are often totally irrational."
More Behaviour: How being wrong can help
Betting against correlation

Factor zoo
02/26/17 4:48 PM ESTMomentum Investing
"Factor-based investors and advisors now think they have an advantage. They base this belief on the results of theoretical asset pricing models, many of which have failed empirically."
More Momentum Investing: Mistakes of momentum investors
Momentum with indexes

Warren Buffett's letter
02/25/17 9:27 AM ESTBuffett
"I'm certain that in almost all cases the managers at both levels were honest and intelligent people. But the results for their investors were dismal - really dismal. And, alas, the huge fixed fees charged by all of the funds and funds-of-funds involved - fees that were totally unwarranted by performance - were such that their managers were showered with compensation over the nine years that have passed. As Gordon Gekko might have put it: 'Fees never sleep.'"
More Buffett: How Warren taught us optimism
Gates and Buffet town hall

The Stingy News Weekly: February 19, 2017
02/19/17 9:03 PM ESTSNW
This week we have taxes, mistakes, Munger, Buffett, Gates, and more.
More SNW: The Stingy News Weekly: February 12, 2017
The Stingy News Weekly: February 5, 2017

A hard pill for savers to swallow
02/19/17 4:56 PM ESTStingy Investing
"There are no sure things in this world except death and taxes but, with a little luck, medical advances will allow death to take a long sabbatical. News on the tax front isn't as encouraging because rumours are rife that the upcoming federal budget will punch savers right in their portfolios." [$]
More Stingy Investing: The enemy of investment returns
The brain-bending world

How Warren taught us optimism
02/19/17 4:55 PM ESTBuffett
"Warren Buffett is one of the best loved people in the world -- and it's easy to see why. He's jovial and friendly. He's funny and wise. He makes people feel good about themselves. But he has one quality that fuels all the others: Warren is the most upbeat, optimistic person we know."
More Buffett: Gates and Buffet town hall
Invest like Buffett

Charlie Munger speaks
02/19/17 4:53 PM ESTMunger
"Charlie Munger speaks at the Daily Journal annual meeting" [video]
More Munger: Charlie Munger interview
Munger vs. auditors

The enemy of investment returns
02/19/17 4:52 PM ESTStingy Investing
"The Federal budget rumour mill is ramping up and word has it that savers will be asked to pay more. Some pundits think that the tax rate on capital gains will be kicked into overdrive this year. Problem is, taxes already cut deeply into investment returns."
More Stingy Investing: The brain-bending world
Doing better than you think

How being wrong can help
02/19/17 4:48 PM ESTBehaviour
"The irony is that disconfirmatory feedback is the most useful kind of feedback imaginable. If I'm making serious mistakes while cruising along in a complacent bubble of self-satisfaction, I badly need someone to explain exactly what I'm doing wrong. But what I need and what I might enjoy are, of course, quite different."
More Behaviour: Betting against correlation
Burst your filter bubble

The Stingy News Weekly: February 12, 2017
02/12/17 9:11 PM ESTSNW
This week we have taxes, dividends, myths, and more.
More SNW: The Stingy News Weekly: February 5, 2017
The Stingy News Weekly: January 29, 2017

Gross margin for fun and profit
02/12/17 6:22 PM ESTAccounting
"Businesses come in all varieties and the gross margins generated by various businesses are no exception. Software businesses and pharmaceutical firms have high gross margins. Costco and Exxon have low gross margins."
More Accounting: Chipping away at financial reporting quality
Are buybacks an oasis or a mirage?

Virality is a myth
02/12/17 6:04 PM ESTMarkets
"Raymond Loewy [is] the father of industrial design. He designed the modern locomotive, the modern car, the livery, Air Force One and the interior habitat of the first NASA space ship. He basically designed the middle of the 20th century in America, and he had a rule for why people like what they like, MAYA: Most Advanced, Yet Acceptable."
More Markets: Do stocks outperform Treasury bills?
Lessons from a short seller

Dividend policy
02/12/17 5:23 PM ESTDividends
"The shift is remarkable. In 1988, almost 70% of all cash returned to stockholders took the form of dividends and by 2016, close to 60% of all cash returned took the form of buybacks."
More Dividends: Is dividend investing dangerous?
Dividend stock downside

A taxing trend
02/12/17 4:41 PM ESTTaxes
"The odds of a federal budget that targets investors with higher taxes on capital gains or even dividends are rising."
More Taxes: Trump's tax break
Apple took tax game too far

Klarman's letter
02/12/17 4:38 PM ESTValue Investing
"President Trump may be able to temporarily hold off the sweep of automation and globalization by cajoling companies to keep jobs at home, but bolstering inefficient and uncompetitive enterprises is likely to only temporarily stave off market forces"
More Value Investing: Factor investing art and science
Charles de Vaulx interview

Betting against correlation
02/12/17 4:31 PM ESTBehaviour
"These findings are a strong indication that leverage aversion is indeed an important part of the low-risk effect though by no means does it rule out other contributing explanations."
More Behaviour: Burst your filter bubble
Designing better decisions

The Stingy News Weekly: February 5, 2017
02/05/17 8:03 PM ESTSNW
This week we have brain-bending and the impact of smiling dynamic dividends on a messy retirement.
More SNW: The Stingy News Weekly: January 29, 2017
The Stingy News Weekly: January 22, 2017

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