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 03/26   The Stingy News Weekly: March 26, 2017SNW 
 03/26   The permanent portfolioIndexing 
 03/26   Simple asset allocationStingy Investing 
 03/26   Latest crop of fixed-income ETFsIndexing 
 03/26   Mean reversion via momentumMomentum 
 03/26   Pension crisisGovernment 
 03/26   O'Shaughnessy and O'ShaughnessyFunds 


Most Recent Stingy News

The Stingy News Weekly: March 26, 2017
03/26/17 8:56 PM ESTSNW
This week we have O'Shaughnessy and O'Shaughnessy, bond ETFs, asset allocation, pensions, and more.
More SNW: The Stingy News Weekly: March 19, 2017
The Stingy News Weekly: March 12, 2017

The permanent portfolio
03/26/17 3:34 PM ESTIndexing
"The Permanent Portfolio strategy is about as promising as any that I have seen for preserving the value of assets through a wide number of macroeconomic scenarios. The volatility is low enough that almost anyone could maintain it. Finally, it's pretty simple. Makes me want to consider what sort of product could be made out of this."
More Indexing: Latest crop of fixed-income ETFs
The momentum index

Simple asset allocation
03/26/17 3:26 PM ESTStingy Investing
"Providing good advice to investors that have relatively little money has always been a tricky affair. After all, the price of a good adviser can be too high for those of modest means. In practice, small investors find themselves left to their own devices or paying through the nose for the little advice they can get." [$]
More Stingy Investing: The Climbing CATS
Valeant's rise and fall

Latest crop of fixed-income ETFs
03/26/17 3:22 PM ESTIndexing
"Another panel member, Mark Yamada, president of Toronto-based PUR Investing Inc. says Vanguard is mostly filling in gaps in their product lineup but there were a couple of surprises. While Vanguard is the acknowledged cost leader, at least one competitor has fixed-income ETFs with slightly lower fees."
More Indexing: The momentum index
Charley Ellis interview

Mean reversion via momentum
03/26/17 3:19 PM ESTMomentum
"For an investor the takeaway is good news... rather having to allocate to an underperforming asset class over the past x years, simply wait for that underperforming / cheap asset class to start performing well. While you may miss the exact turn, you may be able to capture the longer run success when the asset class starts working without having to deal with the pain that created the opportunity."
More Momentum: How not to wipe out with momentum
Two ways to improve momentum

Pension crisis
03/26/17 3:16 PM ESTGovernment
"The question is why haven't the headlines presaged pension implosions? As was the case with the subprime crisis, the writing appears to be on the wall. And yet calamity has yet to strike. How so? Call it the triumvirate of conspirators - the actuaries, accountants and their accomplices in office. Throw in the law of big numbers, very big numbers, and you get to a disaster in a seemingly permanent state of making. Unfunded pension obligations have risen to $1.9 trillion from $292 billion since 2007."
More Government: Of milk cows and moats
If you build it

O'Shaughnessy and O'Shaughnessy
03/26/17 3:13 PM ESTFunds
"My guest this week is my father, Jim O'Shaughnessy. He was a pioneer in quantitative equity research, part of an early group of explorers who combed through data to find factors which predicted future stock returns." [audio]
More Funds: DFA Funds and fees
Risky risk ratings

The Stingy News Weekly: March 19, 2017
03/19/17 9:42 PM ESTSNW
This week we have climbing cats, life's headwinds and tailwinds, factor timing, taxes, and more.
More SNW: The Stingy News Weekly: March 12, 2017
The Stingy News Weekly: March 5, 2017

The Climbing CATS
03/19/17 8:58 PM ESTStingy Investing
"The Climbing CATS strategy is based on a momentum plus value combination. It starts with reasonably-sized Canadian firms and then focuses in on value stocks. Call them Cheap And Thrifty Stocks, or CATS, if you will. But it also looks for firms with strong relative momentum that have Climbed higher in recent times. Thus, the Climbing CATS strategy is born."
More Stingy Investing: Valeant's rise and fall
Your personalized rate of return

Valeant's rise and fall
03/19/17 8:57 PM ESTStingy Investing
"Bill Ackman recently dumped his fund's stake in Valeant Pharmaceuticals International Inc., which ended a distressing period for his investors. While it might be tempting to use the opportunity to wallow in an ocean of schadenfreude, it's more useful to step back and to try to learn from his misfortune." [$]
More Stingy Investing: Your personalized rate of return
A hard pill for savers to swallow

Why is my life so hard
03/19/17 8:43 PM ESTBehaviour
"Most of us feel we face more headwinds and obstacles than everyone else - which breeds resentment. We also undervalue the tailwinds that help us - which leaves us ungrateful and unhappy. How can we avoid this trap?" [audio]
More Behaviour: Why facts don't change our minds
How being wrong can help

Best mutual fund disclosure
03/19/17 8:39 PM ESTZweig
"While the long-term bias in stock prices is upward, stocks enter a bear market with amazing regularity, about every 3 - 4 years. It goes with the territory. Expect it. Live with it. If you can't do that, go bury your money in a jar or put it in the bank and don't bother us about why your investment goes south sometimes or why water runs downhill."
More Zweig: A portrait of Jason Zweig
Jason Zweig interview

Get serious about retirement ages
03/19/17 8:37 PM ESTRetirement
"The Liberal government has declined to listen to the advice of its own economic advisory council on retirement age. Perhaps the Liberals might be more willing to listen to one of its ideological soul mates, someone who shares its views on the use of deficits to boost economic growth. Someone like Christine Lagarde, the managing director of the IMF."
More Retirement: Rich or free
The retirement spending smile

Capital gains tax is already unjust
03/19/17 8:35 PM ESTTaxes
"the current Liberal government's rumoured plan to increase the capital gains tax can be expected to hammer another nail in the coffin for Canadian investments, particularly at a time when our economic outlook is already relatively weak."
More Taxes: Tax court justice seen at KPMG-linked party
Dividend tax changes

Factor timing is hard
03/19/17 8:33 PM ESTValue Investing
"Adding value from market timing is very hard even though the aggregate market price (e.g., the CAPE) matters and varies a lot over time. In our latest paper, we again show that factor timing is likely even harder than market timing."
More Value Investing: Chuck Akre talks at Google
Klarman's letter

The Stingy News Weekly: March 12, 2017
03/12/17 9:17 PM ESTSNW
This week we have Akre on compounding, taxes, fees, bubbles, and more.
More SNW: The Stingy News Weekly: March 5, 2017
The Stingy News Weekly: February 26, 2017

Chuck Akre talks at Google
03/12/17 6:52 PM ESTValue Investing
"Chuck talks about compounders at Google."
More Value Investing: Klarman's letter
Factor investing art and science

Selling pressure at TD
03/12/17 6:51 PM ESTManagement
"A CBC report earlier this week about TD employees pressured to meet high sales revenue goals has touched off a firestorm of reaction from TD employees across the country - some of whom admit they have broken the law at their customers' expense in a desperate bid to meet sales targets and keep their jobs."
More Management: Learn from James Sinegal
Learn from Ben Horowitz

Let your winners run
03/12/17 6:49 PM ESTMarkets
"Modern capitalism is built on the idea that as companies get big, they become fat and happy, opening themselves up to lean and hungry competitors who can underprice and overtake them. That cycle of creative destruction may be changing in ways that help explain the seemingly unstoppable rise of the stock market."
More Markets: The most broadly overvalued moment
Asset markets as banks

The most broadly overvalued moment
03/12/17 6:47 PM ESTMarkets
"Recall that the 2000 market peak was dominated by breathtaking overvaluation among a subset of very large capitalization stocks, while the broader market was less extreme, particularly among smaller capitalization issues. That didn't prevent the S&P 500 Index from losing half of its value, or the Nasdaq 100 Index from losing 83% of its value, but it did create the basis for a long period of relative outperformance by small cap stocks. By contrast, we presently observe, by far, the most extreme median valuations in history."
More Markets: Asset markets as banks
Buffett on valuation

Tax court justice seen at KPMG-linked party
03/12/17 6:45 PM ESTTaxes
"The Canadian Judicial Council began the review following the documentaries that showed two judges attending evening social events during a KPMG-sponsored tax conference in Madrid last fall. A third judge, the chief justice of the Tax Court of Canada, was revealed making a speech in which he promoted drinking alcohol with the tax industry."
More Taxes: Dividend tax changes
A taxing trend

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