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 05/28   The Stingy News Weekly: May 28, 2017SNW 
 05/28   The internet is brokenMedia 
 05/28   Revenue per employeeMarkets 
 05/28   The math behind futilityIndexing 
 05/28   Branching out in search of valueStingy Investing 
 05/28   The cost of bad behaviourBehaviour 
 05/28   Retirement without trepidationRetirement 


Most Recent Stingy News

The Stingy News Weekly: May 28, 2017
05/28/17 10:28 PM ESTSNW
This week we have happy retirees, active futility, bad behaviour, and more.
More SNW: The Stingy News Weekly: May 21, 2017
The Stingy News Weekly: May 14, 2017

The internet is broken
05/28/17 9:48 PM ESTMedia
"The trouble with the internet, Mr. Williams says, is that it rewards extremes. Say you're driving down the road and see a car crash. Of course you look. Everyone looks. The internet interprets behavior like this to mean everyone is asking for car crashes, so it tries to supply them."
More Media: Vultures are circling
Moats and podcasts

Revenue per employee
05/28/17 9:25 PM ESTMarkets
"We found that Energy companies have the highest average Revenue per Employee, while Industrials and Consumer Discretionaries perform worst on this metric."
More Markets: Michael Mauboussin interview
The big short and beyond

The math behind futility
05/28/17 9:19 PM ESTIndexing
"The distribution of returns in the stock market is bizarrely lopsided. Often, equity benchmarks are so reliant on gigantic gains in just a handful of stocks that missing them - as most managers do - consigns the majority to futility."
More Indexing: A monster ETF trade
An ETF gets too big

Branching out in search of value
05/28/17 9:02 PM ESTStingy Investing
"Investors should also look up from their portfolios, from time to time, to gauge the state of the market. To do so it is useful to break down the market by sector to see which ones are faring the best and where there are bargains to be found." [$]
More Stingy Investing: Chasing dividend growth
A Hot Potato update

The cost of bad behaviour
05/28/17 9:00 PM ESTBehaviour
"Through December 2016, the average Canadian diversified equity fund returned 4.37% per year, yet the average diversified equity fund investor earned 2.99% annually over the decade - a 1.38% gap. This gap is costly: In dollar terms, the difference between the two numbers equates to nearly $20,000 in lost gains on a $100,000 investment."
More Behaviour: Our world outsmarts us
You need a Shultz hour

Retirement without trepidation
05/28/17 8:59 PM ESTRetirement
"The widespread contentment among Canada's seniors suggests that many of us are approaching retirement with needless trepidation" [$]
More Retirement: Hope triumphing over experience
Work longer to retire earlier

The Stingy News Weekly: May 21, 2017
05/21/17 8:31 PM ESTSNW
This week we have Mauboussin, dividend growth, the hot potato, and more.
More SNW: The Stingy News Weekly: May 14, 2017
The Stingy News Weekly: May 7, 2017

Michael Mauboussin interview
05/21/17 5:38 PM ESTMarkets
"He and his team have been prolific in the last six months, publishing several long research reports on the most interesting aspects of the investing landscape. In this conversation, we talk about business moats, industry analysis, and how to combine man and machine when building an investment strategy and portfolio." [audio]
More Markets: The big short and beyond
Winner takes all

A monster ETF trade
05/21/17 5:37 PM ESTIndexing
"Until 11:49 a.m. EST, exactly one share had traded hands. Then, boom, 15 million shares. It's not often you see a tape like this"
More Indexing: An ETF gets too big
ETFs are the new bond kings

Vultures are circling
05/21/17 5:23 PM ESTMedia
"A decade ago, most media companies were still slapping ideas against the wall, trying to see what would stick. A decade ago, it wasn't so clear that Google and Facebook were going to rule the internet ad business, leaving everyone else to beg for scraps. That's why the New York Times Co., Conde Nast Inc., Hearst Corp. and News Corp., among others, have all figured out that they can't rely on advertising alone, but need to be able to extract circulation revenue from their internet viewers."
More Media: Moats and podcasts
How technology disrupted the truth

A terrible strategy
05/21/17 5:08 PM ESTMomentum Investing
"But historically waiting for the market to fall has been an abysmal strategy, far worse than buying and holding in both absolute and risk-adjusted terms."
More Momentum Investing: Idiosyncratic Momentum
Q and A with Wes Gray

Chasing dividend growth
05/21/17 4:55 PM ESTStingy Investing
"Income-oriented investors love stocks that have a habit of growing their dividends. I confess to being one of them because I've done extraordinarily well by buying such stocks when the market gets a little panicky." [$]
More Stingy Investing: A Hot Potato update
Ben Graham MBA contest for 2017

A Hot Potato update
05/21/17 4:53 PM ESTStingy Investing
"Who says Couch Potato portfolios are boring? Norm Rothery's spicy twist on the popular strategy has been effective, but it's not for everyone"
More Stingy Investing: Ben Graham MBA contest for 2017
A dividend growth downer

The Stingy News Weekly: May 14, 2017
05/14/17 11:59 PM ESTSNW
This week we have Canadian real estate, Home Capital, Munger, Doddsville, and more.
More SNW: The Stingy News Weekly: May 7, 2017
The Stingy News Weekly: April 30, 2017

Mayday at Home Capital
05/14/17 6:53 PM ESTStocks
"In the early hours of Monday, May 1, exhausted representatives for Home Capital and a group of lenders hung up the phone in frustration. A deal to give the company an emergency $2-billion loan appeared to be falling apart. Directors at the mortgage firm felt that without the money, they wouldn't be able to open for business a few hours later." [$]
More Stocks: Einhorn rediscovers preferred stock
Looking for the next Amazon

Too much housing
05/14/17 6:51 PM ESTReal Estate
"Don't let the mushrooming condos downtown fool you. There is no housing shortage in Toronto, says new planning research out of Ryerson University."
More Real Estate: Fortress fails to silence critic
Corruption in Canada

Trading costs and factor investing
05/14/17 6:50 PM ESTAcademia
"It seems that everywhere you look there is a promotion related to factor investing and/or smart beta. The incentives to develop strategies with strong backtests are strong, both in academia and in industry. This natural conflict of interest should raise concern for investors who are trying to ascertain the validity of a particular study or investment approach. One must always consider the possibility of data-snooping, overfitting, and transaction costs - do they make the strong results null and void?"
More Academia: What they don't teach you
The active share debate

Graham and Doddsville Spring 2017
05/14/17 6:41 PM ESTValue Investing
"In this issue, we were fortunate to speak with three investors who provide a range of perspectives and investment approaches. All three apply variations of value investing and fundamental research to find overlooked opportunities. These investments could be stable businesses in turbulent geographies, misunderstood businesses engrossed in controversy, or compounders that are hiding in plain sight."
More Value Investing: Student stock-picking tips
Alt-facts about formulaic value investing

Charlie Munger interview
05/14/17 6:01 PM ESTMunger
"If you don't learn, you're going to be stuck in yesteryear and clobbered by fate." [video]
More Munger: Charlie Munger speaks
Charlie Munger interview

The Stingy News Weekly: May 7, 2017
05/07/17 10:02 PM ESTSNW
This week we have the BRK AGM, betting with Buffett, costly ETFs, pension failures, and more.
More SNW: The Stingy News Weekly: April 30, 2017
The Stingy News Weekly: April 23, 2017

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2013: Up 19.0%
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2010: Up 2.3%
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2003: Up 56.8%
2002: Up 28.2%
2001: Up 20.2%

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2015: New Picks
2014: Up 2.3%
2013: Up 55.0%
2012: Up 13.4%
2011: Down 4.2%
2010: Up 19.7%
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2008: Down 32.9%
2007: Up 16.2%
2006: Up 37.6%
2005: Up 57.6%

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2016: New Picks
2015: Down 1.4%
2014: Up 6.9%
2013: Up 37.8%
2012: Up 10.9%
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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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