Most Recent Stingy News
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| Not wrong on covered calls |
| 10/06/25 2:52 PM EST | Funds |
| "These products are likely to be detrimental to long-term investors, including those who need income, and I think it's important for the truth about what they should be expected to do to be articulated in an understandable way. " [video] |
| More Funds: Covered calls and cash flow |
| Covered calls: a devil's bargain |
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| Covered calls and cash flow |
| 10/06/25 2:51 PM EST | Funds |
| "Some covered call strategies are better than others in terms of upside exposure and tax efficiency. But they usually give up too much upside and are often tax-inefficient compared to pure and simple stock market exposure. Call me Danny Downer if you must, but I have yet to encounter a covered call strategy that I would buy or recommend to others - and I don't see that changing any time soon." |
| More Funds: Covered calls: a devil's bargain |
| There Ain't No Such Thing as a Free Lunch |
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| In praise of quarterly earnings reports |
| 10/06/25 2:50 PM EST | Markets |
| "What would happen if we made quarterly disclosure optional, as suggested by Atkins? Probably not much. Since most U.S. firms were already reporting quarterly before the SEC mandated it in 1970, most will probably continue even in the absence of mandates. Corporations generally take actions that investors want, and as long as investors want quarterly reporting, most corporations will do it." |
| More Markets: Where factors speak loudest |
| The 60/40 portfolio: a 150-year test |
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| Where factors speak loudest |
| 10/06/25 2:44 PM EST | Markets |
| "Still, we believe size matters - not as a standalone source of return, but as a modulator of other factors. In our research, we have found factor premia are strongest in microcaps and fade gradually as market cap increases. Small size amplifies factors, while large caps dilute them." |
| More Markets: The 60/40 portfolio: a 150-year test |
| Crowding into quality |
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| 5% rule is the new 4% rule |
| 10/06/25 2:42 PM EST | Retirement |
| "[IF] You are willing to decrease your spending during market crashes." |
| More Retirement: Wisdom from Jonathan Clements |
| Retirees spend income, not savings |
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| Wisdom from Jonathan Clements |
| 10/06/25 2:00 PM EST | Retirement |
| "Jonathan Clements was a journalist who prided himself on writing about the same ideas over and over. His aim wasn't to be sensational. It was to remind readers of what really mattered. He accomplished his goal. When he died on Sept. 21, at 62, the former Wall Street Journal columnist, Citigroup executive and founder of the Humbledollar.com website left behind a vast legacy of columns and books on personal finance. He also left behind the memory of his quiet dignity during the final months of his life." [$] |
| More Retirement: Retirees spend income, not savings |
| Risky business |
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| Good nuke news |
| 10/06/25 1:58 PM EST | Tech |
| "wind and solar and batteries have won the cost and speed race against nuclear, and that case is closed. They are cheap, effective, and reliable at generating a return on investmentâ€"qualities which have long since eluded the nuclear sector. And yet, with state support, grids that add nuclear at the margin find that emissions reductions are easier to achieve when nuclear, with its ultra-high capacity factor, comes online" |
| More Tech: Driverless taxis records |
| Waymos crash less than humans |
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| Huntington's disease successfully treated |
| 10/06/25 1:57 PM EST | Health |
| "'We never in our wildest dreams would have expected a 75% slowing of clinical progression,' she said. None of the patients who have been treated are being identified, but one was medically retired and has returned to work. Others in the trial are still walking despite being expected to need a wheelchair." |
| More Health: Defeating smallpox |
| Four questions |
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| Covered calls: a devil's bargain |
| 09/22/25 1:38 PM EST | Funds |
| "The idea that covered calls generate income is financial bs. These strategies are mechanically expected to underperform their underlying equity, and increasingly so at higher targeted levels of distributions. For long-term investors, covered calls increase risk by leaving the downside unprotected while the capping upside, eliminating the mean-reverting behavior of stocks - an important feature of stock returns." [video] |
| More Funds: There Ain't No Such Thing as a Free Lunch |
| The illiquidity premium |
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| The 60/40 portfolio: a 150-year test |
| 09/21/25 6:02 PM EST | Markets |
| "It took the worst bond market in history to make investing in a 60/40 more painful during a market crash than holding all equities." |
| More Markets: Crowding into quality |
| Total concentration |
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| Crowding into quality |
| 09/21/25 6:01 PM EST | Markets |
| "Similar to Coca Cola's stock in the 1990s, Walmart shareholders appear to be pricing in very strong growth and a nearly flawless future. While Walmart's earnings have grown during this cycle, the pace has been slow to moderateâ€"exactly what we'd expect from a massive retailer. Like many mature market leaders we follow, its earnings growth has largely tracked nominal GDP. While there's nothing wrong with expanding alongside the economy, we believe Walmart's current valuation demands much stronger growth." |
| More Markets: Total concentration |
| The illusion of compound returns |
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| Total concentration |
| 09/21/25 6:00 PM EST | Markets |
| "Based on the evidence from logic, math, and historical data, we believe the benefits of diversification stand on their own merits. And when the outcomes of diversified portfolios are compared against their hyper-concentrated peers, free from survivorship bias, it seems the case for diversification is self-evident." |
| More Markets: The illusion of compound returns |
| Capex cycles |
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| Retirees spend income, not savings |
| 09/21/25 5:06 PM EST | Retirement |
| "Prior studies find that retirees spend less from savings than life cycle models predict. Using data from the Health and Retirement Study, we explore how lifetime income, wage income, capital income, qualified savings, and nonqualified savings are used to fund retirement spending. We find that retirees spend far more from lifetime income than other categories of wealth. Approximately 80% of lifetime income is consumed, on average, versus only approximately half of other available savings and income sources." |
| More Retirement: Risky business |
| Does the 4 per cent rule still apply? |
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| Driverless taxis records |
| 09/21/25 5:04 PM EST | Tech |
| "Trips stayed under half a million miles per month until mid-2024. But since then, growth has taken off. Within a year, usage multiplied eightfold, climbing past four million miles by May 2025, the latest data available." |
| More Tech: Waymos crash less than humans |
| The algorithms are broken |
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| The illusion of compound returns |
| 09/12/25 5:12 PM EST | Markets |
| "Compounding is the King Kong of wealth creation, but it can be defeated by the Godzilla of limited capacity. Very successful investors, such as Warren Buffett of Berkshire or Jim Simons of Renaissance, eventually run into capacity constraints, and become unable to compound their wealth at high rates of return. Capacity always wins in the end." |
| More Markets: Capex cycles |
| Europe's small-cap golden age |
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| Intelligent concentration |
| 09/12/25 4:17 PM EST | Buffett |
| "Warren Buffett's diversification practices have been back in the spotlight over the past few years. Specifically, the level of concentration in his portfolio has come under scrutiny due to the size of the largest stock holding in Berkshire Hathaway's marketable equities portfolio. A historical review of Buffett's implementation of diversification and concentration in practice, as well as his perspective on these concepts, documents a long tradition of heterodox thinking and application. " |
| More Buffett: Berkshire Hathaway 2025 AGM |
| Cash |
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| Capex cycles |
| 09/12/25 4:15 PM EST | Markets |
| "Both Info Tech and Utilities are at the extreme end of their historical range of capital intensity, with Info Tech rivaling its peak in the dot-com era. ... We do not know what the ROI on the current capex cycle will be, but we have a sneaking suspicion that the management teams deploying hundreds of billions of dollars in pursuit of AGI don't know either. In this case, the best we can do is use history as our guide, and on that account the prospects for the current capital investment cycle should concern investors." |
| More Markets: Europe's small-cap golden age |
| What I learned from COVID |
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| Europe's small-cap golden age |
| 09/12/25 4:14 PM EST | Markets |
| "A paradox of the tariffs imposed by the United States this year is that, while they are filling the coffers of the US Treasury, the stock market winners thus far appear be international firms. ... Looking within Europe, we can see that the biggest gains have been among the continent's domestically oriented firms, which earn almost all of their revenue in Europe." |
| More Markets: What I learned from COVID |
| Why aren't markets freaking out? |
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| What I learned from COVID |
| 09/12/25 4:13 PM EST | Markets |
| "I'm not saying that the U.S. stock market is currently a screaming buy. Perhaps the skeptics are correct and the market is like Wile E. Coyote looking down into the abyss. That's what I thought in 2020, but I was mistaken. The market was not Wile E. Coyote. The market was the Road Runner, who paused briefly, looked at COVID, and then sped away. Meep meep. It's not the economy, stupid. It's the stock market, and it does its own thing." |
| More Markets: Why aren't markets freaking out? |
| Bearish on U.S. Stocks |
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| The condo crash |
| 08/30/25 1:15 PM EST | Real Estate |
| "For years, low interest rates fuelled a big-city condo-flipping frenzy. Profits got bigger and condos got smaller. Now the bubble has popped, leaving behind thousands of unsellable, unlivable units." |
| More Real Estate: Bad news for the homebuyers |
| The bull case for housing |
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| Why aren't markets freaking out? |
| 08/30/25 1:09 PM EST | Markets |
| "Whatever happens, Trump's campaign to take over monetary policy has shifted from a public pressure to personal intimidation of Fed officials: the attack on Cook signals that Trump and his people will try to ruin the life of anyone who stands in his way. There is now a substantial chance that the Fed's independence, its ability to manage the nation's monetary policy on an objective, technocratic basis rather than as an instrument of the president's political interests and personal whims, will soon be gone." |
| More Markets: Bearish on U.S. Stocks |
| Time to dump US stocks |
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