The Stingy News Weekly: 01/28/2024
New from Norm
The Globe 250 for 2024
"We’re pleased to toast the New Year with our Megastar ranking of Canada’s largest publicly traded companies. It contains key investing data on 250 major stocks, with a star rating for each company’s momentum appeal and another for its value merit. Both are combined to form the Megastar portfolio, which outperformed the market by 9.4 percentage points since last year. Cheers!"
From COW to KARS
"The ideal investment, in my opinion, is a simple, broadly diversified stock or bond index fund, such as one that tracks the S&P 500." [Indexing]
Moving average distance and momentum
"Our research suggests that active managers should pay attention to the distance between short- and long-run moving averages of prices in developing models for forecasting equity returns. We show that trading rules based on this distance present significant profits in historical data after accounting for reasonable trading cost estimates." [Momentum Investing]
Ask what your credit quality pays
"So rather than target a 7% yield, or any other yield, perhaps the right question is: "What's the best I can do in the liquid credit market?" The yield on the BB index is a good approximation. Right now, the BB index yields 6.6%. Meanwhile, the single B index yields 7.8% and the high-yield index yields 7.9%. Those are juicy 7% yields, but they are also less likely to be realized." [Bonds]
"Results of our determinant analyses are consistent with managers using RTO mandates to reassert control over employees and blame employees as a scapegoat for bad firm performance. Also, our findings do not support the argument that managers impose mandate because they believe RTO increases firm values. Further, our difference in differences tests report significant declines in employees' job satisfactions mandates but no significant changes in financial performance or firm values after RTO mandates." [Management]
S&P/TSX60 Value Screens
DOW 30 Value Screens
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