The Stingy News Weekly: 12/16/2023
Better and better
"Looking back over the post-World War II period, I see five key phases in our thinking about money, and those phases roughly parallel the needs and wants of the baby boomers, as they went from amassing money for retirement to spending down those savings." [Indexing]
Could you afford it?
"How many homeowners could afford the monthly payment on their house at current levels of mortgage rates and home prices? Take the current value of your home, subtract 20% for a down payment and slap a 7% mortgage rate on it. Could you afford it?" [Real Estate]
Lifecycle Investment Advice
"Given the sheer magnitude of US retirement savings, we estimate that Americans could realize trillions of dollars in welfare gains by adopting the all-equity strategy." [Retirement]
The Dispersion Delusion
"Our results suggest that the dispersion in private equity can be fully replicated in public markets, provided that investors focus on buying cheap, levered micro-caps and hold them in a concentrated portfolio, similar to the portfolio construction in PE." [Value Investing]
"The Dow Jones Industrial Average fell 48 points on Tuesday. Greg Jones, an analyst at Merrill Lynch, expected that no one would care about that useless, vapid, fact by tomorrow." [Markets]
The Temptation of Factor Timing
"Returns to value strategies in individual equities, industries, commodities, currencies, global government bonds, and global stock indexes are predictable in the time series by their respective value spreads." [Markets]
S&P/TSX60 Value Screens
DOW 30 Value Screens
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