The Stingy News Weekly (03/24/2013)
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The perils of picking stocks
"There are strange things done in the midnight sun by the men who moil for gold. Stranger still than the events in Robert Service's poem are the sights to be seen when screening for stocks. They might not be as bloodcurdling as witnessing the cremation of Sam McGee, but simple stock screens can lead you to infernal stocks."
Cyprus said to reach deal
"Deposits below the EU deposit-guarantee ceiling of 100,000 euros will be protected, and a loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said."
Most large acquisitions are errors
"One use of free cash flow is acquisitions. Companies that focus on small acquisitions and organic growth use free cash flow wisely. Large acquisitions overpay to buy a trophy asset that the acquirer may unintentionally destroy. Avoid such acquisitive companies. The company may grow, but the stock price likely will not."
Teach Americans to be cheap
"The most potent way to get more wealth to the poor and middle-class is to get these people to save more of their income, and to invest in assets with higher average rates of return."
Earthquakes and the markets
"Like the devastating Japanese earthquake of 2011, the stock market crash of Oct. 19, 1987, came as a total shock to most people. Yet the crash wasn.t entirely without warning. Five days before, the Dow Jones Industrial Average dropped 95 points, which was then an all-time record. Two days later, it closed down another 108 points. Just like others crashes -- 1929, for example -- and all major earthquakes, the 1987 crash was preceded by significant rumblings."
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