The Stingy News Weekly (04/23/2017)
New from StingyInvestor
The market timing myth
"I found myself pondering bad behaviour after being drafted as a possible juror for a murder trial. To escape from the drudgery of waiting for the judge to make his way through the pool of prospective jurors, my mind turned to the accusation that investors are poor market timers." [$]
"I was recently nominated for jury duty and narrowly avoided serving on a six week murder trial. It was pleasing to be let off because a lengthy trial would have put a dent in my income and kept me away from this year's Fairfax Lollapalooza for value investors. I'm not sure which would have been worse."
The freemium business model
"Freemium describes a business model in which a business gives one product away for free or at a subsidized price and then either sells another profitable product to this user base or sells access to that user base to third parties" [Economics]
An ETF gets too big
"Can an exchange-traded fund get too big for its index? That's the question investors in one popular gold miner ETF are grappling with after rapid asset growth pushed it to significantly deviate from its underlying index." [Indexing]
Alt-facts about formulaic value investing
"We believe that even the simplest systematic value strategy will likely earn higher expected returns than the broader market over the next 50 years, but it may not be 'healthy' and it will surely be volatile as heck. We also believe that more sophisticated systematic value strategies will likely earn a marginal premium over the simplest value strategies over the next 50 years. But let's not fool ourselves, the bulk of the excess expected returns that may be realized by these 'sophisticated' value strategies will be driven by the fact that these portfolios will own cheap companies the world hates, not from the 'sophistication.'" [Value Investing]
Cheap Chick-fil-A franchise
"The barrier to entry for being a franchisee is never going to be money" [Management]
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