The Stingy News Weekly (05/31/2015)
New from StingyInvestor
Value bears vs. momentum bulls
"Investors want to know where the markets are headed. Unfortunately, market forecasts are less reliable than weather forecasts, which in my neck of the woods is saying something."
Q&A: Mawer vs Vanguard
"Should investors opt for low-fee active funds that have outperformed in the past. It's a good question. Here are a few of my thoughts." [video]
History of price-to-sales
"Price-to-sales is a very simple ratio. Arguably, it is the least nuanced and therefore least manipulated valuation measure. A sale, for the most part, is a sale. Unlike earnings, book value, and other fundamental measures which are sometimes more opinion than fact, sales is a more straightforward number." [Value Investing]
Tobias Carlisle talks at Harvard
"Tobias Carlisle speaking to Michael Parzen's Business Statistics Class, Harvard College, April 21, 2015." [video] [Value Investing]
Using the price-to-book ratio
"One key thing to note about price-to-book: it has tended to push investors towards financials, utilities, materials and industrials, and push them away from health care, technology, and consumer staples." [Value Investing]
Crisis in Illinois
"Illinois has one of the worst-funded pension systems in the nation. Chicago also has a pension crisis, leading Moody's Investors Service to downgrade its credit rating to junk status on May 12, potentially threatening the city's ability to borrow. And the state faces an expected budget deficit of $6 billion, which it needs to address quickly. With just days before a legislative deadline, the new Republican governor, who ran on cutting costs and holding down taxes, is at odds with Democrats who hold a veto-proof supermajority in the legislature." [Bonds]
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