The Stingy News Weekly (06/14/2015)
New from StingyInvestor
Timing can cause big losses
"Low-fee funds provided investors a double bonus. They generated the best time-weighted returns and the best dollar-weighted returns. It's another reason to buy, and hold, low-fee funds for the long term."
Bruce Greenwald on the great recession
"Bruce Greenwald talks about an alternative explanation of the great recession at 24th annual Hyman P. Minsky conference." [video] [World]
Momentum across time
"One conclusion we can draw from these results is that whether we are talking about the equity premium, the value premium or the momentum premium, investors require patience and discipline - aided by strong belief - to benefit from most strategies." [Momentum Investing]
215 years of global multi-asset momentum
"Extending price return momentum tests to the longest available histories of global financial asset returns, including country-specific sectors and stocks, fixed income, currencies, and commodities, as well as U.S. stocks, we create a 215-year history of multi-asset momentum, and we confirm the significance of the momentum premium inside and across asset classes. Consistent with stock-level results, we document a large variation of momentum portfolio betas, conditional on the direction and duration of the return of the asset class in which the momentum portfolio is built. A significant recent rise in pair-wise momentum portfolio correlations suggests features of the data important for empiricists, theoreticians and practitioners alike." [Momentum Investing]
Lessons from market extremes
"Bottom line: value wins again for consistency the fact that the median value stock has outperformed nicely. Glamour has the more fun and exciting outliers, but the median glamour stock gets killed and even the best ones are extremely volatile." [Value Investing]
Risky bet on Greece
"The contrarian American billionaire Wilbur L. Ross Jr. made a bundle betting on the Irish banking system when it was down and out, and a similar wager on Cyprus now looks promising. But Greece may prove to be the toughest test yet of his knack for cashing in on eurozone crisis spots." [World]
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