The Stingy News Weekly (06/15/2014)
New from StingyInvestor
How much can you safely withdraw?
"Following the 4-per-cent rule is sure to lead to a happy retirement. That's how much an investor can extract from a balanced portfolio when they retire without having to worry about running out of cash before running out of time. At least, that's the theory."
Moral behavior in animals
"Empathy, cooperation, fairness and reciprocity - caring about the well-being of others seems like a very human trait. But Frans de Waal shares some surprising videos of behavioral tests, on primates and other mammals, that show how many of these moral traits all of us share."
A critique of John Hussman's Ccart
"Of all the arguments for a significantly bearish outlook, I find John Hussman's chart of estimated future equity returns, shown below, to be among the most compelling. I've spent a lot of time trying to figure out what is going on with this chart, trying to understand how it is able to accurately predict returns on a point-to-point basis. I'm pretty confident that I've found the answer, and it's quite interesting."
"But diversification isn't all peaches and cream. There is such a thing as being overdiversified. Take an index fund. It owns tons of stocks that will stink over the next year. Apple last year is a great example. It was the biggest stock in the S&P 500 (and therefore most impactful on returns), and had a relatively weak year. Owning everything means you will always own certain types of stocks that tend to perform poorly."
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