The Stingy News Weekly (07/16/2017)
New from StingyInvestor
"The portfolio of 30 low-multiple stocks sported a compound annual growth rate of 19.1 per cent from the start of 1999 through to June 16, 2017. By way of comparison the S&P/TSX composite total return index climbed by just 4.7 per cent annually over the same period." [$]
A big dividend bonanza
"The 10 Safer Canadian Dogs form a nice little portfolio of large high-yield stocks. But many income investors want more. That's why I cast a wider net this week in an effort to catch a big dividend bonanza."
Thomas Russo interview
"In a rare interview, great value investor Tom Russo explains why the ability to say no and the capacity to suffer are key to investment success." [video] [Value Investing]
Canadian Net Net
"With the S&P/TSX composite index close to its record high, it is difficult to argue that the overall stock market is beset with pessimism, but in my portfolio, one sector is deep under water and out of favour: oil-service stocks. Here, it is easy to find stocks trading at half of book value, which have proven that they can survive with oil at $30 (U.S.) a barrel and with a balance sheet strong enough that the bank has not called the loan. For a risk-tolerant investor, this is a fertile research universe." [$] [Value Investing]
"In his recent book The Rise and Fall of Nations, Ruchir Sharma, Morgan Stanley's chief global strategist, concludes that the single most reliable indicator of periods of economic weakness was 'the kiss of debt rule, which shows that a major economic slowdown has always materialized when a nation's debt has grown more than 40 percentage points faster than GDP over a five-year period.' If he's right, we've got a big problem: Canada's ratio of debt to GDP rose from 294.9 per cent in 2011 to 354.5 in 2016 - an increase of 59.6 percentage points in the last five years." [Debt]
Jerry Neumann interview
"We start very broad, discussing where we may be in a large 70-year economic cycle. We then break down the so-called power law which seems to govern venture capital returns and business outcomes. Then we get even more specific, discussing Jerry's process for evaluating early stage companies, and the particulars of what might make a good venture capitalist." [audio] [Markets]
Ed Thorp interview
"This week we sit down with Ed Thorp, the math professor who Beat the Dealer, and Beat the Market, and became the first true quant hedge fund manager. His new autobiography is A Man for All Markets." [audio] [Markets]
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