The Stingy News Weekly (10/26/2014)
New from StingyInvestor
Bargains in the dark corners of the stock market
"Warren Buffett bought a basket of cheap South Korean stocks about a decade ago. In doing so, he put the country on the map for North American value investors and a few of them have followed his lead."
Shareholder value maximization
"James Montier talks about shareholder value maximization (SVM) and its 'unintended' consequences." [Montier]
"What a wonderful time it is for the scammer, the conniver, and the cheat: the underage drinkers who flash fake I.D.s, the able-bodied adults who drive cars with handicapped license plates, the parents who use a phony address so that their child can attend a more desirable public school, the customers with eleven items who stand in the express lane. The latest group to bend the law is pet owners." [Behaviour]
Value investors see few bargains
"Small-cap valuations are still quite asinine" [Value Investing]
O Beholden Canada
"Call it Canada's summer of pension discontent. Governments throughout the country are grappling with as much as $"68%" billion in unfunded government-worker retirement debt. In a country of just 38.5 million people, that's a pension problem roughly equivalent to the one that California faces. And it's widely shared." [Government]
Curiosity killed the copycat
"The funds that get copied, unsurprisingly, are typically those that have performed well in the past and are highly ranked by Morningstar. In the short term, the strategy appears to work; the copycats manage to improve their performance and the copied funds continue to do well. But over a longer period of four years or so, this effect disappears." [Funds]
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