The Stingy News Weekly (11/30/2014)
New from StingyInvestor
Stocks not for the squeamish
"The point being that index investors (and mutual fund investors) only see the overall return, less fund fees and other frictions. They get to eat their returns while being blissfully unaware of what goes into them. Those who invest in stocks directly have to be prepared to see how the return sausage gets made. Good investors can resist becoming overly alarmed when stocks jump around wildly. The best focus on the overall results instead."
Believing what you read
"Mackay's book is still enormously entertaining - and worth reading - 170 years after it was published. But Mackay is often quoted as though he were an objective authority on the history of notorious bubbles like the 17th century Dutch tulip mania and the South Sea stock bubble of 1720 in England. Readers should bear in mind that Mackay was a storyteller, and that modern researchers have been unable to confirm some of his best-known anecdotes - and have disproved others altogether." [Books]
Prepare for the bear
"All year I've been wanting to write an article urging advisors and individual investors to prepare for the next bear market. When stock markets hit a pothole in late summer and early fall, it struck me as an opportune time to refresh this idea. While markets have since quickly moved past the decline, I was struck at the amount of attention given to what I thought were normal stock market fluctuations." [Hallett]
Value Investing by Bruce
"Bruce Greenwald's presentation from the Welcome Event for the 12th International Post Keynesian Conference." [video] [Value Investing]
Value and glamour returns
"Did you know that the best performing glamour stocks outperform the best performing value stocks? Sounds exciting, right? Well it may be, but expensive stocks still stink. In this piece I visualize the performance of value and glamour stocks in a new way to make the point once more that value trumps everything." [Markets]
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