The Stingy News Weekly (12/26/2016)
New from StingyInvestor
Low P/E stocks unlock value
"An equally-weighted portfolio of our universe of TSX-listed stocks with P/E ratios of less than 15, rebalanced monthly, gained an average of 13.8% per year over the 20-year period. The group with P/E ratios below 10 did even better with average gains of 15.6% per year. Investors who only bought stocks with positive earnings gained 11.4% annually. All three earnings-based portfolios beat the S&P/TSX Composite's annual gain of 7.4% per year."
Time management is ruining lives
"You can seek to impose order on your inbox all you like - but eventually you'll need to confront the fact that the deluge of messages, and the urge you feel to get them all dealt with, aren't really about technology. They're manifestations of larger, more personal dilemmas. Which paths will you pursue, and which will you abandon? Which relationships will you prioritise, during your shockingly limited lifespan, and who will you resign yourself to disappointing? What matters?" [Behaviour]
Be wary of surrendering liquidity
"My main point is short and simple. Be wary of surrendering liquidity. If you can't clearly identify what you are gaining from giving up liquidity, don't make the investment. You are likely being hoodwinked. It's that simple." [Markets]
The anonymous billionaire
"Luiz Alves Paes de Barros is something of an enigma in Sao Paulo's financial circles. At 69, he's known around town as the 'anonymous billionaire' for quietly amassing a fortune by wagering on stocks almost no one else seemed to want." [World]
Learn from Ben Horowitz
"When I was a CEO, the books on management that I read weren't very much help after the first few months on the job. They were all designed to give you directions on how not to screw up your company. But it doesn't take long before you get beyond that and you're like OK I've screwed up my company; now what do I do? Most books on management are written by management consultants, and they study successful companies after they've succeeded, so they only hear winning stories." [Management]
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