Most Recent Stingy News
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| The Globe's guide to the top 250 stocks |
| 12/19/25 11:27 AM EST | Stingy Investing |
| "The Megastar portfolio jumped 39.4 per cent from Dec. 11, 2024, to Dec. 10, 2025, and beat the Canadian stock market (as represented by the S&P/TSX Composite Index), which climbed 26.1 per cent over the same period. The jolly returns added to those from prior years, with the Megastar portfolio climbing at an average annual rate of 33.3 per cent from Dec. 1, 2022, to Dec. 10, 2025, while the market advanced at an annual rate of 18.9 per cent over the same period." [$] |
| More Stingy Investing: The Megastars of 2025 |
| The Globe's Dividend All-Stars 2025 |
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| The Megastars of 2025 |
| 12/19/25 11:22 AM EST | Stingy Investing |
| "Our new Megastar ranking of Canada's largest publicly traded companies evaluates each major stock on the Toronto Stock Exchange and awards two star ratings - one for the stock's appeal to value investors and the other for its allure to momentum investors. We then focused on the 20 stocks with the best blend of value and momentum characteristics, which form our Megastar team." [$] |
| More Stingy Investing: The Globe's Dividend All-Stars 2025 |
| The TSX's gains over almost 69 years |
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| The market isn't 'giving Enron vibes' |
| 12/17/25 6:24 PM EST | Markets |
| "Today's large firms bear little resemblance to Enron or any of the other financial monstrosities of the tech-stock bubble. Enron sold equity to gullible investors, issuing more and more shares prior to its collapse. Enron was not alone; during the tech-stock bubble, corporations collectively issued massive amounts of new shares. In contrast, today, U.S. corporations are collectively repurchasing equity. The stock market of 2025 does not look like the stock market of 2000." |
| More Markets: So you think there's a bubble |
| Milkmaids and philosophers |
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| So you think there's a bubble |
| 12/17/25 6:24 PM EST | Markets |
| "What should you do if you think that the U.S. stock market is in a bubble?" |
| More Markets: Milkmaids and philosophers |
| We're not in an AI bubble |
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| Milkmaids and philosophers |
| 12/17/25 6:24 PM EST | Markets |
| "According to legend, in 1929 Joseph P. Kennedy realized that it was time to sell when he received a stock tip from a shoeshine boy. Okay, when shoeshine boys are playing the market, you sell. But what if you can't find a shoeshine boy? Who else might serve as a useful contrarian indicator?" |
| More Markets: We're not in an AI bubble |
| How the AI bubble pops |
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| Writing it off |
| 12/17/25 6:22 PM EST | Management |
| "In recent years, the gap between actual and adjusted earnings has been widening. In fact, without these adjustments, companies in the Russell 2000 wouldn't be profitable in aggregate. It's worth asking: would investment strategists still recommend rotating into small-cap stocks if their decisions were based on actual earnings?" |
| More Management: General theory of enshittification |
| The acquirer |
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| The price of borrow |
| 12/17/25 6:20 PM EST | Brokers |
| "if we exclude borrow rates below 1% (which generally indicate it is freely available to borrow), IBKR is cheaper than the industry rate about 72% of the time. This suggests IBKR's pricing is at least competitive with, and often slightly better than, big-bank prime brokers. Which means IBKR is offering institutional-grade borrow pricing to even very small funds - something that would have been unthinkable twenty years ago." |
| More Brokers: Not taking enough risk |
| And it's gone |
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| The all hat, no cattle economy |
| 12/17/25 5:42 PM EST | World |
| "Politics aside, it's important to understand that the bleak economic news we're getting is only the beginning. 'Populist' leaders ... do long-term economic damage. One comprehensive comparative study found that, on average, such leaders leave GDP 10 percent lower after 15 years than it would otherwise have been." |
| More World: Currency valuations |
| Making China great |
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| We're not in an AI bubble |
| 11/30/25 2:40 PM EST | Markets |
| "We currently see many signs of speculative excess in the U.S. stock market. But for me, issuance is the most reliable bubble indicator because it's easy to measure, has a strong theoretical foundation, and an impressive historical track record. Thus, I doubt that the U.S. stock market is in a bubble as of November 2025. " |
| More Markets: How the AI bubble pops |
| Firms are the smart money |
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| How the AI bubble pops |
| 11/30/25 1:48 PM EST | Markets |
| "In short, the tech company gets its data center without the debt and investors get a highly productive asset. What's not to like?" |
| More Markets: Firms are the smart money |
| Tells from the crypto crash |
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| Retired investors are traders |
| 11/30/25 1:05 PM EST | Behaviour |
| "Our results indicate that investors significantly increase their trading frequency and hold more stocks in their portfolios after retirement. However, this heightened activity leads to lower risk-adjusted returns of their portfolios." |
| More Behaviour: Dumb money triumphant |
| Little Rules About Big Things |
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| Firms are the smart money |
| 11/24/25 12:09 PM EST | Markets |
| "Yet, while not infallible, corporate issuance turns out to be one of the most powerful signals we have for predicting long-term returns. Firms are the smart money, and it pays to imitate them. Thus, when firms are buying their own stock, you should generally buy as well. When firms are selling, you should generally sell as well." |
| More Markets: Tells from the crypto crash |
| Lie to me |
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| Growth indices miss the mark |
| 11/24/25 11:46 AM EST | Growth Investing |
| "Portfolios composed of fast-growing firms significantly outperformed the market over the full period, irrespective of valuation. In contrast, slow growth and expensive firms (the segment most vulnerable to misclassification as growth) underperformed by a wide margin. Thus, growth stock selection should be based on actual business fundamentals rather than market pricing. Metrics such as growth in sales, profits, and research and development spending provide more reliable indicators of true growth potential than price-based measures." |
| More Growth Investing: Growth vs Glamour |
| Interest rates and growth stocks |
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| Tells from the crypto crash |
| 11/24/25 11:43 AM EST | Markets |
| "What is Bitcoin good for? It isn't money - that is, it isn't a medium of exchange, something you can use to make payments. It isn't a hedge against inflation. It isn't a hedge against financial risks - on the contrary, the price of Bitcoin has generally moved in the same direction as the AI-related stocks driving the stock market these days, but with even greater volatility. To the extent that Bitcoin has a use case, it is covering your financial tracks: crypto facilitates anonymous transactions that don't leave a paper trail. Such transactions aren't necessarily criminal, but many are." |
| More Markets: Lie to me |
| Brokers and bubbles |
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| Lie to me |
| 11/24/25 11:07 AM EST | Markets |
| "Whether it's extrapolating unsustainable earnings growth, trusting the Fed will always come to the rescue, or refusing to mark asset prices to market, investors in late-cycle booms have a tendency to believe the unbelievable. In our view, we are in another such period, with participants eagerly riding the wave of easy money and seemingly unlimited gains." |
| More Markets: Brokers and bubbles |
| Buying at all-time highs |
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| Brokers and bubbles |
| 11/17/25 4:02 PM EST | Markets |
| "How can you tell if you're in a speculative bubble? Well, bubbles are all about frenzied trading activity. And who benefits from frenzied trading activity? Brokers and other providers of trading services. Just as it's profitable to sell picks and shovels during a gold rush, it's profitable to sell trading services during a speculative bubble. Thus, when retail brokerages are extremely successful, that's a clue that you may be in a bubble." |
| More Markets: Buying at all-time highs |
| We're number two! |
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| Buying at all-time highs |
| 11/17/25 3:45 PM EST | Markets |
| "In other words, when you buy at an all-time high you are no more likely to see a future lower price than buying on any other trading day." |
| More Markets: We're number two! |
| Making money from cognitive dissonance |
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| Grocery prices |
| 11/17/25 3:30 PM EST | Economy |
| "telling people that things are great when their personal experience says otherwise is different. Are violent mobs overrunning Portland? If you watch Fox News, you might believe that. Are groceries 'way down,' as Trump keeps insisting? Anyone who does their own food shopping - even Republicans - knows that this isn't true." |
| More Economy: Inflation blindness |
| The Sahm rule as a recession indicator |
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| Dumb money triumphant |
| 11/03/25 5:00 PM PM EST | Behaviour |
| "Is the U.S. stock market in a bubble? I doubt we're there yet, but one sign of speculative froth is the recent success of retail investors. On average, retail investors exhibit anti-skill in their stock selection decisions, meaning that their holdings underperform the market. So when retail investors are winning, that tells you that market conditions are unusual." |
| More Behaviour: Little Rules About Big Things |
| Let's get happy |
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| Narrow spreads |
| 11/03/25 4:58 PM EST | Bonds |
| "At today's levels, we think high-yield credit offers little value to investors. The yield of the Bloomberg U.S. Corporate High Yield Index sits at just 2.6% above Treasuries of similar duration, within spitting distance of the all-time narrow level of 2.3%. The last time spreads were this tight was May 2007 during one of the biggest risk chases in credit history." |
| More Bonds: F.A.C.O. |
| Reconsidering core bonds |
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| We're number two! |
| 11/03/25 4:56 PM EST | Markets |
| "All in all, this whole confrontation has been a demonstration of Chinese strength and American weakness. Add in the way that Trump has alienated our allies, and it seems fair to say that America is no longer the world's leading power. Unless a future president can engineer a miraculous recovery in our global stature, the future now belongs to China." |
| More Markets: Making money from cognitive dissonance |
| Straight talk about circular deals |
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