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New Stingy Headlines

 01/19   Valuation indicators to ignore 
 01/19   Wealth or inflation 
 01/19   Problems with passive investing 
 01/19   2024 in factors 
 01/13   Trudeau was a poor steward 
 01/13   Seven pillars of market bubbles 
 01/13   Spending it 
 01/13   Stock market history, illuminated 


Most Recent Stingy News

Valuation indicators to ignore
01/19/25 4:08 PM ESTMarkets
"Here I review four commonly used measures of market overvaluation that you can safely ignore. All four measures say the U.S. stock market is overvalued today. The market might well be overvalued today, but these measures are not good reasons to say so."
More Markets: 2024 in factors
Stock market history, illuminated

Wealth or inflation
01/19/25 4:06 PM ESTValue Investing
"Assuming financial assets remain inflated, we expect more companies will discover the rewards associated with higher-margin premium offerings. As businesses shift their mix to accommodate the higher end, we believe wealthy consumers will increasingly become the economy's price setters. Moreover, additional gains in household financial assets could lead to further increases in home prices and shelter inflation. If the bond market didn't have enough to worry about, we believe the days of booming asset prices coexisting with tame consumer prices are long gone. Asset inflation is leaking."
More Value Investing: Simple formulaic investing
Bargain, value trap or something in between

Problems with passive investing
01/19/25 4:04 PM ESTIndexing
"Passive investing has absolutely revolutionized the investment landscape for individual investors. Not only has it dramatically lowered the costs of asset ownership, but it has done so while delivering strong returns. What began as a radical idea to buy the overall market without worrying about picking the winners now accounts for 57% of all equity fund assets and over $13 trillion."
More Indexing: Bet on low costs
Disappearing index effect

2024 in factors
01/19/25 4:02 PM ESTMarkets
"Looking at some of the biggest drivers of returns, the global equity factor had higher returns and lower volatility versus the historical average. Similarly, the large size factor, high-investment (AI-driven), and high turnover (lots of trading activity) all did quite well for style factors. Momentum and quality did well but were largely in line with history while value lagged."
More Markets: Stock market history, illuminated
How big is the equity risk premium?

Trudeau was a poor steward
01/13/25 4:32 PM ESTGovernment
"The fact is, no one seems to really know what's behind Canada's low productivity growth. Observers agree that low rates of corporate investment, including investment in R&D, are the problem, but no one seems to have a good explanation for why companies aren't investing. And no one seems to know whether Canada's especially bad performance since the pandemic is just an exacerbation of the existing negative trends, or whether some new problem has cropped up in addition."
More Government: Negative trading in congress
Making life worse one bulb at a time

Seven pillars of market bubbles
01/13/25 4:20 PM ESTBehaviour
"Charles Mackay wrote the lurid bestseller Extraordinary Popular Delusions and the Madness of Crowds, which discussed many historical bubbles. Despite publishing his book in 1841 decrying bubbles, in 1845 Mackay himself was caught up in the British railway bubble and advocated buying shares."
More Behaviour: Why we struggle
Self defense

Spending it
01/13/25 3:53 PM ESTRetirement
"Retirees can pick from a host of withdrawal strategies, including the five popular choices listed below. You'd likely fare just fine with any of the five strategies - but that doesn't mean you shouldn't pick carefully."
More Retirement: Before you quit
Jonathan Clements' financial plan

Stock market history, illuminated
01/13/25 3:43 PM ESTMarkets
"What particularly interests us is that - until the last decade - European and US stock markets behaved very similarly over many, many years. Given that many constituents in both markets are global businesses selling many similar products and services multi‐nationally to similar regions, countries and customers, this made sense."
More Markets: How big is the equity risk premium?
Chasing past performance

The TSX's gains over almost 69 years
01/13/25 3:40 PM ESTStingy Investing
"When pondering the future, I like to set my expectations by looking to the past, because it offers clues to the rewards, and risks, associated with investing in stocks."
More Stingy Investing: The Globe 250 for 2025
The Megastars for 2025

Looking back from 2035
01/05/25 1:49 PM ESTFun
"Well, sitting here in the year 2035 and looking back at our endowment's returns for the last decade is not a pleasant task. World markets have been subpar and our performance relative to world markets has been simply terrible. Hard times are never pleasant."
More Fun: Worth repeating
Pauper's grave retirement plan

Simple formulaic investing
01/05/25 1:47 PM ESTValue Investing
"Schwartz and Hanauer demonstrated that simple, easy-to-implement, systematic formula-based investing can still generate market outperformance, providing investors with efficient exposure to well-documented factor premiums."
More Value Investing: Bargain, value trap or something in between
Growth is from Mars, value is from Venus

Why we struggle
01/05/25 1:45 PM ESTBehaviour
"Why do some financial situations scare us, while others leave us unperturbed? Why do we spend time and money in ways we later regret? Why do we find our bad habits so difficult to change? Why do we admire some folks, while being jealous of others?"
More Behaviour: Self defense
Ignorance of the crowd

Self defense
01/05/25 1:44 PM ESTBehaviour
"Using the 4% rule as a benchmark for a reasonable portfolio spending rate, Blanchett found that retirees spend, on average, just 2.1%. The upshot: They could afford to double their spending without materially jeopardizing their plans."
More Behaviour: Ignorance of the crowd
Do As I Say, Not As I Did

Worth repeating
12/29/24 1:33 PM ESTFun
"In the financial world, some topics are serious, others not so much. Since it's the holiday season, it seems appropriate to look back at some of the past year's lighter moments"
More Fun: Pauper's grave retirement plan
5 small joys you can cut out of your life

Four questions
12/28/24 3:33 PM ESTHealth
"Where's my head at? Here are four questions I've been asking myself - questions, I suspect, that might also be interesting to those who aren't facing a terminal diagnosis."
More Health: Partisanship predicts passing
Hot and heavy

Bargain, value trap or something in between
12/28/24 3:29 PM ESTValue Investing
"U.S. large value equities are very attractive today - in fact, they have almost never been cheaper relative to the overall market. Their poor trailing returns have primarily been driven by falling relative valuations, not by deterioration in their underlying businesses." [pdf]
More Value Investing: Growth is from Mars, value is from Venus
Speed skates

Ignorance of the crowd
12/28/24 3:27 PM ESTBehaviour
"But, there have also been moments where the crowd failed me. And every time this happened, the reason was the same - the crowd did not have sufficient expertise. They simply didn't know enough about the topic at hand."
More Behaviour: Do As I Say, Not As I Did
A few questions

The Globe 250 for 2025
12/28/24 12:04 PM ESTStingy Investing
"The market is full of presents for investors and we're pleased to highlight the best it has to offer with our Megastar ranking of the largest 250 stocks in Canada. We provide a bounty of data on each stock along with two star ratings that sum up their merit as value and momentum investments. Our team of Megastars combines the best of both worlds and builds on the achievements of last year's team, which soared 51.1 per cent."
More Stingy Investing: The Megastars for 2025
Fairfax Week 2024

The Megastars for 2025
12/28/24 12:03 PM ESTStingy Investing
"Our new Megastar ranking of Canada's largest publicly traded companies evaluates each major stock on the TSX 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: Fairfax Week 2024
Graphing Dividends 2024

How big is the equity risk premium?
12/22/24 7:56 PM ESTMarkets
"Unlike retail investors, institutional investors do not simply extrapolate past returns into the future. They are quite rational and sensible. When equity markets decline, they increase their risk premium and thus their expected returns. When equity markets rally, they reduce their risk premium and thus their expected future returns."
More Markets: Chasing past performance
Don't expect a repeat

Chasing past performance
12/22/24 4:27 PM ESTMarkets
"The only thing I know for sure is I've never seen sentiment so dour on corporations outside of large cap U.S. stocks."
More Markets: Don't expect a repeat
Long-term expected returns

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More Stingy Investing

The TSX's gains over almost 69 years
The Globe 250 for 2025
The Megastars for 2025
Fairfax Week 2024
Graphing Dividends 2024
The Globe's Dividend All-Stars
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The Globe's Top 20 Dividend All-Stars
The Globe 250 for 2024
Asset Mixer Update
Periodic Table Update
Asset Mixer Update
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The Globe 250
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Be wary of extreme yields
The easy way to returns
The smaller stable dividend portfolio
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Periodic Table Update
Asset Mixer Update
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The Champagne portfolio
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TSX 60 for value investors
Hot potato update
Looking at 10-year returns
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Graphing Dividends 2022
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The value recovery
2020's lessons on risk tolerance
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Selling in January
Reversal stocks
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Fizzy giants
Look to the long term
A sleepy approach to dividend investing
Dividend investing success
Falling dividend yields
A nearly two century winning streak
Moving average momentum
Value stocks are cheap
On the risks of concentration
Standing on the shoulders of giants
The bull market is back
Grim times for dividend investors
When the TSX escapes the bear
Investing in bad times
Look to Balanced Bob
Buying a bear market
Momentum down
A more generous strategy
Asset Mixer Update
Periodic Table Update
An inevitable market downturn
The power of reinvesting dividends
Asset Mixer Update
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The flip side of tax-loss selling
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