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 05/10   The Stingy News Weekly: May 10, 2024 
 05/09   Valuation multiples 
 05/09   Quality, value, or both 
 05/09   Debt narrows what you can endure 
  05/09   Undateable 
 05/09   Inflation revisited 
 05/09   The forever renter 
 05/09   Momentum and clarity of trend 

Most Recent Stingy News

The Stingy News Weekly: May 10, 2024
05/10/24 6:34 PM ESTSNW
This week we have multiples, quality and value, small caps, and more
More SNW: The Stingy News Weekly: May 5, 2024
The Stingy News Weekly: April 28, 2024

Valuation multiples
05/09/24 5:04 PM ESTValue Investing
"the multiples of P/E and EV/EBITDA provide a similar signal. But there can be cases where two companies have similar P/Es and dissimilar EV/EBITDA multiples, or dissimilar P/Es and similar EV/EBITDA multiples. These differences are generally attributable to differences in underlying profitability, capital structure, or tax rates." [pdf]
More Value Investing: Quality, value, or both

Quality, value, or both
05/09/24 4:34 PM ESTValue Investing
"For investors unwilling to compromise on both value and quality, we believe small caps are likely to present the most compelling opportunities."
More Value Investing: Undateable
Noisy factors

Debt narrows what you can endure
05/09/24 4:26 PM ESTThrift
"once you view debt as narrowing what you can endure in a volatile world, you start to see it as a constraint on the asset that matters most: having options and flexibility."
More Thrift: Where it goes
Can the typical person become a millionaire?

05/09/24 4:12 PM ESTValue Investing
"The small cap dating scene remains unattractive, in our opinion. However, for many consumer discretionary companies with debt, equity prices have fallen sharply, and valuations have become more attractive. That said, these aren't dream dates! Cyclical companies with debt often come with a lot of baggage and potential drama. Before committing and getting too serious, we recommend stress testing the balance sheet and cash flow by including periods with high unemployment and tightening credit conditions. And if alcohol is needed to stomach the risk, we suggest patience and waiting for a better match."
More Value Investing: Noisy factors
Japan's orphans

Inflation revisited
05/09/24 4:10 PM ESTMarkets
"Regardless of the starting inflation trigger, we observed that oil and gold performed the best, in our opinion, with equities next. Copper generally had middling performance, TIPS delivered unsatisfying returns, and 10Y Treasurys were consistently the worst performer."
More Markets: Risk seeking vs. mitigating
Not scared of bears

The forever renter
05/09/24 4:03 PM ESTReal Estate
"Last month Zillow reported that there are now a record 550 'Million-Dollar' cities in the United States. These are cities where the typical home price is greater than $1 million. While nearly half of these Million-Dollar cities are in California, the New York metropolitan area has the most with 106"
More Real Estate: Rent or buy
Could you afford it?

Momentum and clarity of trend
05/09/24 3:46 PM ESTMomentum Investing
"Individual investors can utilize momentum strategies without incurring additional costs by incorporating momentum into trading decisions. For example, when rebalancing, they can delay purchases of assets with negative momentum and delay sales of assets with positive momentum."
More Momentum Investing: Momentum works everywhere
Breaking bad momentum trends

Whose tax is it anyway?
05/09/24 3:42 PM ESTTaxes
"I think it's easy to judge the rich and their tax avoidance strategies from the outside looking in, but much harder once you are in their shoes."
More Taxes: The myth of the mobile millionaire
Gains from corporate tax cuts

The Stingy News Weekly: May 5, 2024
05/05/24 8:27 PM ESTSNW
This week is reserved for Mr. Buffett and his AGM.
More SNW: The Stingy News Weekly: April 28, 2024
The Stingy News Weekly: April 21, 2024

Warren Buffett at BRK's AGM
05/05/24 8:25 PM ESTBuffett
7+ Hours of Buffett and Berkshire. [video]
More Buffett: Buffett's 2023 letter to investors
Warren Buffett's canvas

The Stingy News Weekly: April 28, 2024
04/28/24 8:21 PM ESTSNW
This week we have Japan, golf, bear markets and more.
More SNW: The Stingy News Weekly: April 21, 2024
The Stingy News Weekly: April 14, 2024

Risk seeking vs. mitigating
04/28/24 1:44 PM ESTMarkets
"Golfers often change their approaches mid-hole, mid-round, mid-season, and sometimes even mid-swing. It's unquestionably manic. Yet, golfer behavior pales in comparison to investor behavior."
More Markets: Not scared of bears
Invest for the decades

Not scared of bears
04/28/24 1:37 PM ESTMarkets
"Bill Bernstein points to four such risks - deflation, inflation, confiscation and devastation. These are Bernstein's four horsemen of the economic apocalypse, all of which could do major, permanent damage to your portfolio."
More Markets: Invest for the decades
Sector neutrality in factor investing

Bad financial decisions
04/28/24 1:30 PM ESTBehaviour
"After running the numbers, I've come to realize that foregoing lottery tickets isn't enough to move the needle for the average American."
More Behaviour: Lucky vs. repeatable
Keep your investment plan on track

Japan's stealth profit boom
04/28/24 1:20 PM ESTWorld
"Today, roughly half of the Japanese companies have net cash balances, and almost none of their EBIT goes to interest there. By contrast, the lion's share of US 500 companies owe the banks money, and almost 15% of EBIT goes to lenders in America. Corporate Japan looks quite different today than it did a couple of decades ago, and we believe this has contributed to the bottom line. The magnitude of the financial statement impact of this transition for shareholders is roughly equivalent to eliminating headline corporate taxation entirely."
More World: Rule, Britannia
The right level of inflation

Ray Dalio's famous trade is sputtering
04/28/24 1:17 PM ESTFunds
"The only time risk parity was really successful was at the time of the Great Financial Crisis and that was really its heyday."
More Funds: Performance of the hedge funds
Diseconomies of scale

The Stingy News Weekly: April 21, 2024
04/21/24 6:14 PM ESTSNW
This week we have Ray, sectors, the long term and more.
More SNW: The Stingy News Weekly: April 14, 2024
The Stingy News Weekly: April 7, 2024

The quotations of chairman Ray
04/21/24 6:07 PM ESTManagement
"Modern postindustrial capitalism can endow vast amounts of wealth upon individuals. When the financial media, desperate for advertising revenue, deifies successful businessmen this frequently divorces them from reality, an effect amplified by lack of feedback from employees and associates petrified by their boss's power over them."
More Management: Return-to-office mandates
Find the bottleneck first

Invest for the decades
04/21/24 5:15 PM ESTMarkets
"Even in one of the worst equity markets in history, someone who bought over time would've done okay if they had just stuck with it."
More Markets: Sector neutrality in factor investing
It's not the economy

The myth of the mobile millionaire
04/21/24 4:47 PM ESTTaxes
"The notion that rich taxpayers will flee if the state comes for their money is mostly fiction."
More Taxes: Gains from corporate tax cuts

The Rothery Report

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