Most Recent Stingy News
|
|
| Risk seeking vs. mitigating |
| 04/28/24 1:44 PM EST | Markets |
| "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 EST | Markets |
| "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 EST | Behaviour |
| "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 EST | World |
| "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 EST | Funds |
| "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 EST | SNW |
| 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 EST | Management |
| "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 EST | Markets |
| "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 EST | Taxes |
| "The notion that rich taxpayers will flee if the state comes for their money is mostly fiction." |
| More Taxes: Gains from corporate tax cuts |
| Spiderwebs |
|
| Sector neutrality in factor investing |
| 04/21/24 4:22 PM EST | Markets |
| "We show both analytically and empirically that the average longâ€" short investor is more likely to benefit from hedging out sector bets, whereas the long-only investorshould, on average, avoid sector neutralization." |
| More Markets: It's not the economy |
| The empirical problem with competitive strategy |
|
| Performance of the hedge funds |
| 04/21/24 4:16 PM EST | Funds |
| "confirmed prior research findings that hedge funds with results available on data vendors have been, in aggregate, poor investments, producing negative alphas and thus subtracting hundreds of billions of value from investor portfolios." |
| More Funds: Diseconomies of scale |
| Performance chasing |
|
| The Stingy News Weekly: April 14, 2024 |
| 04/14/24 8:06 PM EST | SNW |
| This week we have luck, work, withdrawals, and more. |
| More SNW: The Stingy News Weekly: April 7, 2024 |
| The Stingy News Weekly: March 31, 2024 |
|
| Lucky vs. repeatable |
| 04/14/24 8:53 PM EST | Behaviour |
| "In business and investing, you want to learn the big lessons about why things behave the way they do without assuming the past is a direct guide to the future, because it's not - most of the details are not repeatable." |
| More Behaviour: Keep your investment plan on track |
| Happiness research |
|
| What global withdrawal rates teach us |
| 04/14/24 8:04 PM EST | Retirement |
| "One thing that I think withdrawal rate sceptics have right is their suspicion that over-relying on the performance of one country isn’t necessarily the best approach for risk management. The top global withdrawal rate portfolios all have heavy allocations to foreign markets either through stocks, bonds, or global real assets. Small bias to the home stock market can be productive, as well as a healthy dose of domestic bills. But if you want to protect yourself from the home economy tanking, global diversification is the way to go." |
| More Retirement: Back to work |
| A quiet life |
|
| Back to work |
| 04/14/24 8:02 PM EST | Retirement |
| "Call it the great unretirement. Hit by rising living costs and unexpected feelings of boredom, one out of eight retirees plan to return to work this year, according to a recent survey." |
| More Retirement: A quiet life |
| Seven reasons to work |
|
| It's not the economy |
| 04/14/24 8:01 PM EST | Markets |
| "One of the most widely cited surveys papers, summing up all the economic literature on the ability of financial market movements to predict economic growth, said that while economists have often noted some sort of link between stocks and growth, 'upon closer inspection, however, this link is murky.'" |
| More Markets: The empirical problem with competitive strategy |
| Don't bank on the equity risk premium |
|
| Where it goes |
| 04/14/24 7:59 PM EST | Thrift |
| "A lifetime of frugality has made such spending and giving a whole lot sweeter. It really does feel wonderfully luxurious. And whenever the cash outflow makes me a little uncomfortable, I reassure myself that such expenditures are indeed discretionary and, if necessary, we could eliminate them and our annual spending would plunge." |
| More Thrift: Can the typical person become a millionaire? |
| Thoughts on spending money |
|
| The Stingy News Weekly: April 7, 2024 |
| 04/07/24 2:07 PM EST | SNW |
| This week we have value, Cliff, market history, ETFs, and more. |
| More SNW: The Stingy News Weekly: March 31, 2024 |
| The Stingy News Weekly: March 24, 2024 |
|
| The empirical problem with competitive strategy |
| 04/06/24 8:36 PM EST | Markets |
| "There is no empirical evidence that a company's market share predicts its profitability. But that hasn't stopped academics, business school curricula, and management consulting firms from promulgating the idea for decades." |
| More Markets: Don't bank on the equity risk premium |
| Shining moment |
|
| Cliff Asness interview |
| 04/06/24 8:32 PM EST | Asness |
| "We talk about diversifying by both asset class and geography, the challenge of managing short-term expectations while keeping a long-term perspective, and ..." [video] |
| More Asness: Cognitive dissonance |
| Why not 100% equities |
|
| Cognitive dissonance |
| 04/06/24 8:30 PM EST | Asness |
| "Here are a few things I would've thought were hard for investors to believe simultaneously. I would've been wrong" |
| More Asness: Why not 100% equities |
| Cliff Asness interview |
|
