The Stingy News Weekly: 01/08/2023
New from Norm
Asset Mixer Update
We've updated our Asset Mixer to include nominal data for 2022.
Periodic Table Update
We've updated our periodic table of annual returns for Canadians to include nominal data for 2022.
Harvey vs the spread
"The spread, which Harvey's work is based on, has been consistently inverted since mid November and hovered Wednesday at around minus 82 basis points. Despite the curve being inverted for the ninth time since 1968, Harvey said it's probably not a harbinger for a recession." [Markets]
Trading a 2s10s inversion
"We have discussed why the yield curve inversion is important to investors while showing that such an event, despite not offering an immediate boon for bond investors, does support both intermediate and long-term forward return outperformance. Further, we have also demonstrated that bond price returns following the peak of a yield curve inversion tend to produce above average forward-looking returns across all time horizons." [Bonds]
"Given the massive popularity of private investing today, it may very well be true that, as a great man once almost said, 'Never have so many paid so much to so few for the privilege of being told so little.'" [Funds]
The bubble has not popped
"Value spread at 94th percentile" [Value Investing]
A disaster for Tesla
"On this metric, Tesla still has a similar enterprise value to many of these automakers combined even after falling so sharply in 2022, despite being utterly unjustified by current fundamentals." [Markets]
S&P/TSX60 Value Screens
DOW 30 Value Screens
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