The Stingy News Weekly: 08/14/2022
New from Norm
Looking at 10-year returns
"U.S. politicians should be singing Stayin' Alive by the Bee Gees as the weight of 1970s-style inflation threatens to send them to the unemployment line."
Changed by the trip
"Humans are hardwired both to worry and to strive. But looking back, all our worries - to the extent we can even remember them - appear to be a colossal waste of mental energy, while the goals we struggled to achieve now seem of little import." [Retirement]
"Lately, 12-month CPI-U has been running around 9%. But if we extend the time horizon back 10 years, to mid-2012, the recent spike barely registers, with the average annual increase for the past decade coming in at just 2.6%." [Markets]
Value is not an interest rate bet
"It seems obvious to so many that interest rates drive the value trade. After all, growth stocks have much longer-dated cash flows than value stocks and thus should be a 'longer duration' asset and move more with longer-term interest rates, right? 'Growth (or often just 'tech') stocks soar on plunging interest rates' (or vice versa) has become a common wise-sounding observation in the last few years. In fact, this is all taken as an axiomatic given in countless pundit and press observations. However it's not nearly that simple, and mostly it's just not true." [Value Investing]
Betting against expensive junk
"For the first six months of this year, long-only investors really couldn't win. Unless you started the year long oil, almost every major asset class produced losses." [Value Investing]
S&P/TSX60 Value Screens
DOW 30 Value Screens
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