The Stingy News Weekly: 11/21/2021
Stingy News Flash
My friend Dan Bortolotti recently published "Reboot Your Portfolio: 9 Steps to Successful Investing with ETFs." You can buy a copy of the book at Indigo or Amazon.
If you're interested in the book then let me know before the end of the month and I'll put your name in the hat for a random draw. I'll mail a copy of the book to the winner's address in Canada.
Fees are your foe
"Investors shouldn't let their judgment be swayed by the Veblen effect, and instead should take another look at the question of fees, especially when they're couched as 'only 1%.' They may be surprised at how high active management fees really are - when framed in other ways" [Funds]
An odd side quest
"You can tell when someone knows their main quest because of the way they carry themselves. The way they use their time. The arguments they stay out of. The long stretches during which you have no idea where they are or what they're up to." [Behaviour]
"Although we refer to these five products as inflation-themed, they do not target to offer the actual inflation rate, but a return above that, or exposure to companies that should benefit from inflation. Given this, we observe low correlations of the ETFs to the US 10-Year breakeven inflation rate, which is a measure of the expected inflation and the only time series with daily data." [Indexing]
Sector-neutrality not a mistake
"We show both analytically and empirically that the long-short investor is more likely to benefit from hedging out sector bets, whereas the long-only investor is more likely to benefit from investing in the factor as it stands." [Markets]
Estimate of the future
"In some ways, the Federal Reserve is the whipping boy of Congress. Congress can't decide on anything significant, so the Fed fills in the blanks, and keeps things moving, even if it creates humongous asset bubbles in the process. That is what we are facing today." [Markets]
A vaccine targeting ticks
"A new laboratory-stage mRNA vaccine that teaches the immune system to recognize the saliva from tick bites could prevent these bugs from feeding on and transmitting tick-borne diseases to people" [Health]
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