The Stingy News Weekly (04/02/2018)
Stingy News Flash
If you're in Toronto from April 23 to April 26, you might want to enjoy a bit of Fairfax Lollapalooza 2018. There are a variety of events to chose from and an overview can be found at ...
I want to highlight three of the events.
The Fairfax Annual General Meeting is the big show. Aside from a dose of value investing, attendees are usually well fed and showered with free swag. But it's shareholder's only affair. See ...
The Premier - Fairfax Financial Shareholder's Dinner is a charitable event. Speakers include Keith Smith, who I've highlighted in the Globe & Mail in the past, and the winners of the YYX Toronto Value conference who will present their investing ideas. Plus some high powered guests from Fairfax will talk to the crowd. The proceeds go to Crohn's and Colitis Canada. More details can be found at ...
Industry types, and the well-to-do, should consider The Ben Graham Centre's Value Investing Conference. Dr. George puts on a good show and Mason Hawkins is the keynote speaker this year. See ...
If you drop by, say hi!
"I believe deferring CPP is so unpopular because it forces people to withdraw more money from their savings early on to make up for the shortfall in income. The balance in their RRIF drops a lot faster as a result. I recognize that this phenomenon is hard for us to accept since so much of our self-worth and our sense of financial security are tied to the amount of wealth that we have accumulated. Even though it goes against the grain, you just need to have faith that this deferral strategy will pay off in the long run." [Retirement]
A back test checklist
"The checklist's objective is to help users determine how much confidence to place in a back test or a set of statistical results. No back test is perfect. Every back test suffers from limitations and the possibility of errors and biases affecting results. While these problems can't be avoided, they can be minimised and managed. Our task as users of back tests is to find a back test whose limitations we can live with. In other words, the back test's limitations, degree of bias or chance of error are not so bad that they completely invalidate the results." [Markets]
Warren Buffett speech
"One day, Warren Buffet came to campus to speak to the College of Business. I didn't think much of this speech at the time but I saved it for some reason. 15 years later, as a founder of my own company, I watch and listen to this particular speech every year to remind myself of the fundamentals and values Mr. Buffett looks for." [video] [Buffett]
How to talk to people about money
"we rarely recognize that most investment debates - debates that literally make markets - are just a reflection of people making different decisions not because they disagree with each other, but because they view investing with a different set of priorities." [Behaviour]
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