The Stingy News Weekly (06/26/2017)
New from StingyInvestor
The tail of the bond bull
"As well as bond have performed since the 1980s, investors shouldn.t expect much from them going forward."
Not dead yet
"Dead, or just pining for the fjords? That's the debate at the heart of Monty Python's parrot sketch. In it, hilarity ensues when a pet-shop keeper tries to convince a customer that the parrot they purchased was, in fact, not an 'ex-parrot'. A similar debate is currently being held among investors when it comes to value investing. After a decade of poor, relative returns, many people figure that value investing is pushing up the daisies while others cling to the belief that it's just resting."
PB blind spot
"A possible reason for the limited efficacy of price-to-book is because of the increase in shareholder transactions, primarily through the increase in share repurchases. " [Value Investing]
The sharing economy
"We found that 85% of side-gig workers make less than $500 a month. And of all the side-gig platforms we examined, Airbnb hosts earn the most by far." [Economics]
The psychology of misjudgement
"In 1995, Charlie Munger gave a speech about how the human mind tricks itself into making poor decisions. This is an abridged and animated version of that speech." [Munger]
The Myth of 1926
"How much do we know about long-term returns on U.S. stocks?" [Markets]
Middle on brink of ruin
"Why we'd rather binge on cheap credit than live within our means" [Economy]
The Canadian Acquirer's Multiple
"Over the full eighteen-and-one-half year period, the screen generated a total return of 2,536 percent, or a compound growth rate (CAGR) of 19.1 percent per year. This compared favorably with the S&P/TSX Composite TR, which returned a cumulative total of 232 percent, or 4.7 percent compound." [Value Investing]
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