The Stingy News Weekly (07/31/2015)
Dividend yield a value factor?
"Prior to the financial crisis bottom (pre-2009), the higher yielders were cheaper than the next bucket (2-4% yield) 92% of the time. Since 2009, they've only been cheaper 30% of the time." [Dividends]
Ignore the Fed
"Instead of hanging on every Fed utterance, let me suggest you take a different approach. Take one phrase from the Fed as your mantra: data-dependent." [Bonds]
Humans are underrated
"We humans have good reason to be uneasy. Strange things are happening in the economy. Ever fewer men of prime working age - the group that historically has been the most thoroughly employed - are working, and while several factors are feeding the trend, most economists believe that advancing technology is one of them. In factories and offices, on construction sites and behind counters, technology keeps doing more jobs better than people." [Tech]
"Chief among the alpha wounds is that the benchmark tail wags the portfolio management dog. What I mean is that benchmarks were supposed to be the foundation for understanding a portfolio manager's performance after the fact. Instead the investment industry evolved so that benchmarks are now the navigational compass for investment managers before the fact." [Funds]
"Fed up with pay increasing only at a snail's pace, politicians are resorting to the law instead, by increasing the minimum wages that businesses must pay. But this is taking them into uncharted territory." [Economics]
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