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 03/03   The Stingy News Weekly: March 3, 2024 
 03/03   The case for and against dividend ETFs 
 03/03   Don't cut your losses? 
 03/03   Comfort has a cost 
 03/03   Rule, Britannia 
 03/03   The Globe's Dividend All-Stars 
 03/03   A Protestant retirement ethic? 
 02/25   The Stingy News Weekly: February 25, 2024 


Most Recent Stingy News

The Stingy News Weekly: March 3, 2024
03/03/24 2:14 PM ESTSNW
This week we have dividends, retirement, losses, and more.
More SNW: The Stingy News Weekly: February 25, 2024
The Stingy News Weekly: February 17, 2024

The case for and against dividend ETFs
03/03/24 1:42 PM ESTDividends
"Unlike stock prices, which move based on the whims of market participants, dividends are set by company management and have been far more stable than prices historically. My favorite example of this comes from The Great Depression where monthly prices declined by nearly 90% (from peak to trough) but dividends weren't even cut in half."
More Dividends: Volatility, dividend yield and stock returns
Dividend impact on stock returns

Don't cut your losses?
03/03/24 1:09 PM ESTMomentum
"'Cut your losses' is not a good strategy, as it underperformed the benchmark buy-and-hold portfolio. As Baur and Dimpfl noted, 'Losing stocks rarely continue to fall, which is not surprising in a world where stock markets rise and economies grow on average. In other words, if a rising tide lifts all boats, a cut-your-losses strategy cannot work.'"
More Momentum: Short-term momentum
A gut punch

Comfort has a cost
03/03/24 12:26 PM ESTBonds
"In the financial markets, you'll typically pay a high price for certainty. That price is paid in lower investment returns, and sometimes also in greater financial hassles. Yet I see investors paying that price again and again."
More Bonds: Yield is not return
Ask what your credit quality pays

Rule, Britannia
03/03/24 12:12 PM ESTWorld
"We think a long-term bet on upward mean reversion for Europe should also include a cap-weighted allocation to the UK because discounts are greater in Britain. UK stocks represent around 24% of aggregate tickers in the combined investment opportunity sets of the UK and Europe."
More World: The right level of inflation
Adding China?

The Globe's Dividend All-Stars
03/03/24 11:30 AM ESTStingy Investing
"We're pleased to present the Globe's Dividend All-Stars, which highlights the best dividend-paying stocks on the Toronto Stock Exchange (TSX). It includes a wealth of information on the 200 largest companies in the land for bargain seekers and income investors alike. Each stock is measured up for its overall investment appeal and the top 20 five-star stocks make it into the Dividend All-Stars portfolio."
More Stingy Investing: The Globe's Dividend All-Stars
The Globe's Top 20 Dividend All-Stars

A Protestant retirement ethic?
03/03/24 11:19 AM ESTRetirement
"Moshe Milevsky and Marcos Velazquez have identified one area where there is an advantage to being a Protestant, or at least living in a heavily Protestant society. They document a statistically significant relationship between the share of Protestants living in a country and the quality of the pension system in that country."
More Retirement: Faulty assumptions
Fire meets ice

The Stingy News Weekly: February 25, 2024
02/25/24 12:39 PM ESTSNW
This week we have dividends, Buffett, retirement, and more.
More SNW: The Stingy News Weekly: February 17, 2024
The Stingy News Weekly: February 9, 2024

Buffett's 2023 letter to investors
02/25/24 10:46 AM ESTBuffett
"With that focus, and with our present mix of businesses, Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital. Anything beyond 'slightly better,' though, is wishful thinking"
More Buffett: Warren Buffett's canvas
A strange public offering

The low-volatility factor
02/25/24 10:44 AM ESTMarkets
"The low-volatility premium may be the most compelling anomaly in financial markets: Less risky securities outperform their riskier counterparts over the long term."
More Markets: The blue and yellow can
How many factors do you need?

The blue and yellow can
02/25/24 10:42 AM ESTMarkets
"the current market reminds us of the late 1990's when investors were also crowding into tech and high-quality stocks. Stocks such as Coca-Cola (KO) were in high demand as investors looked for ways to participate in the rising equity market while minimizing risk. As investors crowded into Coca-Cola's stock to reduce risk, its valuation soared along with the risk of overpaying. The flight into quality eventually resulted in losses, as Coca-Cola's stock declined over 50% from its cycle peak in 1998 to its trough in 2003, reminding us that good businesses don't always make good investments."
More Markets: How many factors do you need?
The persistence of growth

Japan's orphans
02/25/24 10:03 AM ESTValue Investing
"Abandoned, deep-value micro-caps found sufficient buyers to produce a sizable premium over other strategies, even when the size premium only worked 50% of the time and liquidity levels and relative valuations for Japan were falling."
More Value Investing: Valuing Japan's reform
Persistence of value and growth

The Globe's Dividend All-Stars
02/24/24 2:26 PM ESTStingy Investing
"We're pleased to present the Globe's Dividend All-Stars, which highlights the best dividend-paying stocks on the Toronto Stock Exchange (TSX). It includes a wealth of information on the 200 largest companies in the land for bargain seekers and income investors alike. Each stock is measured up for its overall investment appeal and the top 20 five-star stocks make it into the Dividend All-Stars portfolio." [$]
More Stingy Investing: The Globe's Top 20 Dividend All-Stars
The Globe 250 for 2024

The Globe's Top 20 Dividend All-Stars
02/24/24 2:25 PM ESTStingy Investing
"We combine all of our yield, value, and market measures to rate the 200 largest dividend stocks on the TSX. Only 20 get a full five out of five stars and are put into the new Dividend All-Stars portfolio." [$]
More Stingy Investing: The Globe 250 for 2024
Asset Mixer Update

Faulty assumptions
02/24/24 11:38 AM ESTRetirement
"Many people put a lot of faith in planning software, betting their financial life on assumptions, projections and past performance. The assumptions are usually theirs, but are they accurate? Do they reflect the reality of how they'll live in retirement?"
More Retirement: Fire meets ice
Lifecycle Investment Advice

The Stingy News Weekly: February 17, 2024
02/17/24 12:55 PM ESTSNW
This week we have retirement, all stocks, bond yields, and more.
More SNW: The Stingy News Weekly: February 9, 2024
The Stingy News Weekly: February 3, 2024

Why not 100% equities
02/16/24 9:12 PM ESTAsness
"The paper comes to the rather startling game-changing conclusion that long-term investors should be 100% in equities, not in a more diversified portfolio. We have been down this road before with this idea refuted with alacrity and panache at least as far back as the mid-1990s."
More Asness: Cliff Asness interview
Uncorrelated assets

Yield is not return
02/16/24 8:58 PM ESTBonds
"Over the history of our internal bond dataset, returns for bonds rated single B have been 3% behind their yields, and returns for bonds rated CCC have been 7% behind their yields. We suspect that the average result for highly levered private credit deals will fall within that range."
More Bonds: Ask what your credit quality pays
Today's yield curve steepening

How many factors do you need?
02/16/24 8:54 PM ESTMarkets
"Putting all this together, we end up with the knowledge that the factor zoo can be reduced to some 10 to 20 factors and that among the most important factors to consider are value, momentum, quality, and growth."
More Markets: The persistence of growth
Increasing returns

The persistence of growth
02/16/24 8:52 PM ESTMarkets
"An implicit assumption in most forecasts is that growth is persistent. While analysts underwrite high growth for companies that have grown quickly and slow growth for companies that have grown slowly in the past, a large body of evidence demonstrates that reversion to the mean of both positive and negative abnormal earnings growth is the norm."
More Markets: Increasing returns
Overcoming experimenter bias

Fire meets ice
02/16/24 8:51 PM ESTRetirement
"While I think our current concept of retirement could do with some tweaking, I wouldn't want to discourage folks from saving aggressively for their later years. At the same time, I think it’s instructive to think about a different model of retirement, one where we continue to earn at least some income well into our 70s and perhaps beyond."
More Retirement: Lifecycle Investment Advice
Withdrawal symptoms

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The Stingy Stocks beat the index by an average of 4.4 percentage points a year.

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The Top 200 beat the index by an average of 4.7 percentage points a year.

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2020: Down 15.4% (for subs)
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2012: Up 13.4%
2011: Down 4.2%
2010: Up 19.7%
2009: Up 41.0%
2008: Down 32.9%
2007: Up 16.2%
2006: Up 37.6%
2005: Up 57.6%

More Stingy Investing

The Globe's Dividend All-Stars
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The Globe's Top 20 Dividend All-Stars
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Periodic Table Update
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Periodic Table Update
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Be wary of extreme yields
The easy way to returns
The smaller stable dividend portfolio
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The Globe 250
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TSX 60 for value investors
Hot potato update
Looking at 10-year returns
Watching for a bottom
Another bear. Oh, bother!
Graphing Dividends 2022
Asset Mixer Update
Periodic Table Update
Hot Potato Portfolio
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Chou follows Buffett and Watsa
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The value recovery
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Selling in January
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Don't count out value
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Fizzy giants
Look to the long term
A sleepy approach to dividend investing
Dividend investing success
Falling dividend yields
A nearly two century winning streak
Moving average momentum
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On the risks of concentration
Standing on the shoulders of giants
The bull market is back
Grim times for dividend investors
When the TSX escapes the bear
Investing in bad times
Look to Balanced Bob
Buying a bear market
Momentum down
A more generous strategy
Asset Mixer Update
Periodic Table Update
An inevitable market downturn
The power of reinvesting dividends
Asset Mixer Update
Periodic Table Update
The flip side of tax-loss selling
Dividend investing under the microscope
Graphing Dividends
The Champagne portfolio
How to invest a cash windfall
Dividend Monsters
More ......



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