Commentaries 31 Jul 2019 Dear Prudence The CFA standard notes “Members and Candidates have a duty of loyalty to their clients and must act with reasonable…
Commentaries 31 May 2019 Understanding Embedded Risk Over the past few years the Canadian investment industry has hollowed out, with far too many independent investment firms being…
Commentaries 30 Apr 2019 Unpredictable Risk In an interview last week, the great Charlie Munger said “more damage to the world comes from the cognitive glitches…
Commentaries 28 Feb 2019 The Small Cap Bias Accepting that investing is really hard, true investing – which we define as the allocation of capital to either entrepreneurs…
Commentaries 31 Jan 2019 The Decline of the Canadian Empire “In the business world, the rearview mirror is always clearer than the windshield.” Warren Buffett With the recent acquisitions of…
Commentaries 30 Nov 2018 Snakes & Ladders “Let others believe markets can never be beat. Abstention on the part of those who won’t venture in creates opportunities…
Commentaries 31 Oct 2018 If We tend to believe October was a revaluation exercise; simply put, as interest rates rise so do discount rates reducing…
Commentaries 31 Aug 2018 Late Cycle Bull Markets While the equity investing landscape has admittedly turned more volatile in the past six months, we continue to believe most…
Commentaries 31 Jul 2018 The Head and the Heart We have contended for some time that clients are best served owning small cap investments equally proportionate to traditional large…
Commentaries 31 May 2018 Refining Knowledge What investment style will be best suited to markets where returns are limited? This month we suggest that business culture…
