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LATEST INSIGHTS
Thoughts, insights and opinions from our team of investment experts
Steering Clear of the Dear
As value investors we gravitate to undervalued securities—those that are inexpensive relative to our fair market value (FMV) assessments, because they are out of favour or underestimated. Similarly, we steer clear of those that are popular and dear.
We look to avoid overly popular companies that are priced too high, susceptible to decline, and result in misery.
A Constant Battle
Successful investment strategies are dependent on a robust infrastructure. Outperformance is the accumulation of many small edges, so every component of the investment process is critical, and must be continuously analyzed for areas of improvement.
Anyone Feel Like Hibernating?
Animals hibernate for self preservation—to conserve energy during adverse conditions. But then they emerge, ready for the more bountiful period that awaits.
While we still see an economic setback ahead, and a commensurate market reaction, we expect markets to discount the pending recession, and then once again focus on recovery. In the meantime, we are hibernating—hedging portfolios (afraid of market declines) and buying undervalued, high-quality, recession-resistant companies below our estimated FMVs.
Extending Duration
We expect the Bank of Canada to stand pat with interest rates, and there’s a strong possibility of cuts starting in 2024. Consequently, we have switched our duration stance from below benchmark to above; we’re now targeting investment grade bonds with duration greater than 7 years.
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