As someone who loves to read, choosing the next book is always exciting. Since there are more books on my reading list than I’ll ever be able to read, I use two criteria to guide me in my selection: 1) is it an interesting read, and 2) are there some key takeaways that will influence us as investors? Of course point number two doesn’t always apply to vacation reading!Continue Reading
We’ve been asked a lot over the past week about whether or not we have exposure to certain headline housing stocks in our equity portfolios. Fortunately, the answer is no. We think this is a good opportunity to highlight some of the key aspects of our investment strategy and why we shied away from stocks in the non-prime housing market.Continue Reading
As we reflect on the announcement that Panera Bread, a holding in several of Pender’s funds, is about to go private thanks to a takeover by European holding company JAB, we are left feeling somewhat bittersweet. While this development is probably perceived as terrific news by most market participants, we believe some investors with a longer time horizon may feel differently. So why would the take-out of Panera, at a decent premium, be less-than-ideal news?Continue Reading
I recently read The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis. When Lewis presented at the CFA Society Vancouver 50th Anniversary Dinner in November 2015, he mentioned that he was working on a book featuring the collaboration between Israeli psychologists, Daniel Kahneman and Amos Tversky. I had previously read Kahneman’s book Thinking, Fast and Slow and was excited to read about how he and Tversky had developed some of the ideas that led to that book.Continue Reading
Congratulations to the Pender Investment Team and Portfolio Managers David Barr and Felix Narhi. Fundata Canada Inc has awarded two of Pender’s funds a FundGrade A+ Award for 2016.
The awards were presented in Toronto on January 25, 2017 and recognize “Canadian investment funds that have maintained an exceptional performance rating over the entire previous calendar year.”Continue Reading