PenderFund

Pender’s Holiday Reading List 2017

Written on . Posted in Book Reviews, Pender Blog

David Barr

Edward O. Thorp (Author), Nassim Nicholas Taleb (Foreword)
Investing is a probabilistic endeavour and that drew me to this book about Edward Thorp. Thorp is a mathematician and former MIT professor who devised a method for counting cards that could “beat the dealer” at Blackjack. Understanding probabilities and betting aggressively when the odds are in your favour proved to be successful in Blackjack, but knowing when the odds are in your favour is also a key aspect of our investment strategy. Thorp’s curiosity drove him to create a quantitative hedge fund that delivered market-beating returns over the decades. I’m looking forward to learning more about the approach that made him successful across the disciplines.

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Pender Book Review: Shoe Dog: A Memoir by the Creator of Nike

Written on . Posted in Book Reviews, Pender Blog

Building a business is hard. This is the reality for many CEOs. Just look at some of the most successful companies today. Facebook was confronted with questions on its ability to monetize its network post IPO, and was temporarily in the doghouse. Amazon was constantly questioned on its business model but is now firing on all cylinders and a stock market darling. During the financial crisis of 2008-09, no one was going to spend $5 on a latte, so Starbucks was punished. These are all companies that we admire and look to for insight into building a business, and they all have one thing in common. They are all founder-led.

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Medicure – Uncovering Value in a Hidden Asset

Written on . Posted in Featured Company, Pender Blog

Medicure Inc (MPH), a company that we have held across multiple funds for over two years, is a specialty pharma company focused on cardiovascular solutions based in Winnipeg, MB. Medicure is “our kind of bio-tech company”. Our investment thesis was based on Medicure having a R&D-light business model, limited regulatory risk and an owner-operator with significant skin in the game. 

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EnerNOC – A Double-Take

Written on . Posted in Featured Company, Pender Blog

A first for Pender as a company held in both our Equity and Fixed Income portfolios gets taken out.

Demand-side energy management firm, EnerNOC, has announced it is being acquired by Enel Group, a European utility operator. The company was held in both the Pender Corporate Bond Fund and the Pender Value Fund, and this investment showcases the unique cross-over approach of the Pender investment team.

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