Pender Book Review: The Undoing Project by Michael Lewis

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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.

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2016 FundGrade A+ Awards go to two Pender Funds

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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.”

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Pender’s Holiday Reading List 2016

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“Warren Buffett credits many of his great money decisions to his voracious reading habit. He … estimates he spends as much as 80 percent of his day reading.” He says, “Read 500 pages … every day. That’s how knowledge works. It builds up, like compound interest.” 1

At Pender, we’re passionate about investing, but we’re also passionate about reading and we are already anticipating the chance to kick back over the holidays with a good book.

Here’s what’s on the reading lists of some of our Investment Team, along with their notes.

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Hitting the Sweet Spot: Low default risk and short duration are keys to attractive risk/reward in the current corporate credit market

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There are two different scenarios that we consider when we try to mitigate the effects of risk in the Pender Corporate Bond Fund.

The two chief risks in the bond market – credit risk and duration risk

  1. Credit risk is the risk that the company that is being lent money is unable to repay the obligation, and further, in the event of default, the risk that the sale of the business and its assets is insufficient to repay the obligation.
  2. Duration risk is the risk that the price of a bond goes down, based on an increase in its yield to maturity.
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“How to make money without lifting anything heavy” – An Evening with Michael Ryan

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If you attended the CFA Society Vancouver 50th Anniversary Dinner in November 2015, you had the privilege of hearing from keynote speaker, financial journalist and New York Times best-selling author, Michael Lewis.

Your second abiding memory from the evening may have come during the Panel of Past Presidents, when Michael Ryan, the founder of CFA Society Vancouver and its second president, stole the stage with engaging stories from a by-gone era in Vancouver’s investment community.

Following up on these revelations, CFA Society Vancouver recently hosted, “An Evening with Michael Ryan.” Naturally, this time Mr. Ryan was the focus of the event, with Bill Wheeler asking the questions about an investment career that began in the 1950’s.

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