“The biggest factor affecting market returns over a short period of time are changes in investor moods. And moods don’t care about spreadsheets, reasoning, formulas, or metrics. They make fools out of those who try […]
Articles by Felix Narhi
“Investment success requires sticking with positions made uncomfortable by their variance with popular opinion.” – Howard Marks In this commentary we cover: Indices and lagging indicators vs. seeing the world as it really is The […]
Something to tell your grandkids about one day…It’s official: The S&P500 is now in the longest bull run in history. Of note, the S&P500 is also in one of the oldest bull markets globally. Virtually […]
“As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure […]
Don’t just do something, stand there. Like many investors, we are always looking for insights into how we might improve our outcomes over time. By taking a multi-disciplinary approach and “thinking outside the box”, we […]
Recently asked questions from the field: Does the recent drop of Facebook offer us an opportunity to add a megacap name to our portfolios? If Washington decides to increase regulations on technology companies, would that […]
“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in […]
“I ask everybody not to think in two to three-year time frames, but to think in five to seven-year time frames.” – Jeff Bezos Amazon is a remarkable enterprise that was built in part on […]
It is important to keep in mind that one of Charles Darwin’s great insights on evolution also applies to capitalism: “It is not the strongest of the species that survives, nor the most intelligent that […]
“It’s déjà vu all over again.” – Yogi Berra We often own stakes in companies which can be characterized as boring, operating in “meat and potatoes” industries that have faced cyclical headwinds. Some major current […]
“You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. […]
At Pender, we are often asked about our cash levels because it fluctuates over time depending on the individual Fund mandate and the opportunity set. One of the common misconceptions regarding some Pender mandates is […]
“The markets are moved by animal spirits, and not by reason.” – John Maynard Keynes The year started in the midst of one of the greatest bull markets in history. It has only strengthened in […]
Whole Foods (NASDAQ: WFM) is the second announced takeout of a top five Pender Value Fund holding last quarter (following the Panera deal – see our blog post). WFM is also a holding in the […]
All we want in life is no competition or an unfair advantage. At Pender we sometimes joke that all we want in life is either no competition or an unfair advantage. This is only partly […]
“The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility.)” – George Soros The Loonie – To Hedge or Not to Hedge […]
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 […]
“Headlines, in a way, are what mislead you, because bad news is a headline, and gradual improvement is not.” – Bill Gates, Microsoft Co-Founder Last year served as another vivid reminder that the future is […]
“Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]
Paraphrasing Charlie Munger, as investors, all we want to know is where we are going to die, so we won’t go there. Common sense dictates that investors should avoid overcrowded trades in companies with lots […]
After a wild ride in the first quarter, the big surprising macro news to hit markets during the second quarter was Brexit. Admittedly, we did not anticipate that the UK would vote to leave the […]
This is a good article about investing in compounders vs. companies with legacy moats. It nicely summarises a number of important investment concepts.
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
“There will be recessions and there will be stock market declines. If you don’t understand that’s going to happen, then you’re not ready and you won’t do well in the markets” — Peter Lynch There’s no […]
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]
Class A units were down 2.8% during the quarter and were valued at $12.56 at June 30, 2015. Altisource Portfolio Solutions, Panera Bread and Leucadia led the gainers for the quarter, while Syntel, Strayer Education […]
Class A units were down 0.97% during the quarter and were valued at $12.02 at June 30, 2015. IAC/InterActiveCorp, Manulife Financial and Magna International led the equity gainers for the quarter, while TransForce, Fossil Group […]
Company Overview As a pioneer of the “fast casual” restaurant category, Panera Bread is the authority on fresh-baked bread and is well known for its delicious healthy food and its commitment to food transparency.
Class A units generated a total return of 2.4% during the quarter and were valued at C$12.20 on March 31, 2015.
Class A units were up 5.3% during the quarter and were valued at C$12.93 at March 31, 2015. The Fund ended the quarter with 21 holdings and a cash weighting of 7.2%. Syntel, Markel and […]
Class A units were up 1.45% during the quarter and were valued at C$12.27 at December 31, 2014. The Fund ended the year with 22 holdings and a cash weighting of 4.4%. During the quarter […]
“Skate to where the puck is going, not to where it has been” – W. Gretzky Despite the Edmonton Oilers of the 1980’s being a dynastic team, loaded with superb talent, we could not help […]
Class A units were up 1.6% during the quarter and were valued at C$12.10 at September 30, 2014. The performance was driven by a stronger US dollar. The Fund ended the quarter with 22 holdings […]
The Fund became available to investors on July 5, 2013 and ended Q2 2014 with 21 holdings and a cash weighting of 8%. Class A units that were initially purchased at C$10.00 were valued at […]
Don’t just do something, stand there. Like many investors, we are always looking for insights into how we might improve our outcomes over time. By taking a multi-disciplinary approach and “thinking outside the box”, we […]
What is the Soundest Investment Approach? Felix Narhi writes for The Globe & Mail Putting the Growth vs. Value Investing Debate in Perspective I often get asked the question, “Are you a value investor or […]
The Fund became available to investors on July 5, 2013 and ended Q1 2014 with 19 holdings and a cash weighting of 4.7%. Class A units that were initially purchased at C$10.00 were valued at […]
When is a 10% Return Better Than An 11% Return? To Discover The Answer to this Riddle, Read On… Sometimes it is easy for investors to forget what they have set out to accomplish. In […]
The Fund became available to investors on July 5, 2013 and ended the year with 18 holdings and a cash weighting of 4.5%1. Class A units that were initially purchased at C$10.00 were valued at […]
“All investment evaluations should begin by measuring risk.” — Charlie Munger, Vice Chairman – Berkshire Hathaway We are old fashioned when it comes to our definition of risk. We concur with the dictionary’s basic term, […]
The Fund was opened to investors on July 5, 2013 and ended the quarter with 14 holdings and a cash weighting of 4.8%. Class A units that were initially purchased at C$10.00 were valued at […]
Our investment strategy is guided by four core concepts of intelligent investing.
It has been said that investing is simple, but not easy. Simple because, in theory, the idea that one should “buy low and sell high” is just common sense. But not easy because in practice […]
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