Articles by Felix Narhi

CIO’s Commentary

Written by Felix Narhi

“A change in perspective is worth 80 IQ points.”- Alan Kay In this commentary we cover: Protecting the gains when markets hits new highs Inevitable trade-offs – Lower volatility vs potential higher returns How fast […]

December 23, 2020

CIO’s Commentary – Sept 2020

Written by Felix Narhi

“The future ain’t what it used to be.” ― Yogi Berra In this commentary we cover: The March 2020 downturn and subsequent “V” shaped recovery The dichotomy of markets being up when the economy is […]

September 22, 2020

CIO’s Commentary – Felix Narhi – Part 1

Written by Felix Narhi

“There are decades when nothing happens; and there are weeks when decades happen.” – Vladimir Lenin In this commentary we cover: A different kind of unexpected and an extraordinary downturn “Fog of war” and decision […]

April 21, 2020

CIO’s Commentary – Felix Narhi – Part 2

Written by Felix Narhi

What now? “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”  – William Arthur Ward Like most, we watched the early advancement of the coronavirus outbreak in […]

April 21, 2020

CIO’s Commentary – Felix Narhi

Written by Felix Narhi

“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros In this commentary we cover: Looking back at the […]

December 20, 2019

China Investing Trip: Felix Narhi’s Takeaways

Written by Felix Narhi

This article was originally published on on November 30, 2019. “American investors are missing out on China. It just looks too hard, sitting in Omaha… but it’s where they should be looking.” – Charlie […]

November 30, 2019

CIO’s First Half Commentary – Felix Narhi

Written by Felix Narhi

“If interest rates go to zero and all the governments in the world print money like crazy and prices go down – of course I’m confused. Anybody who is intelligent who is not confused doesn’t […]

September 18, 2019

CIO’s Q3 Commentary – Felix Narhi

Written by Felix Narhi

“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 […]

December 19, 2018

CIO’s 1st Half Commentary – Felix Narhi

Written 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 […]

September 20, 2018

CIO’s Quarterly Commentary – Felix Narhi

Written by Felix Narhi

 “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 […]

June 19, 2018

Utilities – Reward-free risk?

Written by Felix Narhi

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 […]

July 29, 2016

Manager’s Quarterly Commentary – Felix Narhi – Q4 2015

Written by Felix Narhi

“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, […]

February 9, 2016

How Pender Thinks about Risk

Written by Felix Narhi

“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, […]

November 8, 2013
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