Articles by Felix Narhi

Manager’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

Manager’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

Manager’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

When to Consider Buying Megacaps

Written by Felix Narhi

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 […]

March 29, 2018

Cash as a Strategic Asset Class

Written by Felix Narhi

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 […]

December 8, 2017

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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