Articles by Felix Narhi

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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