Articles by Felix Narhi

Balanced Funds – Q1 2023

Written by Felix Narhi

HIGHLIGHTS The Fund returned 2.6% in the first quarter. Over the last three years, performance has been strong at 17.3%1. One of the major areas of market concern during the quarter was the meltdown of […]

May 1, 2023

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, […]

April 19, 2023

Balanced Funds – Q4 2022

Written by Felix Narhi

HIGHLIGHTS Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor […]

January 19, 2023

Balanced Funds – Q3 2022

Written by Felix Narhi

Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]

October 28, 2022

Herd on the Street

Written by Felix Narhi

“What is popular isn’t always the truth.  And the truth isn’t always popular.”–Howard Cosell, US sports journalist  Contrarians have a bad reputation. People think we’re ornery and reflexively pessimistic. I beg to differ. On the […]

October 5, 2022

Balanced Funds – Q2 2022

Written by Felix Narhi

Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]

July 22, 2022

CIO’s Commentary – December 2020

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 – April 2020 – 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 – April 2020 – 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

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 megacaps to our portfolios? If Washington decides to increase regulations on technology companies, would that impact megatech […]

March 29, 2018