The Pender Equity Investment Process Pender’s goal is to protect and grow wealth for our investors over time. To achieve this, we seek to understand the quality of a business or security; obtain more value […]
Day 1 – Margin of Safety Benjamin Graham, believed by many to be the father of value investing, wrote in his book The Intelligent Investor, “Confronted with [the] challenge to distill the secret of sound […]
Extract from Deloitte Insights: Technology, Media, and Telecommunications Predictions 2019 and reproduced with the permission of Duncan Stewart, Director of Research and Erica Pretorius, Partner, Risk Advisory, Deloitte Canada. Classical computer: The traditional form of […]
The PenderFund Investment Team shares the books on their summer reading list. David Barr Thinking in Systems: A Primer, Donella Meadows and Diana Wright (Editor) I picked up “Thinking in Systems” after it was shared […]
“The best thing a human being can do is to help another human being know more.” – Charlie Munger, Berkshire Hathaway On May 4, 2019, members of the Pender Investment Team joined the thousands of […]
In extraordinary times, when markets are stressed the broad opportunity set widens. But from a psychological perspective, it sure doesn’t feel like an opportunity.“The tide goes out” in periods like the financial crisis of 2008-2009 […]
In normal times, when markets are relatively tranquil the opportunity set is narrow. Armies of smart analysts and investors do their research and stocks are priced much more efficiently than less followed stocks. It’s challenging […]
We have often talked about catalyst-driven investing, specifically in our blog post on Catalysts: Investing in “take-outs”. Another of the catalysts that can motivate a company to sell itself is prolonged stock price underperformance despite […]
It was not a great start to the new year. During the first week of the year, Apple cut its guidance and blamed it on the slow down in China. Given recent headlines, we felt […]
The PenderFund Investment Team shares what is on their holiday reading list this season. David Barr I’m looking forward to reading three books this holiday season. Two relate to decision making, while the third has […]
The PenderFund Investment Team shares what is on their summer reading list through book reviews and recommendations David Barr One of the things I love about the summer is that you get away from the […]
It is phenomenal to think about the evolution of the Berkshire Hathaway (BRK) annual meeting over the years. Fifty three years ago the first Berkshire Hathaway annual meeting was held in a lunch room for […]
Index funds, or funds that passively track indexes, have a role to play in investor portfolios. Jack Bogle created the Vanguard 500 Index Fund in 1976, the first index fund. He had the most noble […]
The PenderFund Investment Team shares what is on their reading list this holiday season. David Barr A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market […]
Medicure Inc (MPH), a company that we have held across multiple funds for over two years, is a specialty pharma company focused on cardiovascular solutions based in Winnipeg, MB. Medicure is “our kind of bio-tech […]
A first for Pender as a company held in both our Equity and Fixed Income portfolios gets taken out. Demand-side energy management firm, EnerNOC, has announced it is being acquired by Enel Group, a European […]
Summertime is a slower time of year for travel for us. Fewer companies to see, conferences to attend or clients to meet with. This gives us the opportunity to use this time to dive deeper […]
We’ve been asked a lot over the past week about whether or not we have exposure to certain headline housing stocks in our equity portfolios. Fortunately, the answer is no. We think this is a […]
Stocks rarely perform in the time frames we predict, which is why the market works best for investors who have a long-term portfolio focus. Volatility in short-term returns, especially with the relatively concentrated strategies we […]
Here’s what’s on the reading list of some of our Investment Team, along with their notes. “Warren Buffett credits many of his great money decisions to his voracious reading habit. He … estimates […]
At Pender we practice active management and are fundamental value investors who base our investment process on taking advantage of market inefficiencies, such as when a company becomes significantly mispriced in comparison to what the […]
Credit markets are in a state of transition, with passive instruments such as ETF’s having become major parts of the investing landscape in recent years. Within this context, an active manager faces some challenges but […]
With the striking increase in the number of low cost passive funds now available, whether your investments are actively or passively managed is becoming a bigger concern for investors these days. Research and publicity, not […]
Cable TV providers find themselves at a crossroads. To adapt and compete with new internet TV entrants, like Netflix and other “over-the-top” providers, or put their business at risk to disruption. It is at this […]
We routinely mention how “special situations” can offer compelling return characteristics. Special situations are investments that are based on the outcome of an event such a spin-out, reorganization, merger etc. Although each situation is quite […]
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