Investing Philosophy, Process & Best Practice Geoff Castle – The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy, by Stephanie Kelton Emily Wheeler – Principles For Navigating Big Debt Crises, by […]
Building a Business Felix Narhi – The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time, Jim McKelvey Tony Rautava – The Hard Thing About Hard Things: Building a Business When There […]
When the facts change, we change our minds The nature of most human activity is that the facts involved tend to change, but often not as abruptly, and rarely on such a wide scale as […]
How the portfolio is positioned to capture potential gains We believe the world will be a very different place on the other side of the global health crisis and associated financial crisis. We know that […]
Assessing the trinity of risk is a key pillar of Pender’s investment strategy at all times, but during a financial crisis, when the risks increase, it becomes more crucial than ever to double and triple […]
Investors had largely ignored COVID-19 for over a month, but now emotions have started to get the better of cooler heads, and markets have reacted. Extreme fear has taken over. Unfortunately, emotional trading can quickly […]
Business Best Practices Gina Jones – Deep Survival: Who Lives, Who Dies, and Why, Laurence Gonzales Felix Narhi – A Dozen Lessons for Entrepreneurs, Tren Griffin Kenndal McArdle – Trillion Dollar Coach: The Leadership Playbook […]
Congratulations to the Pender Investment Team and Portfolio Managers David Barr and Felix Narhi. Fundata Canada Inc has awarded two of Pender’s funds a FundGrade A+ Award for 2016. The awards were presented in Toronto […]
At the time of writing, David Barr’s track record for picking small cap take-out1 targets stands at 40 portfolio holdings taken out since the Pender Small Cap Opportunities Fund was launched (June 2009). In just […]
Download PDF We take a private equity approach to public markets We research potential holdings as if we were buying an ownership stake in the business, not just the stock. We take a deep look […]
There are two different scenarios that we consider when we try to mitigate the effects of risk in the Pender Corporate Bond Fund. The two chief risks in the bond market – credit risk and […]
If you attended the CFA Society Vancouver 50th Anniversary Dinner in November 2015, you had the privilege of hearing from keynote speaker, financial journalist and New York Times best-selling author, Michael Lewis. Your second abiding […]
Almost all investments come with an element of risk but does this risk contribute to your return? Sharpe ratio is one of the calculations available to investors to assess returns on a risk-adjusted basis – […]
Beta is a measure that investors can use when assessing a potential investment for volatility. Beta measures correlation to the market (or a benchmark) and how susceptible a stock or fund is to the fluctuations […]
Alpha is the measure of a fund’s actual performance above its anticipated performance, as predicted by beta. Take the fund’s performance against its benchmark on a risk-adjusted basis to ascertain the excess. This relative outperformance […]
At Pender, we consider ourselves owners of a business, not just its stock, which means that when we think about risk we believe that real investment risk is not measured by fluctuations in a stock’s […]
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
We attended the Daily Journal (NYSE:DJCO) 2016 Annual General Meeting in Los Angeles where Daily Journal Chairman, Charlie Munger took questions on a broad range of topics. We took away four key thoughts. This is […]
Felix Narhi and Ian Collins recently attended the Daily Journal (NYSE:DJCO) Annual General Meeting in Los Angeles. During the meeting, Charlie Munger (Vice Chairman of Berkshire Hathaway and the Chairman of the Daily Journal) took […]
The classic investing advice is to “buy low and sell high”. The objective of investing in “Close the Discount” ideas is to buy a stock when it is trading at a substantial discount to a […]
Compounding is one of the bedrock concepts of investing – “the ability to generate earnings from previous earnings”1. For us, “Compounders” are those companies that can internally compound their intrinsic value at a mid-teens annualized […]
Felix Narhi and Ian Collins attended the recent Berkshire Hathaway Annual General Meeting in Omaha. As the company was celebrating the 50th year anniversary since Warren Buffett took management control, the mood was particularly festive […]
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 4) We attended the Berkshire Hathaway 2015 Annual Meeting in Omaha. We like to hear first hand from two of our value investing icons. […]
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 3) We attended the Berkshire Hathaway 2015 Annual Meeting in Omaha. We like to hear first hand from two of our value investing icons. […]
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 2) We attended the Berkshire Hathaway 2015 Annual Meeting in Omaha. We like to hear first hand from two of our value investing icons. […]
Berkshire Hathaway AGM 2015 – Pender’s Key Take Away Thoughts (Part 1) We attended the Berkshire Hathaway 2015 Annual Meeting in Omaha. We like to hear first hand from two of our value investing icons. […]
Duration is a measure of a bond’s price sensitivity to a change in interest rates. It is a key factor in differentiating how funds are positioned for interest rate risk. The longer the duration (the […]
The Pender Small Cap Opportunities Fund has been awarded an A+ FundGrade from Fundata for the third year running.
Active share is a relatively new calculation1 and provides a measurement of whether or not a portfolio “hugs” an index or not, which is an indication of how actively a portfolio is being managed. An […]
We often call the holdings in our funds our “best ideas”. This may seem obvious – why invest in anything else? The distinction is this. While we have lots of potential investment ideas, Pender manages […]
The “too hard pile” is a phrase we first heard coined by Charlie Munger, Berkshire Hathaway, “At Berkshire we have three buckets: yes, no and too hard.” In order to find potential investments for our […]
How we can improve our decisions Largely in his own hand, here are the takeaways from keynote presenter Shane Parrish, founder of Farnam Street, “mastering the best of what other people have already figured out”. […]
During the stock market’s inevitable periodic declines, we believe it is helpful to reread Buffett’s “Mr. Market” allegory because it can help reduce decisions that might be regrettable later (see extract and link below).
David Barr and Felix Narhi had the opportunity to attend the recent Value Investing Congress meeting in New York. CNBC has dubbed the event “The Super Bowl of Value Investors”, albeit we believe most value […]
Download PDF Pender has just held its annual Investment Ideas Lunch. We invited three of the companies held in our funds to present to an audience of advisors and investment professionals. The companies represented a […]
David Barr, Felix Narhi and eight Pender colleagues had the opportunity to attend the recent Berkshire Hathaway Annual Meeting in Omaha. A chance to hear first-hand from two of our value investing icons, Warren Buffett […]
Being opportunistic in the world of finance is generally associated with an aggressive strategy to make money by taking advantage of something that is undervalued, vulnerable or depressed. Property, securities or companies are targeted, bought, […]
In finance a security that is labelled a “special situation” is generally undergoing a perceived value changing event such as a restructuring, merger or acquisition and even bankruptcy proceedings. The situation could have positive or […]
Warren Buffett and Charlie Munger said it best when they recommended that investors stay within their “Circle of Competence”. Your circle of competence is the knowledge base you have developed, over and above the average […]
The phrase “predictive attributes” has been coined to describe a set of characteristics that a company may have that tip the odds in favour of potential outperformance. Some attributes that we believe are potentially predictive […]
Mr. Market is the subject of a parable, created by Benjamin Graham, author of The Intelligent Investor and held by many as the father of value investing. He is an allegory for the stock market. […]
Technically, volatility refers to the average difference between a stock’s expected and actual returns. The actual returns may be above or below what is expected or benchmarked, and diversifying a portfolio will smooth the overall […]
At its most simple, value investing is an investing strategy whereby investors buy a stock they believe to be undervalued (compared to an estimate of the company’s intrinsic value), with a view to profiting when […]
Yield measures a bond’s rate of return. It is calculated differently than a regular stock return because it takes into account the interest and coupon rates, as well as the time to maturity. Related Content:[catlist […]
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 investment into three words, we venture […]
Intrinsic value is the actual value of a company as opposed to its current market price. If an investor can conservatively estimate an actual intrinsic value range for a company, then he or she can […]
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