A Weekend in Omaha
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 […]
June 8, 2018
Forward Thinking. Finding Value.
When to Consider Buying Megacaps
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
The Underappreciated Value of a Long-Term Orientation
“I ask everybody not to think in two to three-year time frames, but to think in five to seven-year time frames.” – Jeff Bezos Amazon is a remarkable enterprise that was built in part on […]
March 16, 2018
More on the disruptive forces of technological change
It is important to keep in mind that one of Charles Darwin’s great insights on evolution also applies to capitalism: “It is not the strongest of the species that survives, nor the most intelligent that […]
March 16, 2018
Taking advantage of business, sector and market cycles
“It’s déjà vu all over again.” – Yogi Berra We often own stakes in companies which can be characterized as boring, operating in “meat and potatoes” industries that have faced cyclical headwinds. Some major current […]
March 16, 2018
Active Management – Demystifying the Canadian Stock Market
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 […]
January 15, 2018
Pender’s Holiday Reading List 2017
David Barr A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market Edward O. Thorp (Author), Nassim Nicholas Taleb (Foreword) Investing is a probabilistic endeavour and […]
December 13, 2017
Cash as a Strategic Asset Class
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
A Better Way in Fixed Income
There is no longer an “easy button” in fixed income whereby investors can earn relatively high real returns from invested instruments guaranteed by the government. While most investors still construct their portfolio with a mix […]
November 24, 2017
Pender Book Review: Shoe Dog: A Memoir by the Creator of Nike
Building a business is hard. This is the reality for many CEOs. Just look at some of the most successful companies today. Facebook was confronted with questions on its ability to monetize its network post […]
November 3, 2017
Medicure – Uncovering Value in a Hidden Asset
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 […]
October 4, 2017
Pender Book Review: The Manual of Ideas: The Proven Framework for Finding the Best Value Investments
I read The Manual of Ideas a few years ago, but gave myself a refresher over the summer. I am currently at Latticework, an event put on by The Manual of Ideas community, where leading […]
September 7, 2017
EnerNOC – A Double-Take
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 […]
July 13, 2017
Pender’s Summer Holiday Reading List 2017
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 into […]
July 12, 2017
Whole Foods – Amazon’s big move into the grocery value chain
Whole Foods (NASDAQ: WFM) is the second announced takeout of a top five Pender Value Fund holding last quarter (following the Panera deal – see our blog post). WFM is also a holding in the […]
July 7, 2017
