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 […]
Why the next big tech name could come from the healthcare sector Important Information: Pender Technology Inflection Fund I Limited Partnership managed by PenderFund Capital Management Ltd. (“Pender”) holds an investment in Clarius Mobile Health, […]
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 […]
Webinar The Pender Small Cap Opportunities Fund has been reopened. Classes B and G are now available to all investors for a limited time. So why is it a good time to reopen the Fund? […]
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 […]
At Pender, we see three sources of potential competitive advantage for investors today, analytical, behavioural and organisational, or cultural. In our day to day, we spend a large percentage of our research time trying to […]
Something to tell your grandkids about one day…It’s official: The S&P500 is now in the longest bull run in history. Of note, the S&P500 is also in one of the oldest bull markets globally. Virtually […]
Our focus on identifying high quality businesses that generate strong returns on invested capital and have promising internal reinvestment opportunities generally results in our funds having little to no exposure in resource companies. That said, […]
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 […]
Don’t just do something, stand there. Like many investors, we are always looking for insights into how we might improve our outcomes over time. By taking a multi-disciplinary approach and “thinking outside the box”, we […]
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 […]
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 […]
1. The great 35-year interest rate cycle probably bottomed in 2016 2. Disruptive periods change the opportunity sets 3. Just about everything is cyclical “I ask everybody not to think in two to three-year time […]
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 […]
“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 […]
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 […]
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 […]
