Sharpe Ratio
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 – […]
October 4, 2016
Forward Thinking. Finding Value.
Beta
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 […]
October 4, 2016
Alpha
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 […]
October 4, 2016
Risk
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 […]
October 4, 2016
Utilities – Reward-free risk?
Paraphrasing Charlie Munger, as investors, all we want to know is where we are going to die, so we won’t go there. Common sense dictates that investors should avoid overcrowded trades in companies with lots […]
July 29, 2016
Active Management: Taking Advantage of Passive Instruments. Again.
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 […]
June 17, 2016
Active Management: How active management can take advantage of passive instruments in the credit markets
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 […]
May 27, 2016
Reinvestment Opportunities & Legacy Moats
This is a good article about investing in compounders vs. companies with legacy moats. It nicely summarises a number of important investment concepts.
May 25, 2016
Active Management: Why choose a true Active Manager?
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 […]
March 14, 2016
Question Time with Charlie Munger: The Future is Unknowable – Stay the Course with Good Businesses (Part 4)
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 […]
February 25, 2016
Question Time with Charlie Munger: Be Rational (Part 3)
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 […]
February 25, 2016
Question Time with Charlie Munger: Specialization vs. a Multi-disciplinary Approach (Part 2)
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 […]
February 25, 2016
Question Time with Charlie Munger: Block Off Some Uninterrupted Time to Read and Think (Part 1)
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 […]
February 25, 2016
Question Time with Berkshire Hathaway’s Charlie Munger: Pender’s Key Take-Away Thoughts
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 […]
February 25, 2016
Why I prefer to stay Short Duration
Early in 2016, we are witness to a “hard assets” liquidation frenzy, the likes of which have not been seen for many years. The great commodities supercycle that was supposed to accompany the rise of […]
January 19, 2016
