Forward Thinking. Finding Value.

Forward Thinking

Special Situation

Written by PenderFund

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 […]

March 18, 2014
Why Pender

Circle of Competence

Written by PenderFund

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 […]

March 18, 2014
Forward Thinking

Predictive Attributes

Written by PenderFund

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 […]

March 18, 2014
Why Pender

Mr. Market

Written by PenderFund

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. […]

March 18, 2014
Book Reviews

Investing Like Ted Williams

Written by David Barr

Williams came up with three rules to hit by that I think translate very well to value investing. There are two things I look forward to every year end. Spending time over the holidays with […]

January 14, 2014
Protecting Capital

How Pender Thinks about Risk

Written by Felix Narhi

“All investment evaluations should begin by measuring risk.” — Charlie Munger, Vice Chairman – Berkshire Hathaway We are old fashioned when it comes to our definition of risk.  We concur with the dictionary’s basic term, […]

November 8, 2013
Growing Capital

Volatility

Written by PenderFund

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 […]

October 17, 2013
Why Pender

Value Investing

Written by PenderFund

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 […]

October 17, 2013
Growing Capital

Bond Yields

Written by PenderFund

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 […]

October 8, 2013
Protecting Capital

Margin of Safety

Written by PenderFund

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 […]

October 8, 2013
Growing Capital

Intrinsic Value

Written by PenderFund

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 […]

October 8, 2013