Forward Thinking. Finding Value.

Circle of Competence

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 […]

Predictive Attributes

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

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. Mr. Market is an allegory for the stock […]

Investing Like Ted Williams

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 […]

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How Pender Thinks about Risk

“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, […]

Volatility

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 […]

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Value Investing

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 […]

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Bond Yields

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 […]

Margin of Safety

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

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 […]

2012: The Ride to Conquer Cancer

Eric and Kelvin successfully finished The Ride to Conquer Cancer 2012, cycling from Vancouver BC to Seattle WA. They each achieved personal bests – well, it was their first time participating! In doing so they […]

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