“If interest rates go to zero and all the governments in the world print money like crazy and prices go down – of course I’m confused. Anybody who is intelligent who is not confused doesn’t […]

“Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody is doing it one way, there’s a good chance you can find your niche by going exactly in the opposite direction” – Sam […]

“We can ignore reality but we cannot ignore the consequences of ignoring reality”- Ayn Rand In this commentary we cover: The trick is not to learn to trust your gut feelings, but rather to discipline […]

“The biggest factor affecting market returns over a short period of time are changes in investor moods. And moods don’t care about spreadsheets, reasoning, formulas, or metrics. They make fools out of those who try […]

“Investment success requires sticking with positions made uncomfortable by their variance with popular opinion.” – Howard Marks In this commentary we cover: Indices and lagging indicators vs. seeing the world as it really is The […]

 “As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure […]

“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in […]

 “You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. […]

“The markets are moved by animal spirits, and not by reason.” – John Maynard Keynes The year started in the midst of one of the greatest bull markets in history. It has only strengthened in […]

All we want in life is no competition or an unfair advantage. At Pender we sometimes joke that all we want in life is either no competition or an unfair advantage. This is only partly […]

“Headlines, in a way, are what mislead you, because bad news is a headline, and gradual improvement is not.”  – Bill Gates, Microsoft Co-Founder Last year served as another vivid reminder that the future is […]

 “Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]

The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]