“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 […]
“The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility.)” – George Soros The Loonie – To Hedge or Not to Hedge […]
“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 […]
After a wild ride in the first quarter, the big surprising macro news to hit markets during the second quarter was Brexit. Admittedly, we did not anticipate that the UK would vote to leave the […]
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 […]
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]
CIO’s Quarterly Commentary – Felix Narhi – Q4 2018
“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 […]
Manager’s Q3 Commentary – Felix Narhi
“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 […]
Manager’s 1st Half Commentary – Felix Narhi
“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 […]
Manager’s Quarterly Commentary – Felix Narhi
“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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2017
“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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2017
“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. […]
Manager’s Quarterly Commentary – Felix Narhi – Q2 2017
“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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q1 2017 – Part 2
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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q1 2017 – Part 1
“The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility.)” – George Soros The Loonie – To Hedge or Not to Hedge […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2016
“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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2016
“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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q2 2016
After a wild ride in the first quarter, the big surprising macro news to hit markets during the second quarter was Brexit. Admittedly, we did not anticipate that the UK would vote to leave the […]
Manager’s Quarterly Commentary – Felix Narhi – Q1 2016
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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2015
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2015
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]