Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
“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 […]
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
“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 […]
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
“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 […]
After some exciting volatility in Q1, Q2 was a return to market complacency, lower volatility and stocks going up. This was a tailwind for our equity portfolios, as performance was strong in the quarter. Enough […]
“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 […]
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
“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 […]
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
“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. […]
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
“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 […]
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
Manager’s Commentary – Q1 2019 – David Barr
Fellow Unitholders, In our last commentary, we started by being thankful that 2018 was in the rear-view mirror and we were looking forward to 2019. It turns out that forces beyond our control have conspired […]
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 Commentary – David Barr – Q4 2018
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
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 Quarterly Commentary – David Barr – Q3 2018
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
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 – David Barr – Q2 2018
After some exciting volatility in Q1, Q2 was a return to market complacency, lower volatility and stocks going up. This was a tailwind for our equity portfolios, as performance was strong in the quarter. Enough […]
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 – David Barr – Q1 2018
Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. […]
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 – David Barr – Q4 2017
Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder […]
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 – David Barr – Q3 2017
As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find […]
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 – David Barr – Q2 2017
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]