Episode 1 – Equity – Love at First Read
July 2, 2018

Episode 1 – Equity – Love at First Read

How did we get to the five year anniversary of the Pender Value Fund?

Origin stories, learning from mistakes, and qualitative evaluation

On June 28, 2018, the Pender Value Fund turned five. President and CEO of Pender Fund, Dave Barr, and Chief Investment Officer, Felix Narhi, look back on the highs and lows of the Fund, its holdings, the markets and more during the last five years in this series of three podcasts.

Dave and Felix share how they got into investing, who influenced them early on and how their approaches have been shaped by experience and the knowledge accumulated over time – particularly, lessons learned from their mistakes. They share insights such as the importance of striking a balance between qualitative and quantitative evaluation, why management teams are a key contributor to success, and value investing in growth companies. Tune in to find out more.

Key Takeaways

2:15 How did Felix get into investing, and more particularly value investing, early in his career?
4:10 David shares his experience of how he was introduced to The Warren Buffett Way.
5:15 Investing is really about cumulative knowledge. How has Felix evolved his approach though the course of his career?
9:05 Felix and David discuss the difference between investment analysis and business analysis, and the drivers that taught them what makes a company successful.
11:54 What are some of the failures David experienced in his career, and what did he learn from them? Hint: It's to do with management teams and the people in them.
14:44 There's so much dynamism in business right now - things are changing incredibly fast, and it's crucial to keep learning and adapting over time to keep up.
17:13 Why are qualitative judgments just as important as quantitative judgments?
18:13 When tuna's on sale, you buy tuna. What takes a company from being a growth company to being a great business?
22:42 David shares a personal anecdote about capital allocation and growth-by-acquisition.

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