Episode 14 – Equity – Finding Better Relative Opportunities
February 28, 2019

Episode 14 – Equity – Finding Better Relative Opportunities

In this episode David Barr sits down with Amar Pandya, Senior Investment Analyst and Associate Portfolio Manager, to discuss the Canadian equity market.

Subtitle: Opportunities, valuations and risk in current Canadian equity markets

David and Amar discuss the opportunities, mis-priced securities and compounders vs close the discount businesses. They talk about their approach to the energy sector and also the unknowable risks that keep them up at night. Throughout they highlight various portfolio holdings as they discuss where they see growth in Canadian compounders today.

Key Takeaways

1:43 David opens up the conversation by asking Amar what opportunities he is finding in Canadian equities.
3:00 Amar discusses mis-priced securities in the Canadian market, particularly portfolio holding CCL.
6:04 David asks Amar about his approach to compounders vs close the discount stocks in the current market and high grading portfolios.
7:15 David turns the conversation to the energy sector and how we invest in energy “the Pender way”.
11:36 Amar talks about his experience in the mid-cap consumer industrial sector and gives examples of companies that have fallen out of favour.
13:38 David and Amar discuss the unknowable risk factors that keep them up at night. They discuss the catastrophic risk related to Maxar and why Amar still sees this as an attractive opportunity and an interesting story.
14:30 They discuss the catastrophic risk related to Maxar and why Amar still sees this as an attractive opportunity and an interesting story.
17:27 Amar discusses the book Billion Dollar Lessons and how the lessons included in the book are helping him formulate his investing model.
18:22 David asks Amar where he sees growth in Canadian compounders coming from today.

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