Episode 23 – Quarterly Equity Update
August 29, 2019

Episode 23 – Quarterly Equity Update

Sarah Wildman is joined by David Barr and Felix Narhi to provide an early quarterly equity update.

Subtitle: “Does somebody know something that I don’t know?”

Sarah Wildman, Director of Institutional Relationships, is joined by David Barr and Felix Narhi to provide an early quarterly equity update. With investor sentiment turning more fearful, concerns over trade wars and political unrest we wanted to bring our update forward to address these global events and their effect on current markets, while providing an update on our portfolios.

Key Takeaways

[01:12] Sarah asks David and Felix for their take on current global headlines and what is concerning them right now.
[03:10] Felix explains the advantage of a behavioral versus an analytical edge at times like these.
[05:02] Sarah asks about the impact of the current macro-economic events and geopolitical concerns on Pender’s equity portfolios.
[08:21] Felix reflects on how unprecedented markets are and the resulting confusion for investors. He quotes Charlie Munger’s take on the brain’s response to that confusion - “your brain is actually working correctly”.
[09:45] Sarah asks Felix and Dave to speak about recent drawdowns compared to the drawdowns in 2018.
[21:19] Felix acknowledges that “we’re all fearful” and that when stocks go down, “you have to double-check your thesis and triple check your math and if you believe that one plus one still equals two that's when you have to act, [but] it's not easy.”
[22:42] Dave recognizes that “it's your money, so you're right to be nervous” but adds his take on the embedded value in the portfolio as a result of lower stock prices.
[23:32] Felix reminds us that “this time is different” are “the four most dangerous words in investing.”
[25:54] Sarah asks Felix and David to share which books they are currently reading.

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