The Investment Process
The Pender Investment Process Pender’s goal is to protect and grow wealth for our investors over time. To achieve this, we seek to understand the quality of a business or security; obtain more value than we […]
July 6, 2018
Evergreen
When to Consider Buying Megacaps
Recently asked questions from the field: Does the recent drop of Facebook offer us an opportunity to add a megacap name to our portfolios? If Washington decides to increase regulations on technology companies, would that […]
March 29, 2018
The Underappreciated Value of a Long-Term Orientation
“I ask everybody not to think in two to three-year time frames, but to think in five to seven-year time frames.” – Jeff Bezos Amazon is a remarkable enterprise that was built in part on […]
March 16, 2018
Cash as a Strategic Asset Class
At Pender, we are often asked about our cash levels because it fluctuates over time depending on the individual Fund mandate and the opportunity set. One of the common misconceptions regarding some Pender mandates is […]
December 8, 2017
A Better Way in Fixed Income
There is no longer an “easy button” in fixed income whereby investors can earn relatively high real returns from invested instruments guaranteed by the government. While most investors still construct their portfolio with a mix […]
November 24, 2017
Catalytic Conversion: The art and science of investing in the next “take-out” target.
At the time of writing, David Barr’s track record for picking small cap take-out1 targets stands at 40 portfolio holdings taken out since the Pender Small Cap Opportunities Fund was launched (June 2009). In just […]
January 16, 2017
The Pender Edge: What factors give us an advantage?
Download PDF We take a private equity approach to public markets We research potential holdings as if we were buying an ownership stake in the business, not just the stock. We take a deep look […]
December 13, 2016
Reinvestment Opportunities & Legacy Moats
This is a good article about investing in compounders vs. companies with legacy moats. It nicely summarises a number of important investment concepts.
May 25, 2016
Active Management: Why choose a true Active Manager?
With the striking increase in the number of low cost passive funds now available, whether your investments are actively or passively managed is becoming a bigger concern for investors these days. Research and publicity, not […]
March 14, 2016
Potential Strategies during a Market Correction (Or Not)
“There will be recessions and there will be stock market declines. If you don’t understand that’s going to happen, then you’re not ready and you won’t do well in the markets” — Peter Lynch There’s no […]
January 15, 2016
Wayne Gretzky Would Have Been a Great Investor As Well
“Skate to where the puck is going, not to where it has been” – W. Gretzky Despite the Edmonton Oilers of the 1980’s being a dynastic team, loaded with superb talent, we could not help […]
January 6, 2015
A Timely Reminder of the Mr. Market Allegory
During the stock market’s inevitable periodic declines, we believe it is helpful to reread Buffett’s “Mr. Market” allegory because it can help reduce decisions that might be regrettable later (see extract and link below).
October 14, 2014
World Cup Fever: What the “Beautiful Game” of Soccer Can Teach Us about Investing
Don’t just do something, stand there. Like many investors, we are always looking for insights into how we might improve our outcomes over time. By taking a multi-disciplinary approach and “thinking outside the box”, we […]
July 7, 2014
For a winning portfolio, don’t just think value vs. growth
What is the Soundest Investment Approach? Felix Narhi writes for The Globe & Mail Putting the Growth vs. Value Investing Debate in Perspective I often get asked the question, “Are you a value investor or […]
May 23, 2014
How Pender Thinks about Risk
“All investment evaluations should begin by measuring risk.” — Charlie Munger, Vice Chairman – Berkshire Hathaway We are old fashioned when it comes to our definition of risk. We concur with the dictionary’s basic term, […]
November 8, 2013
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