Deep Survival: Lessons for Investors
The book illustrates the traits, temperaments, and actions that often separate the survivors from everyone else.
September 26, 2022
Protecting Capital
Navigating Distressed Debt Markets
The COVID-19 pandemic and resulting global shutdown of major parts of the economy, many of which remain closed, have created considerable distress in credit markets. By late March, the amount of US distressed debt had […]
July 24, 2020
Evaluating Opportunities in a Period of Disruption
The investment world changed dramatically in March. Stable, well run businesses seemingly became impaired in the blink of an eye. When the economy shut down, we immediately devoted a lot of time evaluating balance sheet […]
June 20, 2020
Investing During Uncertain Times: What is Pender Doing?
When the facts change, we change our minds The nature of most human activity is that the facts involved tend to change, but often not as abruptly, and rarely on such a wide scale as […]
April 2, 2020
Investing During Uncertain Times: Assessing the Trinity of Risk
Assessing the trinity of risk is a key pillar of Pender’s investment strategy at all times, but during a financial crisis, when the risks increase, it becomes more crucial than ever to double and triple […]
April 2, 2020
Four Potential Investment Strategies in a Stock Market Correction
Investors had largely ignored COVID-19 for over a month, but now emotions have started to get the better of cooler heads, and markets have reacted. Extreme fear has taken over. Unfortunately, emotional trading can quickly […]
March 5, 2020
When to Consider Buying Megacaps
Recently asked questions from the field: Does the recent drop of Facebook offer us an opportunity to add megacaps to our portfolios? If Washington decides to increase regulations on technology companies, would that impact megatech […]
March 29, 2018
Active Management – Demystifying the Canadian Stock Market
Index funds, or funds that passively track indexes, have a role to play in investor portfolios. Jack Bogle created the Vanguard 500 Index Fund in 1976, the first index fund. He had the most noble […]
January 15, 2018
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
Capital Preservation and Probabilities
We’ve been asked a lot over the past week about whether or not we have exposure to certain headline housing stocks in our equity portfolios. Fortunately, the answer is no. We think this is a […]
May 1, 2017
Hitting the Sweet Spot: Low default risk and short duration are keys to attractive risk/reward in the current corporate credit market
There are two different scenarios that we consider when we try to mitigate the effects of risk in the Pender Corporate Bond Fund. The two chief risks in the bond market – credit risk and […]
November 16, 2016
Sharpe Ratio
Almost all investments come with an element of risk but does this risk contribute to your return? Sharpe ratio is one of the calculations available to investors to assess returns on a risk-adjusted basis – […]
October 4, 2016
Beta
Beta is a measure that investors can use when assessing a potential investment for volatility. Beta measures correlation to the market (or a benchmark) and how susceptible a stock or fund is to the fluctuations […]
October 4, 2016
Alpha
Alpha is the measure of a fund’s actual performance above its anticipated performance, as predicted by beta. Take the fund’s performance against its benchmark on a risk-adjusted basis to ascertain the excess. This relative outperformance […]
October 4, 2016
Risk
At Pender, we consider ourselves owners of a business, not just its stock, which means that when we think about risk we believe that real investment risk is not measured by fluctuations in a stock’s […]
October 4, 2016
Utilities – Reward-free risk?
Paraphrasing Charlie Munger, as investors, all we want to know is where we are going to die, so we won’t go there. Common sense dictates that investors should avoid overcrowded trades in companies with lots […]
July 29, 2016
Why I prefer to stay Short Duration
Early in 2016, we are witness to a “hard assets” liquidation frenzy, the likes of which have not been seen for many years. The great commodities supercycle that was supposed to accompany the rise of […]
January 19, 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
Risk and Opportunity in the Pender Corporate Bond Fund
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on sector exposures and the areas of opportunity he sees in the market.
October 9, 2015
Credit Quality in the Pender Corporate Bond Fund
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on how he is addressing the balance between credit quality, default risk and realizing […]
October 8, 2015
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