Protecting Capital

Protecting Capital

Duration

Written by PenderFund

Duration is a measure of a bond’s price sensitivity to a change in interest rates. It is a key factor in differentiating how funds are positioned for interest rate risk. The longer the duration (the […]

May 5, 2015
Protecting Capital

How Pender Thinks about Risk

Written by Felix Narhi

“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
Protecting Capital

Margin of Safety

Written by PenderFund

Benjamin Graham, believed by many to be the father of value investing, wrote in his book The Intelligent Investor, “Confronted with [the] challenge to distill the secret of sound investment into three words, we venture […]

October 8, 2013
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