Monthly Commentaries

Monthly Commentaries / May 15, 2015

Porter’s Five Forces

“In business, I look for economic castles protected by unbreachable moats.” — Warren Buffett Webster’s dictionary defines a moat as “a deep, wide ditch that is usually filled with water and that goes around the walls of a place (such as a castle) to protect it from being attacked” (emphasis added). Obviously, the wider and […]

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Monthly Commentaries / April 15, 2015

Evaluating Outcomes

“[…] more thoughtful decision-making will lead to better overall results, and more thoughtful decision-making can be encouraged by evaluating decisions on how well they were made rather than on outcome.” — Robert Rubin, Former US Treasury Secretary We were recently sent a comment from a mutual fund company discussing returns for their small cap product. […]

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Monthly Commentaries / February 15, 2015

Thinking Short Term

We couldn’t help smiling at the recent Dilbert cartoon, especially given this past month’s 7.2% return. Scott Adams’ sardonic humour has always provided a regular source of chuckles. Being somewhat technologically challenged, I was a particular fan of the strip where the pointy‐haired boss announces the new password policy for the company: “Starting today, all […]

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Monthly Commentaries / January 15, 2015

The Fat Pitch

“Confronted with the challenge to distil the secret of sound investment into three words, we venture the motto, Margin of Safety.” — Benjamin Graham While many investors claim to wait for the “fat pitch”, history shows few actually act when the opportunity presents itself. The concept has its roots in baseball; waiting at the plate […]

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Monthly Commentaries / November 15, 2014

Oil’s Not Well

“Successful investing is anticipating the anticipations of others…” — John Maynard Keynes Unless you’ve spent the last number of weeks cocooned in some far away locale without access to media (for which I would offer my congratulations), the ongoing saga of OPEC oil production and its resulting impact to oil prices has, no doubt, reached […]

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Monthly Commentaries / October 15, 2014

Volatility and Risk Are Different

“The four most dangerous words in investing are: ‘this time it’s different.’” — Sir John Templeton In his book “The Most Important Thing” Howard Marks opines that there is far too much randomness in the world for the future to be predictable. So, as we gradually pull away from the recent market correction on the […]

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Monthly Commentaries / August 15, 2014

Waiting for Godot?

“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” — Peter Lynch There has been much ballyhoo in the press recently about the coming equity market correction. Accordingly, some investors choose to sit on the sidelines waiting patiently for the inevitable. […]

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Monthly Commentaries / July 15, 2014

The Road Less Travelled

“The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.” — from “A Short History of Financial Euphoria” by John Kenneth Galbraith It is truly unfortunate that investors continue to be bamboozled by hucksters. Reuters recently carried a number of stories from India, England, […]

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Monthly Commentaries / June 15, 2014

Introduction to Laurus

“I believe that to have a great company you have to make two things great – the culture and the people. If these two things are great your organization can navigate the twists and turns to get you where you want to go.” — Ray Dalio, Bridgewater Associates This is our first commentary under the […]

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