News & Media

If you were investing your own money, what type of investor would you be? Are you the conservative type – one who looks for an investment to generate cash flow while appreciating in asset value – or the aggressive type who looks for the “big win”? “Intrinsic value can be defined simply: It is the […]

I’ve always been a fan of Charley Ellis. He has constantly challenged our industry to be better, criticizing the inability of the investment management business (he prefers to call it a business rather than a profession) to beat the market. He, like many other investors, has a bias for passive investing. He contends that increasing […]

“Come writers and critics, who prophesize with your pen And keep your eyes wide, the chance won’t come again And don’t speak too soon, for the wheel’s still in spin And there’s no telling who that it’s naming, for the loser now will be later to win Cause the times they are a‐changing” Bob Dylan, […]

A great deal has been written and discussed about the move toward passive investment. A recent Bloomberg article written by Barry Ritholtz quoted Bill Miller, legendary US stock picker, as saying the shift is not really from active management to passive but from expensive passive investment management to inexpensive passive management. Miller suggests about 70% […]

“Worldly wisdom teaches that it is better for a reputation to fail conventionally than to succeed unconventionally” — John Maynard Keynes A great deal has been written and discussed about the move toward passive investment. A recent Bloomberg article written by Barry Ritholtz quoted Bill Miller, a legendary US stock-picker, as saying the shift is […]

TORONTO, September 30, 2016 /CNW Laurus Investment Counsel Inc. (“Laurus” or the “Firm”), a leading independent asset management firm, announced today that the team from Bluewater Investment Management Inc. (“Bluewater”) has officially joined the firm. The addition of the Bluewater team will provide Laurus with increased investment depth. Dennis Starritt will join the firm as […]

Laurus Investment Counsel, a leading independent asset management firm, announced today that the team from Bluewater Investment Management has officially joined the firm. With the addition of Bluewater clients, Laurus will offer a range of North American equity products approaching CAD$400 million assets under management.

“In money management what sells is the illusion of certainty.” …John Hempton There has been a great deal of chatter recently on whether an investment process focused on acquiring “quality companies” (high future returns on capital through sustainable competitive advantage) is more marketing spin than reality. Much has been discussed about the sustainability of high […]

“In Ajit, we have an underwriter equipped with the intelligence to properly rate most risks; the realism to forget about those he can’t evaluate; the courage to write huge policies when the premium is appropriate; and the discipline to reject even the smallest risk when the premium is inadequate. It is rare to find a […]

“Most of the annual variation in [investment] performance is due to luck, not skill.” …Bradford Cornell, California Institute of Technology As we’ve written in the past, in investing we generally underestimate luck. Even more interesting is the human tendency to attribute poor results to bad luck and good results to skill. Understanding the relative contributions […]

“Chicks dig the long ball” …Greg Maddux, 1998 Nike commercial In a recent call with investors, Byron Wien, chief strategist of Blackstone, was asked why active managers don’t outperform their index benchmarks. He provided three explanations — two well‐worn, the third more novel. First, he said, a clients’ tendency to dwell on short‐term results penalizes […]

“A turkey is fed for a thousand days by a butcher; every day confirms to its staff of analysts that butchers love turkeys “with increased statistical confidence.” The butcher will keep feeding the turkey until a few days before Thanksgiving. Then comes that day when it is really not a very good idea to be […]